11 Economics MCQ

Economics is a study of the usage of resources and how we can make those resources
valuable under distinct captivity. It involves an intense study of production, distribution,

and consumption of goods and services.
Economics is not just about money; it is also about making correct choices, balancing
them with the money, and improving an individual’s overall well-being. Some important
MCQs on economics are given to analyse your understanding of the topic. The answers
are also given for your reference.
Economics MCQs
Q1. What do you mean by the supply of goods?
a) Stock available for sale
b) Total stock in the warehouse
c) The actual production of the goods
d) Quantity of the goods offered for sale at a particular price per unit of time
Answer:- d
Q2. What do you mean by ‘under conditions of a perfect competition in the
product market’?
a) MRP = VMP
b) MRP > VMP
c) VMP > MRP
d) None of the above
Answer:- a
Q3. Which of the following is the relation that the law of demand defines?
a) Income and price of a commodity
b) Price and quantity of a commodity
c) Income and quantity demanded
d) Quantity demanded and quantity supplied
Answer:- b
Q4. What do you mean by a mixed economy?
a) Modern and traditional industries
b) Public and private sectors
c) Foreign and domestic investments
d) Commercial and subsistence farming
Answer:- b
Q5. What do you mean by the demand of a commodity?
a) Desire for the commodity
b) Need for the commodity
c) Quantity demanded of that commodity
d) Quantity that consumers are able and willing to buy at various prices during any
particular period of time
Answer:- d
Q6. Starting from the time of independence, why did India follow a planned
economy?
1.India followed a five-year plan and required an outlook.
2.Directive Principles of Indian Constitution indicated the planned vision of India.
3.There was no indication whatsoever from the five year plans regarding how much of
each and every good and service is to be produced.
Choose the correct statements from the given options
a) Only 2
b) 2 and 3
c) 1 and 3
d) All of the above
Answer:- b
Q7. What do you mean by Gross National Product?
a) The total value of goods and services produced in the country
b) The total value of all the transactions in the country
c) The depreciation in the total value of goods and services produced in the country
d) The total value of goods and services produced in the country and the net factor
income from abroad
Answer:- d
Q8. Which of the following is the reason for the decline in the child sex ratio in
India?
a) Low fertility rate.
b) Female foeticide
c) Incentives for a boy child from the government
Answer:- b
Q9. What factors are taken into consideration while revising the poverty line
periodically?
a) By conducting a survey every five years
b) Survey carried out by National Sample Survey Organisation
c) Both a and b
Answer:- c
Q10. In India, which banks/institutions have the highest share in the
disbursement of credit to agriculture and allied activities?
a) Cooperative banks
b) Regional Rural Banks
c) Commercial banks
d) Microfinance institutions
Answer:- c
Q11. Which of the following is/are linked with the financial sector of India and
controlled by the Reserve Bank of India (RBI)?
a) Commercial bank
b) Money lenders
c) Stock exchange operations
d) All of the above
Answer:- c
Q12. When price floor is set above equilibrium price it will result in?
a) Shortage
b) Surpluses
c) Equilibrium
Answer:- b
Q13. What is Gross Domestic Product?
a) The total value of goods and services manufactured in the country
b) The total value of all the transactions in the country
c) The reduction in the total value of goods and services produced in the country
d) The monetary value of all finished goods and services made within a country during a
specific period.
Answer:- d
Q14. Why is the unemployment rate low in India statistically?
1. Unemployment is calculated only from the age group of 15 years to 59 years.
2. Unemployment survives only when an individual cannot find a job.
3. People are not interested in working outside the domestic area.
Choose the correct option.
a) Only 3
b) 2 and 3
c) Only 2
d) All of the above
Answer:- c
Q15. What does the bowed-out shape of the production possibilities curve
illustrate?
a) Law of increasing opportunity cost
b) The production is inefficient
c) The production is unattainable
d) The demand is relatively elastic
Answer:- a
Q16. What is the main economic problem faced by the society?
a) Unemployment
b) Inequality
c) Poverty
d) Scarcity
Answer:- d
Q17. What does “Capitalism” refer to?
a) The use of market
b) Government ownership of capital
c) Private ownership of capital goods
d) Private ownership of homes and cars
Answer:- c
Q18. The goal of a pure market economy is to meet the desire of ______ .
a) Consumers
b) Companies
c) Workers
d) The government
Answer:- a
Q19. What does the law of demand mean?
a) As the quantity demanded rises, the price rises.
b) As the price rises, the quantity demanded rises.
c) As the price rises, the quantity demanded falls.
d) As the supply rises, the demand rises.
Answer:- c
Q20. Which of the following is an example of an agricultural price support
program?
a) A price ceiling
b) A price floor
c) Equilibrium pricing
Answer:- b
Explore more MCQs on economics and commerce. Stay tuned for questions papers,
sample papers, syllabus, and relevant notifications on our website.
Statistics MCQs
Statistics provides an extensive range of concepts and introduction to the subject, which
includes all the questions in the chapter provided in the syllabus. It is a section of
mathematics that manages the collection, interpretation, analysis, and presentation of
numerical data. In other words, statistics is a collection of quantitative data.
The rationale of statistics is to accord sets of information to be contrasted so that the
analysts can focus on the sequential differences and trends. Analysts examine the data
in order to reach the inferences concerning its meaning.
Given below are some important MCQs on statistics to analyse your understanding of
the topic. The answers are also given for your reference.
Statistics MCQs
Q.1 Which of the following values is used as a summary measure for a sample, such as a
sample mean?
(A) Population parameter
(B) Sample parameter
(C) Sample statistic
(D) Population mean
Answer: C
Q.2 Which of the following is a branch of statistics?
(A) Descriptive statistics
(B) Inferential statistics
(C) Industry statistics
(D) Both A and B
Answer: D
Q.3 The control charts and procedures of descriptive statistics which are used to enhance a
procedure can be classified into which of these categories?
(A) Behavioural tools
(B) Serial tools
(C) Industry statistics
(D) Statistical tools
Answer: D
Q.4 Which of the following can also be represented as sample statistics?
(A) Lowercase Greek letters
(B) Roman letters
(C) Associated Roman alphabets
(D) Uppercase Greek letters
Answer: B
Q.5 To which of the following options do individual respondents, focus groups, and panels
of respondents belong?
A) Primary data sources
B) Secondary data sources
C) Itemised data sources
D) Pointed data sources
Answer: A
Q.6 What are the variables whose calculation is done according to the weight, height, and
length known as?
(A) Flowchart variables
(B) Discrete variables
(C) Continuous variables
(D) Measuring variables
Answer: C
Q.7 Which method used to examine inflation rate anticipation, unemployment rate, and
capacity utilisation to produce products?
(A) Data exporting technique
(B) Data importing technique
(C) Forecasting technique
(D) Data supplying technique
Answer: C
Q.8 Specialised processes such as graphical and numerical methods are utilised in which of
the following?
(A) Education statistics
(B) Descriptive statistics
(C) Business statistics
(D) Social statistics
Answer: B
Q.9 What is the scale applied in statistics, which imparts a difference of magnitude and
proportions, is considered as?
(A) Exponential scale
(B) Goodness scale
(C) Ratio scale
(D) Satisfactory scale
Answer: C
Q.10 Review of performance appraisal, labour turnover rates, planning of incentives, and
training programs are the examples of which of the following?
(A) Statistics in production
(B) Statistics in marketing
(C) Statistics in finance
(D) Statistics in personnel management
Answer: D
Introduction to Statistics Class 11 MCQ Questions

