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Economics Questions and Answers for Competitive Exams | Indian Economy Quiz Set 10

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(1) If a Durbin - Watson statistics takes value close to zero, what will be the value of first order autocorrelation coefficient ?
(1) Close to zero
(2) Close to plus one
(3) Close to minus one
(4) Close to either minus or plus one
Answer: Close to either minus or plus one
(2) What would be consequences for the OLS estimator if heteroscedasticity is present in a regression model but ignored ?
(1) it will be biased
(2) it will be inconsistent
(3) it will be inefficient
(4) All (1), (2) and (3) will be true
Answer: it will be inefficient

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(3) The First Fundamental Theorem of Welfare Economics requires
(1) producers and consumers to be price takers
(2) that the economy operate at some point on the utility possibility curve
(3) that there be an efficient market for every commodity
(4) All of the above
Answer: All of the above
(4) Which among the following allocation/distribution corresponds to Rawlsian concept of equity ?
(1) All members of the society receive equal amount of goods.
(2) Maximise the utility of the least well off people.
(3) Market outcomes are most equitable.
(4) Maximise the total utility of all members of the society.
Answer: Maximise the utility of the least well off people.
(5) Under discriminating monopoly, if the elasticity of demand in market I is 2 and in market II, it is 1, (elasticities being in absolute terms) then the price behaviour of the monopolist will be :
(1) To charge a higher price in market I
(2) To charge a higher price in market II
(3) To charge the same price in both the markets
(4) In market I, charge double the price of that is charged in market II
Answer: To charge a higher price in market II
(6) Given the demand function : 20 Q = P , where symbols have their usual meaning, at which price, the elasticity of demand would be unity ?
(1) 20
(2) 10
(3) 5
(4) All of the above
Answer: All of the above
(7) The idea of indicative planning was first adopted in which Five year Plan of India ?
(1) Second Plan
(2) Fifth Plan
(3) Seventh Plan
(4) Eighth Plan
Answer: Eighth Plan
(8) Which of the following has the highest share in India’s external debt at the end of March 2015 ?
(1) Rupee debt
(2) NRI deposits
(3) Commercial Borrowings
(4) Export credit
Answer: Commercial Borrowings
(9) R.B.I. can print currency notes upto the value of :
(1) 25,000
(2) 10,000
(3) 5,000
(4) 1,000
Answer: 10,000
(10) Union Budget 2016-17 imposed a 15% surcharge on the income exceeding
(1) 2 crore
(2) 75 lakh
(3) 10 lakh
(4) 1 crore
Answer: 1 crore
(11) ‘Paramparagat Krishi Vikas Yojana’ aims to boost :
(1) Drip Irrigation
(2) Organic Farming
(3) Horticulture Crops
(4) Vegetable Production
Answer: Organic Farming
(12) Classical dichotomy refers to which one of the following ?
(1) There are two sectors of the economy, namely, agriculture and industry.
(2) Influence of money is not on the real variables like employment and output but on price level.
(3) Savings come only from profits and not from the wages.
(4) All of the above
Answer: Influence of money is not on the real variables like employment and output but on price level.
(13) The basic rationale of the theory of ‘Big-Push’ is based upon the idea of
(1) size of population
(2) external economies
(3) internal economies
(4) None of the above
Answer: external economies
(14) “Central problem in the theory of economic development is to understand the process by which a community which was previously saving 4 to 5 per cent or less of its national income, converts itself into an economy where voluntary savings is running about 12 to 15 of national income or more.” Who among the following economists is attributed with this view ?
(1) Ragner Nurkse
(2) P.N. Rogenstein-Rodan
(3) Gunnar Myrdal
(4) W. Arthur Lewis
Answer: W. Arthur Lewis
(15) In the Harrod-Domar equation g = s/v, where v is defined as :
(1) The value of country’s capital stock
(2) Incremental capital output ratio
(3) The change in country’s capital stock
(4) None of the above
Answer: Incremental capital output ratio

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