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+2 Economics L 7 - L 12 EM

Total questions: 111

Worksheet time: 56mins

Name
Class
Date
1.

Trade between two countries is known as .............trade

a)

External

b)

Internal

c)

Inter-regional

d)

Home

2.

Which of the following factors influence trade?

a)

The stage of development of a product

b)

The relative price of factors of productions.

c)

Government.

d)

All of the above.

3.

International trade differs from domestic trade because of

a)

Trade restrictions

b)

Immobility of factors

c)

Different government policies

d)

All the above

4.

In general, a primary reason why nations conduct international trade is because

a)

Some nations prefer to produce one thing while others produce another

b)

Resources are not equally distributed among all trading nations

c)

Trade enhances opportunities to accumulate profits

d)

Interest rates are not identical in all trading nations.

5.

Which of the following is a modern theory of international trade?

a)

absolute cost

b)

comparative cost

c)

Factor endowment theory

d)

none of these

6.

Exchange rates are determined in

a)

money market

b)

foreign exchange market

c)

stock market

d)

capital market

7.

Exchange rate for currencies is determined by supply and demand under the system of

a)

Fixed exchange rate

b)

Flexible exchange rate

c)

Constant exchange rate

d)

Government regulated exchange rate

8.

Net export equals ......

a)

Export x Import

b)

Export + Import

c)

Export - Import

d)

Exports of services only

9.

Who among the following enunciated the concept of single factoral terms of trade?

a)

Jacob Viner

b)

G.S.Donens

c)

Taussig

d)

J.S.Mill

10.

Terms of Trade of a country show................

a)

Ratio of goods exported and imported

b)

Ratio of import duties

c)

Ratio of prices of exports and imports

d)

Both (a) and (c)

11.

Favourable trade means value of exports are ....... than that of imports.

a)

More

b)

Less

c)

More or Less

d)

Not more than

12.

If there is an imbalance in the trade balance (more imports than exports), it can be reduced by

a)

decreasing customs duties

b)

increasing export duties

c)

stimulating exports

d)

stimulating imports

13.

BOP includes

a)

visible items only

b)

invisible items only

c)

both visible and invisible items

d)

merchandise trade only

14.

Components of balance of payments of a country include

a)

Current account

b)

Official account

c)

Capital account

d)

All of above

15.

In the case of BOT,

a)

Transactions of goods are recorded.

b)

Transactions of both goods and services are recorded.

c)

Both capital and financial accounts are included.

d)

All of these

16.

Tourism and travel are classified in which of balance of payments accounts?

a)

merchandise trade account

b)

services account

c)

unilateral transfers account

d)

capital account

17.

Cyclical disequilibrium in BOP occurs because of

a)

Different paths of business cycle.

b)

The income elasticity of demand or price elasticity of demand is different.

c)

long-run changes in an economy

d)

Both (a) and (b).

18.

Which of the following is not an example of foreign direct investment?

a)

the construction of a new auto assembly plant overseas

b)

the acquisition of an existing steel mill overseas

c)

the purchase of bonds or stock issued by a textile company overseas

d)

the creation of a wholly owned business firm overseas

19.

Foreign direct investments not permitted in India

a)

Banking

b)

Automic energy

c)

Pharmaceutical

d)

Insurance

20.

Benefits of FDI include, theoretically

a)

Boost in Economic Growth

b)

Increase in the import and export of goods and services

c)

Increased employment and skill levels

d)

All of these

21.

International Monetary Fund was an outcome of

a)

Pandung Conference

b)

Dunkel Draft

c)

Bretton Woods Conference

d)

Doha Conference

22.

International Monetary Fund is having its headquarters at

a)

Washington D.C.

b)

New York

c)

Vienna

d)

Geneva

23.

IBRD is otherwise called

a)

IMF

b)

World Bank

c)

ASEAN

d)

International Finance Corporation

24.

The other name for Special Drawing Rights is

a)

Paper gold

b)

Quotas

c)

Voluntary Export Restrictions

d)

None of these

25.

The organization which provides long term loan is

a)

World Bank

b)

International Monetary Fund

c)

World Trade Organisation

d)

BRICS

26.

Which of the following countries is not a member of SAARC?

a)

Sri Lanka

b)

Japan

c)

Bangladesh

d)

Afghanistan

27.

International Development Association is an affiliate of

a)

IMF

b)

World Bank

c)

SAARC

d)

ASEAN

28.

---------- relates to patents, copyrights, trade secrets, etc.,

a)

TRIPS

b)

TRIMS

c)

GATS

d)

NAMA

29.

The first ministerial meeting of WTO was held at

a)

Singapore

b)

Geneva

c)

Seattle

d)

Doha

30.

ASEAN meetings are held once in every __________ years

a)

2

b)

3

c)

4

d)

5

31.

Which of the following is not the member of SAARC?

a)

Pakistan

b)

Sri Lanka

c)

Bhutan

d)

China

32.

SAARC meets once in ----------- years.

a)

2

b)

3

c)

4

d)

5

33.

The headquarters of ASEAN is

a)

Jaharta

b)

New Delhi

c)

Colombo

d)

Tokyo

34.

The term BRIC was coined in

a)

2001

b)

2005

c)

2008

d)

2010

35.

ASEAN was created in

a)

1965

b)

1967

c)

1972

d)

1997

36.

