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Indian Economy Set 4

  • 1.
    Full convertibility of a rupee means

    a 
    Purchase of foreign exchange for rupees freely
    b 
    payment for imports in terms of rupees
    c 
    repayment of loans in terms of rupees
    d 
    determination of rate of exchange between rupee and foreign currencies freely by the market forces of demand and supply

    Explanation:
    Subject: 
    GENERAL SCIENCE
    60.00% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 2.
    The term stagflation refers to a situation where

    a 
    growth has no relation with the change in prices
    b 
    rate of growth and prices both are decreasing
    c 
    rate of growth in faster than the rate of price increase
    d 
    rate of growth is slower than the rate price increase

    Explanation:
    Subject: 
    GENERAL SCIENCE
    75.00% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 3.
    If two commodities are complements, then their cross-price elasticity is

    a 
    zero
    b 
    positive
    c 
    negative
    d 
    imaginary number

    Explanation:
    Subject: 
    GENERAL SCIENCE
    66.67% users answered right
    Correct Answer: c
    Comment · 0 · 
  • 4.
    Surplus earned by a factor other than land in the short period of referred to as

    a 
    economic rent
    b 
    net rent
    c 
    quasi-rent
    d 
    super-normal rent

    Explanation:
    Subject: 
    GENERAL SCIENCE
    66.67% users answered right
    Correct Answer: c
    Comment · 0 · 
  • 5.
    Labour Intensive Technique would get chosen in a

    a 
    Labour Surplus Economy
    b 
    Capital Surplus Economy
    c 
    Developed Economy
    d 
    Developing Economy

    Explanation:
    Subject: 
    GENERAL SCIENCE
    25.00% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 6.
    Price theory is also known as

    a 
    Macro Economics
    b 
    Development Economics
    c 
    Public Economics
    d 
    Micro Economics

    Explanation:
    Subject: 
    GENERAL SCIENCE
    50.00% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 7.
    The terms “Micro Economics” and “Macro Economics” were coined by

    a 
    Alfred Marshall
    b 
    Ragner Nurkse
    c 
    Ragner Frisch
    d 
    J.M.Keynes

    Explanation:
    Subject: 
    GENERAL SCIENCE
    50.00% users answered right
    Correct Answer: c
    Comment · 0 · 
  • 8.
    “ Economics is what it ought to be” –This statement refers to

    a 
    Normative economics
    b 
    Positive economics
    c 
    Monetary economics
    d 
    Fiscal economics

    Explanation:
    Subject: 
    GENERAL SCIENCE
    25.00% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 9.
    The existence of a parallel economy or Black Money

    a 
    makes the economy more competitive
    b 
    makes the monetary policies less effective
    c 
    ensures a better distribution of income and wealth
    d 
    ensure increasing productive investment

    Explanation:
    Subject: 
    GENERAL SCIENCE
    75.00% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 10.
    When was the minimum wages Act enacted in India?

    a 
    1936
    b 
    1948
    c 
    1951
    d 
    1956

    Explanation:
    Subject: 
    GENERAL SCIENCE
    66.67% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 11.
    The most distinguishing feature of oligopoly is

    a 
    number of firms
    b 
    interdependence
    c 
    negligible influence on price
    d 
    price leadership

    Explanation:
    Subject: 
    GENERAL SCIENCE
    33.33% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 12.
    Who defined investment as “the construction of a new capital asset like machinery or factory building”?

    a 
    Hansen
    b 
    J.M.Keynes
    c 
    Harrod
    d 
    J.R.hicks

    Explanation:
    Subject: 
    GENERAL SCIENCE
    66.67% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 13.
    In the context of the stock market, IPO stands for

    a 
    Immediate Payment Order
    b 
    Internal Policy Obligation
    c 
    Initial Public Offer
    d 
    International Payment Obligation

    Explanation:
    Subject: 
    GENERAL SCIENCE
    100.00% users answered right
    Correct Answer: c
    Comment · 0 · 
  • 14.

    Cheap Money means

    a 
    Low Rate of Interest
    b 
    Low level of savings
    c 
    Low level Income
    d 
    Excess of Black Money
     

    Explanation:
    Subject: 
    GENERAL SCIENCE
    66.67% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 15.
    Disinvestment in Public Sector is called

    a 
    Liberalisation
    b 
    Globalisation
    c 
    Industrialisation
    d 
    Privatisation

    Explanation:
    Subject: 
    GENERAL SCIENCE
    66.67% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 16.
    The break-even point is where

    a 
    marginal revenue equals marginal cost
    b 
    average revenue equals average cost
    c 
    total revenue equals total cost
    d 
    None of these

    Explanation:
    Subject: 
    GENERAL SCIENCE
    33.33% users answered right
    Correct Answer: c
    Comment · 0 · 
  • 17.
    The total value of goods and services produced in a country during a given period is

    a 
    Disposable income
    b 
    National income
    c 
    Per Capita income
    d 
    Net national income

