Class 9 Social Science MCQ Chapter 12 Basic Concept of Economics, Class 9 Social Science MCQ Question Answer, Class 9 Social Science Multiple Choice Question Answer to each chapter is provided in the list of SCERT Social Science Class 9 Objective Types Question Answer so that you can easily browse through different chapters and select needs one. Class 9 Social Science MCQ Chapter 12 Basic Concept of Economics can be of great value to excel in the examination.
SCERT Class 9 Social Science MCQ Chapter 12 Basic Concept of Economics
SCERT Class 9 Social Science MCQ Chapter 12 Basic Concept of Economics Notes covers all the exercise questions in SCERT Science Textbooks. The NCERT Class 9 Social Science MCQ Chapter 12 Basic Concept of Economics provided here ensures a smooth and easy understanding of all the concepts. Understand the concepts behind every chapter and score well in the board exams.
Basic Concept of Economics
Chapter – 12
ECONOMICS
Multiple Choice Questions & Answers
1. The word ‘economics’ is derived from_____
(a) Latin.
(b) English.
(c) Greek.
(d) Sanskrit.
Ans: (c) Greek.
2. Who is the father of economics?
(a) Robinson.
(b) Adam Smith.
(c) Robbins.
(d) Carlyle.
Ans: (b) Adam Smith.
3. Who has given the wealth-based definition of economics?
(a) Carlyle.
(b) Ruskin.
(c) Adam Smith.
(d) Robbins.
Ans: (c) Adam Smith.
4. Who has given the welfare based definition of economics?
(a) Robbins.
(b) Adam Smith.
(c) Alfred Marshall.
(d) Ruskin.
Ans: (c) Alfred Marshall.
5. Who has given the scarcity based definition of economics?
(a) Adam Smith.
(b) Alfred Marshall.
(c) Lionel Robbins.
(d) Carlyle.
Ans: (c) Lionel Robbins.
6. What according to Carlyle and Ruskin was ‘Gospel of Mammon’?
(a) The definition of Adam Smith.
(b) The definition of Robbins.
(c) The definition of Marshall.
(d) economics itself.
Ans: (a) The definition of Adam Smith.
7. What is the power of a commodity to satisfy human wants called?
(a) usefulness.
(b) utility.
(c) demand.
(d) need.
Ans: (b) Utility.
8. What is the produced means of production called?
(a) labour.
(b) land.
(c) profit.
(d) capital.
Ans: (d) capital.
9. Who was the ‘Cambridge economist’?
(a) Ruskin.
(b) Carlyle.
(c) Alfred Marshall.
(d) Robbins.
Ans: (c) Alfred Marshall.
10. Who wrote ‘Principles of Economics’?
(a) Adam Smith.
(b) Robbins.
(c) Ruskin.
(d) Marshall.
Ans: (d) Marshall.
11. The creation of useful commodities or services is_____
(a) Production.
(c) Profit.
(b) Creation.
(d) Supply.
Ans: (a) Production.
12. Which one is a factor of production?
(a) Demand.
(b) Supply.
(c) land.
(d) utility.
Ans: (c) land.
13. Which one is a factor of production
(a) utility.
(b) demand.
(c) supply.
(d) capital.
Ans: (d) capital.
14. Which one is not a factor of production?
(a) land.
(b) labour.
(c) demand.
(d) capital.
Ans: (c) demand.
15. In which district of Assam does the ‘Jonbeel Mela’ take place?
(a) Nagaon.
(b) Morigaon.
(c) Darrang.
(d) Goalpara.
Ans: (b) Morigaon.
Very Short Answer Type Questions:
1. From which word has the word ‘economics’ been derived?
Ans: Oikonomis.
2. Who is the father of economics?
Ans: Adam Smith.
3. Who has forwarded the welfare- based definition of economics?
Ans: Alfred Marshall.
4. Who has forwarded the scarcity- based definition of economics?
Ans: Lionel Robbins.
5. Who offered the definition of economics based on efficiency?
Ans: Samuelson and Nordhans.
6. In which book did Alfred Marshall give his definition of economics?
Ans: Principles of Economics.
7. In which book did Lionel Robbins give his definition of economics?
Ans: An Essay on the nature and significance of Economic Science.
8. Who said that the definition of economics given by Adam Smith is the “Gospel of Mammon’?
Ans: Carlyle and Ruskin.
9. What is the power of a commodity to satisfy human wants called?
Ans: Utility.
10. What is the produced means of production called?
Ans: Capital.
11. What are the factors of production?
Ans: land, labour, capital and organisation.
12. From which word has the word ‘micro’ been derived?
Ans: Mikros.
13. What is National income?
Ans: The money value of all goods and services produced in a country in a financial year is known as national income.
14. What will happen if too much emphasis on wealth in given?
Ans: Too much emphasis on wealth will turn economics into a ‘dismal science’.
15. What is production?
Ans: The creation of useful commodities or services is production.
16. Through what does exchange take place?
Ans: Exchange takes place through internal and external trade.
17. What types of exchanges are there?
Ans: Two types:
(i) internal exchange.
(ii) international exchange.
18. What is money?
Ans: Money is medium of exchange. It is accepted by common people easily.
19. Why was money created?
Ans: To remove the difficulties of the barter system and bring simplification to the process of exchange money was created.
20. What is Public Finance?
Ans: Public Finance is the study of public revenue, public expenditure and public debt.
21. What is the main objective of economics?
Ans: The main objective of economics is to utilise the scarce resources in a proper manner.
22. What is meant by goods in economics?
Ans: All commodities and services that can satisfy human wants are known as goods in economics.
23. How are goods classified?
Ans: Goods can be categorised into tangible and intangible goods. Besides, goods can be classified into two classes.
They are:
(i) Free goods.
(ii) Economics goods.
24. What is utility?
Ans: Utility is the power of satisfying wants.
25. Write four qualities of wealth.
Ans: (i) utility.
(ii) scarcity.
(iii) transferability.
(iv) externality.
26. What is meant by want?
Ans: The desire for the satisfaction from a commodity is known as want.
27. Write the names of two types of welfare.
Ans: (i) Economic welfare.
(ii) Non-economic welfare.
28. What is price?
Ans: The money value of a commodity is price.
Short Answer Type Questions:
1. What is meant by market?
Ans: In normal language market refers to a place where goods are bought and sold. But in economics, market does not mean a particular place. In economics, market means an arrangement where buyers and sellers buy and sell goods directly or indirectly. Stock markets, online markets are some of the examples of market.
2. What is Capital?
Ans: The means or appliances which help production are known as capital. In other words, that part of production which helps in further production is known as capital.
3. Why was not Marshall’s definition regarded acceptable?
Ans: Marshall’s definition did not earn the distinction of being acceptable because Marshall only mentioned about the welfare derived from material goods. Non-material services such as those of a teacher or a doctor etc. were ignored.
4. What is per-capita income?
Ans: The per capita income of a country can be found out by dividing the total national income by the total population. In other words:
Per capita income = National income/ population of the country.
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