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Indian Economy Set 3

  • 1. In a Laissez-faire economy

    a 
    the customers take all the decisions regarding production of all the commodities
    b 
    the Government does not interfere in the free functioning of demand and supply forces in the market
    c 
    the private-sector takes all the decisions for determination of various commodities produced
    d 
    the Government controls the allocation of all the factors of production

    Explanation:
    Subject: 
    GENERAL SCIENCE

    54.55% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 2.
    In calculating National Income which of the following is included?

    a 
    Services of housewives
    b 
    Pensions
    c 
    Income of smugglers
    d 
    Income of watchmen

    Explanation:
    Subject: 
    GENERAL SCIENCE

    44.44% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 3.
    Who among the following has suggested tax on expenditure?

    a 
    Dalton
    b 
    Kaldor
    c 
    Musgrave
    d 
    Gautam Mathur

    Explanation:
    Subject: 
    GENERAL SCIENCE

    11.11% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 4.
    A country s balance of trade is unfavourable when----

    a 
    exports exceed imports
    b 
    imports exceed exports
    c 
    terms of trade become unfavourable
    d 
    None of these

    Explanation:
    Subject: 
    GENERAL SCIENCE

    87.50% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 5.
    Excise duty on a commodity is payable with reference to its

    a 
    production
    b 
    production and sale
    c 
    production and transportations
    d 
    production, transportation and sale

    Explanation:
    Subject: 
    GENERAL SCIENCE

    75.00% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 6.
    Which organisation collects data for the unorganised sector?

    a 
    NSSO
    b 
    CSO
    c 
    ASI
    d 
    RBI

    Explanation:
    Subject: 
    GENERAL SCIENCE

    62.50% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 7.

    A firm is in equilibrium when its

    a 
    marginal cost equals the marginal revenue
    b 
    total cost is minimum
    c 
    total revenue is maximum
    d 
    average revenue and marginal revenue are equal
     

    Explanation:
    Subject: 
    GENERAL SCIENCE

    28.57% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 8.
    The term Green GNP emphasises

    a 
    rapid growth of GNP
    b 
    increase in per capita income
    c 
    economic development
    d 
    sustainable development

    Explanation:
    Subject: 
    GENERAL SCIENCE

    57.14% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 9.
    Golden Handshake Scheme is associated with

    a 
    inviting foreign companies
    b 
    private investment in public enterprises
    c 
    establishing joint enterprises
    d 
    voluntary retirement

    Explanation:
    Subject: 
    GENERAL SCIENCE

    50.00% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 10.
    Inflation occurs when aggregate supply is

    a 
    more than aggregate demand
    b 
    less than aggregate demand
    c 
    equal to aggregate demand
    d 
    None of these

    Explanation:
    Subject: 
    GENERAL SCIENCE

    100.00% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 11.
    According to modern thinking, the law of diminishing returns applies to

    a 
    agriculture
    b 
    industry
    c 
    mining
    d 
    all fields of production

    Explanation:
    Subject: 
    GENERAL SCIENCE

    37.50% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 12.
    The concept that under a system of free enterprises, it is consumers who decide what goods and services shall be produced and in what quantities is known as

    a 
    Consumer protection
    b 
    Consumer s Decision
    c 
    Consumer preference
    d 
    Consumer s sovereignty

    Explanation:
    Subject: 
    GENERAL SCIENCE

    57.14% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 13.
    Prime cost is equal to

    a 
    Variable cost plus administrative cost
    b 
    Variable cost plus fixed costs
    c 
    Variable cost only
    d 
    Fixed cost only

    Explanation:
    Subject: 
    GENERAL SCIENCE

    25.00% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 14.
    New capital issue

    a 
    Secondary market
    b 
    Grey market
    c 
    Primary market
    d 
    Black market

    Explanation:
    Subject: 
    GENERAL SCIENCE

    50.00% users answered right
    Correct Answer: c
    Comment · 0 · 
  • 15.
    The practice of selling goods in a foreign country at a price below their domestic selling price is called

    a 
    diplomacy
    b 
    discrimination
    c 
    dumping
    d 
    double pricing

    Explanation:
    Subject: 
    GENERAL SCIENCE

    62.50% users answered right
    Correct Answer: c
    Comment · 0 · 
  • 16.
    Who propounded the market law?

    a 
    Adam smith
    b 
    J.B. Say
    c 
    T.R.Malthus
    d 
    David Recardo

    Explanation:
    Subject: 
    GENERAL SCIENCE

    50.00% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 17.