    Explanation:
    Subject: 
    GENERAL SCIENCE
    66.67% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 18.
    A favourite Balance of Trade of a country implies that

    a 
    Imports are greater than Exports
    b 
    Exports are greater than Imports
    c 
    Both Imports and Exports are equal
    d 
    Rising Imports and Falling Exports

    Explanation:
    Subject: 
    GENERAL SCIENCE
    66.67% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 19.
    The value of a commodity expressed in terms of money is known as

    a 
    Price
    b 
    Utility
    c 
    Value
    d 
    Wealth

    Explanation:
    Subject: 
    GENERAL SCIENCE
    66.67% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 20.
    National Social Assistance Programme is aimed at providing

    a 
    financial support to Scheduled Castes and Scheduled Tribes
    b 
    old age pension to very poor
    c 
    insurance for the poor
    d 
    All of the above

    Explanation:
    Subject: 
    GENERAL SCIENCE
    66.67% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 21.
    In a capitalistic Economy, the prices are determined by:

    a 
    Demand and Supply
    b 
    Government Authorities
    c 
    Buyers in the Market
    d 
    Sellers in the Market

    Explanation:
    Subject: 
    GENERAL SCIENCE
    66.67% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 22.
    What is dual pricing?

    a 
    Wholesale price and Retail pricing
    b 
    pricing by agents and pricing by retailers
    c 
    price fixed by Government and price in open market
    d 
    Daily prices and weekly prices

    Explanation:
    Subject: 
    GENERAL SCIENCE
    33.33% users answered right
    Correct Answer: c
    Comment · 0 · 
  • 23.
    The demand curve shows that price and quality demanded are

    a 
    directly related only
    b 
    directly proportional and also directly related
    c 
    inversely proportional and also inversely related
    d 
    inversely related only

    Explanation:
    Subject: 
    GENERAL SCIENCE
    33.33% users answered right
    Correct Answer: c
    Comment · 0 · 
  • 24.
    Fixed cost is known as

    a 
    Special cost
    b 
    Direct cost
    c 
    Prime cost
    d 
    Overhead cost

    Explanation:
    Subject: 
    GENERAL SCIENCE
    33.33% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 25.

    In the long- run equilibrium , a competitive firm earns

    a 
    Super-normal profit
    b 
    Profit equal to other firms
    c 
    Normal profit
    d 
    No profit
     

    Explanation:
    Subject: 
    GENERAL SCIENCE
    50.00% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 26.
    Production function relates

    a 
    Cost to output
    b 
    Cost to input
    c 
    Wages to profit
    d 
    Inputs to profit

    Explanation:
    Subject: 
    GENERAL SCIENCE
    50.00% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 27.
    According to the classical system, saving is a function of

    a 
    Income
    b 
    The interest rate
    c 
    The real wage
    d 
    The price level

    Explanation:
    Subject: 
    GENERAL SCIENCE
    50.00% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 28.
    A Black Market is a situation wherein

    a 
    Goods are loaded by the producers
    b 
    Goods are sold secretly
    c 
    Goods are sold at prices higher than what is fixed by the Government
    d 
    Goods are made available (sol only after there is a rise in prices

    Explanation:
    Subject: 
    GENERAL SCIENCE
    33.33% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 29.

    Distribution of food grains operates under a two tier system with the introduction of

    a 
    Targetted Public Distribution System
    b 
    The Consumers Cooperatives
    c 
    The Cooperative Marketing Socities
    d 
    The Service Cooperative
     

    Explanation:
    Subject: 
    GENERAL SCIENCE
    100.00% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 30.
    Quota is

    a 
    tax levied on imports
    b 
    imports of capital goods
    c 
    limit on the quantity of imports
    d 
    limit on the quantity of exports

    Explanation:
    Subject: 
    GENERAL SCIENCE
    33.33% users answered right
    Correct Answer: c
    Comment · 0 · 
  • 31.
    The Canons of Taxation were propounded by

    a 
    Edwin Canon
    b 
    Adam Smith
    c 
    J.M.Keynes
    d 
    Dalton

    Explanation:
    Subject: 
    GENERAL SCIENCE
    66.67% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 32.
    In public budgets, zero –base budgeting was first introduced in

    a 
    USA
    b 
    UK
    c 
    France
    d 
    Sweden

    Explanation:
    Subject: 
    GENERAL SCIENCE
    66.67% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 33.
    Who is called the Father of Economics?

    a 
    J.M.Keynes
    b 
    Malthus
    c 
    Ricardo
    d 
    Adam Smith

    Explanation:
    Subject: 
    GENERAL SCIENCE
    100.00% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 34.
    The four factors of productions are

    a 
    land, labour, capital, organisation,
    b 
    land, electricity, water, labour
    c 
    labour, capital, land, rainfall,
    d 
    labour, climate, land, tools,

