Free Online MCQ Questions of CBSE Class 11 Microeconomics Chapter 1 – Economics and Economy with Answers. Free Online MCQ Questions for Class 11 Microeconomics with Answers was Prepared Based on Latest Exam Pattern. Students can solve NCERT Class 11 Microeconomics Economics and Economy Current Multiple Choice Questions with Answers to know their preparation level on Success Roar Classes Website itself.

Here you will find a series of Free MCQ on Economics and Economy for Class 11th. This article consists of MCQ related to the topic “Economics & Economy”. Let’s start with a quote-

Practice makes a man perfect.

It’s 100% true. The value of practice has increased a lot whether you are a student or a professional.

Today is the world of those who are having in-depth knowledge of the subject means specialized in their field.

So, to make you perfect in Economics, we are here with a set of Free MCQs – ‘Economics and Economy’ . Let’s start doing them.

Free Online MCQ Questions of Class -11 Microeconomics

Chapter – 1 Economics and Economy with Answers

1. According to Robbins, ‘means’ are:
   1. Scarce
   2. Unlimited
   3. Undefined
   4. All of these
2. Which of the following is not concerned with the problem of choice?
   1. Excessive Income
   2. Alternative uses of resources
   3. Unlimited wants
   4. Limited (scarce resources)
3. Principal characteristic of resources are:
   1. they are scarce in relation to our wants
   2. they have alternative uses
   3. both (a) and (b)
   4. none of these
4. In which of the following situations, does scarcity arise?
   1. Supply of resources > Demand for resources
   2. Supply of resources < Demand for resources
   3. Supply of resources = Demand for resources
   4. None of these
5. Economic problem arises due to the fact that _________________________.
   1. resources are scarce
   2. human wants are unlimited
   3. resources have alternative uses
   4. all of the above
6. The resources for satisfying human wants are:
   1. limited
   2. unlimited
   3. available at zero price
   4. none of these
7. Scarcity of resources exists __________________.
   1. at the micro level
   2. at the macro level
   3. both A and B
   4. none of the above
8. Example of microeconomic variable is:
   1. Wholesale price index
   2. National Income
   3. Market demand
   4. Aggregate Demand
9. Issues related to unemployment are studied at the ___________________.
   1. micro-level
   2. macro-level
   3. micro as well as macro-level
   4. none of the above
10. Positive economics involves statements which are ____________________.
    1. verifiable
    2. not verifiable
    3. may or may not be verified
    4. none of these
11. What do you mean by a mixed economy?
    1. Modern and traditional industries
    2. Public and private sectors
    3. Foreign and domestic investments
    4. Commercial and subsistence farming
12. ‘Economics is the study of mankind in the ordinary business of life’. This definition was given by :
    1. Adam Smith
    2. Lord Robbins
    3. Alfred Marshall
    4. Samuelson
13. The branch of economic theory, that deals with the problem of allocation of resources is :
    1. Micro Economics
    2. Macro Economics
    3. Econometrics
    4. None of these
14. A study of how increase in the corporate income tax rate , will affect the natural unemployment rate is an example of :
    1. Macro Economics
    2. Descriptive Economics
    3. Micro Economics
    4. Normative Economics
15. In which type of economy do consumers and producers make their choices based on the market forces of demand and supply?
    1. Open Economy
    2. Controlled Economy
    3. Command Economy
    4. Market Economy
16. Under a free economy, prices are :
    1. Regulated
    2. Determined through free interplay of demand and supply
    3. Partly regulated
    4. None of these
17. Which of the following falls under microeconomics?
    1. National income
    2. General price level
    3. Factor pricing
    4. National saving and investment
18. In a free market economy, when consumers increase their purchase of a goods and the level of ________________exceeds _______________then prices tend to rise.
    1. Demand, Supply
    2. Supply, Demand
    3. Prices, Demand
    4. Profits, Supply
19. A statement which does not offer any suggestion is known as ______________________________.
    1. Positive Economics
    2. Normative Economics
    3. both (a) and (b)
    4. none of these
20. Normative economics deals with ______________.
    1. facts
    2. opinions
    3. both (a) and (b)
    4. none of the above

MCQ Questions of CBSE Class 11 Microeconomics Chapter – 1 Economics and Economy

Answer Key

Read More – What is Economics?

Positive Economics and Normative Economics