1. Which is not the characteristic of socialist or planned economy ?
(A) Government is the owner of resources
(B) Production decisions are determined by the government
(C) Profit motive
(D) None of the above
Ans : (C)
2. The main feature of mixed economy is—
(A) Combination of free market economy and centrally planned economy
(B) Production is carried out by private individuals and government
(C) Both of the above
(D) None of the above
Ans : (C)
3. What per cent of GDP at 2004-05 prices was contributed by agriculture and related sectors in 2009-10 ?
(A) 14•6%
(B) 17•6%
(C) 19•0%
(D) 19•8%
Ans : (A)
4. According to World Development Report 2010, Low income economies are those whose per-capita gross national income is—
(A) $ 975 or less than this
(B) Less than $ 11905
(C) Less than $ 4526
(D) None of the above
Ans : (A)
5. Which of the following country's economy is known as high income economy ?
(A) America
(B) U.K.
(C) Singapore
(D) All of the above
Ans : (D)
6. How much percentage of working population in India depends on agriculture as per economic survey 2009-10 ?
(A) 52%
(B) 70%
(C) 73%
(D) 75%
Ans : (A)
7. Which policy of economic system has been adopted by India for its economic development ?
(A) Capitalist Economy
(B) Mixed Economy
(C) Socialist Economy
(D) Centralised Planned Economy
Ans : (B)
8. A positive aspect of economic development after independence is—
(A) Creation of a large industrial base
(B) Proportion of population living below poverty line has declined
(C) Self sufficient in the production of food grains
(D) All of the above
Ans : (D)
9. The negative aspect of economic development after independence is—
(A) Problems of poverty and unemployment have not been eliminated
(B) Industrialisation did not take place as expected
(C) Many public sector enterprises started making losses
(D) All of the above
Ans : (D)
10. Reasons for the privatisation and liberalisation of public sector after 1991 are—
(A) Corruption
(B) Lack of efficiency in work
(C) Ineffective management
(D) All of the above
Ans : (D)
11. The main strategy adopted in the new economic policy of 1991 is—
(A) Liberalisation
(B) Privatisation
(C) Globalisation
(D) All of the above
Ans : (D)
12. How many industries have been reserved for government sector at present ?
(A) 03
(B) 04
(C) 05
(D) 06
Ans : (A)
13. How many industries are kept for compulsory licensing at present ?
(A) 03
(B) 06
(C) 05
(D) 07
Ans : (C)
14. Agriculture sector registered 1•6% growth in 2008-09 and what is estimated for 2009-10 ?
(A) 6%
(B) 4•3%
(C) 0•2%
(D) 0•9%
Ans : (C)
15. When was World Trade Organisation set up by the member countries of the united Nations to promote trade among countries ?
(A) 1994
(B) 1995
(C) 1999
(D) 2005
Ans : (B)
16. Where is the Headquarter of WTO located ?
(A) Newyork
(B) Washington
(C) Peris
(D) Geneva
Ans : (D)
17. The main objective of WTO is—
(A) Import and export restrictions to be abolished
(B) Instead of bilateral agreements, WTO expects the countries to follow multilateral agreements
(C) To regulate international trade of both goods and services
(D) All of the above
Ans : (D)
18. The largest source of National Income in India is—
(A) Agriculture Sector
(B) Industry Sector
(C) Service Sector
(D) Trade Sector
Ans : (C)
19. In which state the percentage of people living below poverty line is largest ?
(A) Orissa
(B) Bihar
(C) M.P.
(D) U.P.
Ans : (A)
20. Which of the following programmes is not for rural poverty eradication ?
(A) SGSY
(B) SJSRY
(C) PMGY
(D) All above programmes are for rural poverty eradication
Ans : (B)
21. The cause of rise in prices of goods, in the market is—
(A) Rise in money supply
(B) Increase in cost of production
(C) Increase in stocks of goods and blackmarketing
(D) All of the above
Ans : (D)
22. Changes in the prices of goods in India is measured by which of the following index numbers ?
(A) Wholesale Price Index (WPI)
(B) Consumer Price Index (CPI)
(C) Both of above
(D) None of these
Ans : (C)
23. Which year has been currently used as the base year to estimate national income in India by CSO ?
(A) 2004-05
(B) 1993-94
(C) 2001-02
(D) 1999-2000
Ans : (A)