Introduction to Statistics Class 11 MCQ Questions Economics are covered in this
Article. Introduction to Statistics Class 11 MCQ Test contains 30 questions.
Answers to MCQs on Introduction to Statistics Class 11 Economics are available
after clicking on the answer. These MCQ have been made for Class 11 students
to help check the concept you have learnt from detailed classroom sessions and
application of your knowledge.
Introduction to Statistics Class 11 MCQ Questions Economics

1._____ is one who consumes goods and services for the satisfaction of their
wants.
(a) Producer
(b) Consumer
(c) Investor
(d) All of the above
Answer
2. ______ is the one who produces or sells goods and services for the
generation of income.
(a) Producer
(b) Consumer
(c) Investor
Answer
3. Saving and Investment are_______activity

(a) Production
(b) Consumption
(c) Economic
(d) Non-economic
Answer
4. Act of abstinence from consumption is known as______.

(a) Production
(b) Savings
(c) Investment
(d) Consumption
Answer
5. _____ implies scarcity of limited resources with regards to unlimited wants.

(a) Production
(b) Consumption
(c) Economic activity
(d) Non-economic activity
Answer
6. “Economic activity is the study of mankind in the ordinary life of business”, this
definition was given by;
(a) Alfred Marshall
(b) Robbins
(c) Peterson
(d) None of the above
Answer
7. Which of the following are Components of economics?

(a) Consumption
(b) Production
(c) Distribution
Answer
8. Which of the following are the features of statistics in the plural sense?
(a) It is a aggregate of facts
(b) Statistics is numerically expressed
(c) Both (a)&(b)
Answer
9. Which of the following is not one of the limitations of statistics?

(a) Statistics study numerical facts only
(b) Statistical results are true only on averages
(c) Heterogeneous data is required
(d) Statistics study aggregates only
Answer
10. Which of the following are regarded as the importance of economics?

(a) Statistics is a quantitative expression of economic problems
(b) Statistics works out cause and effect relationship
(c) Statistics facilitates economic forecasting
Answer

11. Read the following statement given the and choose the correct alternative
Statement 1- Resources are always limited in relation to human wants.
Statement 2- Not all the resources have alternative uses
(a) Both are correct
(b) Both are incorrect
(c) Statement 1 is correct and statement 2 is incorrect
(d) Statement 1 is incorrect and statement 2 is correct
Answer
12. Read the following statement given below and choose the correct alternative
Statement 1- Agents of production are the owners of factors of production
Statement 2- Social components of economics are poverty and unemployment
Answer
Statement 1- Statistics is a qualitative measure
Statement 2- Only aggregate number of facts is called statistics
Answer
Statement 1- All statistics are data
Statement 2- All data are not Statistics
Answer
Statement 1- Inferential statistics refers to the methods of collection, presentation
and analysis of data
Statement 2- Descriptive statistics refers to the methods by which conclusions
are drawn.
Answer
Assertion(A)- Statistics is the lifeline of economics
Reason (R) – Statistics helps to establish various statistical relationship
(a) Both Assertion and reason are true. Reason is the correct explanation of
assertion
(b) Both assertion and reason are true. Reason is not the correct explanation of
assertion
(c) Assertion is true but reason is not
(d) Reason is true but assertion is not
Answer
Assertion(A)- Statistics is a rainbow of lies
Reason (R )- Anyone can alter statistics to arrive at predetermined conclusions
assertion
assertion
Answer
Assertion (A)- Distrust on statistics can not be removed and is inevitable
Reason (R )- Statistics is a clay which we can use to make a god or devil, as we
wish
assertion
assertion
Answer
Assertion (A)- If your class teacher estimates average height of the whole class
on the basis of average height of four or five students he is using inferential
Statistics
Reason (R )- Inferential statistics refers to all such methods by which conclusion
can be drawn relating to the population of a given sample
assertion
assertion
Answer
Assertion (A)- Statistics can be collected in a systematic manner
Reason (R )- No conclusions can be drawn from unsystematic collection of data
assertion
assertion
Answer

21. Choose the correctly matched pair from the following
Column A Column B
A. Collection, organization, presentation, analysis and

1. Removing distrust
interpretation of data
2. Stages of statistical study in

B. Use of standard techniques for statistical study
singular sense
C. Biases in collecting data 3. Statistical tools
D. Application by experts 4. Distrust in statistics

(a) A-3
(b) B-4
(c) C-2
(d) D-1
Answer

Column A Column B
A. Economic equilibrium 1. Limitation of statistics
B. Prone to misuse 2. Nature of statistics
C. Science and art 3. Importance of statistics
D. Placed in relation to each other 4. Feature of statistics
(a) A-4
(b) B-3
(c) C-2
(d) D-1
Answer

Column A Column B
A. Using up utility value of goods and services 1. Consumption
B. Converting raw material into useful things 2. Investment
C. Part of income not spend on consumption 3. Production
D. Expenditure on purchasing assets 4. Savings
(a) A-1
(b) B-2
(c) C-3
(d) D-4
Answer

Column A Column B
A. A science that studies human behaviour as a relationship between ends 1. Professor

and scarce means which have alternative uses Tippet
B. By statistics we mean quantitative data affected to a marked extent by

2. Robbins
multiplicity of causes
C. Statistics may be defined as collection, presentation, analysis and 3. Croxton and

interpretation of numerical data cowden
4. Yule and
D. Statistics is both science as well as art
kendall
(a) A-4
(b) B-1
(c) C-3
(d) D-2
Answer

Column A Column B
A. Statistics compare volume instead of value 1. Study numerical facts only
2. Inter-sectoral and inter-temporal

B. Statistics doesn’t study qualitative phenomenon
comparisons
C. Statistics compare different sectors of an economy 3. Homogeneity of data
D. Statistics states the inverse relationship between price 4. Construction of economic theory or
of a commodity and its Demand economy models
(a) A-3
(b) B-4
(c) C-1
(d) D-2
Answer
Read the following text given below and answer the questions that follows
Statistics – A Plural Sense Statistics alludes to data as far as numbers or
mathematical information, like populace measurements, business statistics and
so on. According to Bowley, “Statistics are mathematical articulations of realities
in any branch of inquiry comparable to one another.”
Features of Statistics in the Plural Sense
Aggregate of facts
Numerically expressed
Influenced by variety of causes
Reasonable accuracy
Set in relation to one another
Predetermined purpose
Estimated
Statistics – A Singular Sense It alludes to procedures or strategies identifying
with assortment, order, show examination and understanding of quantitative
information.
As indicated by Seligman, “Statistics is the science which manages the strategies
for gathering, ordering, introducing, contrasting and deciphering mathematical
information gathered with illuminate any circle of enquiry”
Importance of Statistics in Economics:

Quantitative expression of economic problem
Inter-sectoral and inter-temporal comparisons
Working out cause and effect relationship
Construction of economic theories or economic models
Economic forecasting
Formulation of policies
Limitations of Statistics:
Study of numerical facts only
Study of aggregates only
Results are true only on an average
Without reference, results may prove to be wrong
Can be used only by the experts
Prone to misuse
26. Which of the following are the limitations of statistics?
(a) Study of numerical facts only
(b) Study of aggregates only
(c) Results are true only on an average
Answer
27. Which of the following is not considered as important for statistics?

