ICSE X/ICSE Class 10th Economics (MCQ Question Answer) Sample Test,Sample questions

Question:
A modem garment factory where one person takes the measurement, another does the cuting, some few
the clothes while a few workers button them and other iron them'-the example in the above statement is which type of division of above ?

1.Process based division of labour

2.Social division of labour

3.Geographical division of labour

4.Product based division of labour


Question:
For what type of goods does demand fall with a rise in income levels of household?

1.Inferior goods

2.Substitutes

3.Luxuries

4.Necessities


Question:
How do you identify the part of the wealth invested in the business to earn income?

1.Capital

2.Land

3.Labour

4.Goods


Question:
How would you define the expenditure incurred by the firm to promote the sale of its product through various sales promotional measures?

1. Material cost

2. Production cost

3. Selling cost

4.Fixed cost


Question:
In case of inferior good, the income elasticity of demand is :

1.positive

2.Zero

3.negative

4.infinite


Question:
In case of _________ demand of a commodity Changes due to the change in the price of its substitute commodity.

1.derived demand

2.cross demand

3.Joint demand

4.Composite demand


Question:
In which form of market seller is a price maker and sells goods with no close substitutes?

1.Monopolistic competitive market

2.Perfectly competitive market

3.Monopoly market

4.Oligopoly market


Question:
In which law of economics, price is inversely related to its demand?

1.Law of supply

2.Law of demand

3.Law of return

4.None of the above


Question:
Increase in supply is also known as:

1.Leftward shift of supply curve

2.Rightward shift of supply curve

3.Upward Movement of supply curve

4.Downward movement of supply curve


Question:
Increase in the price of the goods cause _______________
of demand curve:

1.upward movement

2.downward movement

3. leftward shift

4.rightward shift


Question:
Labour may be physical or mental but is undertaken in the expectation of _____________

1.reward

2.rent

3.reputation

4.both 1 and 2


Question:
Name the factors of production which is man-made?

1.Land

2.Labour

3.Capital

4.None of the above


Question:
Skilled labourers are those who has ___________for a particular profession.

1.traditional knowledge

2.a part of professional training

3.risk taking ability

4.specialised training


Question:
The factor of production characterized by high rate of mobility is:

1.Land

2.Labour

3.Entrepreneur

4.Capital


Question:
The money which is issued on the order of the government is called:

1.Fiat money

2.Bank money

3.Credit money

4.Paper money


Question:
The semi skilled workers are paid comparatively _____________ than the skilled workers.

1.more

2.less

3.equal

4.none of the above


Question:
What do you understand with the term 'Lack of double coincidence'?

1.When the two persons may desire to purchase each other's goods

2.When the two persons may not desire to purchase each other's goods

3.Standard of deferred payments

4.Need money to buy goods


Question:
What does positively sloping supply curve show ?

1.Direct relationship between price and quantity Supplied

2.Inverse relationship between price and quantity Supplied

3.Direct relationship between quantity produced and quantity supplied

4.Direct relationship between quantity stored and quantity supplied


Question:
What would you call a market structure in which a few large firms dominate the industry?

1.Monopolistic competitive market

2.Perfectly competitive market

3.Monopoly market

4.Oligopoly market


Question:
What would you call the curve which shows the relation between the price of a commodity, and the amount of that commodity the supplier wishes to supply ?

1.Supply curve

2.Production curve

3.Utility Curve

4.Demand curve


Question:
What would you call the goods the demand for which falls as income of the consumer increases?

1.Giffen goods

2.Inferior goods

3.Complementary goods

4.Substitute goods


Question:
What would you call the increase in quantity supplied due rise in its price?

1.Expansion in supply

2.Contraction in supply

3.Decrease in supply

4.Increase in supply


Question:
What would you call the total quantity of a commodity that all the consumers are willing to buy in the market at a particular price during a specific period?

1. Individual demand

2.Market demand

3. Aggregate demand

4.Price demand


Question:
What would you call the total quantity of a commodity that can be brought into the market for sale at a
short notice?

1.Supply

2.Demand

3.Desire

4.Stocks


Question:
When sellers expect price rise in future, they would like to
the present supply of their commodities.

1.Increase

2.Decrease

3.hold

4. (1) and (2)


Question:
When we begin to like certain commodities, their demand will ______________.

1.increase

2.decrease

3.remain unchanged

4.none of the above


Question:
Which factor is responsible for the change in the quantity demanded?

1. Price of the goods

2. Price of related good

3.Income of the consumer

4.Taste and preference of the consumers


Question:
Which form of market adopts a policy of non price competition and independent price policy?

1.Monopolistic competitive market

2.Perfectly competitive market

3. Monopoly market

4.Oligopoly market


Question:
Which forms of market are characterised with free entry and exit?

1.Monopolistic competitive market

2.Perfectly competitive market

3.Monopoly market

4.(1) and (2)


Question:
Which is the passive factor of production?

1.Entrepreneur

2.Labour

3.Land

4.None of the above


Question:
Which one of the below listed characteristic belongs to labour .

1.It is immobile

2.labour can be accumulated

3.labour supply changs Over tine

4.It does not have any alternative use


Question:
Which one of the following is an example of labour ?
 

1.A person sings a song for his own pleasure.

2.A student plays cricket for his school.

3.A doctor working in a hospital.

4.A teacher teaching his own child at home.


Question:
Which one of the following is the causes of low rate of capital formation ?

1.Creation of saving

2. Increase in bank rate

3.Demonetisation

4.issue of new currencies


Question:
Which one of the following is the example of unskilled labour ?

1.Carpenters

2.Railway Coolies

3.Weavers

4.Chartered Accountants


Question:
Who you think is the one who bears risk involved in the business?

1.Organiser

2.Workers

3.Entrepreneur

4.Creditors


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