ICSE/ISC Plus 1 Commerce Study Materials, Online Learning, Question Papers, Classnotes, Practice Test, MCQ | Smartindia Educational Program : www.smartindia.net.in

Question-1 The most important measure of over all economic activity is a nations

(A) GDP	(B)GNP
(C)NNP	(D)Per capita income

Question-2 What is the main criterion used by the World Bank in classifying different countries?

(A) Total income	(B)Per capita income
(C)Education level	(D)Literacy rate

Question-3 Scarcity problem arises because our resources are

(A) Unlimited	(B)Limited
(C)Sufficient	(D)vast

Question-4
Production possibility curve is also called

(A) Opportunity cost curve	(B) Transformation curve
(C) Production possibility frontier	(D) All the above

Question-5
Economic problem arises because of

(A) Abundance of resources	(B) Scarcity of resources
(C) Alternative use of resources	(D) Not using resources

Question-6 A shift of the production possibility curve to the right means

(A) Expansion of factor input	(B)Scope for greater choice
(C)That the economy is able to produce more of the commodities than before	(D)Demand supply equilibrium

Question-7 Development of a country can generally be determined by

(A) Its per capita income	(B)Its average literacy level
(C)Health states of its people	(D)All the above

Question-8
Shift of resources from one industry to another can be shown by

(A) An inward shift of the production possibility frontier	(B) A movement along the production possibility frontier
(C) An outward shift of the production possibility frontier	(D) The pivoting of the production possibility frontier

Question-9 Selection of production technique is a problem of

(A) What to produce	(B)How to produce
(C)For whom to produce	(D)All the above

Question-10
Problem of allocation of resources includes

(A) What to produce	(B) How to produce
(C) For whom to produce	(D) All the above

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Plus 1 Commerce

ICSE/ISC

Practice in Related Chapters
Basic Economic Concepts
Definition, Nature and Scope of Economics
Introduction to Statistics
Types of Economics
Organisation of Data
Collection of Data
Definition of Economics
Basic Problems of an Economy