(a) Study of numerical facts only
(b) Quantitative expression of economic problem
(c) Inter-sectoral and inter-temporal comparisons
(d) Working out cause and effect relationship
Answer

28. Which of the following are features of statistics in a plural sense?
(a) Reasonable accuracy
(b) Set in relation to one another
(c) Predetermined purpose
Answer
29. A ______Statistics alludes to data as far as numbers or mathematical

information, like populace measurements, business statistics and so on.
(a) Singular sense
(b) Plural sense
(c) Both (a)&(b)
Answer
30. A_____ statistics alludes to procedures or strategies identifying with

assortment, order, show examination and understanding of quantitative
information.
(a) Singular sense
(b) Plural sense
(c) Both (a)&(b)
Answer
Collection Organisation and Presentation of Data MCQs Economics Class
11
1. Use of ___________ saves time and cost.
a) Secondary data
b) Primary data
c) Data
d) Information
Answer
2. ___________ is the method of gathering information from individuals.

a) Collection
b) Survey
c) Analysis
d) Inspection
Answer
3. __________ Questions are easy to use, score and codify for analysis because
all respondents can choose from the given options.
a) Multiple choice
b) Open-ended
c) Closed-ended
d) True/False
Answer
4. Misinterpretation and misunderstanding can be avoided by _____________

a) Personal Interaction
b) Mailing
c) Telephone
d) Questionnaire
Answer
5. Once the question is ready, it is advisable to conduct a try-out with a small

group which is known as ______________
a) Pilot Survey
b) Testing
c) Survey
d) Observation
Answer
6.____________ is also called lottery method.

a) Random Sampling
b) Non-Random Sampling
c) Population
d) Sampling
Answer
7. Which of the following is not a type of non-sampling error?

a) Sampling Bias
b) Non-response
c) Errors in data
d) Difference between sampling estimate and corresponding parameter
Answer
8. In spatial classification data are classified with reference to_____________

a) Geographical location
b) Time series
c) Chronological Classification
d)Quantitative Classification
Answer
9._____________ is a comprehensive way to classify raw data of a quantitative

variable.
a) Frequency distribution
b) Distribution
c) Information
d) Analysis
Answer
10. Class Mid-point or Class Mark is equal to _____________
a) (Upper class limit + Lower class limit) / 2
b) (Upper class limit – Lower class limit) /2
c) (Upper class limit + Lower class limit) * 2
d) (Upper class limit – Lower class limit) * 2
Answer

11
11. While preparing a frequency distribution, the following questions need to be
addressed.
a) How many classes should we have?
b) Should we have equal or unequal sized class intervals?
c) What should be the size of each class?
d) All of the above
Answer
12. In case of continuous variables, _____________ intervals are used very

often.
a) Inclusive class intervals
b) Exclusive class intervals
c) Online class intervals
d) Offline class intervals
Answer
13. Which of the following forms of presentations are true?

a) Textual / Descriptive presentation
b) Tabular presentation
c) Diagrammatic presentation
d) All of the above
Answer
14. All of the above which of the following is not a type of Classification used in
tabulation?
a) Spatial
b) Temporal
c) Qualitative
Answer
15. ___________ usually are not drawn with absolute values of a category.
a) Pie-charts
b) Bar-diagram
c) Histogram
d) Frequency-curve
Answer
16. ____________ is drawn only for a continuous variable.

a) Pie-charts
b) Bar-diagram
c) Histogram
d) Frequency-curve
Answer
17. The frequency-curve is obtained by drawing ___________

a) Smooth freehand curve
b) Straight line
c) Line with scale
d) Circle
Answer
18. The use of class mark instead of actual values of the observation involves
considerable ______________
a) Loss of Importance
b) Gain of Importance
c) Profit of Importance
d) All of the above
Answer
19. Bar Diagram is a _______________

a) One-Dimensional diagram
b) Two-Dimensional diagram
c) Diagram with no Dimension
Answer
20. Ogives can be useful in locating graphically ____________

a) Mean
b) Mode
c) Median
d) All of the above
Answer

11
21. Which of the following methods give better results?
a) Census
b) Sample
c) Information
d) Data
Answer
22. The purpose of the collection of data is to show _____________ for reaching
sound and clear solution to a problem.
a) Design
b) Figure
c) Movement
d) Evidence
Answer
23. ____________ is a tool which helps in understanding problems by proving

information.
a) Excel
b) Document
c) Data
d) Experiment
Answer
24. Database on first-hand information is called ____________

a) Primary Data
b) Secondary Data
c) A is False
d) B is False
Answer
25. ______________ is the method of gathering information from individuals.

a) Data
b) Survey
c) Analysis
d) Information
Answer
26. The most common type of instrument used in surveys is

_________________
a) Questionnaire
b) Interview Schedule
c) Both A and B
d) None
Answer
27. The Questionnaire should be ____________ to understand and avoid

different words.
a) Lengthy
b) Easy
c) Perfect
d) Simple
Answer
28. Basic Way of collecting data are _______________

a) Personal Interview
b) Mailing Survey
c) Telephone Interview
d) All of the above
Answer
29. _______________ is used when the researcher has access to all the
members.
b) Mailing Survey
d) All of the above
Answer
30. Misinterpretation and misunderstanding can be avoided

by________________
b) Mailing Survey
c)Telephone Interview
d) All of the above
Answer

11
31. ________________ allows researchers to have access in remote areas too.
b) Mailing Survey
d) All of the above
Answer
32. ______________ helps in providing a preliminary data about the survey.

a) Airlines Survey
b) Pilot Survey
c) Mailing Survey
d) All of the above
Answer
33. Census carried out once in every ____________ years
a) 10
b) 5
c) 15
d) 7
Answer
34. Growth rate of population during 2001-2011 _______________

a) 1.97
b) 2.53
c) 1.64
d) 3.1
Answer
35. ________________ in statistics means totality of items under study.

a) Population
b) Universe
c) Sample
d) Both A and B
Answer
36. ________________refers to a group or section of the population from which

information is obtained.
a) Bio-data
b) Values
c) Evidence
d) Sample
Answer
37. Good sample is capable of providing __________________ information

about the population.
a) Absolute Accurate
b) Reasonable Accurate
c) A is false
d) B is false
Answer
38. _________all units of population don’t have equal chance of being selected.
a) Random
b) Lottery Method
c) Choice
d) None
Answer
39. It is possible to reduce the magnitude of sampling error by taking a

