Economics – Test 2 (MCQ Maharashtra 12th Board)

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#1. ___________ is regarded as a primary factor of production.

#2. Capital is an _____________ factor of Production.

#3. The price at which demand and supply equate each other is called ___________ price.

#4. The vertical supply curve represents __________ elasticity.

#5. In the case of Giffen goods the income elasticity of demand is _____________

#6. The central Bank acts as a _________ of cash reserves commercial banks in the country.

#7. In the case of __________ coins, intrinsic value is less then their face value.

#8. The part of income which is not spent on consumption is called_______

#9. GDP(FC) = GDP(MP) – __________

#10. ______ economics studies the problem of inflation in the country.

#11. ______________ is primary function of commercial banks.

#12. ___________ appears in a monopoly market.

#13. When the price rises, there is _______________ of supply.

#14. In case of normal goods the income elasticity of demand is ____________

#15. The Law of demand is based on the law of ______________ supply

#16. When less is purchased at the constant prices, it is called _____________ in demand.

#17. The demand for salt is __________

#18. _____________ is an example of direct tax.

#19. ______________ refers to want – satisfying power of a commodity.

#20. Microeconomics is the study of ____________


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