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Economics Questions and Answers for Competitive Exams | Indian Economy Quiz Set 40

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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 Model of Managerial Enterprise is associated with
(1) R.A. Gordan
(2) R. Marris
(3) Baumol
(4) Scitorsky
Answer: R. Marris
(2) Which one of the following is not an assumption of linear programming ?
(1) Constant output prices
(2) Constant input prices
(3) Increasing returns to scale
(4) Technologically fixed factor proportion
Answer: Increasing returns to scale

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(3) If the economy is operating at potential GDP, an increase in money supply will lead to
(1) Stagflation
(2) Structural inflation
(3) Demand-side inflation
(4) Supply-side inflation
Answer: Demand-side inflation
(4) A major portion of the multiplier effect is realized in fewer periods when marginal propensity to consume is
(1) unity
(2) larger
(3) smaller
(4) none of the above
Answer: smaller
(5) Under discriminating monopoly, if the elasticity of demand in market I is 2 and in market II, it is 1, (elasticities being in absolute terms) then the price behaviour of the monopolist will be :
(1) To charge a higher price in market I
(2) To charge a higher price in market II
(3) To charge the same price in both the markets
(4) In market I, charge double the price of that is charged in market II
Answer: To charge a higher price in market II
(6) Given the demand function : 20 Q = P , where symbols have their usual meaning, at which price, the elasticity of demand would be unity ?
(1) 20
(2) 10
(3) 5
(4) All of the above
Answer: All of the above
(7) The optimum capital stock is achieved when the user cost of capital is equal to
(1) the interest rate
(2) the depreciation rate
(3) the marginal product of capital
(4) Tobin’s Q
Answer: the marginal product of capital
(8) Which is the better measure of welfare ?
(1) National Income
(2) Per Capita Income
(3) Per Capita Disposable Income
(4) Gross National Product
Answer: Per Capita Disposable Income
(9) What is the main purpose of U.N.E.P. ?
(1) Equal development
(2) Economic development
(3) Reduction in temperature
(4) Sustainable development
Answer: Sustainable development
(10) Foodgrains in India are canalized by
(1) ONGC
(2) OIL
(3) FCI
(4) MMTC
Answer: FCI
(11) Income elasticity of demand for food in developed countries is less than
(1) zero
(2) 1
(3) 2
(4) 3
Answer: 1
(12) ‘Apna Khet, Apna Kaam’ (i.e. own field, own work) is a new scheme under MNREGA and it was initiated in the State
(1) Punjab
(2) Gujarat.
(3) Rajasthan
(4) Madhya Pradesh
Answer: Rajasthan
(13) The Total Factor Productivity (TFP) in agriculture during the 11th plan in India
(1) Increased
(2) Declined
(3) Remain unchanged
(4) Had no specific pattern
Answer: Increased
(14) Which of the following is not an item of social security of labour ?
(1) Wage
(2) Maternity benefits
(3) Pensions
(4) Industrial injury
Answer: Wage
(15) Input-Output Technique was invented by
(1) Gunnar Myrdal
(2) Wassily Leontief
(3) Hollis B. Chenery
(4) Robert Solow
Answer: Wassily Leontief

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