Bihar Board 12th Business Economics Objective Important Questions Part 3

BSEB Bihar Board 12th Business Economics Important Questions Objective Type Part 3 are the best resource for students which helps in revision.

Bihar Board 12th Business Economics Objective Important Questions Part 3

Question 1.
The causes of imbalances in balance of payment are:
(a) Natural Cause
(b) Economic cause
(c) Political Cause
(d) All of them
Answer:
(d) All of them

Question 2.
In trade which items are included?
(a) Capital transacted
(b) Invisible items
(c) Visible items
(d) None of the above
Answer:
(d) None of the above

Question 3.
What are the defects of elastic exchange rate system?
(a) Instability in international trade
(b) Uncertainty
(c) Bad effect of low rate
(d) All of them
Answer:
(d) All of them

Question 4.
Banking Lokpal Yojana was announced in which year?
(a) 1992
(b) 1995
(c) 1997
(d) 1999
Answer:
(b) 1995

Question 5.
Narasimhan Committee is related with which area:
(a) Tax reform
(b) agriculture reform
(c) Banking reform
(d) Income tax reform
Answer:
(c) Banking reform

Question 6.
The demand curve of food grains are generally:
(a) Elastic
(b) Inelastic
(c) Unit elastic
(d) Perfectly elastic
Answer:
(a) Elastic

Question 7.
Which is not public good?
(a) Street light
(b) Domestic electric saving
(c) National Security
(d) National highway
Answer:
(b) Domestic electric saving

Question 8.
Hard money is?
(a) Which is difficult in Sale and purchase
(b) Which is convertible in dollar and gold
(c) Fully and easily convertible
(d) None of these
Answer:
(a) Which is difficult in Sale and purchase

Question 9.
Larenge curve measures:
(a) Richness in society
(b) Degree of poverty
(c) Unemployment
(d) Inequality
Answer:
(d) Inequality

Question 10.
Which is not included in national income accounting?
(a) Income from rent
(b) Wages and income
(c) Interest and income
(d) Pension
Answer:
(d) Pension

Question 11.
The financial year of India is:
(a) January to December
(b) October to September
(c) April to March
(d) July to June
Answer:
(c) April to March

Question 12.
Monetary policy is regulated by:
(a) IMF
(b) Commercial Bank
(c) Finance Ministry
(d) Central Bank
Answer:
(d) Central Bank

Question 13.
What is the value of money?
(a) Price of the commodity
(b) Index
(c) Purchasing power
(d) Saving of money
Answer:
(c) Purchasing power

Question 14.
Which condition is necessary for a firm’s equilibrium in every market?
(a) AR = MC
(b) MR = MC
(c) MC Curve cuts MR curve from below
(d) both (a) and (b)
Answer:
(d) both (a) and (b)

Question 15.
Study of economics was divided into macro economics and micro economics in:
(a) 1930
(b) 1931
(c) 1935
(d) 1933
Answer:
(a) 1930

Question 16.
Short run average cost curve is generally:
(a) S-Shaped
(b) U-Shaped
(c) F-Shaped
(d) V-Shaped
Answer:
(b) U-Shaped

Question 17.
Opportunity cost is called:
(a) Explicit cost
(b) Implicit cost
(c) Transfer earning
(d) Monetary cost
Answer:
(c) Transfer earning

Question 18.
Average revenue is:
(a) \(\frac{\mathrm{TR}}{\mathrm{Q}}\)
(b) \(\frac{\Delta \mathrm{Q}}{\mathrm{P}}\)
(c) \(\frac{\Delta \mathrm{TR}}{\Delta \mathrm{Q}}\)
(d) \(\frac{\mathrm{AR}}{\mathrm{Q}}\)
Answer:
(a) \(\frac{\mathrm{TR}}{\mathrm{Q}}\)

Question 19.
MR is shown as:
(a) \(\frac{\Delta \mathrm{TR}}{\Delta \mathrm{Q}}\)
(b) \(\frac{\mathrm{TR}}{\mathrm{Q}}\)
(c) \(\frac{\Delta \mathrm{TR}}{\mathrm{Q}}\)
(d) None of these
Answer:
(a) \(\frac{\Delta \mathrm{TR}}{\Delta \mathrm{Q}}\)

Question 20.
In which market AR = MR?
(a) Monoploy
(b) Monopolistic Competition
(c) Both (a) and (b)
(d) Perfect competition
Answer:
(d) Perfect competition

Question 21.
In Monoploy and Monopolistic Competition:
(a) AR = MR
(b) AR > MR
(c) AR < MR
(d) None of these
Answer:
(b) AR > MR

Question 22.
In which market AR curve is parallel to x-axis?
(a) Perfect competition
(b) Monoploy
(c) Monopolistic
(d) All of the above
Answer:
(a) Perfect competition

Question 23.
In which market MR may become zero or negative?
(a) Monopoly
(b) Monopolistic
(c) Both (a) and (b)
(d) Perfect competition
Answer:
(c) Both (a) and (b)

Question 24.
In perfect competition, which of the following is stable?
(a) AR
(b) MR
(c) Both AR and MR
(d) None of these
Answer:
(c) Both AR and MR

