Economics
Question : The following Bar Graph displays the highest, average and lowest marks obtained in Accounts, Business Studies, Economics and English by students of Class XII in an Examination. The maximum mark for each subject is 100. Study the graph carefully and answer the question that follows: Which of the two Highest Scores is better and by how much? The combined Highest Score of Accounts and Business Studies or the Highest Score of Economics and English taken together.
Option 1: Economics and English by 10
Option 2: Accounts and Business Studies by 9
Option 3: Accounts and Business Studies by 8
Option 4: Economics and English by 8
Correct Answer: Economics and English by 8
Solution : The combined highest score of Accounts and Business Studies = (96 + 96) = 192 The combined highest score of Economics and English = (100 + 100) = 200 So the combined highest score of Economics and English is better by
Question : The central problem in economics is that of
Option 1: comparing the success of command versus market economies.
Option 2: guaranteeing that production occurs in the most efficient manner.
Option 3: guaranteeing a minimum level of income for every citizen.
Option 4: allocating scarce resources in such a manner that society's unlimited needs or wants are satisfied in the best possible manner.
Correct Answer: allocating scarce resources in such a manner that society's unlimited needs or wants are satisfied in the best possible manner.
Solution : The correct answer is (d) allocating scarce resources in such a manner that society's unlimited needs or wants are satisfied in the best possible manner.
The
Question : Which of the following statements is an example of positive economics?
Option 1: The government should regulate the banking sector to prevent financial crises.
Option 2: Tax cuts for corporations will stimulate economic growth.
Option 3: Wealth redistribution is necessary for a just society.
Option 4: Economic efficiency should be prioritized over equity.
Correct Answer: Tax cuts for corporations will stimulate economic growth.
Solution : The correct answer is (b) Tax cuts for corporations will stimulate economic growth.
Tax cuts for corporations will stimulate economic growth is an example of positive economics because it presents a cause-and-effect relationship based on empirical evidence and
Question : The analysis of the interrelationship between the economy and the environment in the economic environmental accounting system was forwarded by_____.
Option 1: Central Statistical Office
Option 2: National Environmental Engineering Institute
Option 3: Directorate of Economics and Statistics
Option 4: United Nations Statistical Office
Correct Answer: United Nations Statistical Office
Solution : The correct answer is the United Nations Statistical Office.
Formerly known as the United Nations Statistical Office, the United Nations Statistics Division (UNSD), under the Department of Economic and Social Affairs (DESA) of the UN Secretariat, is responsible for providing the
Question : Of the three fundamental questions in economics, the "distribution" question has to do with
Option 1: Who will receive the output
Option 2: How the output will be shipped from the place of production to the consumer
Option 3: How economic resources are distributed to producers
Option 4: What products will be produced
Correct Answer: Who will receive the output
Solution : The correct answer is (a) Who will receive the output.
The distribution question in economics pertains to how the produced goods and services are allocated among individuals or groups in society. It involves determining who will receive the output of the
Question : Directions: Six books Hindi, Biology, Mathematics, Economics, Physics, and Chemistry are placed in two racks facing each other with three books in each rack. Hindi and Chemistry are in the same rack but are not neighbours. Biology is placed exactly opposite to Economics. Biology is just left of Hindi facing the South direction. Physics is exactly opposite to Chemistry. Which of the following is placed exactly opposite to Hindi?
Option 1: Chemistry
Option 2: Economics
Option 3: Biology
Option 4: Mathematics
Correct Answer: Mathematics
Solution : 1. Biology is just left of Hindi facing the South direction. Hindi and Chemistry are in the same rack but are not neighbours. 2. Biology is placed exactly opposite to Economics. Physics is exactly opposite to Chemistry.
So, Mathematics is the opposite of Hindi. Hence,
Question : Which objective of government budget is highlighted here? High amount of taxation is imposed on rich class and more welfare is given to poor.
Option 1: Reallocation of resources
Option 2: Reducing income inequalities
Option 3: Economic stability
Option 4: Economics growth
Correct Answer: Reducing income inequalities
Solution : Under reducing inequalities of income and wealth, Government high amount of taxation is imposed on rich class and more welfare is given to poor. Hence Option B is correct.
Question : Which of the following is an example of positive economics?
Option 1: Increasing the minimum wage will reduce poverty rates.
Option 2: The government should prioritize environmental sustainability over economic growth.
Option 3: Free trade improves overall economic welfare.
Option 4: The distribution of wealth in society is unjust.
Correct Answer: Increasing the minimum wage will reduce poverty rates.
Solution : The correct answer is (a) Increasing the minimum wage will reduce poverty rates
Positive economics involves analyzing economic data and facts to provide objective analysis and understanding of how the economy functions. The statement about increasing the minimum
Question : Directions: In the following question, from the given alternative words, select the word that cannot be formed using the letters of the given word. POLYTHEISM
Option 1: HOTELS
Option 2: SMITH
Option 3: PISTOL
Option 4: THESIS
Correct Answer: THESIS
Solution : Given: POLYTHEISM
Now, let's compare all the option words with the word POLYTHEISM – First option: HOTELS; All the letters of HOTELS are present in the word POLYTHEISM. Second option: SMITH; All the letters of SMITH are present in the word POLYTHEISM. Third option: PISTOL;
Question : Direction: Study the bar diagram and answer the following question. The bar diagram shows the number of bicycles parked in the parking space of a hall at various points in time. The charge for parking is INR 1 per hour. What will be the total collection from 9 am to 7 pm?
Option 1: INR 625
Option 2: INR 635
Option 3: INR 685
Option 4: INR 695
Correct Answer: INR 695
Solution : Given: The parking costs equal INR 1 each hour. The number of cycles parked between 9 am and 7 pm = 95 + 75 + 85 + 65 + 75 + 55 + 65 + 45 + 55 + 35 + 45 = 695
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