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Economics Questions and Answers for Competitive Exams | Indian Economy Quiz Set 11

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Free Download as PDF Economics Quiz Questions and Answers for Competitive Exams or solved MCQs with answers. These quiz objective questions are helpful for competitive exams SSC, UPSC, IAS, IPS, CDS, NDA, Railways or RRB, psc exams of Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Gujarat, Haryana, Himachal Pradesh, Jammu & Kashmir, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Orissa, Punjab, Rajasthan, Sikkim, Tamil Nadu, Tripura, Uttar Pradesh, West Bengal, Chhattisgarh, Uttarakhand, Jharkhand, Telangana etc.
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(1) Leibenstein in his critical minimum effort thesis treats population as a factor that is
(1) investment – inducing
(2) income – generating
(3) market – expanding
(4) income – depressing
Answer: income – depressing
(2) Who among the following economists was not associated with the Dependency Theory of Development ?
(1) Raul Prebisch
(2) T.D. Santos
(3) Andre Gunder Frank
(4) Gunnar Myrdal
Answer: Gunnar Myrdal

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(3) The saving function used in the neo-classical growth model is a :
(1) Classical saving function
(2) Proportional saving function
(3) Differential saving function
(4) Constant saving function
Answer: Proportional saving function
(4) Which among the following is correct for the discretionary fiscal action ?
(1) Payment of Unemployment insurance.
(2) Payment of Social Security to the retired individuals.
(3) A managed change in level of Government spending and/or net tax revenues.
(4) Automatic changes in net tax revenues that result from income tax structure.
Answer: A managed change in level of Government spending and/or net tax revenues.
(5) Who among the following called trade as the ‘hand maiden’ of growth ?
(1) J. Viner
(2) Irwing B. Kravis
(3) Anne Kruger
(4) J. Bhagwati
Answer: Irwing B. Kravis
(6) Economists refer to an unanticipated inflation that reduces the real value of outstanding government debt as :
(1) Burden of inflation
(2) unanticipated default
(3) seigniorage
(4) the inflation tax
Answer: the inflation tax
(7) A forward-shifted tax will affect
(1) buyers more than sellers
(2) buyers and sellers equally
(3) sellers more than buyers
(4) government revenues negatively
Answer: buyers more than sellers
(8) With reference to the characteristics of ‘non-excludability’ and ‘non-rivalry’, “Law and Order” is a classic example of
(1) a negative externality
(2) a positive externality
(3) increasing returns
(4) a public good
Answer: a public good
(9) In the trade cycle theory of J.R. Hicks, long run equilibrium growth is determined by
(1) Technology
(2) Population
(3) Autonomous investment
(4) Both (1) and (2) above
Answer: Autonomous investment
(10) Which among the following is not a characteristic of stagflation ?
(1) High inflation
(2) High unemployment
(3) Low growth
(4) High employment
Answer: High employment
(11) Which among the following theory/approach does not treat consumption to depend upon expected income ?
(1) Keynes’ approach
(2) Friedman’s approach
(3) Life cycle approach
(4) Both (2) and (3) above
Answer: Keynes’ approach
(12) For the set of observations : 0, 4, 5, 7, 100, which one of the following is the most suitable average ?
(1) Arithmetic Mean
(2) Geometric Mean
(3) Median
(4) Harmonic Mean
Answer: Median
(13) Which is a random sampling method ?
(1) Quota Sampling
(2) Purposive Sampling
(3) Systematic Sampling
(4) Cluster Sampling
Answer: Cluster Sampling
(14) The area between – 3σ and + 3σ under standard normal curve is
(1) 1
(2) 0.9973
(3) 0.95
(4) 0.6826
Answer: 0.9973
(15) For a symmetrical distribution skewness is
(1) 3
(2) 1
(3) 0
(4) 2
Answer: 0

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