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Economics Questions and Answers for Competitive Exams | Indian Economy Quiz Set 35

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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) Lump sum grant means :
(1) A grant whose amount is sufficient to meet the expenditure.
(2) A matching and conditional grant.
(3) Grant given for a special purpose and it can be utilised only for that purpose.
(4) A grant whose amount is not dependent on any matching effort of the recipient.
Answer: A grant whose amount is not dependent on any matching effort of the recipient.
(2) Geometric mean of Laspeyre’s and Paasche’s indices provides :
(1) Marshall-Edgeworth Index
(2) Bowley’s Index
(3) Fisher’s Index
(4) Kelley’s Index
Answer: EFisher’s Index

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(3) Which one of the following denotes the power of the Test ? [α is probability of Type I error and β is probability of Type II error]
(1) α
(2) β
(3) 1 – α
(4) 1 – β
Answer: 1 – β
(4) In a frequency distribution the standard deviation of which is 15.8, the value of median is more than mean by 4, what will be its coefficient of skewness ?
(1) – 0.76
(2) + 0.76
(3) – 0.86
(4) + 0.86
Answer: – 0.76
(5) In a frequency distribution if each item is multiplied by 5, the coefficient of variation will remain
(1) unchanged
(2) will be multiplied by 5
(3) will be multiplied by 25
(4) will be multiplied by 1/5
Answer: unchanged
(6) Demand for foodstuff is income inelastic. This is explained by
(1) Giffen’s Paradox
(2) Engel’s Law
(3) Gossen’s Law
(4) Ricardo’s Law
Answer: Engel’s Law
(7) Non-symmetric risk means :
(1) A risk that can be eliminated by diversifying.
(2) A risk that cannot be eliminated by diversifying.
(3) A risk that can be eliminated without diversifying.
(4) A risk that cannot be eliminated.
Answer: A risk that can be eliminated by diversifying.
(8) Who among the following economists developed the concept of ‘Barriers to Entry’ of firms ?
(1) J.S. Bain
(2) W.J. Baumol
(3) Alfred Marshall
(4) W.S. Jevons
Answer: J.S. Bain
(9) Even as fixed average cost continues to fall, the average variable cost begins to rise because
(1) returns to factors start diminishing
(2) returns to factors start rising
(3) input prices start rising
(4) producers budget starts shrinking
Answer: producers budget starts shrinking
(10) Which among the following is not a characteristic of Imperfect Competition ?
(1) Perfect knowledge
(2) Free transport
(3) Free Entry of firms
(4) Homogeneous product
Answer: Perfect knowledge
(11) Which among the following were neglected by Keynes in his theory of employment ?
(1) Role of expectations
(2) Role of capital stock
(3) Role of consumption
(4) Role of government
Answer: Role of capital stock
(12) The theoretical proposition of stable velocity of money is being weakened by the recent researchers. This has the effect of weakening the position of
(1) Keynesians
(2) Monetarists
(3) New Classicals
(4) Utopians
Answer: Monetarists
(13) Which of the following is the correct assumption for the Lewis two sector model ?
(1) High unemployment in urban sector
(2) Rising real wages
(3) High marginal productivity in the rural sector
(4) Surplus labour in the rural sector
Answer: Surplus labour in the rural sector
(14) Which of the following is a major indivisibility of Rosenstein-Rodan Model of development ?
(1) Services
(2) Agriculture
(3) Infrastructure
(4) Supply
Answer: Supply
(15) Which among the following statement is true for Marxian model of development ?
(1) Change in Mode of production and Relations in production happen simultaneously.
(2) Change in Mode of production follows change in Relations in production.
(3) Change in Mode of production precedes the change in Relations in production.
(4) Relations in production are not important.
Answer: Change in Mode of production precedes the change in Relations in production.

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