24. Which of the following remedies are adopted to control price rise in the economy ?
(A) Monetary measures
(B) Fiscal measures
(C) Administered price mechanism
(D) All of the above
Ans : (D)
25. The term “Evergreen Revolution” has been used for increasing agricultural production in India by—
(A) Norman Barlogue
(B) Raj Krishna
(C) M. S. Swaminathan
(D) R. K. V. Rao
Ans : (C)
(A) Government is the owner of resources
(B) Production decisions are determined by the government
(C) Profit motive
(D) None of the above
Ans : (C)
2. The main feature of mixed economy is—
(A) Combination of free market economy and centrally planned economy
(B) Production is carried out by private individuals and government
(C) Both of the above
(D) None of the above
Ans : (C)
3. What per cent of GDP at 2004-05 prices was contributed by agriculture and related sectors in 2009-10 ?
(A) 14•6%
(B) 17•6%
(C) 19•0%
(D) 19•8%
Ans : (A)
4. According to World Development Report 2010, Low income economies are those whose per-capita gross national income is—
(A) $ 975 or less than this
(B) Less than $ 11905
(C) Less than $ 4526
(D) None of the above
Ans : (A)
5. Which of the following country's economy is known as high income economy ?
(A) America
(B) U.K.
(C) Singapore
(D) All of the above
Ans : (D)
6. How much percentage of working population in India depends on agriculture as per economic survey 2009-10 ?
(A) 52%
(B) 70%
(C) 73%
(D) 75%
Ans : (A)
7. Which policy of economic system has been adopted by India for its economic development ?
(A) Capitalist Economy
(B) Mixed Economy
(C) Socialist Economy
(D) Centralised Planned Economy
Ans : (B)
8. A positive aspect of economic development after independence is—
(A) Creation of a large industrial base
(B) Proportion of population living below poverty line has declined
(C) Self sufficient in the production of food grains
(D) All of the above
Ans : (D)
9. The negative aspect of economic development after independence is—
(A) Problems of poverty and unemployment have not been eliminated
(B) Industrialisation did not take place as expected
(C) Many public sector enterprises started making losses
(D) All of the above
Ans : (D)
10. Reasons for the privatisation and liberalisation of public sector after 1991 are—
(A) Corruption
(B) Lack of efficiency in work
(C) Ineffective management
(D) All of the above
Ans : (D)
11. The main strategy adopted in the new economic policy of 1991 is—
(A) Liberalisation
(B) Privatisation
(C) Globalisation
(D) All of the above
Ans : (D)
12. How many industries have been reserved for government sector at present ?
(A) 03
(B) 04
(C) 05
(D) 06
Ans : (A)
13. How many industries are kept for compulsory licensing at present ?
(A) 03
(B) 06
(C) 05
(D) 07
Ans : (C)
14. Agriculture sector registered 1•6% growth in 2008-09 and what is estimated for 2009-10 ?
(A) 6%
(B) 4•3%
(C) 0•2%
(D) 0•9%
Ans : (C)
15. When was World Trade Organisation set up by the member countries of the united Nations to promote trade among countries ?
(A) 1994
(B) 1995
(C) 1999
(D) 2005
Ans : (B)
16. Where is the Headquarter of WTO located ?
(A) Newyork
(B) Washington
(C) Peris
(D) Geneva
Ans : (D)
17. The main objective of WTO is—
(A) Import and export restrictions to be abolished
(B) Instead of bilateral agreements, WTO expects the countries to follow multilateral agreements
(C) To regulate international trade of both goods and services
(D) All of the above
Ans : (D)
18. The largest source of National Income in India is—
(A) Agriculture Sector
(B) Industry Sector
(C) Service Sector
(D) Trade Sector
Ans : (C)
19. In which state the percentage of people living below poverty line is largest ?
(A) Orissa
(B) Bihar
(C) M.P.
(D) U.P.
Ans : (A)
20. Which of the following programmes is not for rural poverty eradication ?
(A) SGSY
(B) SJSRY
(C) PMGY
(D) All above programmes are for rural poverty eradication
Ans : (B)
21. The cause of rise in prices of goods, in the market is—
(A) Rise in money supply
(B) Increase in cost of production
(C) Increase in stocks of goods and blackmarketing
(D) All of the above
Ans : (D)
22. Changes in the prices of goods in India is measured by which of the following index numbers ?
(A) Wholesale Price Index (WPI)
(B) Consumer Price Index (CPI)
(C) Both of above
(D) None of these
Ans : (C)
