Class 12 Economics – Daily Revision MCQ (English Medium)
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Which economist coined the terms 'micro' and 'macro' economics in 1933?
Chapter 1: Introduction to Micro and Macro Economics
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Answer: B. Ragnar Frisch
The textbook says the terms were coined by Norwegian economist Ragnar Frisch of Oslo University in 1933.The Law of Diminishing Marginal Utility was first proposed by:
Chapter 2: Utility Analysis
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Answer: C. Prof. Gossen
The law was first proposed by Prof. Gossen and later discussed in detail by Marshall in 'Principles of Economics' (1890).Sir Robert Giffen observed in England that when the price of bread fell, people:
Chapter 3: Demand Analysis (3A)
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Answer: B. did not buy more bread and preferred superior goods like meat
With a rise in real income, people did not buy more bread but preferred superior goods like meat; this is Giffen's paradox, an exception to the law of demand.A demand curve that takes the shape of a rectangular hyperbola shows:
Chapter 4: Elasticity of Demand (3B)
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Answer: D. Unitary elastic demand (Ed = 1)
When the percentage change in demand equals the percentage change in price (Ed = 1), the demand curve is a rectangular hyperbola.Which of the following leads to an INCREASE in supply while the price of the commodity remains constant?
Chapter 5: Supply Analysis
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Answer: A. A fall in the prices of inputs
Increase in supply happens due to favourable changes in other factors, like cheaper inputs, lower taxes or better technology, while price stays the same.A market with only one seller of a product that has no close substitute is called:
Chapter 6: Forms of Market
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Answer: C. Monopoly
Monopoly comes from 'mono' (single) and 'poly' (seller): one seller controls the entire supply of a product with no close substitute.In index numbers, the index of the base year is always taken as:
Chapter 7: Index Numbers
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Answer: D. 100
The base year is the year with which comparisons are made, and its index is assumed to be 100.To avoid double counting while measuring national income by the output method, we include the value of:
Chapter 8: National Income
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Answer: A. only final goods and services
The value of intermediate goods is already included in the final product, so counting them again would be double counting.According to Adam Smith's Canon of Equity, every person should pay tax in proportion to his:
Chapter 9: Public Finance in India
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Answer: B. ability to pay
The canon of equity says tax should match one's ability to pay, so the rich should pay more tax than the poor.The money market is a market for lending and borrowing of:
Chapter 10: Money Market and Capital Market in India
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Answer: C. short-term funds
The money market deals in short-term funds and 'near money' instruments; long-term funds belong to the capital market.
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All questions are written by PadhaiNotes in our own words from the chapters of the official Maharashtra State Board Balbharati textbook (ebalbharati.in). Each question shows its chapter.