Economics Questions and Answers for Competitive Exams | Indian Economy Quiz Set 13

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Questions
1 Fei-Ranis’s theory of economic development is based on
1 dualistic approach to development
2 presence of disguised unemployment
3 importance of agricultural development
4 All of the above

Answer: All of the above
2 Which among the following statements is not true for the Golden Age equilibrium in the growth model of Mrs. Joan Robinson ?
1 Rate of profit tends to rising.
2 Level of real wages rise with output per worker.
3 Technical progress is neutral.
4 Population is growing at a steady rate.

Answer:Rate of profit tends to rising.
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3 While recommending horizontal distribution, which of the following criterion got the least weightage by the 14th Finance Commission ?
1 Demographic change
2 Area
3 Population
4 Income distance

Answer: Demographic change
4 If in a year, the gross fiscal deficit of Government is ` 3,00,000 crores, revenue deficit is ` 1,50,000 crores and interest payments are ` 80,000 crores, which of the following is the primary deficit of the Government in the year ? `
1 70,000 crores
2 23,000 crores
3 ` 2,20,000 crores
4 1,50,000 crores

Answer:` 2,20,000 crores
5 As per proposals of Union Budget of 2016-17, which of the following tax contributes maximum share out of total tax revenue collection ?
1 Corporation tax
2 Union Excise Duty
3 Custom
4 Income Tax

Answer: Corporation tax
6 Concepts of concentration and displacement effect in public expenditure are attributed to
1 Allen T. Peacock and Jack Wiseman
2 A.R. Prest and I.M.D. Little
3 A.C. Pigou and J.K. Mehta
4 Kenneth Arrow and Paul A. Samuelson

Answer:Allen T. Peacock and Jack Wiseman
7 Which one of the following statements is true for the Verdoon’s law ?
1 Long run productivity generally grows proportionally to the square root of output growth.
2 Short run productivity generally grows proportionally to the growth of output.
3 The value of Verdoon’s coefficient is nearly equal to 1.
4 Verdoon’s law is quite in consonance with Solow model’s functioning v

Answer:Long run productivity generally grows proportionally to the square root of output growth.
8 Which among the following can contribute to improvement in industrial climate of the region ?
1 Development banks
2 Trade unions
3 Natural resources
4 All of the above

Answer: Development banks
9 Researchers indicate that income velocity of money is falling overtime due to
1 income elasticity of demand for money is greater than unity.
2 income elasticity of demand for money is less than unity.
3 income elasticity of demand for money is equal to unity.
4 All of the above

Answer: income elasticity of demand for money is greater than unity.
10 According to Monetarists, demand for money function is
1 stable and interest inelastic
2 constant and interest elastic
3 stable and interest elastic
4 unstable and interest inelastic

Answer:stable and interest inelastic
11 A population pyramid of a country shows the :
1 age structure of male and female population
2 age structure of male population
3 age structure of female population
4 age structure of rural and urban population

Answer:age structure of male and female population
12 If the actual unemployment rate is below the natural rate of unemployment, it would be expected that
1 the rate of inflation would increase.
2 wages would fall.
3 the Phillips curve would shift to the right.
4 the natural rate of unemployment would fall.

Answer:the rate of inflation would increase.
13 Demographic transition means :
1 Shift from the condition of low birth and high death rates to high birth and high death rates.
2 Shift from the condition of high birth and high death rates to low birth and low death rates.
3 Shift from the condition of high death and low birth rates to high death and high birth rates.
4 None of the above.

Answer:Shift from the condition of low birth and high death rates to high birth and high death rates.
14 In the context of International Trade dumping refers to
1 Free distribution of used products by developed countries in developing countries.
2 Selling a commodity cheaper in foreign market and costly in domestic market.
3 Sending cheap goods to developing countries by developed countries.
4 None of the above

Answer:Selling a commodity cheaper in foreign market and costly in domestic market.
15 A deficit in balance of payments can be corrected by :
1 a reduction in interest rate
2 discouraging capital inflows
3 an increase in interest rate
4 restricting remittances

Answer:an increase in interest rate

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