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Economics Questions and Answers for Competitive Exams | Indian Economy Quiz Set 30

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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) If a linear consumption function passes through the origin it means :
(1) APC > MPC
(2) APC < MPC
(3) APC5MPC
(4) APC5MPC50
Answer: APC5MPC
(2) According to Keynes the Aggregate suppy curve during depression :
(1) is horizontal
(2) is Vertical
(3) tilts downward to the right
(4) tilts upward to the right
Answer: is horizontal

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(3) Technical progress is said to be Hicks Capital intensive if at constant capital labour ratio MRTSL,K :
(1) decreases
(2) remains constant
(3) increases
(4) none of (1), (2) and (3) are relevant
Answer: decreases
(4) ‘Adverse selection’ arises because of :
(1) Lack of information
(2) Wrong information
(3) Asymmetrical information
(4) Uncertainty of future
Answer: Asymmetrical information
(5) Walra’s general equilibrium model uses a :
(1) system of equations
(2) system of simulteneous linear equations
(3) system of simulteneous equations
(4) system of linear equations
Answer: system of equations
(6) Which of the following is an inferior good ?
(1) Kerosine
(2) Cooking gas
(3) Electricity
(4) Chemical fertilizers
Answer: Kerosine
(7) Which one of the following is the correct concept of Natural rating unemployment ?
(1) Frictionally and structurally unemployed
(2) Frictionally and cyclically unemployed
(3) Structurally and cyclically unemployed
(4) Frictionally, cyclically and structurally unemployed
Answer: Frictionally and structurally unemployed
(8) In a linear programming problem, an optimum solution will be :
(1) One of the basic solutions
(2) One of the feasible solutions
(3) One of the basic feasible solutions
(4) One of the non-basic solutions
Answer: One of the basic feasible solutions
(9) Human capital formation can be accelerated by :
(1) Promoting skill development programmes
(2) Providing medical and health facilities in both rural and urban areas.
(3) Strengthening hardware and software industry.
(4) (1) and (2) above.
Answer: (1) and (2) above.
(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) The unbalanced growth strategy is based on :
(1) External and Internal economies
(2) Spread and backwash effects
(3) Increasing and constant returns to scale
(4) Backward and forward linkages
Answer: Backward and forward linkages
(12) Financial dualism theory was developed by :
(1) B. Higgins
(2) H. Myint
(3) W. A. Lewis
(4) R. Nurkse
Answer: H. Myint
(13) Which among the following production function will exhibit both Hicks and Harrod technical progress ?
(1) Leontieff production functions
(2) Cobb - Douglas production functions
(3) ACMS production functions
(4) None of the above
Answer: Cobb - Douglas production functions
(14) The concept of X-efficiency was formulated by :
(1) H. Singer
(2) H. Leibenstein
(3) R. Rodan
(4) C. Kindleberger
Answer: H. Leibenstein
(15) Which among the following items has the largest value of exports in India during 2013-15 ?
(1) Engineering goods
(2) Garments
(3) Gems and Jewellary
(4) Agro-processing exports.
Answer: Engineering goods

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