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Economics Questions and Answers for Competitive Exams | Indian Economy Quiz Set 9

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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) Who amongst the following made the following statement ? “The Table of nature is laid for the few. Those who come uninvited will starve”
(1) Julius Simon
(2) E. Boserup
(3) T.W. Malthus
(4) H. Dalton
Answer: T.W. Malthus
(2) Which of the following is not part of a life - table ?
(1) It shows age - specific death rate
(2) Age - specific life expectancy can be estimated
(3) Probability of surviving at particular year of age can be estimated
(4) Age - specific birth rate can be estimated
Answer: Age - specific birth rate can be estimated

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(3) Pollution is an example of Market failure because :
(1) The market price is less than the efficient price
(2) The market price is higher than the efficient price
(3) Property rights are poorly distributed
(4) Those who suffer from pollution are compensated outside the market
Answer: The market price is less than the efficient price
(4) “For goods that are unrelated in consumption, efficiency requires that tax rates be inversely proportional to elasticity of demand”. This is the definition of :
(1) The benefits - received principle
(2) The second best principle
(3) The inverse elasticity rule
(4) The Ramsey Rule
Answer: The Ramsey Rule
(5) A forward - shifted tax will affect :
(1) Buyers and Sellers equally
(2) Sellers more than buyers
(3) government revenue negatively
(4) Buyers more than sellers
Answer: Buyers more than sellers
(6) The case for progressive tax rates rests on :
(1) Benefits received
(2) Cost of service
(3) Ability to pay
(4) None of the above
Answer: Ability to pay
(7) Primary deficit is measured by :
(1) Fiscal deficit − interest payments
(2) Budget deficit − interest payments
(3) Budget deficit + total borrowings
(4) Total Revenue expenditure −total revenue receipts
Answer: Fiscal deficit − interest payments
(8) Which organisation in India has been given the responsibility to monitor the progress of sustainable development goals ?
(1) Reserve Bank of India
(2) Central Statistical Office
(3) NITI Aayog
(4) National Sample Survey office
Answer: NITI Aayog
(9) Which of the following does not come under Small Savings Schemes as per Government of India ?
(1) Post office deposits
(2) Public Provident Fund
(3) Jan Dhan Accounts
(4) Sukanya Samiridhi Yojana
Answer: Jan Dhan Accounts
(10) Which one of the following schemes provide upto ` 2 lacs accidental death Insurance to the people in the age group of 18 - 70 years ?
(1) Atal Pension Yojna
(2) Pradhan Mantri Jeevan Jyoti Bima Yojna
(3) Pradhan Mantri Suraksha Bima Yojna
(4) Atal Jeevan Beema Yojna
Answer: Pradhan Mantri Suraksha Bima Yojna
(11) An entrepreneur’s short - run total cost function is C=q3−10q2+17q+66. If p=5 the output at which profit is maximised by this entrepreneur is :
(1) 7
(2) 6
(3) 5
(4) 2/3
Answer: 7
(12) The production function in Input - Output Analysis propounded by W.W. Leontief has implied the value of elasticity of substitution between inputs as :
(1) One
(2) Zero
(3) Constant
(4) Infinity
Answer: Infinity
(13) For a Demand Function p=16−q−0.5q2 the price elasticity of demand at q=4 is :
(1) +0.5
(2) +0.2
(3) +0.7
(4) +0.3
Answer: +0.7
(14) Cobb - Douglas production function Q=ALAK1−A(a>0) is not characterised by :
(1) Constant returns to scale
(2) Unit elasticity of substitution
(3) Variable elasticity of substitution
(4) Linear homogeneity
Answer: Constant returns to scale
(15) For samples of size greater than 30, the sampling distribution of the rank correlation coefficient is approximately which distribution :
(1) t
(2) Binomial
(3) Chi - square
(4) Normal
Answer: t

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