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Class 12 Economics: Open Economy Macroeconomics — Chapter Test 1

Class 12 • Economics • Open Economy Macroeconomics • Chapter Test

MediumFREE

15

Questions

20 min

Duration

15

Marks (1 each)

No

Negative marking

Original practice questions with full solutions by ExamPortal.

Instructions

  • • Read each question carefully and pick the correct answer.
  • • You can mark questions for review and come back to them.
  • • Answers are saved automatically.
  • • The test is submitted automatically when time runs out.

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SYLLABUS & QUESTION BLUEPRINT

Sample Practice Questions

Preview 5 sample questions from this 15-question test. Test your knowledge below or take the full exam in timed CBT mode.

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Question 1 of 15
An open economy is one that:
A
has no trade
B
trades with other countries
C
has no government
D
has no money
View Correct Answer & Step-by-Step Solution
Correct Option:(B)trades with other countries

Detailed explanation is available inside the official test attempt review.

Question 2 of 15
The Balance of Payments records:
A
only exports
B
all economic transactions of residents with the rest of the world
C
government budget
D
bank loans only
View Correct Answer & Step-by-Step Solution
Correct Option:(B)all economic transactions of residents with the rest of the world

Detailed explanation is available inside the official test attempt review.

Question 3 of 15
The balance of trade refers to:
A
exports and imports of goods only
B
all transactions
C
capital flows
D
services only
View Correct Answer & Step-by-Step Solution
Correct Option:(A)exports and imports of goods only

Detailed explanation is available inside the official test attempt review.

Question 4 of 15
The current account includes:
A
FDI
B
trade in goods and services, income and transfers
C
loans
D
portfolio investment
View Correct Answer & Step-by-Step Solution
Correct Option:(B)trade in goods and services, income and transfers

Detailed explanation is available inside the official test attempt review.

Question 5 of 15
Which is a capital account transaction?
A
export of tea
B
foreign direct investment
C
tourism receipts
D
remittances
View Correct Answer & Step-by-Step Solution
Correct Option:(B)foreign direct investment

Detailed explanation is available inside the official test attempt review.

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Frequently asked questions

How many questions are there in Class 12 Economics: Open Economy Macroeconomics — Chapter Test 1?

There are 15 questions to answer in 20 min. Each correct answer gives 1 mark, for a total of 15 marks.

Is there negative marking?

No. Wrong answers do not lose marks, so attempt every question.

Is this mock test free?

Yes, it is completely free. Just log in with your email to start.

What does this test cover?

It covers the chapter "Open Economy Macroeconomics" of Class 12 Economics. All questions are original, with a full solution for each.

Will I see my result and the solutions?

Yes. Right after you submit you get your score, accuracy, rank and percentile, and you can review every question with the correct answer and a step-by-step explanation.

Can I take this test again?

Yes, you can retake it as many times as you like and compare your scores.