CBSE Class 10 Economics Important MCQs for Board exam 2023 Preparation

CBSE Class 10 Economics Important Questions: Check the important MCQs from unit four of CBSE Class 10 Social Science 2022-23 syllabus. Unit 4 Understanding Economic Development covers Economics portions. Check the answers to the MCQs at the end of the questions to prepare well for CBSE Class 10 Social Science board exam 2023.

Download CBSE Class 10 Social Science Unit 4 Economics Important MCQs for Board exam 2023 Preparation PDF
Download CBSE Class 10 Social Science Unit 4 Economics Important MCQs for Board exam 2023 Preparation PDF

CBSE Class 10 Economics Important Questions: In this article, we will be covering the Important MCQs from the fourth unit Understanding Economic Development of CBSE Class 10 Social Science curriculum. These Multiple Choice questions are followed by their answers given at the end of the questions. The answers have been given in the PDF towards the end of the questions so that the students can honestly attempt to solve the questions and later check their answers. This not only helps them in preparing the important subject material but also helps them revise. 

CBSE Class 10 Social Science has four units, namely, India and the Contemporary World -II, Contemporary India - II, Democratic Politics -II and Understanding Economic Development. Here, the fourth unit Understanding Economic Development is dedicated to Economics. The other units in CBSE Class 10 Social Science syllabus cover History, Geography and Political Science respectively. 

Unit 4 Understanding Economic Development  has a total of five chapters. However only the first four chapters will be evaluated in the CBSE Class 10 Social Science board exam 2023 which is scheduled to be held on March 15, 2023. The fifth chapter is to be used for project work only.

Candidates can check the CBSE Class 10 Social Science Syllabus 2022-2023 in detail to check the course content, course structure and question paper design.

Also Check: CBSE Class 10 Social Science DELETED Syllabus 2022-2023

CBSE Class 10 Economics Important MCQs for Board exam 2023

The MCQs provided in this article for each chapter of Unit 4 CBSE Class 10 Economics have been carefully chosen and curated by subject experts. Keeping in mind the latest rationalised syllabus, the sample question papers and the previous year papers, only the topics that are actually important for the 2022-23 academic year have been included. 

RELATED: CBSE Class 10 Social Science Previous Year Question Papers with Solutions PDF Download

CBSE Class 10 Social Science Important MCQs for 2022-23: ALL Chapters

  1. The total number of children attending school as a percentage of total number of children in the same age group is called

(a) net attendance ratio 

(b) literacy rate

(c) gross enrolment ratio 

(d) level of education

  1. ............ have been a major force in the globalization process connecting distant regions of the world?
  1. Traders
  2. International companies
  3. Multinational corporations
  4. Businesses houses

3. Development criteria include

(a) income 

(b) equal treatment

(c) freedom 

(d) all of these

  1. Which sector is also called agriculture and related sector?
  1. Primary sector
  2. Secondary sector
  3. Tertiary sector
  4. Quaternary sector

5. An important factor causing globalisation is

(a) more income

(b) expansion of markets

(c) technological developments

(d) urbanisation

  1. The literacy rate is highest in Kerala while the infant mortality rate is highest in Bihar. What does it show?

(a) Most of the people in Kerala and Bihar have good living conditions.

(b) Both Bihar and Kerala lack basic necessities of life.

(c) The standard of living in Kerala is better than Bihar.

(d) The standard of living in Bihar is better than Kerala.

  1. Which among the following was the largest employer in 2003

(а) Primary sector 

b) Secondary sector 

c) Tertiary sector

(d ) None of the above 

  1. At present which form of money is increasingly used apart from paper money?

(a) Commodity money

(b) Metallic money

(c) Plastic money

(d) All the above

  1. Investment means spending on
  1. Factory building
  2. Machines
  3. Equipments
  4. All the above

10. More than half of the workers in the country are working in which of the primary sectors

a) Fishing

(b)Agriculture

(c)Basket making

(d) None of the above

  1. Investment means spending on
  1. Factory building
  2. Machines
  3. Equipments
  4. All the above

12. Banks use the major portion of the deposit to:

(a) Keep reserve so that people may withdraw

(b) Meet their routine expenses

(c) Extend loans

(d) Meet renovation of the bank

  1. Globalisation has led to improvement in living conditions:

(a) of all the people

(b) of people in the developed countries

(c) of workers in the developing countries

(d) none of the above

  1. If biscuits are made from flour and flour from wheat then which of the following is true?
  1. Flour is raw material and wheat is final product
  2. Biscuit is final product and wheat is intermediate good
  3. Flour is raw material; Wheat is intermediate good and biscuit is final product
  4. Wheat is raw material for flour, flour is raw material for biscuit and biscuit is the final product.

