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Economics Questions and Answers for Competitive Exams | Indian Economy Quiz Set 13

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(1) Fei-Ranis’s theory of economic development is based on
(1) dualistic approach to development
(2) presence of disguised unemployment
(3) importance of agricultural development
(4) All of the above
Answer: All of the above
(2) Which among the following statements is not true for the Golden Age equilibrium in the growth model of Mrs. Joan Robinson ?
(1) Rate of profit tends to rising.
(2) Level of real wages rise with output per worker.
(3) Technical progress is neutral.
(4) Population is growing at a steady rate.
Answer: Rate of profit tends to rising.

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(3) While recommending horizontal distribution, which of the following criterion got the least weightage by the 14th Finance Commission ?
(1) Demographic change
(2) Area
(3) Population
(4) Income distance
Answer: Demographic change
(4) If in a year, the gross fiscal deficit of Government is ` 3,00,000 crores, revenue deficit is ` 1,50,000 crores and interest payments are ` 80,000 crores, which of the following is the primary deficit of the Government in the year ? `
(1) 70,000 crores
(2) 23,000 crores
(3) ` 2,20,000 crores
(4) 1,50,000 crores
Answer: ` 2,20,000 crores
(5) As per proposals of Union Budget of 2016-17, which of the following tax contributes maximum share out of total tax revenue collection ?
(1) Corporation tax
(2) Union Excise Duty
(3) Custom
(4) Income Tax
Answer: Corporation tax
(6) Concepts of concentration and displacement effect in public expenditure are attributed to
(1) Allen T. Peacock and Jack Wiseman
(2) A.R. Prest and I.M.D. Little
(3) A.C. Pigou and J.K. Mehta
(4) Kenneth Arrow and Paul A. Samuelson
Answer: Allen T. Peacock and Jack Wiseman
(7) Which one of the following statements is true for the Verdoon’s law ?
(1) Long run productivity generally grows proportionally to the square root of output growth.
(2) Short run productivity generally grows proportionally to the growth of output.
(3) The value of Verdoon’s coefficient is nearly equal to 1.
(4) Verdoon’s law is quite in consonance with Solow model’s functioning v
Answer: Long run productivity generally grows proportionally to the square root of output growth.
(8) Which among the following can contribute to improvement in industrial climate of the region ?
(1) Development banks
(2) Trade unions
(3) Natural resources
(4) All of the above
Answer: Development banks
(9) Researchers indicate that income velocity of money is falling overtime due to
(1) income elasticity of demand for money is greater than unity.
(2) income elasticity of demand for money is less than unity.
(3) income elasticity of demand for money is equal to unity.
(4) All of the above
Answer: income elasticity of demand for money is greater than unity.
(10) According to Monetarists, demand for money function is
(1) stable and interest inelastic
(2) constant and interest elastic
(3) stable and interest elastic
(4) unstable and interest inelastic
Answer: stable and interest inelastic
(11) A population pyramid of a country shows the :
(1) age structure of male and female population
(2) age structure of male population
(3) age structure of female population
(4) age structure of rural and urban population
Answer: age structure of male and female population
(12) If the actual unemployment rate is below the natural rate of unemployment, it would be expected that
(1) the rate of inflation would increase.
(2) wages would fall.
(3) the Phillips curve would shift to the right.
(4) the natural rate of unemployment would fall.
Answer: the rate of inflation would increase.
(13) Demographic transition means :
(1) Shift from the condition of low birth and high death rates to high birth and high death rates.
(2) Shift from the condition of high birth and high death rates to low birth and low death rates.
(3) Shift from the condition of high death and low birth rates to high death and high birth rates.
(4) None of the above.
Answer: Shift from the condition of low birth and high death rates to high birth and high death rates.
(14) In the context of International Trade dumping refers to
(1) Free distribution of used products by developed countries in developing countries.
(2) Selling a commodity cheaper in foreign market and costly in domestic market.
(3) Sending cheap goods to developing countries by developed countries.
(4) None of the above
Answer: Selling a commodity cheaper in foreign market and costly in domestic market.
(15) A deficit in balance of payments can be corrected by :
(1) a reduction in interest rate
(2) discouraging capital inflows
(3) an increase in interest rate
(4) restricting remittances
Answer: an increase in interest rate

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