__________ sample.
a) Smaller
b) Larger
c) Thick
d) Thin
Answer
40. Non-Sampling errors are more ____________ than sampling errors.

a) Serious
b) Dangerous
c) caution
d) All of the above
Answer

11
41. The raw data are summarized, and made comprehensible by ____________
a) Classification
b) Division
c) Information
d) None
Answer
42. The raw data consists of observations on _____________

a) Constants
b) Information
c) Variables
d) Population
Answer
43. The raw data is classified in various ways depending on time is known as
__________
a) Spatial classification
b) Chronological classification
c) Geographical classification
d) Time series
Answer
44. The population of India classified in terms of years is a ____________

a) Spatial classification
b) Chronological classification
c) Geographical classification
d) Time series
Answer
Answer: (d) TIME SERIES
45. A continuous variable can take any _____________

a) Numerical value
b) Integral value
c) Functional value
d) All of the above
Answer
The class limits for the class 60-70 (from 46 – 49)

46. What are its lower class limits
a) 60
b) 70
c) 75
d) None
Answer
47. What are upper class limits
a) 70
b) 60
c) 65
d) 75
Answer
48. What is the class mark

a) 70
b) 60
c) 75
d) 65
Answer
49. What is the Class Width?

a) 70
b) 60
c) 10
d) 15
Answer
50. ______________ is the difference between upper class limit and lower class
limit?
a) Class Interval
b) Class Width
c) Class Mark
d) Both A and B
Answer
Statistical Tools and Interpretation MCQs Class 11 Economics – Arithmetic

Mean, Median and Mode
1. ______________ is most frequently observed data value
a) Arithmetic Mean
b) Mode
c) Median
d) All of the above
Answer
2. Mode of 1,2,3,4,4,5 is ________________

a) 4
b) 5
c) 2
d) 1
Answer
3. Median is _____________ the Arithmetic Mean and Mode.

a) Always between
b) Always greater than
c) Always less than
Answer
4. _____________ is used to describe Qualitative data.

a) Mean
b) Mode
c) Median
d) None
Answer
5. The algebraic sum of deviation of a set of n values from Mean is

_______________
a) n
b) 1
c) 0
d) None
Answer
6. Relative Magnitude of the Mean, Median, Mode is _____________

a) AM>Median<Mode / AM<Median>Mode.
b) AM>Median>Mode / AM>Median<Mode.
c) AM<Median>Mode / AM<Median<Mode.
d) AM>Median>Mode / AM<Median<Mode.
Answer
7. For mode in continuous series, class intervals __________ be equal and

series __________ be exclusive.
a) Should, can
b) Can, should
c) Should, should
d) Can, can
Answer
8. Mode in continuous frequency distribution is _________.

a) Mode = L+(D1÷(D1+D2))*h
b) Mode = L*(D1÷(D1+D2))*h
c) Mode = L+(D1÷(D1+D2))%h
d) Mode = L-(D1÷(D1+D2))*h
Answer
D1 stands for the Difference between the frequency of the modal class and the
frequency of the preceding modal class.
D2 stands for the difference between the frequency of the modal class and the
frequency of the succeeding modal class.
9. Mode of data 1,1,2,2,5,3,4,4 is __________________
a) 1,2,5
b) 1,2,4
c) 2,3,5
d) 3,4,5
Answer
10. Most commonly used statistical measures of central tendency is _________

a) Mean
b) Median
c) Mode
d) All of the above
Answer
11. Arithmetic Mean is equal to ____________________
a) Sum of values of observations / No: of observations
b) Half of values of observations x No: of observations
c) Sum of values of observations + No: of observations
d) Sum of values of observations % No: of observations
Answer
12. Arithmetic Mean Is denoted by ____________
Answer
13. ________ is the positioned value of the variable which divides the distribution
into two equal parts.
a) Mean
b) Median
c) Mode
d) None
Answer
14. Median of 5,7,6,1,8,10,12,4 and 3 is ___________________

a) 5
b) 4
c) 6
d) 2
Answer
15. Median of 25, 72, 28, 65, 29, 60, 30, 54, 32, 53, 33, 52, 35, 51, 42, 48, 45,
47, 46, 33 is __________________
a) 45.5
b) 55.4
c) 33.5
d) 63.5
Answer

16. __________ is the middle element when the data is arranged in the order of
magnitude.
a) Mean
b) Mode
c) Median
d) Integrity
Answer
17. Position of median is equal to ____________ item.

a) (N+1) / 2
b) (N-1) / 2
c) (N*(N+1)) / 2
d) None
Answer
18. Q₁ is equal to size of ___________ item.

a) (N÷1) / 4
b) (N-1) / 4
c) (N+1)* 4
d) (N+1)/ 4
Answer
19. Q₃ is equal to size of ___________ item.

a) (N÷1) / 4
b) 3(N+1) / 4
c) (N+1)* 4
d) (N+1)/ 4
Answer
20. What is the median income if position of the median is 10 th item?
INCOME No: of persons Cumulative frequency
10 2 2
20 4 6
30 10 10
40 4 20
a) 10
b) 30
c) 20
d) 4
Answer
21. _________ concentrates on central items of data.

a) Mean
b) Median
c) Integral
d) Both A and C
Answer
22. _________ are the measures which divides the data into four equal parts?
a) Mono
b) BI-parties
c) Quartiles
d) None
Answer
23. Q₁ and Q₃ denote two limits within which central __________of the data lies.
a) 50%
b) 75%
c) 25%
d) 100%
Answer
24. ______________ divides the distribution into 100 equal parts.
a) Quartile
b) Percentile
c) Median
d) All of the above
Answer
25. _________ is the median value in percentile.

a) p₁₀₀
b) p₅₀
c) p₇₅
d) p₂₅
Answer
26. Calculate Q₁ from the data 22.26, 14.30, 14.30, 18.11, 35.41, 12.32 is
_____________
a) 12
b) 13
c) 13.5
d) 13.75
Answer
27. X̅ _________
a) (x₁ + x₂ + x₃+……………..+ xⴖ) ÷ n
b) (x₁ – x₂ – x₃-……………..- xⴖ) ÷ n
c) (x₁ * x₂ * x₃*……………..* xⴖ) ÷ n
d) None
Answer
28. X̅ = __________
Answer
29. Calculate Mean of 40, 50, 55, 78, 58

a) 56.2
b) 65.4
c) 44.0
d) 33.5
Answer
30. In order to save time in calculating mean from a data set containing a large
no: of observations we use ____________
a) Direct method
b) Assumed Mean
c) Both A and B
d) None
Answer

31. Which Quartile is called Median?
a) Q₀
b) Q₁
c) Q₂
d) None
Answer
32. For a symmetrical distribution Q₁ and Q₃ are 30, 90 respectively. The value
of median is ___________
a) 30
b) 60
c) 90
d) 40
Answer
33. Mode = _________

a) 3 Median % 2 Mean
b) 3 Median ÷ 2 Mean
c) 3 Median x 2 Mean
d) 3 Median – 2 Mean
Answer
34. Median can be calculated from _________

a) Individual Series
b) Discrete Series
c) Continuous Series
d) All of the above
Answer
35. Which of the following is not a mathematical average?

