CLASS XII ECONOMICS
ONE MARK QUESTIONS
ONE MARK QUESTIONS FROM CBSE - BOARD EXAMS FROM 2005-2012.
Q 1. Give two reasons for the problem of choice.
Ans. 1. Resources are scare 2. Resources have alternative uses. Q 2. Give meaning of opportunity cost.
Ans. Opportunity cost refers to value of a factor in its next best (or second best) alternative use.
Q 3. What does problem' for whom to produce'? Ans. Problem of for whom to produce is related choose the consumer of goods and services to be produce.
Q 4. Define marginal rate of transformation. Ans. When some resources are remove from production of 'Y' and employed to produce 'X' good, it the ratio of lost of output of 'Y' and gain of output of 'X'.
Q 5. Define Opportunity cost. Ans. Opportunity cost refers to value of a factor in its next best (or second best) alternative use.
Q 6. Define Micro economics.
Ans. When economic problems are studied considering small economic units like an individual consumer, or an individual producer.
Q 7. Define Macro economics.
Ans. Macro economics refers to the study of economic problems related to the economy as whole.
Q 8. Give two examples of Micro and Macro economics.
ANS. Macro examples: -1. Theory of consumer behaviour.2. Theory of producer behavior. 3. Theory of price.
Q 9. Define an economy.
Ans. Economy is a system spread over a particular area that reveal the nature and level of economic activities in that area. It show that how people of that area earned.
Q 10. Why is the study of consumer equilibrium a subject matter of Micro economics? Ans. Because it is consumer is a single unit, so it studied under micro economics.Q 11. Give one reason for rightward shift of production possibility curve.
Ans. Growth of resources.
Q 12. Define utility.
Ans. Utility is a want satisfying power of a commodity.
Q 13. Give meaning of equilibrium. Ans. Equilibrium is that situation where there is no need to change.
Q 14. Define a budget line.
Ans. It is line showing different possible combination of good -1 and good -2, which a consumer can buy, given his budget and the prices of Good -1 and Good -2.
Q 15. Define an indifference curve. Ans. An indifference curve is a diagrammatic presentation of an indifference set. It shows a combination of two goods which a consumer is indifferent.
Q 16. Define an indifference map. Ans. It refers to a set of indifference curves corresponding to different income level to the consumer.
Q 17. Where the equilibrium will struck in case of one commodity?
Ans. Equilibrium will struck when MUx / Px = MUm.Q
18. When total utility start decline, what will be MU?
Ans. MU become negative.
Q 19. Why the budget line is negative?
Ans. The slope of budget line shows the rate at which market price allow the consumer to substitute good -1 for good 2.Q 20. What is feasible or attainable combination?
Ans. A consumer can afford to buy combination that fall along his budget or inside it, it is called feasible or attainable combination.
Q 21. Define marginal utility.
Ans. It refers to additional utility on account of the consumption of an additional unit of a commodity.
Q 22. Define demand by a consumer. Ans. Demand for commodity refers to the desire to buy a commodity backed with sufficient purchasing power and willingness to spend.
Q 23. When is a good called a 'normal good' ? Ans. When demand of a good is increased with the increase in income of the consumer.
Q 24. what is a demand schedule.
Ans. A demand schedule is a table showing the relationship between different quantities of a commodity to be purchased at different prices of that commodity.
Q 25. When is a good called inferior good ?
Ans. A good can be inferior when income of the consumer increases and demand for the goods decreases.Q 26. Define individual demand schedule.
Ans. It is that table showing different quantities of a commodity that one particular buyer in the market is ready to buy at different possible prices of the commodity at a point of time.
Q 27. What is meant by inferior good in economics ?
Ans. These are the goods the demand for which decrease as income of buyer rises.
Q 28. what is meant by Giffen good in economics ? Ans. Giffen good is that inferior good whose income effect is negative but price effect is positive.
Q 29. What cause an upward movement along a demand curve ?
Ans. Favorable change in taste and preferences, increase in income, increase in price of substitute goods.
Q 30. Give one reason for a shift in demand curve.
Ans. Increase in price of substitute goods.
Q 31. What is market demand.
Ans. Market demand is the demand of all the consumers of a commodity at given price.
Q 32. When is demand said to be price-elastic ?
Ans. When change in demand is more than change in price.
Q 33. When is the demand for a good said to be perfectly inelastic ?
Ans. When the price of a commodity changes but there is no change in quantity demanded.
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