Development Economics Quiz | Development Economics Objective Type Questions and Answers

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Questions
21 Number of times a unit of money changes hands in the course of a year is called_______
A Velocity of money
B Value of money
C Supply of money
D Purchasing power of money

Answer: Velocity of money
22 _____ is the difference between total receipts and total expenditure.
A Capital deficit
B Budget deficit
C Fiscal deficit
D Revenue deficit

Answer: Budget deficit
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23 What is meant by Autarky in international trade?
A The idea of self sufficiency and no international trade by a country
B Monopoly in international trade
C Imposition of restrictions in international trade
D Removal of all restrictions from international trade

Answer: The idea of self sufficiency and no international trade by a country
24 The following is the direct tax among:
A Value Added tax
B Entertainment tax
C House tax
D Service tax

Answer: House tax
25 Which among the following is a cause of inflation?
A Deficit financing
B Rise in external loans
C Unfavourable balance of payment
D A hike in the CRR by the central bank of the country

Answer: Deficit financing
26 Cost push inflation occurs because of:
A Wage push
B Profit push
C Both A and B
D None of the above

Answer: Both A and B
27 Which among the following is NOT correct?
A During inflation lenders suffer and borrowers benefit out’
B Rising inflation indicates rising aggregate demand and indicates comparatively lower supply and higher purchasing capacity among the consumers’
C With rising inflation the currency of the economy depreciates provided it follows the flexible currency regime.
D Inflation decreases the nominal (face) value of the wages while the real value increases.

Answer: Inflation decreases the nominal (face) value of the wages while the real value increases.
28 The capital that is consumed by an economy or a firm in the production process is known as:
A Depreciation
B Dead-weight loss
C Capital loss
D Production cost

Answer: Depreciation
29 Who propounded the opportunity cost Theory of international trade?
A Haberler
B Marshall
C Ricardo
D Heckscher & Ohlin

Answer: Haberler
30 Which among the following is NOT correct?
A The system of floating exchange rate requires comprehensive government intervention
B Floating exchange rate system works on the market mechanism
C Floating exchange rate breeds uncertainties and speculation
D None of the above

Answer: The system of floating exchange rate requires comprehensive government intervention
31 Which among below is NOT a correct statement?
A Pure and perfect competition is the same market structures.
B Bretton Woods conference gave birth to two international organizations-
C Theory of Absolute Advantage in international trade is given by Adam Smith’
D Mint par theory of exchange rate determination is applicable in countries under gold standard.

Answer: Pure and perfect competition is the same market structures.
32 Terms of trade that relate to the Real Ratio of international exchange between commodities is called:
A Income terms of trade
B Real cost terms of trade
C Commodity terms of trade
D Utility terms of trade

Answer: Income terms of trade
33 Who among the following enunciated the concept of single factoral terms of trade?
A Taussig
B G.S.Donens
C Jacob Viner
D None of the above

Answer: Jacob Viner
34 ‘Infant industry argument’ in international trade is given in support of:
A Encouragement to export oriented small and tiny industries
B Free trade
C Granting Protection
D None of the above

Answer: Granting Protection
35 Which of the following is also known as International Bank for Reconstruction and Development?
A International Monetary Fund
B Asian Development Bank
C Reserve Bank of India
D World Bank

Answer: World Bank
36 Which among the following is not a function of International Monetary Fund?
A It serves a medium term and long term credit institution’
B It provides reservoir of the currencies of the member countries and enables members to borrow one another’s currency’
C It provides a mechanism for improving short term balance of payments position’
D It provides machinery for international consultations’

Answer: It serves a medium term and long term credit institution’
37 The new world Trade organization (WTO), which replaced the GATT came into effect from____
A 1st January 1995
B 1st May 1995
C 1ST January 1991
D 1st April 1994

Answer: 1st January 1995
38 A change in fiscal policy affects the balance of payments through:
A The capital account only
B The current account only
C Both, the current account and capital account
D Neither current account nor capital account

Answer: Both, the current account and capital account
39 Fiscal Policy means:
A Policy relating to government spending’ taxation and borrowing
B Policy relating to financial matters of international trade
C Policy relating to money and banking in a country
D Policy relating to non-banking financial institutions

Answer: Policy relating to government spending’ taxation and borrowing
40 Which one of the following is NOT the objective of fiscal policy of government of India?
A Regulation of inter-state trade
B Economic growth
C Full employment
D Price stability

Answer: Regulation of inter-state trade

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