a) Arithmetic Mean
b) Harmonic Mean
c) Geometric Mean
d) None
Answer
Introduction to Microeconomics Class 11 MCQ Economics
1. Micro Economics studies the behaviour of an _________ unit.

a) Individual Economic
b) As a whole
c) Both A and B
d) None
Answer
2. What are the causes of Economic problems?

a) Unlimited human wants
b)Scarcity of economic resources
c) Alternative uses of resources
d) All of the above
Answer
3. Abbreviate MOC ___________

a) Marginal object character
b) Marginal opportunity cost
c) Both A and B
d) None
Answer
4. Abbreviate PPF ___________

a) Production Possibility Frontier
b) Possibility Production Frontier
c) A is False
d) B is False
Answer
5. What are the reasons for the Rightward shift of PPC?

a) Migration
b) War
c) Skill development programme
d) None
Answer
6. PPF can be a straight line: When?

a) Decrease in production of both goods.
b) More of both goods can be produced
c) All resources are equally efficient in the production of both goods
Answer
7. MRT formula ___________

a) MRT = ∆x / ∆y
b) MRT = ∆y
c) MRT= ∆x*∆y
d) MRT= ∆y / ∆x
Answer
8. Economic Analysis are ___________

a) Positive Economic Analysis
b) Normative Economic Analysis
c) Regular Economic Analysis
d) Both A and B
Answer
9. When Marginal Opportunity Cost increases, PPF is _________ to origin.

a) Convex
b) Concave
c) Direct
d) All of the above
Answer
10. Economy is a system that helps to produce __________ and enables people
to earn their living.
a) Goods and Services
b) Scarcity
c) Resources
d) Human wants
Answer
Introduction to Microeconomics Class 11 MCQ Economics

11. Example of Macro Economics?
a) Production of a firm
b) Demand of an individual consumer
c) Aggregate demand
d) All of the above
Answer
12. Allocation of resources comes under ___________
a) Causes of Economic problems
b) Causes of Central problems
c) Causes of Opportunity cost
d) Causes of Marginal demand
Answer
13. MRT is ___________ because all resources are not equally efficient in the
production of both goods.
a) Decreasing
b) Increasing
c) Both A and B
d) None
Answer
14. Positive Economics deals with ___________

a) As they are
b) They ought to be
c) Both A and B
Answer
15. ___________ is defined as the additional cost in terms of number of units of

good sacrificed to produce an additional unit of other good.
a) MRT
b) MOC
c) PPF
d) Rightward shift
Answer
16. “Rich people should be taxed more”, is an example of ________ Economic

Analysis
a) Positive
b) Productive
c) Normative
d) None
Answer
17. If MOC remains constant, PPF is __________ sloping straight line.

a) Upward
b) Downward
c) Central
d) Behind
Answer
18. Scarcity means _________

a) Increase of resources
b) Shortage of resources
c) Constant resources
d) Both A and B
Answer
19. Allocation of resources explained as __________

a) What to produce
b) How to produce
c) For whom to produce
d) All of the above
Answer
20. How many properties of PPC are involved?

a) 1
b) 2
c) 3
d) 4
Answer
Consumer Equilibrium and Demand Class 11 MCQ Economics

1. Want satisfying capacity of goods and services is called_________
a) Production
b) Capacity
c) Utility
d) Demand
Answer
2. ___________ is the total satisfaction a consumer gets from consumption of all

units of a commodity
a) Utility
b) Total utility
c) Marginal utility
d) All of the above
Answer
3. ____________ is the net increase in total utility by consuming an additional

unit of a commodity.
a) Utility
b) Total utility
c) Marginal utility
d) All of the above
Answer
4. ___________ is a quantitative combination of two goods that can be

purchased by a consumer from his given market prices.
a) Information
b) Data
c) Figures
d) Consumers bundle
Answer
5. ________________ is a quantitative combination of those bundles which a

consumer can purchase from his given income at given prices.
a) Budget set
b) Budget line
c) Budget bundle
d) All of the above
Answer
6. ____________ is a line showing different combinations of two goods which a

consumer can buy by spending his whole income at a given price of the goods.
a) Budget bundle
b) Budget set
c) Budget line
d) All of the above
Answer
7. ___________ is the rate at which a consumer is willing to substitute good Y for

good X.
a) Opportunity cost
b) Opportunity gain
c) Marginal rate of substitute
d) Marginal cost
Answer
8. Formula for MRS is ____________

a) Loss of good Y / gain of good X
b) Loss of good X / gain of good Y
c) Gain of good y / loss of good X
d) Gain of good X / loss of good Y
Answer
9. MRS Formula is _________________

a) -∆x
b) -∆y
c) (-∆Y / ∆X)
d) Y/X
Answer
10. MRS abbreviated as _________

a) Marginal Rate of Substitution
b) Marginal Rate of Subtracted
c) Margin Rate of Solvency
d) None
Answer
11. Law of diminishing marginal utility describes that when consumer consumes
_______of a unit the utility derived from that unit _________
a) more and more
b) less and less
c) declines
d) Both A and C
Answer
12. ___________ is the curve showing different combinations of two goods, each
combination offering the same level of satisfaction.
a) Indifference
b) Indifference map
c) Indifference curve
d) None
Answer
13. ______________ is the indifference curves placed together in a diagram.

a) Indifference map
b) Indifference curve
c) Maps
d) All of the above
Answer
14. Following are the characteristics of the indifference curve except

a) Negatively sloped
b) Positively sloped
c) Convex to the point
d) Never touch each other
Answer
15. _____________ is a situation where a consumer is spending his income in

such a way that he is getting maximum satisfaction and has no tendency to
change.
a) Equilibrium
b) Consumers satisfaction
c) Consumers equilibrium
d) None
Answer

16. Consumer’s preferences are ____________ when consumer always choose
a bundle having more of one good and less of other.
a) Consumer budget
b) Budget preference
c) Monotonic preference
d) Margin method
Answer
17. The approach to study What are the conditions for consumer’s equilibrium is?
a) Cardinal approach
b) Ordinal approach
c) Both A and B
d) A or B
Answer
18. Cardinal approach is also called________

a) Utility approach
b) Indifference curve approach
c) Ordinal approach
d) All
Answer
19. Ordinal approach is also called___________

a) Utility approach
b) Indifference curve approach
c) Cardinal approach
d) None
Answer
20. Budget Line Formula M = _________________
a) M=(Px * x) + (Py * y)
b) M=(Px * y) + (Py * x)
c) M=(Pxy) * (Pyx)
d) M=(Px-x) – (Py-y)
Answer
21. Budget Set formula

