Class 12 Economics – Daily Revision MCQ (English Medium)
This is the set for 27 October 2026. Solve today's MCQs →
Timed quiz: 15 seconds per question, the next one loads by itself when time runs out. Or solve without the timer: tap an option, right turns green, wrong turns red. 10 new questions every morning at 8.
Or scroll down and solve without the timer.
The credit for developing the macro economic approach goes to:
Chapter 1: Introduction to Micro and Macro Economics
Show answer
Answer: B. Lord J. M. Keynes
Keynes studied economic problems with the macro approach in his 1936 book 'The General Theory of Employment, Interest and Money'.A carpenter makes a chair out of a block of wood. Which type of utility is created?
Chapter 2: Utility Analysis
Show answer
Answer: D. Form utility
Changing the shape or structure of an existing material (wood into furniture) creates form utility.Electricity is demanded for lights, fans and washing machines. Demand for one commodity for several uses is called:
Chapter 3: Demand Analysis (3A)
Show answer
Answer: A. Composite demand
When one commodity can be put to several uses, its demand is composite demand; electricity is the textbook's example.The price of a good falls from ₹50 to ₹40 and its quantity demanded rises from 100 units to 130 units. Using the ratio method, price elasticity of demand is:
Chapter 4: Elasticity of Demand (3B)
Show answer
Answer: C. 1.5, relatively elastic
% change in demand = 30/100 × 100 = 30%; % change in price = 10/50 × 100 = 20%; Ed = 30 ÷ 20 = 1.5, which is more than 1.A firm earns a total revenue of ₹1,500 by selling 30 units and ₹1,540 by selling 31 units. The marginal revenue of the 31st unit is:
Chapter 5: Supply Analysis
Show answer
Answer: C. ₹40
MRn = TRn − TRn−1 = 1,540 − 1,500 = ₹40.Who first put forward the concept of monopolistic competition in a book published in 1933?
Chapter 6: Forms of Market
Show answer
Answer: A. Prof. E. H. Chamberlin
Chamberlin introduced the concept in 'Theory of Monopolistic Competition' (1933) and described it as competition among many sellers of close but not perfect substitutes.In Laspeyres' price index number, which quantities are used as weights?
Chapter 7: Index Numbers
Show answer
Answer: D. Base year quantities
Laspeyres' index P01 = Σp1q0 ÷ Σp0q0 × 100 uses base year quantities (q0); Paasche's index uses current year quantities.In the three sector model of circular flow of national income, which sector is added to households and business firms?
Chapter 8: National Income
Show answer
Answer: B. Government sector
The three sector model adds the government sector, so Y = C + I + G; the foreign sector is added only in the four sector model.A direct tax whose rate goes on increasing as the taxpayer's income increases is called:
Chapter 9: Public Finance in India
Show answer
Answer: C. Progressive tax
In a progressive tax the rate rises with every increase in income; the textbook notes that India has a progressive tax system.A country imports raw materials from other countries, processes them and then sells the products to other countries. This is called:
Chapter 11: Foreign Trade of India
Show answer
Answer: A. Entrepot trade
Entrepot trade means buying goods from one country and selling them to another after some processing, e.g. Japan with electronic goods.
Class 12: MCQ in other subjects
Previous days
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.