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Economics Questions and Answers for Competitive Exams | Indian Economy Quiz Set 28

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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) Which one of the following assumptions is the most important assumption in the Heckscher - ohlin theorem of international trade ?
(1) Two - factor model
(2) Two commodities
(3) No tariff
(4) Constant tariff
Answer: No tariff
(2) In dual gap model, the two gaps refer to :
(1) Inflationary gap and investment gap
(2) Saving gap and deflationary gap
(3) Savings constraint and foreign exchange constraint
(4) Investment gap and savings gap
Answer: Savings constraint and foreign exchange constraint

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(3) What is the value of the Gini coefficient for an income distribution characterised by complete equality incomes ?
(1) Zero
(2) 0.5
(3) 1
(4) infinity
Answer: Zero
(4) Which of the following has not been identified as a potential consequence of global warming ?
(1) A fall in agricultural yields
(2) The spread of disease
(3) The use of nuclear energy
(4) A rise in sea levels
Answer: The use of nuclear energy
(5) Monetary policy is most effective when investment spending is :
(1) Interest elastic and demand for money is also interest elastic
(2) Interest inelastic and demand for money is also interest inelastic
(3) Interest inelastic and demand for money is interest elastic
(4) Interest elastic and the demand for money is interest inelastic
Answer: Interest elastic and the demand for money is interest inelastic
(6) Slope of the LM Curve depends upon which of the following ?
(1) Interest elasticity of investment
(2) Interest elasticity of income
(3) Interest elasticity of demand for money
(4) None of the above
Answer: Interest elasticity of investment
(7) In a closed economy and three sector model which of the following is true ?
(1) Household savings equal net investment
(2) Household savings equal gross investment
(3) Household savings plus depreciation equals gross investment plus government spending
(4) Household savings plus taxes plus depreciation equals gross investment plus government spending
Answer: Household savings plus taxes plus depreciation equals gross investment plus government spending
(8) According to Keynes, the marginal efficiency of capital is the expected :
(1) Rate of return on financial assets
(2) Profit from real investment
(3) Profit from financial investment
(4) Rate of return on real investment
Answer: Rate of return on real investment
(9) An interest rate risk means :
(1) When borrowers fail to fulfil the terms of the loan contract
(2) A rise in interest rate will mean a fall in the value of security in the secondary market
(3) A rise in interest rate will raise the value of financial security in the secondary market
(4) J.R. HicksWhen unintended inflation arises
Answer: A rise in interest rate will mean a fall in the value of security in the secondary market
(10) In the classical macro system money determines which of the following ?
(1) Output and Prices
(2) Employment and Prices
(3) Output and Employment
(4) Prices
Answer: Prices
(11) When nominal GDP is ` 11,000 crores and real GDP is ` 10,000 crores, GDP deflator is :
(1) 9.09
(2) 90.91
(3) 1.11
(4) 110
Answer: 110
(12) Recently the base year for calculating GDP in India has been changed to :
(1) 2009 - 10
(2) 2011 - 12
(3) 2014 - 15
(4) 2004 - 05
Answer: 2011 - 12
(13) Which of the following states has the largest share in the total food grains produced in India ?
(1) Punjab
(2) U.P.
(3) Haryana
(4) M.P.
Answer: U.P.
(14) JAM trinity means :
(1) Jan - Dhan Account Money
(2) Jan, Awas, Money
(3) Jan - Dhan Yojana, Aadhar, Mobile Numbers
(4) Jyoti, Aadhar, Mobile
Answer: Jan - Dhan Yojana, Aadhar, Mobile Numbers
(15) Who is the originator of ‘Buddhist Economics’ ?
(1) Lee Kuan Yew
(2) Dalai Lama
(3) E.F. Schumacher
(4) Shinzo Abe
Answer: E.F. Schumacher

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