23. Which year has been currently used as the base year to estimate national income in India by CSO ?
(A) 2004-05
(B) 1993-94
(C) 2001-02
(D) 1999-2000
Ans : (A)
24. Which of the following remedies are adopted to control price rise in the economy ?
(A) Monetary measures
(B) Fiscal measures
(C) Administered price mechanism
(D) All of the above
Ans : (D)
25. The term “Evergreen Revolution” has been used for increasing agricultural production in India by—
(A) Norman Barlogue
(B) Raj Krishna
(C) M. S. Swaminathan
(D) R. K. V. Rao
Ans : (C)
1. “An Enquiry into the Nature and Causes of Wealth of Nations” is the book of economist—
(A) Adam Smith
(B) Marshall
(C) Robbins
(D) None of above
Ans : (A)
2. “Economics is the Science of Wealth” who gave this definition ?
(A) J. K. Mehta
(B) Marshall
(C) Adam Smith
(D) Robbins
Ans : (C)
3. “Economics is what economists do.” It has been supported by—
(A) Richard Jones
(B) Comte
(C) Gunnar Myrdal
(D) All of the above
Ans : (D)
4. “Human Welfare is the subject of Economics.” This statement is associated with the name of which of the economists ?
(A) Marshall
(B) Pigou
(C) Penson
(D) All of the above
Ans : (D)
5. Who has given scarcity definition of economics ?
(A) Adam Smith
(B) Marshall
(C) Robbins
(D) Robertson
Ans : (C)
6. “Economics is a science” the basis of this statement is—
(A) Relation between cause and effect
(B) Use of deductive method and inductive method for the formations of laws
(C) Experiments
(D) All of the above
Ans : (D)
7. Characteristics of economic laws are—
(A) Mere statements of economic tendencies
(B) Less certain
(C) Hypothetical
(D) All of the above
Ans : (D)
8. Which theory is generally included under micro economics ?
(A) Price Theory
(B) Income Theory
(C) Employment Theory
(D) None of the above
Ans : (A)
9. Whose opinions have revolutionised the scope of macro economics ?
(A) Adam Smith
(B) J.B. Say
(C) J.M. Keynes
(D) All of the above
Ans : (C)
10. Which of the following is an economic activity ?
(A) Teaching of a teacher in the school
(B) To teach son at home
(C) To serve her child by mother
(D) To play football by a student
Ans : (A)
11. Passive factor of production is—
(A) Only land
(B) Only capital
(C) Both land and capital
(D) Neither land nor capital
Ans : (C)
12. Under law of demand—
(A) Price of commodity is an independent variable
(B) Quantity demanded is a dependent variable
(C) Reciprocal relationship is found between price and quantity demanded
(D) All of the above
Ans : (D)
13. For inferior commodities, income effect is—
(A) Zero
(B) Negative
(C) Infinite
(D) Positive
Ans : (B)
14. When total utility becomes maximum, then marginal utility will be—
(A) Minimum
(B) Average
(C) Zero
(D) Negative
Ans : (C)
15. Utility means—
(A) Power to satisfy a want
(B) Usefulness
(C) Willingness of a person
(D) Harmfulness
Ans : (A)
16. Marginal utility is equal to average utility at that time when average utility is—
(A) Increasing
(B) Maximum
(C) Falling
(D) Minimum
Ans : (B)
17. At point of satiety, marginal utility is—
(A) Zero
(B) Positive
(C) Maximum
(D) Negative
Ans : (A)
18. Which of the following is the second law of Gossen ?
(A) Law of equi-marginal utility
(B) Law of equi-product
(C) Theory of indifference curve
(D) Law of diminishing marginal utility
Ans : (A)
19. Total utility of a commodity is measured by which price of that commodity ?
(A) Value in use
(B) Value in exchange
(C) Both of above
(D) None of above
Ans : (A)
20. According to Marshall, the basis of consumer surplus is—
(A) Law of diminishing marginal utility
(B) Law of equi-marginal utility
(C) Law of proportions
(D) All of the above
Ans : (A)
21. Which commodity can be called as Giffen commodity ?
(A) Inferior commodity
(B) Superior commodity
(C) Any of above
(D) None of the above
Ans : (A)
22. The price of a commodity is determined where—
(A) Demand supply
(B) Demand supply
(C) Demand = supply
(D) None of the above
Ans : (C)
23. In perfect competition, the demand for a commodity is—
(A) Elastic
(B) Perfectly elastic
(C) Inelastic
(D) Perfectly inelastic
Ans : (B)
24. Which condition is not found in perfect competition ?
(A) Many buyers and sellers
(B) Perfect knowledge about market conditions
(C) Product differentiation
(D) Perfect factor-mobility
Ans : (C)
25. In which market, a firm cannot determine price ?
(A) Perfect competition
(B) Monopoly
(C) Monopolistic competition
(D) Oligopoly
Ans : (A)
(A) Adam Smith
(B) Marshall
(C) Robbins
(D) None of above
Ans : (A)
2. “Economics is the Science of Wealth” who gave this definition ?