15. Kamal does not get paid leaves, medical benefits and payment during holidays in which type of sector he might be working

  1. Organized sector
  2. Unorganized sector
  3. Only a
  4. It can be any one of them

16. What is the main source of income of a bank?

(a) Bank charges that the depositors pay for; keeping their money safe is the main; source of the bank’s income.

(b) The difference between what is charged from the borrowers and paid to the depositors is the main source of bank’s income.

(c) Banks earn huge amounts of money by investing the money of the depositors in various company shares.

(d) The Government of India gives huge amounts of money to the banks to help their smooth functioning.

  1. Which sector has lost its share in GDP but still continues to be largest employer
  1. Primary
  2. Secondary
  3. Tertiary
  4. Only c

18. Which one of the following is a formal source of credit?

  1. Traders
  2. Cooperative societies
  3. Moneylenders
  4. Friends and relatives

19. Which one of the following is the newer way of providing loans to the rural poor, particularly women?

  1. Cooperative Banks
  2. Grameen Banks
  3. Self-Help Groups
  4. Moneylenders

20. Development of an individual refers to

(a) mental development 

(b) physical development

(c) spiritual development 

(d) overall development

  1. Double coincidence of wants means ____________.
  1. What a person desires to sell is exactly what the other person wishes to buy.
  2. What a person desires to sell is exactly what the other person also wishes to sell.
  3. What a person desires to buy is exactly what the other person also wishes to buy.
  4. None of the above.

22. Which of the following statements are correct?

  1. Members of a cooperative pool their resources for cooperation in certain areas.
  2. Besides banks, the other major source of cheap credit in rural areas is the cooperative societies.
  3. There are several types of cooperatives possible such as farmers’ cooperatives, weavers cooperatives, industrial workers cooperatives.
  4. All of the above statements are true.

23. Which of the following statements is false

  1. There is no organisation which supervises the credit activities of lenders in the informal sector.
  2. RBI stops the money lenders from using unfair means to get their money back.
  3. Compared to the formal lenders, most of the informal lenders charges much lesser interest on loans
  4. All of the above

24. Match the following with the appropriate reason people might borrow money for:

a) Auto rickshaw driver I) To buy a house

b) A businessman whose factory has been closed ii) To buy a new shop for him

c) Small trader iii) To revive his business

d) Govt. servant iv) To buy a new vehicle.

  1. a - iv, b - iii, c - ii, d - i
  2. a - ii, b - i, c - iii, d - iv
  3. a - i, b - iii, c - ii, d - iv
  4. a - iv, b - ii, c - iii, d - i

25.The modern currency is without any use of its own, then why is it accepted as a medium of exchange?

  1. Because it is convenient
  2. It has digital and manual system
  3. It can be used in foreign exchange
  4. Is authorized by the government of the country

26. Malik wants to withdraw Rs 20,000 in cash for making payments to Prem after Prem receives the money, he deposits it in his own account? What is the result?

  1. Malik ’s balance in his bank account increases and Prem’s balance increases.
  2. Malik’s balance in his bank account decreases and Prem’s balance increases.
  3. Malik ’s balance in his bank account increases and Prem’s balance decreases
  4. None of the above

27. The facility of cheques against demand deposits makes it possible to directly settle payments without the use of.........

  1. Deposit slip
  2. Cash
  3. Moneylender
  4. Other funds

28.............refers to an agreement in which the lender supplies the borrower with money, goods or services in return for the promise of future payment.

  1. Debit
  2. Cash transaction
  3. Credit
  4. Trade

29. The Human Development Report (HDR) published by UNDP compares countries based on literacy rate, health status and ........... .

