PSEB SS Economics Practice Questions - Punjab School Education Board (PSEB) Senior Secondary Economics (Class 12 - Economics elective, subject code 026) Exam - PSEB SS Economics Practice Questions - Punjab School Education Board (PSEB) Senior Secondary Economics (Class 12 - Economics elective, subject code 026) Exam

Question 1

The central problems of an economy arise mainly because:

Resources are scarce relative to unlimited wants All goods are free gifts of nature Governments always fix every market price Money supply always exceeds the supply of goods

Correct Answer:

Resources are scarce relative to unlimited wants

Question 2

Which of the following is a microeconomic study?

Pricing of wheat in a local mandi market Growth rate of national income over a decade Aggregate unemployment rate for the country Overall inflation measured by the consumer price index

Correct Answer:

Pricing of wheat in a local mandi market

Question 3

Opportunity cost of a decision is best defined as:

The value of the next-best alternative foregone The total money cost paid for all inputs used Only the explicit accounting cost of production The sum of all past sunk costs already incurred

Correct Answer:

The value of the next-best alternative foregone

Question 4

A production possibility frontier (PPF) that is concave (bowed out) from the origin reflects:

Increasing opportunity cost as resources are reallocated between goods Constant opportunity cost along the entire frontier Decreasing opportunity cost of the good on the horizontal axis only That the economy has unlimited resources

Correct Answer:

Increasing opportunity cost as resources are reallocated between goods

Question 5

A point inside the production possibility frontier indicates that the economy is:

Using resources inefficiently or leaving some resources idle Producing more than is technologically possible Operating with zero opportunity cost for every good Beyond full employment of all resources

Correct Answer:

Using resources inefficiently or leaving some resources idle

Question 1

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About this Exam

Prepare with the PSEB SS Economics Practice Questions - Punjab School Education Board (PSEB) Senior Secondary Economics (Class 12 - Economics elective, subject code 026) Exam practice quiz. This question bank includes 100 questions covering price, units, demand, cost, and good. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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PSEB SS Economics Practice Questions - Punjab School Education Board (PSEB) Senior Secondary Economics (Class 12 - Economics elective, subject code 026) Exam

This practice set contains 100 questions from the matching question bank and focuses on price, units, demand, cost, and good. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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About this Exam

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PSEB SS Economics Practice Questions - Punjab School Education Board (PSEB) Senior Secondary Economics (Class 12 - Economics elective, subject code 026) Exam

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