a) (Px * x) + (Py * y) ≤ M
b) (Px * y) + (Py * x) ≤ M
c) (Px * x) – (Py * y) ≤ M
d) (Px * x) + (Py * y) ≥ M
Answer
22. _____________ is the quantity which a consumer is able and is willing to buy
at given price and in a given period of time.
a) Demand
b)Supply
c) Quantity demanded
d) Quantity supplied
Answer
23. ____________ is the total quantity purchased by all the consumers in the
market at given and in given period of time.
a) Quantity demanded
b) Demand
c) Market
d)Market demand
Answer
24. _____________ shows functional relation ship between quantity demanded

and factors affecting demand.
a) Cost function
b) Factors function
c) Demand function
d) Supply function
Answer
25. __________ is an economic agent, who consumes final goods and services
to fulfil his basic needs.
a) Consumer Bundle
b) Consumer
c) Consumer Equilibrium
d) None
Answer
26. __________is a table, which shows the quantity demanded of a commodity

at various prices.
a) Demand function
b) Demand market
c) Demand schedule
d) Quantity demand
Answer
27. Law of demand define _________

a) Price increases quantity demanded decreases as price decreases quantity
demanded increases, keeping other factors constant.
b) Price decreases quantity decreases as price increases quantity increases.
c) Price increases quantity decreases as price increases quantity increases.
d) None
Answer
28. Indifference curve characteristics are ________________

a) Negatively sloped
b) Convex to the point of origin
c) Never Intersect each other
d) All of the above
Answer
29. A consumer is able and willing to buy at a given price and in a given period of
time is known as ________________
a) Market demand
b) Quantity demand
c) Demand schedule
d) Demand function
Answer
30. Downward movement along a demand curve is called

_______________________ demand.
a) Expansion / Extension
b) Contraction / Compression
c)Both A and B
d) None
Answer

31. Change in demand, is also called as __________________
a)Quantity
b) Quality
c) Shift in demand
d) None
Answer
32. Determinants of demand are ____________

a) Change In price
b) Income of the consumer
c) Price of good
d) All of the above
Answer
33. Demand function shows the functional relationship between the demand of
___________ and ___________ affecting demand.
a) Goods, services
b) Services, supplies
c) Factors, services
d) Goods, factors
Answer
34. A consumer has monotonic preferences, find the most preferred bundle by
him?
a) 4 units of X good and 6 units of Y good
b) 6 units of X good and 4 units of Y good
c) 6 units of X good and 6 units of Y good
d) 4 units of X good and 5 units of Y good
Answer
35. When demand changes due to changes in determinants other than price
demand it is called
a) Demand change
b) Change in demand
c) Change in quantity demanded
d) All
Answer
36. When demand changes due to the price of its own commodity then it is
termed as
a) Demand change
b)Change in demand
c) Change in quantity demanded
d) None
Answer
37. ___________ is a graphical representation of demand schedule.

a) Curve
b) Maps
c) Demand curve
d) None
Answer
38. Relation between price and quantity demanded of a commodity

is___________
a) Direct
b) Inverse
c) Converse
d) Positive
Answer
39. Slopes downward from left to right; convex towards origin; higher
indifferences curves represents higher utility are properties of ______________
a) Determinants of demand
b) Change in demand
c) Market demand
d) Indifference curves
Answer
40. Slope of demand curve is ___________

a) P/Q
b) ∆Q
c) ∆P
d) ∆P/∆Q
Answer
41. ____________ is the measurement of change in quantity demanded in

response to change in price of a commodity
a) Change in demand
b)Price elasticity of demand
c) Elasticity of demand
d) Quantity demanded
Answer
42. Percentage change in quantity demand?

a) ∆Q/Q
b) ∆Q
c) (∆Q/Q) * 100
d) Q*100
Answer
43. Percentage change in Price?

a) ∆P
b) (∆P/P)*100
c) P+∆
d) ∆-P
Answer
44. Percentage Method formula : __________

a) (∆Q / ∆P) * (P/Q)
b) (∆Q / ∆P) % (P/Q)
c) (∆Q + ∆P) * (P/Q)
d) (∆Q – ∆P) * (P/Q)
Answer
45. Which of the following are Effecting Price Elasticity of demand?

a) Time period
b) Income of the consumer
c) Both A and B
d) Percentage
Answer
Production Function Class 11 MCQ

Questions Economics
1.________ is an expression of the technological relationship between inputs
and outputs of an item.
(a) Production
(b) Revenue function
(c) Production function
Answer
2. _______ refers to the transformation of inputs into output.

(a) Production
(b) Revenue function
(c) Production function
Answer
3. Production function specifies_______.

(a) Maximum output produced with a given output
(b) Minimum quantity of inputs needed to produce
(c) Both (a)&(b)
Answer
4. Production function is defined concerning;

(a) Input
(b) Technology
(c) Output
(d) Entrepreneurship
Answer
5. A period in which output can be changed by changing only variable factors

(a) Long run
(b) Short-run
(c) Fixed run
(d) Factor run
Answer
6. Which of the following are fixed inputs?
(a) Plant
(b) Machinery
(c) Building
Answer
7. ______ refers to a period in which output can be changed by changing all

factors of production.
(a) Long run
(b) Short-run
(c) Fixed run
(d) Factor run
Answer
Production Function Class 11 MCQ Questions

Economics
8. The long-run period is ______ concept.
(a) Economical
(b) Functional
(c) Productional
Answer
9. Factors in the short run are classified as;

(a) Variable
(b) Fixed
(c) Both (a)&(b)
Answer
10. In the short run ______ is more active in price determination.

(a) Supply
(b) Demand
(c) Both (a)&(b)
Answer
Statement 1- Input refers to the volume of goods produced by a firm or an
industry During a specific period.
Statement 2- Total product is the total quantity of goods produced by a firm in a
given period with given inputs
Answer
12. Read the following statement given below and choose the correct alternative.
Statement 1- Output per unit of a variable input is termed as an average product.
Statement 2- Average product is also known as an average return.
Answer
Statement 1- Addition to total product when more units of the variable factor are
employed is known as Average product.
Statement 2- MP= TP-TP1
Answer
14. ______ refers to the increase in the total product when only one factor is
increased.
(a) Production factor
(b) Returns to a factor
(c) Returns to inputs
(d) Law of Diminishing returns
Answer
15. Law of variable proportions is also known as;

(a) Law of returns
(b) Law of returns to factors
(c) Returns to variable factors
Answer
Assertion- In the first phase of the law of variable proportions, TP rises at an
increasing rate and MP increases.
Reason- In the third phase of the law of variable proportions, TP falls and MP
becomes negative.
(a) Both Assertion and Reason are true. The reason is the correct explanation of
the assertion
(b) Both Assertion and reason are not true. The reason is not the correct
explanation of the assertion
(c) The assertion is true but the reason is not
(d) The reason is true but the assertion is not
Answer
Production Function Class 11 MCQ Questions Economics

Assertion- Phase one of the Law of variable proportions is known as increasing
returns to a factor.
Reason- Phase two of the Law of variable proportions is known as increasing
returns to a factor.
the assertion
explanation of the assertion
(c) The assertion is true but the reason is not
(d) The reason is true but the assertion is not
Answer
18. Which of the following are reasons for the law of variable proportions?
(a) Better utilisation of fixed factors
(b) Indivisibility of fixed factors
(c) Increased efficiency of variable factors.
Answer
19. Which of the following are the reasons for diminishing returns to a factor?
(a) Over utilisation of fixed factors
(b) Indivisibility of fixed factors
(c) Increased efficiency of variable factors.
Answer
20. Which of the following are the reasons for negative returns to a factor?
(a) Limitation of fixed factors
(b) Poor coordination between variable and fixed factors
(c) Both (a)&(b)
Answer
21. Which of the following are the assumptions of Law of variable proportions.
(a) Law of variable proportion applies to the field of production only.
(b) The effect of change in output can be easily determined.
(c) It operates in short run
Answer
22. The state of technology in Law of variable proportions is______.

