Economics MCQs for CBSE Class 11th and 12th

Economics MCQs for CBSE Classes: Economics delves into optimizing resource utilization and enhancing their value within specific constraints. It encompasses a thorough examination of producing, distributing, and consuming goods and services.

Top 20 Economics MCQs With Answers

1. National economies
2. Individual markets and entities
3. Global economic trends
4. Government policies

1. Opportunity cost
2. Perfect competition
3. Demand elasticity
4. Consumer surplus

1. (Number of employed / Labor force) x 100
2. (Number of unemployed / Labor force) x 100
3. (Labor force / Number of employed) x 100
4. (Labor force / Number of unemployed) x 100

1. Consumer Price Index (CPI)
2. Producer Price Index (PPI)
3. Wholesale Price Index (WPI)
4. Gross Domestic Product Deflator (GDP Deflator)

1. The responsiveness of quantity demanded to price changes
2. The total revenue earned by a firm
3. The percentage change in GDP
4. The stability of market equilibrium

1. Perfect competition
2. Monopoly
3. Oligopoly
4. Monopolistic competition

1. Regulating national currencies
2. Promoting global economic growth
3. Enforcing environmental regulations
4. Facilitating international trade negotiations

1. Consumer Price Index (CPI)
2. Gross Domestic Product (GDP)
3. Unemployment rate
4. Inflation rate

1. The actual cost of production
2. The value of the best alternative forgone
3. The total expenditure on goods and services
4. The profit earned by a firm

1. Income tax
2. Property tax
3. Sales tax
4. Corporate tax

1. Stock available for sale
2. Total stock in the warehouse
3. The actual production of the goods
4. Quantity of goods offered for sale at a particular price over time

1. MRP = VMP
2. MRP > VMP
3. VMP > MRP
4. None of the above

1. Income and price of a commodity
2. Price and quantity of a commodity
3. Income and quantity demanded
4. Quantity demanded and quantity supplied

1. Modern and traditional industries
2. Public and private sectors
3. Foreign and domestic investments
4. Commercial and subsistence farming

1. Desire for the commodity
2. Need for the commodity
3. Quantity demanded of that commodity
4. Quantity consumers are willing to buy at various prices in a specific period

1. Total value of goods and services generated by the country
2. The total value of all transactions in the country
3. Depreciation in the total value of goods and services produced
4. Total value of goods and services produced plus net factor income from abroad

1. Cooperative banks
2. Regional Rural Banks
3. Commercial banks
4. Microfinance institutions

1. Commercial bank
2. Money lenders
3. Stock exchange operations

1. Total value of goods and services manufactured
2. Total value of all transactions
3. Reduction in the total value of goods and services
4. Monetary value of finished goods and services made within a country during a specific period.

1. Quantity demand rises, and the price rises
2. Price rises, the quantity demanded rises
3. Price rises, the quantity demanded falls

How to Study Economics MCQs for Class 11 & 12?

• Understand the Syllabus: Begin by thoroughly reviewing the syllabus for Class 11th and 12th Economics. Identify the specific topics covered in the MCQs to ensure comprehensive preparation.
• Create a Study Schedule: Devise a study schedule that allocates dedicated time for Economics MCQs. Consistency is key, so spread your study sessions over weeks rather than cramming.
• Conceptual Clarity: Before diving into MCQs, ensure you have a solid understanding of the underlying Economic Concepts . A strong conceptual foundation will enhance your ability to tackle varied questions.
• Refer to Textbooks and Resources: Utilize your prescribed textbooks and recommended resources. MCQs are often derived from these materials, and practicing with them ensures alignment with the course content.
• Previous Year Papers: Incorporate the previous year's MCQ papers into your study routine. This provides insights into the pattern of questions and helps you adapt to the exam format.
• Group Study : Collaborate with peers in study groups. Discussing and debating Economics MCQs can offer different perspectives and deepen your understanding of diverse concepts.
• Online Practice Platforms: Explore online platforms offering Economics MCQs for Class 11th and 12th. Many websites provide interactive quizzes and mock tests, allowing you to practice in a simulated exam environment.
• Time Management: Practice time management while attempting MCQs. Allocate a specific time for each question during your practice sessions to develop a sense of pacing for the actual exam.
• Analyze Mistakes: Review and analyze your mistakes. Understand the reasons behind incorrect answers and use them as learning opportunities to enhance your knowledge gaps.
• Revision and Mock Tests: Regularly revise the studied material and incorporate full-length mock tests into your preparation. This simulates exam conditions, helping you assess your overall readiness and identifying areas that need further attention.

Also Read: Economics Project – Overview, Meaning, Topics