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Economics Questions and Answers for Competitive Exams | Indian Economy Quiz Set 39

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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) The oligopoly model in which the businessman assumes that his competitors output are fixed and simultaneously decide how much to produce is
(1) Cournot oligopoly model
(2) Stackelberg oligopoly model
(3) Chamberlin’s oligopoly model
(4) Bertrand oligopoly model
Answer: Cournot oligopoly model
(2) The cost incurred by the firm in hiring labour is called as
(1) Explicit Cost
(2) Implicit Cost
(3) Marginal Cost
(4) Total Cost
Answer: Explicit Cost

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(3) The locus of Pareto Optimality in Production and Consumption is given by
(1) The Social Welfare Function
(2) The Utility Possibility Curve
(3) The Transformation Curve
(4) The Grand Utility Possibility Curve
Answer: The Utility Possibility Curve
(4) The condition of Pareto Optimality holds correct under
(1) Perfect Competition
(2) Monopolistic Competition
(3) Oligopoly
(4) Monopoly
Answer: Perfect Competition
(5) In whose growth model, entrepreneur’s significance is pivotal ?
(1) Keynes
(2) Schumpeter
(3) Harrod
(4) Domar
Answer: Schumpeter
(6) The classical model of economic development emphasises
(1) Laissez-Faire Policy
(2) Capital Accumulation
(3) Both (A) and (B)
(4) None of these
Answer: Both (A) and (B)
(7) What does change in economic growth ?
(1) Structure of economy
(2) Mindsets of people
(3) National Income
(4) None of these
Answer: National Income
(8) ‘Vent for surplus approach’ is applicable to
(1) Rich countries
(2) Underdeveloped countries
(3) Oil exporting countries
(4) None of the above
Answer: Underdeveloped countries
(9) The distribution of the burden of paying a tax is called
(1) Sharing of tax burden
(2) Shifting of the tax
(3) Incidence of a tax
(4) Tax capitalization
Answer: Incidence of a tax
(10) Plant load factor of thermal power stations in India in recent years has been around
(1) 50 percent
(2) 60 percent
(3) 70 percent
(4) 80 percent
Answer: 70 percent
(11) In which year the Kissan Credit Card System was introduced ?
(1) 1978
(2) 1998
(3) 1988
(4) 2008
Answer: 1998
(12) Productivity of groundnut is highest in
(1) Mexico
(2) India
(3) U.S.A.
(4) China
Answer: U.S.A.
(13) NAFED is a
(1) Company
(2) Non-Government Organisation
(3) Government Body
(4) Cooperative Organisation
Answer: Cooperative Organisation
(14) Which is a non-probability based sampling method ?
(1) Systematic Sampling
(2) Stratified Random Sampling
(3) Quota Sampling
(4) Simple Random Sampling
Answer: Quota Sampling
(15) Which of the following satisfy time reversal test but not factor reversal test ?
(1) Laspeyre’s Index No.
(2) Fisher’s Index No.
(3) Paasche’s Index No.
(4) Marshall-Edgeworth Index No.
Answer: Marshall-Edgeworth Index No.

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