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

Question:
"It consists of all human efforts of body or of mind which are undertaken in the expectations of reward
Identify the factor of production.

1.Entrepreneur

2.Labour

3.Organiser

4.Capital


Question:
All wealth is capital, all _______________ is not wealth".

1.capital

2.land

3.labour

4.goods


Question:
An increase in demand can result from:

1.a decline in market price

2.an increase in income

3.a reduction in price of substitutes

4.an increase in price of complements


Question:
Demand for mobile charger due to use of phone R is the example of:

1.joint demand

2.income demand

3.cross demand

4.derived demand


Question:
From the given market demand schedule, find market demand at price of 40/Kg and at 20/Kg
respectively.

1.2 Kg, 4 Kg

2.3 Kg, 7 Kg

3.5 Kg 9 Kg

4.2 kg 5 Kg


Question:
If the price of the goods is 2 per Kg, what will be the quantity demanded?

1.5

2.10

3.15

4.20


Question:
In case of contraction of supply, supply curve moves:

1.leftward

2.rightward

3.upward

4.downward


Question:
In case of expansion of supply, supply curve moves:

1.leftward

2.rightward

3.upward

4.downward


Question:
In case of increase in demand, demand curve shifts:

1.upward

2.downward

3.leftward

4.rightward


Question:
In case of normal goods, demand ______________ with the increase in the income of the consumers,

1.decrease

2.increase

3.remain constant

4.none of the above


Question:
In which form of market seller is a price taker and sells homogeneous goods?

1.Monopolistic competitive market

2.Perfectly competitive market

3.Monopoly market

4.Oligopoly market


Question:
Land has _____________supply

1.inelastic

2.elastic

3.continuous

4.none of the above


Question:
Leftward shift in the demand curve takes place due to:

1.increase in Price

2.decrease in price

3.favourable change in other factors

4.unfavourable change in other factors


Question:
The capacity of a piece of land to produce a crop is called :

1.Fertility of land

2.Productivity of land

3.Conservation of land

4.Both (1) and (2)


Question:
The demand curve for inferior goods always move:

1. upward right

2.downward

3.leftward

4.rightward


Question:
The Law of supply states that _________goods are supplied at higher price.

 

1.more

2.less

3.no

4.none of the above


Question:
The law of supply states that ______________ goods are supplied at higher price.

1.more

2.less

3.No

4.none of the above


Question:
The one who possess courage and ability to tackle successfully the day to day problems arising in the
business is called:

1.Organiser

2.Entrepreneur

3.Bankers

4.Creditors


Question:
Use of Coffee at the place of Tea is the example of _____________ .

1.inferior goods

2.substitute goods

3.complimentary goods

4.giffen Goods


Question:
What would you call the conditions of peace and security in the country and favorable attitude of the
government to motivate people to save?

1.Ability to save

2.Desire to save

3.Opportunities to save

4.None of the above


Question:
What would you call the decrease in quantity demanded due rise in the price?

1.Expansion in demand

2.Contraction in demand

3.Decrease in demand

4. Increase in demand


Question:
What would you call the deposits held by the banks on the basis of which cheques could be drawn?

1.Convertible money

2.Bank money

3.fiat money

4.Black money


Question:
What would you call the factors of production gifted by nature free of cost?

1.Entrepreneur

2.Capital

3.Land

4.Labour


Question:
What would you call the person who performs dual functions of risk taking and control?

1.Promotors

2.Labourers

3.Entrepreneur

4.Debtors


Question:
What would you call the system of exchange where goods and services are exchanged directly for other
goods and services?

1. Stock market

2.Barter system

3.Credit system

4.Exchange market


Question:
What would you call the system whereby the operations necessary to make a finished product are so minutely divided that each worker performs one or at the most only a few operation.

1.Mobility of labour

2.Efficiency of labour

3.Division of labour

4. None of the above


Question:
What you call the money which is issued on the order of the government?

1.Convertible money

2.Bank money

3.Fiat money

4.Black money


Question:
When two goods are used together, we call it ______________ 
 

1.inferior goods

2.Substitute goods

3.complimentary goods

4.giften Goods


Question:
Which form of market adopts a policy of price discrimination?

1.Monopolistic competitive market

2.Perfectly competitive market

3.Monopoly market

4.Oligopoly market


Question:
Which is the first stage in the process of capital formation?

1.Creation of savings

2.Mobilisation of savings

3.Investments of savings

4.None of the above


Question:
Which is the form of market structure in which there are a few firms selling a product so that there
intense competition among them?

1.Monopolistic competitive market

2.Perfectly competitive market

3.Monopoly market

4.Oligopoly market


Question:
Which of the following are the advantages of division of labour to the producers?

1. Increases quality of production

2. Reduces cost of production

3.Benefits of large scale production

4.All of the above


Question:
Which of the following factors of production is an active factor?

1.Land

2.Labour

3.Capital

4.None of the above


Question:
Which of the following is the example of complementary goods?

1.Tea and Coffee

2.Car and Petrol

3. Bread and Butter

4.Both (2) and (3)


Question:
Which of the following is the example of substitute goods?

1.Tea and Coffee

2.Car and Petrol

3.Bread and Butter

4.Demand for Smart Phone


Question:
Which of the following is the primary functions of money?

1.Store of value

2.Transfer of value

3.Measure of value

4.standard of deferred Payments


Question:
Which one is the example of monopoly form of market:

1.mobile industry

2. automobile industry

3.Indian Railways

4.soap industry


Question:
Which one of the following is the determinant of efficiency of labour 

1.Time taken by a worker to produce a product

2.Movement of labour

3.Risk taking ability

4.Originating ideas


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

1.Carpenters

2.Railway Coolies

3.Weavers

4.Chartered Accountants


Question:
Who defined money as-" Money is what money does".

1.GDH Cole

2.A Marshall

3.Prof. Walker

4.Kent


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