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Economics Questions and Answers for Competitive Exams | Indian Economy Quiz Set 4

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(1) Identify the correct statement about the relationship between total fertility rate and gross reproduction rate.
(1) TFR < GRR
(2) TFR = GRR
(3) TFR > GRR
(4) All of the above
Answer: TFR > GRR
(2) Which of the following is often referred to as the ‘hedonic price’ method for valuing environmental assets ?
(1) Using linkages between variations in-house prices and geographical proximity to an environmental asset.
(2) Using ‘existence value ‘to estimate the value of an environmental asset.
(3) Using travel costs to estimate the value of an environmental asset.
(4) Using ‘willingness to pay’ to value an environmental asset.
Answer: Using linkages between variations in-house prices and geographical proximity to an environmental asset.

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(3) Which of the following is not a scheme for the upliftment of women in India ?
(1) Beti Bachao, Beti Padhao
(2) Sukanya Samridhi Yojana
(3) Gender Budgeting
(4) UJALA Scheme
Answer: UJALA Scheme
(4) In the context of doubling of farmers income objective, which of the following is not correct ?
(1) The target year is 2022 - 23.
(2) It is real income which is to be doubled.
(3) Income from cultivation alone is to be doubled.
(4) Diversification of agriculture is to be promoted to achieve this objective.
Answer: Income from cultivation alone is to be doubled.
(5) Which one of the following statements is correct ?
(1) Global warming is simply another term for greenhouse effect.
(2) Global warming is an entirely natural phenomenon.
(3) Global warming means melting down of glaciers.
(4) Global warming is the rise in average temperature at earth’s surface
Answer: Global warming is the rise in average temperature at earth’s surface
(6) The share of agriculture in the GDP of India has declined over the years. Which of the following is not a correct reason for this ?
(1) Relatively faster rate of growth of non-agricultural sectors in the economy.
(2) Stagnant or slow rise in yield of agriculture commodities.
(3) Educated rural youths are not opting for agriculture as an occupation.
(4) Low value addition in case of agricultural commodities.
Answer: Educated rural youths are not opting for agriculture as an occupation.
(7) In the last decade, which one among the following sectors has attracted the highest Foreign Direct Investment (FDI) inflow into India ?
(1) Telecommunication sector
(2) Defence sector
(3) Service sector
(4) Insurance sector
Answer: Service sector
(8) As on 31ST, March 2017, external debt of India was in which of the following range as a percentage of GDP ?
(1) 14to 16 percent
(2) 16to 18 percent
(3) 18to 20 percent
(4) 20to 22 percent
Answer: 20to 22 percent
(9) Market failure can occur because of :
(1) Imperfect competition
(2) Externalities
(3) Both (1) and (2)
(4) Neither (1) nor (2)
Answer: Both (1) and (2)
(10) Capital gains means :
(1) An increase in the value of an asset.
(2) An increase in the stock of capital.
(3) An increase in the yield of an asset.
(4) An increase in the amount of foreign capital.
Answer: An increase in the value of an asset.
(11) Palma ratio is a measure of :
(1) Inequality of income
(2) Stock market volatility.
(3) Morbidity in a region
(4) Volatility of crop prices
Answer: Inequality of income
(12) Given the Demand function of a consumer D=10−2p, the consumer’s surplus at price=2 is :
(1) 2
(2) 10
(3) 9
(4) 15
Answer: 9
(13) Total cost function of a producer is C=10+5Q+2Q2. If price is 15, what is marginal cost of the producer in equilibrium ?
(1) 10
(2) 5
(3) 15
(4) 4
Answer: 15
(14) Which of the following is condition of economic viability and technological feasibility of Leontief’s static system ?
(1) Marshall - Edgeworth conditions
(2) Kuhn - Tucker conditions
(3) Hawkins - Simon conditions
(4) Value of the objective function of primal problem should equal the value of the objective function of the dual of the primal
Answer: Hawkins - Simon conditions
(15) Simplex method of solving Linear Programming problems was developed by :
(1) Koopmans
(2) Dantzig
(3) Leontief
(4) Solow
Answer: Dantzig

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