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WorksheetsEconomics Practice Questions
Total questions: 18
Worksheet time: 15mins
On the eve of Independence, India was net exporter of:
primary products
industrial products
capital goods
all of the above
Stagnant economy is the one which shows:
little growth in income
high growth in income
low level of productivity
(a) and (c)
Read the following statements - Assertion (A) and Reason (R). Choose one of the correct alternatives given below:
A: India experienced trade surplus during British Rule.
R: British used the trade surplus to finance their administrative expenses in India.
Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).
Assertion (A) is true but Reason (R) is false.
Assertion (A) is false but Reason (R) is true.
Zamindari system brought stability to cultivation during the British Rule in India. State whether true or false. Give reason.
(a) is one of the positive contribution made by British in India.
(a) is the situation in which the government of a country does not interfere with the market forces of supply and demand.
Read the following statements - Assertion (A) and Reason (R). Choose correct alternatives given below:
A (Assertion) : Socialist economy achieves equality of income.
Reason (R): To ensure social justice, Indian planners chose socialist economic model for India.
Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).
Assertion (A) is true but Reason (R) is false.
Assertion (A) is false but Reason (R) is true.
Planning Commission, the erstwhile central planning authority in the country, has been replaced by:
Finance Commission
Central Statistical Commission
National Institution for Transforming India (NITI) Aayog
The Planning Commission Committee
Planning that covers both social and economic spheres of growth is called (a) .
The Industrial Policy Resolution was introduced in:
1948
1950
1991
1921
In the history of demographic transition, 1921 is known as the (a) .
Agriculture as a means of (a) implies less focus on occupation for profit.
Increase in the stock of capital is known as:
Capital Loss
Consumption of fixed Capital
Capital Gain
Capital Formation
Loss of value of fixed assets owing to unexpected obsolescence is called:
Capital loss
Consumption of fixed capital
depreciation
unexpected loss
Increase in price of commodities due to increase in taxes assume relevance in the estimation of NNP at MP because:
taxes are compulsory payments
taxes are transfer payments
taxes are paid out of household income
taxes cause a rise in market price of the commodities which otherwise would have been sold at a lower price.
Compensation of employees after retirement will be calculated as:
Wages and salaries + Employers' contribution to social security schemes + Pension on retirement
Wages and salaries + Employees' contribution to social security schemes + Pension on retirement
Wages and salaries in cash + Payment in kind + Employers' contribution to social security schemes
Wages + Salaries + Payments in kind
Given the following information, the Net Value Added at Factor Cost will be _____________:
Durable use of producer goods with a life span of 10 years - 10 lakhs
Single use producer goods - 5 lakhs
Sales - 20 lakhs
Unsold output produced during the year - 2 lakhs
Taxes on production - 1 lakh
14 lakhs
20 lakhs
25 lakhs
15 lakhs
Inventory Investment = ____________ - _______________
(a)
