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Economics Questions and Answers for Competitive Exams | Indian Economy Quiz Set 14

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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) In the terminology of WTO, which among the following is not an amber box subsidy ?
(1) Minimum support price of cereals
(2) Subsidy on seeds
(3) Subsidy on irrigation rates
(4) Cost of government pest control and management
Answer: Cost of government pest control and management
(2) The weight of manufacturing in old IIP (base 1993-94) was 76.36% which has now been changed in the new IIP (base 2004-05) at
(1) 75.53%
(2) Unchanged at 76.36%
(3) 78.22%
(4) 79.39%
Answer: 75.53%

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(3) Which of the following agricultural holdings have largest percentage in India ?
(1) Marginal Holdings
(2) Small Holdings
(3) Large Holdings
(4) Semi-Medium Holdings
Answer: Marginal Holdings
(4) First two States/Regions in India having highest yield of rice in 2013-14 were
(1) National Capital Territory of Delhi and Punjab
(2) Punjab and West-Bengal
(3) Andhra Pradesh and Haryana
(4) Punjab and Uttar Pradesh
Answer: `National Capital Territory of Delhi and Punjab
(5) Which among the following rates is independently determined in India ?
(1) Repo rate
(2) Reverse repo rate
(3) Both (1) and (2)
(4) Neither (1) nor (2)
Answer: Repo rate
(6) The main objectives of the 12th Five Year Plan are
(1) inclusive growth and poverty reduction
(2) inclusive and sustainable growth
(3) Faster, sustainable and more inclusive growth
(4) Sustainable and inclusive growth to reduce poverty and unemployment
Answer: Faster, sustainable and more inclusive growth
(7) Which of the following are not considered as flow variables in economic analysis ?
(1) Supply and demand
(2) Saving and investment
(3) Money supply and public debt
(4) Exports and imports
Answer: Money supply and public debt
(8) If the Reserve Bank of India wishes to decrease the money supply, it should
(1) buy treasury bills in the open market
(2) raise statutory liquidity ratio
(3) raise the discount rate
(4) lower the reserve requirements
Answer: buy treasury bills in the open market
(9) Which of the following is included in M1 ?
(1) Savings deposits
(2) Demand deposits
(3) Gold stock
(4) Assets under money market mutual funds
Answer: Demand deposits
(10) The production function Q = 150 L0.7 K05, exhibits the returns to scale as :
(1) Constant
(2) Increasing
(3) Decreasing
(4) Fluctuating
Answer: Increasing
(11) Indirect least squares method of estimation is applied to equations of a simultaneous equation system. The estimates so obtained will be
(1) Unbiased and consistent
(2) Biased and inconsistent
(3) Biased and consistent
(4) Unbiased and inconsistent
Answer: Unbiased and consistent
(12) In a two-variable regression Y is dependent variable and X is independent variable. If the correlation coefficient between Y and X is 0.7, then which one of the following result is correct ?
(1) 7% variations in Y are explained by X.
(2) 70% variations in Y are explained by X.
(3) 49% variation in Y are explained by X.
(4) 0.7% variations in Y are explained by X.
Answer: 49% variation in Y are explained by X.
(13) Koyck’s approach to econometric analysis deals with relationships involving :
(1) Lagged explanatory variables
(2) Qualitative explanatory variables
(3) Exponential explanatory variables
(4) None of the above
Answer: Qualitative explanatory variables
(14) For the demand function P = 10 – 2x – 0.5 x2, what is price elasticity of demand at x = 2 ?
(1) Zero
(2) 0.5
(3) 1
(4) 1.5
Answer: 0.5
(15) In a regression with 3 independent variables and 20 observations F value calculated is to be tested. What will be degrees of freedom for numerator and denominator in testing procedure ?
(1) 2, 18
(2) 3, 17
(3) 3, 16
(4) 3, 20
Answer: 3, 16

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