    Capital : output goods Ratio of a measures

    a 
    its per unit cost of production
    b 
    the amount of capital invested per unit of output
    c 
    the ratio of capital  depreciation to quantity of output
    d 
    the ratio of working capital employed to quantity of output
     

    Explanation:
    Subject: 
    GENERAL SCIENCE

    25.00% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 18.
    Which one of the following items is not included in the current account of India`s Balance of payments?

    a 
    Short-term commercial borrowings
    b 
    Non-monetary gold movements
    c 
    Investment income
    d 
    Transfer payments

    Explanation:
    Subject: 
    GENERAL SCIENCE

    57.14% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 19.
    Engle s Law states the relationship between

    a 
    quantity demanded and price of a commodity
    b 
    quantity demanded and price of substitutes
    c 
    quantity demanded and tastes the consumers
    d 
    quantity demanded and income of the consumers

    Explanation:
    Subject: 
    GENERAL SCIENCE

    57.14% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 20.
    Supply creates its own demand -- who said this?

    a 
    J.B. Say
    b 
    J.S. Mill
    c 
    J.M Keynes
    d 
    Senior

    Explanation:
    Subject: 
    GENERAL SCIENCE

    71.43% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 21.
    The demand curve for a giffen good is

    a 
    upward rising
    b 
    downward rising
    c 
    parallel to the quantity axis
    d 
    parallel to the price axis

    Explanation:
    Subject: 
    GENERAL SCIENCE

    50.00% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 22.
    Foreign currency which has a tendency of quick migration is called

    a 
    Scare currency
    b 
    Soft currency
    c 
    Gold currency
    d 
    Hot currency

    Explanation:
    Subject: 
    GENERAL SCIENCE

    28.57% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 23.
    Which of the following is a better measurement of Economic Development?

    a 
    GDP
    b 
    Disposable income
    c 
    NNP
    d 
    Per capita income

    Explanation:
    Subject: 
    GENERAL SCIENCE

    57.14% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 24.
    All of the goods which are scare and limited in supply are called

    a 
    Luxury goods
    b 
    Expensive goods
    c 
    Capital goods
    d 
    Economic goods

    Explanation:
    Subject: 
    GENERAL SCIENCE

    28.57% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 25.
    Which is the most essential function of an entrepreneur

    a 
    Supervision
    b 
    Management
    c 
    Marketing
    d 
    Risk bearing

    Explanation:
    Subject: 
    GENERAL SCIENCE

    71.43% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 26.
    Knowledge, technical skill, education etc. in economics, are regarded as

    a 
    social-overhead capital
    b 
    human capital
    c 
    tangible physical capital
    d 
    working capital

    Explanation:
    Subject: 
    GENERAL SCIENCE

    83.33% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 27.
    Excise duty on a commodity is payable with reference to its

    a 
    production
    b 
    production and sale
    c 
    production and transportation 
    d 
    production, transportation and sale

    Explanation:
    Subject: 
    GENERAL SCIENCE

    85.71% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 28.
    Purchasing power parity theory is related with

    a 
    Interest rate
    b 
    Bank rate
    c 
    Wage rate
    d 
    Exchange rate

    Explanation:
    Subject: 
    GENERAL SCIENCE

    28.57% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 29.
    Economics of Scale means reduction in

    a 
    unit cost of production
    b 
    unit cost of distribution
    c 
    total cost of production
    d 
    total cost of distribution

    Explanation:
    Subject: 
    GENERAL SCIENCE

    33.33% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 30.

    Development expenditure of the Central government does not include

    a 
    defence expenditure
    b 
    . expenditure on economic services
    c 
    expenditure on social and community services
    d 
    grant to states
     

    Explanation:
    Subject: 
    GENERAL SCIENCE

    42.86% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 31.
    With which form of economy is the term Laissez –faire associated?

    a 
    Capitalist economy
    b 
    Socialist economy
    c 
    Mixed economy
    d 
    Command economy

    Explanation:
    Subject: 
    GENERAL SCIENCE

    71.43% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 32.
    The supply of agricultural products is generally

    a 
    elastic
    b 
    inelastic
    c 
    perfectly elastic
    d 
    perfectly inelastic

    Explanation:
    Subject: 
    GENERAL SCIENCE

    57.14% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 33.
    The permission given to a bank customer to draw cheque in excess of his current account balance is called

    a 
    a personal loan
    b 
    an ordinary loan
    c 
    discounting a bill of exchange
    d 
    an overdraft

    Explanation:
    Subject: 
    GENERAL SCIENCE

    57.14% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 34.
    NABARD is associated with the development of

    a 
    agricultural sector and rural areas
    b 
    heavy industries
    c 
    banking sector
    d 
    real estates

    Explanation:
    Subject: 
    GENERAL SCIENCE

    100.00% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 35.
    Government takes ways and means advances from

    a 
    RBI
    b 
    IDBI
    c 
    SBI
    d 
    ICICI

    Explanation:
    Subject: 
    GENERAL SCIENCE

    100.00% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 36.
    Cheap money means

    a 
    Low rates of interest
    b 
    Low level of saving
    c 
    Low level of income
    d 
    Low level of standard of living

    Explanation:
    Subject: 
    GENERAL SCIENCE

    71.43% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 37.