(a) National income 

(b) Per-capita income

(c) Both a and b 

(d) None of the above

  1. Globalisation will result in:

(a) more competition among producers

(b) less competition among producers

(c) no change in competition among producers

(d) none of the above

  1. The reason due to which multinational companies set up their branches in other countries is

(a) cheap labour and resources

(b) welfare motive

(c) to generate employment

(d) to generate income

  1. GDP stands for Gross Domestic Product. What does it show? Pick up the correct statement given below:
  1. It shows how big is the economy of a country in a given year in terms of its total output.
  2. It shows what the total product of a country in a given year without counting the country’s total resources.
  3. It shows the number of people involved in production in a particular year.
  4. It shows the total value of trade trans-actions of a country in a particular year.

33. ____________ refers to the activities which are undertaken by people with the object of earning money.

  1. Organised activities
  2. Unorganised activities
  3. Economic activities
  4. Noneconomic activities

34. Liberalisation is .......... :

(a) more trade

(b) removing barriers or restrictions set by the government

(c) checking barriers by the government

(d) help by the government

  1. People may have different developmental goals; what is development for one, may even be for the other.

(a) destructive 

(b) constructive

(c) same 

(d) equal

  1. Which one of the following organizations laid stress on liberalisation of foreign trade and foreign investment?
  1. International Monetary Fund
  2. International Labour Organisation
  3. World Health Organisation
  4. World Trade Organisation

37. People also have the provision to withdraw the money as and when they require the deposits in the bank accounts to be withdrawn, what are these deposits called?

  1. Fixed deposits
  2. Savings
  3. Demand deposits
  4. Demand drafts

38. Dividing the total income of country with its population, we get

  1. Per-Capita income
  2. National income
  3. Average Income
  4. 38. Total Income

(a) Only III 

(b) I and II

(c) All of the above 

(d) None of these

  1. All the banks act as mediators between------------- and ----------.
  1. rural people, urban people
  2. literates, illiterates
  3. people, government
  4. depositors, borrowers

40. Which of the following is not true about development?

  1. Different people usually have the same goals.
  2. Different people can have different goals.
  3. Different people can have different as well as conflicting goals.
  4. Different people can have different as well as conflicting goals regarding national development.

41. The money that is spent to buy assets such as land, building, machines and other equipment by MNCs is called.........?

  1. Investment
  2. Foreign Investment
  3. Domestic investment
  4. International investment

42. Full form of SED is

(a) sustainable economic development

(b) simple economic development

(c) sound economic development

(d) none of these

  1. What does it mean if there is a strike by transporters and lorries refusing to take vegetables, milk etc. from rural areas?
  1. Dependency of primary sector on secondary sector
  2. Dependency of primary sector on tertiary sector
  3. Dependency of primary sector and secondary sector on tertiary sector
  4. Dependency of tertiary sector on primary sector

44. How do big private companies contribute in the development of a nation?

  1. By increasing the demands for their products through advertisements.
  2. By increasing their profits.
  3. By increasing productivity of the country in the manufacturing of industrial goods.
  4. By providing private hospital facilities for the rich.

45. MNCs keep in mind certain factors before setting up production”. Identify the incorrect option from the choices given below

  1. Availability of cheap skilled and unskilled labour
  2. Proximity to markets
  3. Presence of a large number of local competitors
  4. Favourable government policies

46. Who among the following fall under the organized sector?

  1. Ram, a daily wage labourer working in a dam site under a contractor.
  2. Naina, a doctor getting all employment benefits.
  3. Puru, a cleaning staff in a private bank.
  4. Amina, a tailor stitching clothes at his home.

47. Which of the following occupations cannot be included in primary sector?

  1. Agriculture
  2. Fishing
  3. Mining
  4. Moneylending

48. Which one of the following is the appropriate meaning of collateral?

  1. It is the sum total of money borrowed from banks.
  2. The amount borrowed from friends.
  3. It is an asset of the borrower used as guarantee to a lender.
  4. The amount invested in a business.

49. Investment means spending on

  1. Factory building
  2. Machines
  3. Equipments
  4. All the above

50. A person can withdraw money from a bank by issuing a cheque. What is a cheque?

(a) Loan taken by the bank.

(b) Loan taken by the depositor from the bank.

(c) Paper instructing the bank to pay a specific amount.

(d) Paper valid to withdraw money

Download Answers to CBSE Class 10 Social Science Economics Chapter wise Important Questions in PDF

Class 10th Social Science board exam 2023 is scheduled to be held on March 15th, 2023. Therefore, all exam candidates  must practise these questions and answers to revise and score well  in the board exams. 

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