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Class 12 Introduction to Microeconomics worksheet

CBSE Social Science. Scarcity, the central problems, production possibility frontier and opportunity cost, market and planned economies, positive and normative economics. Every sheet has 20 questions in three sections and an answer key, and the numbers change every time.

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Sample questions

Real questions from this chapter, as the app sets them. Tap Answer to see the answer and working.

Section A · multiple choice

1.
The basic reason every economy must make choices is:
1. too much money
2. too many firms
3. plenty of resources
4. scarcity of resources
Answer
(d) scarcity of resources
2.
What is meant by “positive economics”?
1. describing how economic mechanisms work
2. markets and the government both play important roles
3. a central authority decides what, how and for whom
4. prices coordinate the decisions of buyers and sellers
Answer
(a) describing how economic mechanisms work
3.
Which of these is a normative statement?
1. Firms supply more at higher prices.
2. An increase in rent raises the cost of a shop.
3. When the price of tea rises, people buy less tea.
4. Prices of school books ought to be lower.
Answer
(d) Prices of school books ought to be lower.

Section B · short answer

4.
What are the three central problems of an economy?
Answer
What to produce and in what quantities, how to produce, and for whom to produce.
5.
Explain each term: (a) market economy (b) opportunity cost
Answer
(a) prices coordinate the decisions of buyers and sellers (b) the value of the next best alternative given up

Section C · long answer

6.
Explain the three central problems of an economy with an example of each.
Answer
What to produce: more food or more cloth; how to produce: labour-intensive or machine-intensive methods; for whom: how output is shared among households.

Fresh sheets for your child

In the app, every Introduction to Microeconomics sheet is new: the app remembers the questions your child has already had and leaves them out. Print the sheet as a PDF, or use notebook mode and write the answers in a notebook.

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