    One of the main factors that led to rapid expansion of Indian exports is

    a 
    Imposition of import duties
    b 
    Liberalisation of the economy
    c 
    Recession in other countries
    d 
    Diversification of exports
     

    Explanation:
    Subject: 
    GENERAL SCIENCE

    14.29% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 38.
    Who among the following is not a classical economist?

    a 
    David Ricardo
    b 
    John Stuart Mill
    c 
    Thomas Malthus
    d 
    John Maynard Keynes

    Explanation:
    Subject: 
    GENERAL SCIENCE

    42.86% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 39.
    Which of the following items is a major item of Indian export?

    a 
    Computer chips
    b 
    Potato chips
    c 
    Textile garments
    d 
    Car engines

    Explanation:
    Subject: 
    GENERAL SCIENCE

    28.57% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 40.
    The process of curing inflation by reducing money supply is called

    a 
    Cost-push inflation
    b 
      Demand-pull inflation
    c 
    Disinflation
    d 
    Reflation

    Explanation:
    Subject: 
    GENERAL SCIENCE

    71.43% users answered right
    Correct Answer: c
    Comment · 0 · 
  • 41.
    The main determinant of real wage is

    a 
    extra earning
    b 
    nature of work
    c 
    promotion prospect
    d 
    purchasing power of money

    Explanation:
    Subject: 
    GENERAL SCIENCE

    50.00% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 42.
    Who prepared the first estimate of National Income for the country?

    a 
    Central Statistical Organisation
    b 
    National Income Committee
    c 
    Dadabhai Naroji
    d 
    National Sample Survey Organisation

    Explanation:
    Subject: 
    GENERAL SCIENCE

    71.43% users answered right
    Correct Answer: c
    Comment · 0 · 
  • 43.
    A refrigerator operating in a chemist`s shop is an example of

    a 
    free good
    b 
    final good
    c 
    producers good
    d 
    consumer`s good

    Explanation:
    Subject: 
    GENERAL SCIENCE

    28.57% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 44.
    Disinvestments is

    a 
    offloading of shares of privates companies to government
    b 
    offloading of government shares to private companies
    c 
    increase in investment
    d 
    closing down of business concerns

    Explanation:
    Subject: 
    GENERAL SCIENCE

    71.43% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 45.
    Open market operations of RBI refer to buying and selling of

    a 
    Commercial bills
    b 
    Foreign exchange
    c 
    Gold
    d 
    Government bonds

    Explanation:
    Subject: 
    GENERAL SCIENCE

    71.43% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 46.

    Production function expresses

    a 
    technology relationship between physical inputs and output
    b 
    financial relationship between physical inputs and output
    c 
    relationship between finance and technology
    d 
    relationship between factors of production
     

    Explanation:
    Subject: 
    GENERAL SCIENCE

    33.33% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 47.
    “Interest is a reward for painting with liquidity” is according to

    a 
    Keynes
    b 
    Marshall
    c 
    Haberler
    d 
    ohlin

    Explanation:
    Subject: 
    GENERAL SCIENCE

    28.57% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 48.
    Cross elasticity of demand between petrol and car is

    a 
    infinite
    b 
    positive
    c 
    zero
    d 
    negative

    Explanation:
    Subject: 
    GENERAL SCIENCE

    50.00% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 49.
    Supply creates its own demand. This statement is related to

    a 
    prof. J.B. Say
    b 
    John Robinson
    c 
    Adam Smith
    d 
    J.S. Mill

    Explanation:
    Subject: 
    GENERAL SCIENCE

    71.43% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 50.
    The Law of Demand express

    a 
    effect of change in price of a commodity on its demand
    b 
    effect of change in demand of a commodity on its price
    c 
    effect of change in demand of a commodity over the supply of its substitute
    d 
    None of these
    Explanation:
    Subject: 
    GENERAL SCIENCE

    33.33% users answered right
    Correct Answer: a