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Economics Questions and Answers for Competitive Exams | Indian Economy Quiz Set 29

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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 of the following is not a credit rating agency ?
(1) Moody
(2) Standard and Poor
(3) Fitch
(4) Nasdaq
Answer: Nasdaq
(2) Which of the following is not used to measure inflation ?
(1) Whole Sale Price Index Number
(2) Consumer Price Index Number
(3) Purchasing Power Parity Prices
(4) GDP Deflator
Answer: Purchasing Power Parity Prices

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(3) During the year 2012 - 13, which one of the following was the largest item of expenditure of the central government ?
(1) Major subsidies
(2) Defence expenditure
(3) Interest payment
(4) Capital expenditure
Answer: Interest payment
(4) 14th Finance Commission recommended funds as :
(1) Central Assistance to States (CAS)
(2) States Development Funds
(3) States Share in Sales Taxes
(4) States Contributions to Centre
Answer: Central Assistance to States (CAS)
(5) FRBM Act 2012 put a ceiling to fiscal deficit of GDP is :
(1) 6 percent
(2) 5 percent
(3) 4 percent
(4) 3 percent
Answer: 3 percent
(6) The saving function underlying Cambridge growth model is :
(1) Proportional saving function
(2) Classical saving function
(3) Differential saving function
(4) Absolute saving function
Answer: Differential saving function
(7) According to Keynesions, creeping inflation will help in :
(1) Minimising unemployment
(2) Maximising real output
(3) None of (1) or (2) above
(4) Both (1) and (2) above
Answer: Both (1) and (2) above
(8) In the famous equation M=P K Y, K stands for :
(1) Fraction of real output held for transaction
(2) Fraction of money supply held by persons
(3) Fraction of money value of output (transactions) held by public
(4) None of the above
Answer: Fraction of money value of output (transactions) held by public
(9) Geometric mean of 2, 6 and x is equal to 6. What is the value of x ?
(1) 2
(2) 18
(3) 9
(4) 3
Answer: 18
(10) For a distribution, Mean526, Median514, and Mode57, the distribution would be :
(1) Positively skewed
(2) Negatively skewed
(3) Symmetrical
(4) None of the above
Answer: Positively skewed
(11) A recessionary gap measures the :
(1) amount by which autonomous spending is below to that needed to achieve a full employment equillibrium
(2) amount by which aggrigate spending exceeds to that needed to achieve full employment
(3) difference in real output between the classical model and the keynesian depression model.
(4) Extent of paradox of thrift
Answer: amount by which autonomous spending is below to that needed to achieve a full employment equillibrium
(12) How many countries are the members of European Union ?
(1) 25
(2) 28
(3) 26
(4) 15
Answer: 28
(13) Monetary policy in India now aims at targeting :
(1) Growth of money supply
(2) Consumer price inflation
(3) neither (1) nor (2)
(4) Both (1) and (2)
Answer: Consumer price inflation
(14) In relative income hypothesis consumption is related to :
(1) Peak past consumptions
(2) Median current consumption of peer group
(3) Neither (1) nor (2)
(4) Both (1) and (2)
Answer: Both (1) and (2)
(15) Monetary expansion can still be effective in getting out of liquidity trap if it’s combined with :
(1) Restrictions on bank loans
(2) Increased taxes
(3) Contractionary fiscal policy
(4) Expansionary fiscal policy
Answer: Expansionary fiscal policy

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