Question 25.
For a Firm’s equilibrium:
(a) MR = MC
(b) MR > MC
(c) MR < MC
(d) MR = MC = 0
Answer:
(a) MR = MC

Question 26.
Which of the following function show law of supply?
(a) S = f (P)
(b) S = f \(\frac{1}{\mathrm{P}}\)
(c) S = f (Q)
(d) None of these
Answer:
(a) S = f (P)

Question 27.
The measurement of elasticity of supply is expressed as?
(a) \(\frac{\Delta \mathrm{QS} / \mathrm{QS}}{\Delta \mathrm{P} / \mathrm{P}}\)
(b) \(\frac{\mathrm{QS}}{\Delta \mathrm{P}} \frac{1}{\mathrm{P}}\)
(c) \(\frac{\mathrm{QS}}{\mathrm{QS}} \Delta \mathrm{P}\)
(d) \(\frac{\Delta \mathrm{P}}{\mathrm{QS}} \frac{\mathrm{P}}{\Delta \mathrm{QS}}\)
Answer:
(a) \(\frac{\Delta \mathrm{QS} / \mathrm{QS}}{\Delta \mathrm{P} / \mathrm{P}}\)

Question 28.
Es = O means that elasticity of supply is:
(a) Perfectly
(b) Perfectly inelastic supply
(c) Less elastic supply
(d) Unit elastic supply
Answer:
(b) Perfectly inelastic supply

Question 29.
How many types of elasticity of demand has?
(a) 3
(b) 5
(c) 6
(d) 7
Answer:
(b) 5

Question 30.
Which of the following shows elasticity less than one?
(a) Necessity goods
(b) Comfortable goods
(c) Luxurious goods
(d) All the above
Answer:
(a) Necessity goods

Question 31.
Which of the following factor affects elasticity of demand?
(a) Nature of goods
(b) Price level
(c) Income level
(d) All the above
Answer:
(d) All the above

Question 32.
In production function, production is a function of:
(a) Price
(b) Factor of production
(c) Total expenditure
(d) Total Income
Answer:
(b) Factor of production

Question 33.
Which of the following explains the short-run production function?
(a) Law of demand
(b) Law of variable proportion
(c) Return to scale
(d) Elasticity of demand
Answer:
(b) Law of variable proportion

Question 34.
Long-run production function is related to:
(a) Law of demand
(b) Law of increasing returns
(c) Laws of return to scale
(d) Elasticity of demand
Answer:
(c) Laws of return to scale

Question 35.
Production function is expressed as:
(a) Qx = Px
(b) Qx = f (A, B, C, D)
(c) Qx = Dx
(d) None of these
Answer:
(b) Qx = f (A, B, C, D)

Question 36.
Which factors of the following we find in short-run production process?
(a) Fixed factor
(b) Variable factor
(c) Both (a) and (b)
(d) None of these
Answer:
(b) Variable factor

Question 37.
Which of the following is not fixed cost?
(a) Insurance premium
(b) Interest
(c) Cost of Raw material
(d) Rent of the land
Answer:
(c) Cost of Raw material

Question 38.
The alternative name of opportunity cost is:
(a) Economic cost
(b) Equilibrium price
(c) Marginal cost
(d) Average cost
Answer:
(a) Economic cost

Question 39.
Which of the following factor affects demand?
(a) Price
(b) Change in Income
(c) Taste of the consumer
(d) All the above
Answer:
(d) All the above

Question 40.
Law of demand is a:
(a) Qualitative Statement
(b) Quantitative Statement
(c) Both (a) and (b)
(d) None of these
Answer:
(b) Quantitative Statement

Question 41.
Factor of demand is a?
(a) Px
(b) Dx = Px
(c) Dx = f (Px)
(d) None of the these
Answer:
(c) Dx = f (Px)

Question 42.
According to whom, economics is a science of human welfare?
(a) Marshall
(b) Keynes
(c) J.S. Mill
(d) Adam Smith
Answer:
(a) Marshall

Question 43.
Who said-“Economics is the science of wealth”
(a) Adam Smith
(b) Keynes
(c) Robbins
(d) Marshall
Answer:
(a) Adam Smith

Question 44.
Micro economics includes:
(a) Individual
(b) Infividual price determination
(c) Small units
(d) All of the above
Answer:
(d) All of the above

Question 45.
The word ‘micro’ was firstly used by:
(a) Marshall
(b) Boulding
(c) Keynes
(d) Ragner
Answer:
(d) Ragner

Question 46.
The central problem of an economy is:
(a) What to produce
(b) How to produce
(c) How to distribute
(d) All the above
Answer:
(d) All the above

Question 47.
Economy may be classified as:
(a) Capitalist
(b) Socialist
(c) Mixed
(d) All the above
Answer:
(d) All the above

Question 48.
In a competitive market ………… will fall as a result of deficiency in demand:
(a) Price
(b) Output
(c) Employment
(d) All the above
Answer:
(a) Price

Question 49.
If the trade unions are strong ………… will not fall:
(a) Output
(b) Employment
(c) Wage rate
(d) All the above
Answer:
(c) Wage rate

Question 50.
Which is known as the ‘Bank of the Banks’ in India?
(a) Reserve Bank of India
(b) State Bank of India
(c) Bank of India
(d) Central Bank of India
Answer:
(a) Reserve Bank of India