    Explanation:
    Subject: 
    GENERAL SCIENCE
    100.00% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 35.
    Under flexible exchange rate system, the exchange rate is determined by

    a 
    the Central Bank of the country
    b 
    the forces of demand and supply in the foreign exchange market
    c 
    the price of gold
    d 
    the purchasing power of currencies

    Explanation:
    Subject: 
    GENERAL SCIENCE
    33.33% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 36.
    The sizes of the market for a product refers to

    a 
    the number of people in the given area
    b 
    the geographical area served by the producers
    c 
    the volume of potential sales of the product
    d 
    the number of potential buyers of the product

    Explanation:
    Subject: 
    GENERAL SCIENCE
    50.00% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 37.
    Economic problem arises mainly due to

    a 
    overpopulation
    b 
    unemployment
    c 
    scarcity of resources
    d 
    lack of industries

    Explanation:
    Subject: 
    GENERAL SCIENCE
    33.33% users answered right
    Correct Answer: c
    Comment · 0 · 
  • 38.
    If the change in demand for a commodity is at a faster rate than change in the price of the commodity, the demand is

    a 
    perfectly inelastic
    b 
    elastic
    c 
    perfectly elastic
    d 
    inelastic

    Explanation:
    Subject: 
    GENERAL SCIENCE
    50.00% users answered right
    Correct Answer: c
    Comment · 0 · 
  • 39.
    The demand for money, according to Keynes , is for

    a 
    speculative motive
    b 
    transaction motive
    c 
    precautionary motive
    d 
    All the above motives

    Explanation:
    Subject: 
    GENERAL SCIENCE
    33.33% users answered right
    Correct Answer: c
    Comment · 0 · 
  • 40.
    The tax levied on gross sales revenue from business transactions is called

    a 
    Turnover Tax
    b 
    Sales Tax
    c 
    Capital Tax
    d 
    Corporation Tax

    Explanation:
    Subject: 
    GENERAL SCIENCE
    33.33% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 41.
    A currency having a falling exchange rate due to continuing balance of payments deficit is called a

    a 
    Soft currency
    b 
    Hard  currency
    c 
    Scare currency
    d 
    Surplus currency

    Explanation:
    Subject: 
    GENERAL SCIENCE
    33.33% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 42.

    Product differentiation is the most important feature of

    a 
    pure competition
    b 
    monopolistic competition
    c 
    monopoly
    d 
    oligopoly
     

    Explanation:
    Subject: 
    GENERAL SCIENCE
    33.33% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 43.
    Malthusian theory of population explored the relationship between

    a 
    food supply and techno-logy
    b 
    food supply and population growth
    c 
    population growth and development
    d 
    optimum growth and resources

    Explanation:
    Subject: 
    GENERAL SCIENCE
    66.67% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 44.

    Different firms constituting the industry, produce homogeneous goods under

    a 
    monopoly
    b 
    monopolistic competition
    c 
    oligopoly
    d 
    perfect competition

    Explanation:
    Subject: 
    GENERAL SCIENCE
    33.33% users answered right
    Correct Answer: d
    Comment · 0 · 
  • 45.

    Theoretically trade between two countries takes place place on account of

    a 
    difference in costs
    b 
    scarcity of goods
    c 
    comparative differences in costs
    d 
    need for exports
     

    Explanation:
    Subject: 
    GENERAL SCIENCE
    33.33% users answered right
    Correct Answer: c
    Comment · 0 · 
  • 46.
    Funds which flow into a country to take advantage of favourable rates of interest in that country is called

    a 
    Cold Money
    b 
    Black Money
    c 
    Hot money
    d 
    White Money

    Explanation:
    Subject: 
    GENERAL SCIENCE
    33.33% users answered right
    Correct Answer: c
    Comment · 0 · 
  • 47.
    Ad Valorem tax is levied

    a 
    according to value added by the Government
    b 
    according to value addition to a company
    c 
    according to value given by producers
    d 
    according to value added by the finance ministry

    Explanation:
    Subject: 
    GENERAL SCIENCE
    33.33% users answered right
    Correct Answer: c
    Comment · 0 · 
  • 48.
    Legal Tender Money is

    a 
    accepted only by Government
    b 
    accepted by people and Government as per the law
    c 
    not accepted by Government
    d 
    not accepted by  Government

    Explanation:
    Subject: 
    GENERAL SCIENCE
    66.67% users answered right
    Correct Answer: b
    Comment · 0 · 
  • 49.
    A situation of large number of firms producing similar goods is termed as:

    a 
    perfect competition
    b 
    Monopolistic competition
    c 
    Pure competition
    d 
    Oligopoly

    Explanation:
    Subject: 
    GENERAL SCIENCE
    66.67% users answered right
    Correct Answer: a
    Comment · 0 · 
  • 50.
    Multinational Corporation is also called

    a 
    Trading Corporation
    b 
    International Corporation
    c 
    Finance Corporation
    d 
      Trans-national Corporation
    Explanation:
    Subject: 
    GENERAL SCIENCE
    50.00% users answered right
    Correct Answer: d
    Comment · 0 ·