(A) J. K. Mehta
(B) Marshall
(C) Adam Smith
(D) Robbins
Ans : (C)
3. “Economics is what economists do.” It has been supported by—
(A) Richard Jones
(B) Comte
(C) Gunnar Myrdal
(D) All of the above
Ans : (D)
4. “Human Welfare is the subject of Economics.” This statement is associated with the name of which of the economists ?
(A) Marshall
(B) Pigou
(C) Penson
(D) All of the above
Ans : (D)
5. Who has given scarcity definition of economics ?
(A) Adam Smith
(B) Marshall
(C) Robbins
(D) Robertson
Ans : (C)
6. “Economics is a science” the basis of this statement is—
(A) Relation between cause and effect
(B) Use of deductive method and inductive method for the formations of laws
(C) Experiments
(D) All of the above
Ans : (D)
7. Characteristics of economic laws are—
(A) Mere statements of economic tendencies
(B) Less certain
(C) Hypothetical
(D) All of the above
Ans : (D)
8. Which theory is generally included under micro economics ?
(A) Price Theory
(B) Income Theory
(C) Employment Theory
(D) None of the above
Ans : (A)
9. Whose opinions have revolutionised the scope of macro economics ?
(A) Adam Smith
(B) J.B. Say
(C) J.M. Keynes
(D) All of the above
Ans : (C)
10. Which of the following is an economic activity ?
(A) Teaching of a teacher in the school
(B) To teach son at home
(C) To serve her child by mother
(D) To play football by a student
Ans : (A)
11. Passive factor of production is—
(A) Only land
(B) Only capital
(C) Both land and capital
(D) Neither land nor capital
Ans : (C)
12. Under law of demand—
(A) Price of commodity is an independent variable
(B) Quantity demanded is a dependent variable
(C) Reciprocal relationship is found between price and quantity demanded
(D) All of the above
Ans : (D)
13. For inferior commodities, income effect is—
(A) Zero
(B) Negative
(C) Infinite
(D) Positive
Ans : (B)
14. When total utility becomes maximum, then marginal utility will be—
(A) Minimum
(B) Average
(C) Zero
(D) Negative
Ans : (C)
15. Utility means—
(A) Power to satisfy a want
(B) Usefulness
(C) Willingness of a person
(D) Harmfulness
Ans : (A)
16. Marginal utility is equal to average utility at that time when average utility is—
(A) Increasing
(B) Maximum
(C) Falling
(D) Minimum
Ans : (B)
17. At point of satiety, marginal utility is—
(A) Zero
(B) Positive
(C) Maximum
(D) Negative
Ans : (A)
18. Which of the following is the second law of Gossen ?
(A) Law of equi-marginal utility
(B) Law of equi-product
(C) Theory of indifference curve
(D) Law of diminishing marginal utility
Ans : (A)
19. Total utility of a commodity is measured by which price of that commodity ?
(A) Value in use
(B) Value in exchange
(C) Both of above
(D) None of above
Ans : (A)
20. According to Marshall, the basis of consumer surplus is—
(A) Law of diminishing marginal utility
(B) Law of equi-marginal utility
(C) Law of proportions
(D) All of the above
Ans : (A)
21. Which commodity can be called as Giffen commodity ?
(A) Inferior commodity
(B) Superior commodity
(C) Any of above
(D) None of the above
Ans : (A)
22. The price of a commodity is determined where—
(A) Demand supply
(B) Demand supply
(C) Demand = supply
(D) None of the above
Ans : (C)
23. In perfect competition, the demand for a commodity is—
(A) Elastic
(B) Perfectly elastic
(C) Inelastic
(D) Perfectly inelastic
Ans : (B)
24. Which condition is not found in perfect competition ?
(A) Many buyers and sellers
(B) Perfect knowledge about market conditions
(C) Product differentiation
(D) Perfect factor-mobility
Ans : (C)
25. In which market, a firm cannot determine price ?
(A) Perfect competition
(B) Monopoly
(C) Monopolistic competition
(D) Oligopoly
Ans : (A)
No comments:
Post a Comment