Economics Unit 3.A Quiz

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is primarily analyzed in Unit 3.A?

Forms of Market

Utility Analysis

Demand Analysis (correct)

Supply Analysis

Which unit covers the topic of Elasticity of Demand?

Unit 4

Unit 6

Unit 5

Unit 3.B (correct)

What does Unit 7 primarily discuss?

Foreign Trade

Money Market

National Income (correct)

Public Finance

Which unit is related to Supply Analysis?

Unit 4 Signup and view all the answers

The topic of Index Numbers is discussed in which unit?

Unit 6 Signup and view all the answers

What is the focus of Unit 8?

Public Finance in India Signup and view all the answers

Which of the following units discusses Foreign Trade of India?

Unit 10 Signup and view all the answers

Microeconomics primarily studies which aspect of economics?

Individual firm and producer behavior Signup and view all the answers

What does macroeconomics analyze?

The entire economy and its aggregates Signup and view all the answers

Which of the following best describes the Theory of General Price Level?

It addresses fluctuations in the overall price level. Signup and view all the answers

According to J.L. Hansen, macroeconomics is concerned with relationships between which of the following?

Large aggregates and national statistics Signup and view all the answers

What does the macro theory of distribution focus on?

The relative shares of income among factors like rent and wages Signup and view all the answers

Which aspect is NOT a feature of macroeconomics?

Focus on individual firms Signup and view all the answers

What essential theme is covered under the Theory of Growth and Development?

Causes of underdevelopment and poverty Signup and view all the answers

Which model emphasized basic heavy industries according to macroeconomic theories?

Mahalanobis growth model Signup and view all the answers

What does macroeconomic analysis significantly address concerning inflation and deflation?

The general price level and its fluctuations Signup and view all the answers

What does the law of diminishing marginal utility state?

Each additional unit of consumption provides less additional satisfaction. Signup and view all the answers

Which scenario represents an exception to the law of diminishing marginal utility?

Increasing consumption of a beloved hobby. Signup and view all the answers

What happens to marginal utility as more units of a commodity are consumed according to the law?

Marginal utility decreases. Signup and view all the answers

In which situation does a miser find an increase in marginal utility?

When he hoards more money. Signup and view all the answers

What is indicated by the negative utility in the law of diminishing marginal utility?

Consumption satisfaction may decrease below initial levels. Signup and view all the answers

Which of the following correctly describes the marginal utility of money for a miser?

Marginal utility increases with increased stock of money. Signup and view all the answers

What is the primary assumption of the law of diminishing marginal utility that is violated by hobbies?

Rational consumption. Signup and view all the answers

At what point does marginal utility become zero?

After consuming a limited amount of the good. Signup and view all the answers

What is a key goal of the exercises provided after each unit?

To develop interest and stimulate thought processes Signup and view all the answers

What must teachers skillfully plan according to the provided information?

Activities in each chapter Signup and view all the answers

How should evaluation patterns be structured?

Assign equal weightage to all topics Signup and view all the answers

What type of questions should teachers avoid according to the guidelines?

Stereotype questions Signup and view all the answers

What is the purpose of using teaching aids?

To provide proper understanding of the subject Signup and view all the answers

Why is the order of chapters important in the textbook?

To facilitate a graded knowledge building approach Signup and view all the answers

What is highlighted in blue colour in each chapter?

Key economic terms Signup and view all the answers

What is the focus of the sixth unit in the textbook?

Statistics Signup and view all the answers

Which of the following options correctly identifies the types of change in a variable?

Increasing, Decreasing Signup and view all the answers

What is an obligatory function of the government?

Provision of employment Signup and view all the answers

Who defined public finance as a subject on the borderline between economics and politics?

Prof. Hugh Dalton Signup and view all the answers

Which of the following are examples of non-tax sources of revenue?

Fees and Fines Signup and view all the answers

Which pair correctly identifies a type of public finance?

Direct Tax - Surplus Budget Signup and view all the answers

What distinguishes public finance from private finance?

Source of funds Signup and view all the answers

Which types of taxes are categorized as indirect taxes?

Sales Tax Signup and view all the answers

Which of the following reflects a type of governmental expenditure?

Developmental expenditure Signup and view all the answers

What is one of the primary roles of the RBI as a custodian of foreign exchange reserves?

To maintain the official rate of exchange of rupee Signup and view all the answers

In which capacity does the RBI serve as a clearing house?

For settling accounts between member banks Signup and view all the answers

What method does the RBI NOT use to influence the volume of credit in the economy?

Setting commodity prices Signup and view all the answers

Which of the following is a function of commercial banks in the financial system?

Accepting deposits and granting loans Signup and view all the answers

What does RBI do as a lender of last resort?

Offers liquidity to banks in financial difficulty Signup and view all the answers

Which of the following is NOT a type of ratio used by RBI to control credit?

Debt Equity Ratio Signup and view all the answers

What is the role of the RBI in managing foreign exchange reserves?

To maintain stability and manage currency transactions Signup and view all the answers

Which statement about the role of RBI as a Banker’s Bank is true?

It exercises statutory control over commercial banks. Signup and view all the answers

Study Notes

Economics Study Notes

Textbook: Economics, Standard Twelve
Topics Covered: Micro & Macroeconomics, SEBI, Consumer Demand, Utility, GST, Supply, Monopoly, Cost, Price Index, Taxes, Competition, Exports, GDP, Imports, RBI, Value Index, BOP, Revenue
Additional Information: DIKSHA App download, QR Codes for additional material, committee details, illustrations, production details, publisher details.
Preamble: WE, THE PEOPLE OF INDIA, having solemnly resolved to constitute India into a SOVEREIGN SOCIALIST SECULAR DEMOCRATIC REPUBLIC and to secure to all its citizens: JUSTICE, social, economic and political; LIBERTY of thought, expression, belief, faith and worship; EQUALITY of status and of opportunity; and to promote among them all FRATERNITY assuring the dignity of the individual and the unity and integrity of the Nation.
National Anthem and Pledge: Contains the text of the national anthem and the pledge.
Preface: Explains the purpose, contents, and features of the revised Std. XII Economics textbook, with a focus on its alignment with current economic changes in India. Lists of abbreviations and glossary of economic terms are included at the end of the book.
Competency Statement: Explains various aspects of Micro and Macro Economics such as, features, significance and importance in practice, definition, analysis of utility concepts, law of demand, supply, different market structures, index numbers, national income, public finance, fiscal policy, and balance of payments.
Contents: Lists all the chapters and their respective page numbers and tentative number of periods for study.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

This quiz focuses on the key topics discussed in Economics Unit 3.A, particularly analyzing the concepts surrounding Elasticity of Demand. Test your understanding of the principles that drive demand elasticity and how they are applied in economics.