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1. Which of the following concept of unemployment is a time rate?

A

Current weekly status unemployment

B

Current monthly status unemployment

C

Current daily status unemployment

D

Usual weekly status unemployment

2. In which economy, the government plays the complete role?

A

Market economy

B

Mixed economy

C

Socialist economy

D

Capitalist economy

3. Which change will Reserve Bank of India (RBI) undertake when there is recession or depression in the economy?

A

Sales of securities in the open market

B

Rise in the cash reserve ratio

C

Increase in the repo rate

D

Reduction in the bank rate

4. If the price elasticity of a firm`s average revenue curve at a given level of output is equal to one, then the marginal revenue will be ______.

A

greater than one

B

equal to one

C

less than one

D

equal to zero

5. The marginal utility of a good divided by the price of the good is equal to the ______.

A

marginal utility of demand

B

marginal utility of money

C

average utility of demand

D

average utility of money

6. Which model states that for rapid industrialisation to occur, the country must aim at developing basic industries and industries which make machines to make the machines needed for further development?

A

Vakil – Brahmananda Model

B

Mahalanobis Model

C

Supply – Side Model

D

Solow Model

7. Which agricultural strategy was put into practice for the first time in India in the Kharif season of 1966?

A

High-Yielding Varieties Programme

B

National Seeds Policy

C

Intensive Area Development Programme

D

Intensive Agricultural Areas Programme

8. Cheaper imported goods was one of the reasons behind ______.

A

Growing unemployment

B

Unbalanced growth

C

Spread of consumerism

D

Low level of industrial growth

9. Which measure will increase the national income and employment when the economy is fully utilising its given resources?

A

Higher Capital Accumulation

B

Decrease in Aggregate Demand

C

Increase in Aggregate Demand

D

Technological Degradation

10. The total cost of a firm is increased by Rs. 450, when production increased from 12 units to 15 units. Calculate marginal cost of the firm

A

Rs. 450

B

Rs. 37.5

C

Rs. 150

D

Rs. 30

11. When the two goods are perfect substitutes of each other, then the indifference curve is ______.

A

a straight line

B

upward sloping

C

convex shaped

D

concave shaped

12. Which market consists of the new issues market and the stock exchange?

A

Gilt-edged market

B

Debt-market

C

Corporate securities market

D

Call money market

13. How will marginal product (MP) react, when total product rises at a diminishing rate?

A

MP remains constant

B

MP falls, but remains positive

C

MP rises

D

MP falls, but remains negative

14. The quantity of the good which is purchased and sold at the equilibrium price is called ____

A

equilibrium price

B

excess demand

C

excess supply

D

equilibrium quantity

15. Under ______, there is competition among the few firms producing homogeneous or identical product.

A

monopolistic competition

B

differentiated oligopoly

C

perfect competition

D

pure oligopoly

16. Indian agriculture was ______ in nature on the eve of the first five year plan.

A

backward and qualitatively traditional

B

technologically advanced

C

developed and economical

D

quantitatively advanced

17. Calculate the growth in output from the following information. Investment = Rs. 500 crores Capital–output Ratio = 4

A

Rs. 2000 crores

B

Rs. 125 crores

C

Rs. 100 crores

D

Rs. 200 crores

18. Fixed costs of production are also known as _

A

prime costs

B

direct costs

C

overhead costs

D

sunk costs

19. The central element in the development strategy of the ______ five year plan is the generation of productive employment

A

first

B

fifth

C

seventh

D

third

20. Which transaction is included in the capital account of balance of payments

A

Interest earned on claims

B

Banking

C

Payments of claims

D

Interest paid on claims