(a) Increasing with output
(b) Decreasing with output
(c) Constant
(d) Negative
Answer
Production Function Class 11 MCQ Questions Economics

23. When MP is zero TP is ______.
(a) Constant
(b) Maximum
(c) Minimum
(d) Negative
Answer
24. As TP increases, MP______.

(a) Increases
(b) Decreases
(c) Remains unchanged
(d) Remains constant
Answer
25. When TP starts decreasing, MP becomes______.

(a) Constant
(b) Maximum
(c) Minimum
(d) Negative
Answer
26. When AP is maximum MP=

(a) AP
(b) TP
(c) Both (a)&(b)
Answer
27. Calculate TP at 3rd unit.

Variable factor MP
1 26
2 20
3 18
4 15
(a) 64
(b) 46
(c) 24
(d) 38
Answer
28. Calculate MP at 4th unit.

Variable factor AP
1 10
2 14
3 18
4 25
5 31
(a) 18
(b) 26
(c) 46
(d) 55
Answer
29. Fill in the blanks with correct option.

Unit AP MP
1 8. 8
2 10. 12
3 ___. 10
4 9. 6
(a) 9
(b) 10
(c) 12
(d) 8
Answer
30. Identify the phase in the following table

Variable factor TP
0 0
1 8
2 15
(a) First phase
(b) Second phase
(c) Third phase
Answer
Term 2 – NCERT Economics Class 11 MCQ
Cost Class 11 MCQ Questions

Economics
1.______ is the total expenditure incurred in producing a commodity.

(a) Explicit cost
(b) Cost
(c) Implicit cost
(d) Inputs
Answer
2. Cost is the sum total of;

(a) Explicit cost
(b) Cost
(c) Implicit cost
(d) both (a)&(c)
Answer
3. ______ is the actual money expenditure on inputs.

(a) Explicit cost
(b) Cost
(c) Implicit cost
(d) Inputs
Answer
4. _____ is the estimated value of the inputs supplied by the owners.

(a) Explicit cost
(b) Cost
(c) Implicit cost
(d) Inputs
Answer
5. ________ refers to those costs which do not vary directly with the level of
output.
(a) Cost
(b) Explicit cost
(c) Fixed cost
(d) Total cost
Answer
6. Fixed cost is also known as;

(a) Supplementary cost
(b) Overhead cost
(c) Indirect cost
Answer
7. ______ refers to the cost which varies directly with the level of output.
(a) Variable cost
(b) Explicit cost
(c) Fixed cost
(d) Total cost
Answer
8. Variable cost is also known as;

(a) Prime cost
(b) Direct cost
(c) Avoidable cost
Answer
9. ______ is the expenditure incurred by a firm on the factors of production.

(a) Variable Cost
(b) Explicit cost
(c) Fixed cost
(d) Total cost
Answer
10. ____ is the sum total of total fixed cost and total variable cost.
(a) Variable Cost
(b) Explicit cost
(c) Fixed cost
(d) Total cost
Answer
Cost Class 11 MCQ Questions Economics

Statement 1- TFC curve is a horizontal straight line parallel to X-Axis.
Statement 2- Normal profit is the minimum reward that is just sufficient to keep
the entrepreneurs supplying his factor services.
Answer
Statement 1- Per unit fixed cost of production is termed as an average variable
cost.
Statement 2- Per unit variable cost of production is termed as an average fixed
cost.
Answer
Statement 1- Addition to the total cost when one more unit of output is produced
is termed as marginal cost.
Statement 2- MC is the change in Average cost when one more unit is produced.
(B) Both are incorrect
Answer
Assertion- TC and TVC curves are inversely S-shaped
Reason- TC, and TVC rise Initially at a decreasing rate, then at a constant rate,
and finally at an incredible rate.
the assertion
explanation of assertion.
(c) Assertion is true but the reason is not.
(d) Reason is true but the assertion is not
Answer
Assertion- AT Zero output, TC is equal to TFC.
Reason- As TVC rises with an increase in the output, the distance between TFC
and TC curves also goes on increasing.
the assertion
(b) Both Assertion and Reason are true. The reason is not the correct
Answer
Assertion- TC and TVC curves are parallel to each other and the vertical distance
between them remains the same at all levels of output.
Reason- The gap between TC and TFC represents TVC
the assertion
Answer
Assertion- AFC can never touch the X-Axis.
Reason- TFC can never be zero
the assertion
Answer
18. ______ is derived from total cost.

(a) AC
(b) MC
(c) Both (a)&(b)
Answer
19. AC and MC curves are U-Shaped due to;

(a) Law of Diminishing returns
(b) Law of marginal utility
(c) Law of utils
(d) Law of variable proportions
Answer
20. When_____ falls it pulls up____.

(a) MC, AC
(b) AC,MC
(c) TC,MC
(d) MC,TC
Answer
Cost Class 11 MCQ Questions Economics

21. MC is steeper as compared to _____.
(a) AC
(b) TVC
(c) AVC
(d) TFC
Answer
22. AC is greater than AVC by the amount of_____.

(a) AC
(b) TVC
(c) AFC
(d) TFC
Answer
Statement 1- AC and AVC curves can never intersect each other.
Statement 2- AFC can never be zero.
Answer
24. Which of the following are U-Shaped Curves.

(a) MC
(b) AVC
(c) AC
Answer
25. MC curve cuts AC and AVC at_____.

(a) Maximum point
(b) Minimum point
(c) Initial point
(d) Final point
Answer
26. TC rises at Diminishing rates, MC___.

(a) Falls
(b) Falls with an increasing rate
(c) Rises
Answer
27. Calculate TFC
Output 0 1 2 3 4
TC 28 60 78 108 140
(a) 0
(b) 28
(c) 60
(d) 78
Answer
28. From the following table find out the value of TVC at the 2nd level of output.
Output 1 2
AVC 20 15
(a) 30
(b) 60
(c) 15
(d) 7.5
Answer
29. Find out the missing information

Output 1
TC _____
AC ______
MC 30
(a) 30, 60
(b) 30,15
(c) 30,30
(d) 15,30
Answer
30. A firm is producing 40 units. At this level of output, ATC and AVC are
respectively equal to ₹50 and ₹47. Find out the total fixed cost of the firm.
(a) 60
(b) 30
(c) 120
(d) 160
Answer
Revenue Class 11 MCQ Questions

Economics
1._______ refers to the amount received by a firm from the sales of a given
quantity of a particular good.
(a) Cost
(b) Revenue
(c) Production
(d) Functional cost
Answer
2. Revenue is directly influenced by;

(a) Price of the good
(b) Demand of the good
(c) Sales level
(d) Supply level
Answer
3. ______ refers to the total receipts from the sale of a given commodity.
(a) Total revenue
(b) Marginal revenue
(c) Average revenue
(d) Explicit revenue
Answer
4. Total revenue= ________.

(a) Quantity & Price
(b) Quantity+ Price
(c) Quantity× Price
Answer
5. _____ refers to revenue per unit of output sold.

(a) Total revenue
(c) Average revenue
Answer
6. Average revenue=_________.
(a) Quantity× Price.
(b) Total revenue/Quantity
(c) Total revenue/Price
(d) Total revenue× Quantity
Answer
7. Average revenue= _______.

(a) Quantity
(b) Demand
(c) Price
(d) Supply
Answer
Revenue Class 11 MCQ Questions Economics

8. _______ is the additional revenue generated from the sale of an additional unit
of output.
(a) Total revenue
(c) Average revenue
Answer
9. Marginal revenue=_______.
(a) ∆TR/Price
(b) ∆TR/∆Q
(c) Both (a)&(b)
Answer
10. Relationship between different revenue concepts is discussed under;

(a) Constant price
(b) Fall in price with rise in output.
(c) Both (a)&(b)
Answer
Statement 1- When price is constant, the revenue from every additional unit is
equal to average revenue.
Statement 2- AR=MR, when price is constant.
Answer
Statement 1- When price is constant, MR is a vertical straight line.
Statement 2- When price is constant, TR is a positively sloped line.
Answer
Statement 1- When MR is positive, TR increases.
Statement 2- When MR is zero, TR is maximum.
Answer
Assertion- When MR is negative, TR starts falling.
Reason- MR cannot be zero or negative when price is constant.
assertion.
(b) Both Assertion and reason are true. Reason is not the correct explanation of
assertion
Answer
Assertion- AR falls with increase in sales.
Reason- Revenue from every additional unit is less than AR
assertion.
assertion.
Answer
Revenue Class 11 MCQ Questions Economics

16. AR curve is same as______.
(a) Demand curve
(b) Supply curve
(c) Both (a)&(b)
Answer
17. Slope of the MR is represented by;
(a) TR/Q
(b) TR
(c) Quantity
(d) ∆TR/∆Q
Answer
Assertion- TR curve starts from the origin.
Reason- TR is zero at zero level of output.
assertion.
assertion.
Answer
19. Which of the following statements about MR are true.

(a) MR cannot be zero with rise in output
(b) MR can be negative when output falls
(c) Both (a)&(b)
Answer
20. When MR = AR, AR is

(a) Maximum
(b) Constant
(c) Both (a)&(b)
Answer
21. Find AR
Units sold TR
1 30
2 36
(a) 30,18
(b) 18,30
(c) 30,30
(d) 60,72
Answer
22. Suppose a bookseller sells 20 books at the price of rupees 400 per book. His
marginal revenue from the 21st book is 255 at what price did he sell the 21st
book?
(a) 393
(b) 490
(c) 400
(d) 380
Answer
23. Output increases from 70 to 90 units, TR increases from 8000 to 9000

calculate MR.
(a) 25
(b) 50
(c) 20
(d) 60
Answer
24. The TR of a firm increased by ₹5500 when his sales increased from 25 to 50
units. Calculate MR of the firm.
(a) 250
(b) 110
(c) 1100
(d) 220
Answer
25. TR of a phone increased by rupees 9000 when his sales increased from 50-
100 units. Calculate MR of the firm.
(a) 180
(b) 190
(c) 200
(d) 210
Answer

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11 Economics MCQ

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Economics is a study of the usage of resources and how we can make those resources

valuable under distinct captivity. It involves an intense study of production, distribution,

Introduction to Statistics Class 11 MCQ Questions

Introduction to Statistics Class 11 MCQ Questions Economics

3. Saving and Investment are_______activity

4. Act of abstinence from consumption is known as______.

5. _____ implies scarcity of limited resources with regards to unlimited wants.

7. Which of the following are Components of economics?

9. Which of the following is not one of the limitations of statistics?

10. Which of the following are regarded as the importance of economics?

Introduction to Statistics Class 11 MCQ Questions Economics

Introduction to Statistics Class 11 MCQ Questions Economics

A. Collection, organization, presentation, analysis and

2. Stages of statistical study in

C. Biases in collecting data 3. Statistical tools

D. Application by experts 4. Distrust in statistics

22. Choose the correctly matched pair from the following

A. Economic equilibrium 1. Limitation of statistics

B. Prone to misuse 2. Nature of statistics

C. Science and art 3. Importance of statistics

D. Placed in relation to each other 4. Feature of statistics

23. Choose the correctly matched pair from the following

A. Using up utility value of goods and services 1. Consumption

B. Converting raw material into useful things 2. Investment

C. Part of income not spend on consumption 3. Production

D. Expenditure on purchasing assets 4. Savings

24. Choose the correctly matched pair from the following

A. A science that studies human behaviour as a relationship between ends 1. Professor

B. By statistics we mean quantitative data affected to a marked extent by

C. Statistics may be defined as collection, presentation, analysis and 3. Croxton and

25. Choose the correctly matched pair from the following

A. Statistics compare volume instead of value 1. Study numerical facts only

2. Inter-sectoral and inter-temporal

C. Statistics compare different sectors of an economy 3. Homogeneity of data

Importance of Statistics in Economics:

27. Which of the following is not considered as important for statistics?

Introduction to Statistics Class 11 MCQ Questions Economics

29. A ______Statistics alludes to data as far as numbers or mathematical

30. A_____ statistics alludes to procedures or strategies identifying with

2. ___________ is the method of gathering information from individuals.

4. Misinterpretation and misunderstanding can be avoided by _____________

5. Once the question is ready, it is advisable to conduct a try-out with a small

6.____________ is also called lottery method.

7. Which of the following is not a type of non-sampling error?

8. In spatial classification data are classified with reference to_____________

9._____________ is a comprehensive way to classify raw data of a quantitative

Collection Organisation and Presentation of Data MCQs Economics Class

12. In case of continuous variables, _____________ intervals are used very

13. Which of the following forms of presentations are true?

16. ____________ is drawn only for a continuous variable.

17. The frequency-curve is obtained by drawing ___________

19. Bar Diagram is a _______________

20. Ogives can be useful in locating graphically ____________

Collection Organisation and Presentation of Data MCQs Economics Class

23. ____________ is a tool which helps in understanding problems by proving

24. Database on first-hand information is called ____________

25. ______________ is the method of gathering information from individuals.

26. The most common type of instrument used in surveys is

27. The Questionnaire should be ____________ to understand and avoid

28. Basic Way of collecting data are _______________

30. Misinterpretation and misunderstanding can be avoided

Collection Organisation and Presentation of Data MCQs Economics Class

32. ______________ helps in providing a preliminary data about the survey.