The Tenth BRICS Summit was held in July 2018 at

a)

Beijing

b)

Moscow

c)

Johannesburg

d)

Brasilia

37.

New Development Bank is associated with

a)

BRICS

b)

WTO

c)

SAARC

d)

ASEAN

38.

Which of the following does not come under 'Six dialogue partners' of ASEAN?

a)

China

b)

Japan

c)

India

d)

North Korea

39.

SAARC Agricultural Information Centre (SAIC) works as a central information institution for agriculture related resources was founded on

a)

1985

b)

1988

c)

1992

d)

1998

40.

BENELUX is a form of

a)

Free trade area

b)

Economic Union

c)

Common market

d)

Customs union

41.

The modern state is

a)

Laissez-faire state

b)

Aristocratic state

c)

Welfare state

d)

Police state

42.

One of the following is NOT a feature of private finance

a)

Balancing of income and expenditure

b)

Secrecy

c)

Saving some part of income

d)

Publicity

43.

The tax possesses the following characteristics

a)

Compulsory

b)

No quid pro quo

c)

Failure to pay is offence

d)

All the above

44.

Which of the following canons of taxation was not listed by Adam smith?

a)

Canon of equality

b)

Canon of certainty

c)

Canon of convenience

d)

Canon of simplicity

45.

Consider the following statements and identify the correct ones.

i. Central government does not have exclusive power to impose tax which is not mentioned in state or concurrent list.

ii. The Constitution also provides for transferring certain tax revenues from union list to states.

a)

i only

b)

ii only

c)

both

d)

none

46.

GST is equivalence of

a)

Sales tax

b)

Corporation tax

c)

Income tax

d)

Local tax

47.

The direct tax has the following merits except

a)

equity

b)

convenient

c)

certainty

d)

civic consciousness

48.

Which of the following is a direct tax?

a)

Excise duty

b)

Income tax

c)

Customs duty

d)

Service tax

49.

Which of the following is not a tax under Union list?

a)

Personal Income Tax

b)

Corporation Tax

c)

Agricultural Income Tax

d)

Excise duty

50.

"Revenue Receipts" of the Government do not include

a)

Interest

b)

Profits and dividends

c)

Recoveries and loans

d)

Rent from property

51.

The difference between revenue expenditure and revenue receipts is

a)

Revenue deficit

b)

Fiscal deficit

c)

Budget deficit

d)

Primary deficit

52.

The difference between total expenditure and total receipts including loans and other liabilities is called

a)

Fiscal deficit

b)

Budget deficit

c)

Primary deficit

d)

Revenue deficit

53.

The primary purpose of deficit financing is

a)

Economic development

b)

Economic stability

c)

Economic equality

d)

Employment generation

54.

Deficit budget means

a)

An excess of government's revenue over expenditure

b)

An excess of government's current expenditure over its current revenue

c)

An excess of government's total expenditure over its total revenue

d)

None of above

55.

Methods of repayment of public debt is

a)

Conversion

b)

Sinking fund

c)

Funded debt

d)

All these

56.

Conversion of public debt means exchange of

a)

new bonds for the old ones

b)

low interest bonds for higher interest bonds

c)

Long term bonds for short term bonds

d)

All the above

57.

The word budget has been derived from the French word "bougette" which means

a)

A small bag

b)

An empty box

c)

A box with papers

d)

None of the above

58.

Which one of the following deficits does not consider borrowing as a receipt?

a)

Revenue deficit

b)

Budgetary deficit

c)

Fiscal deficit

d)

Primary deficit

59.

The term environment has been derived from a French word-----------.

a)

Environ

b)

Environs

c)

Environia

d)

Envir

60.

The word biotic means environment

a)

living

b)

non-living

c)

physical

d)

None of the above

61.

Ecosystem is the smallest unit of

a)

Ionosphere

b)

Lithosphere

c)

Biosphere

d)

Mesosphere

62.

Who developed Material Balance Models?

a)

Thomas and Picardy

b)

AlenKneese and R.V. Ayres

c)

Joan Robinson and J.M. Keynes

d)

Joseph Stiglitz and Edward Chamberlin

63.

Environmental goods are --------------

a)

Market goods

b)

Non-market goods

c)

Both

d)

None of the above

64.

In a pure public good, consumption is----------------

a)

Rival

b)

Non-rival

c)

Both

d)

None of the above

65.

One of the most important market failures is caused by ------------

a)

Positive externalities

b)

Negative externalities

c)

Both

d)

None of the above

66.

The common source of outdoor air pollution is caused by combustion processes from the following----------

a)

Heating and cooking

b)

Traditional stoves

c)

Motor vehicles

d)

All the above

67.

The major contributor of Carbon monoxide is

a)

Automobiles

b)

Industrial process

c)

Stationary fuel combustion

d)

None of the above

68.

Which one of the following causes global warming?

a)

Earth gravitation force

b)

Oxygen

c)

Centripetal force

d)

Increasing temperature

69.

Which of the following is responsible for protecting humans from harmful ultraviolet rays?

a)

UV-A

b)

UV-C

c)

Ozone layer

d)

None of the above

70.

Global warming also refers to as

a)

Ecological change

b)

Climate Change

c)

Atmosphere change

d)

None of the above

71.

Which of the following is the anticipated effect of Global warming?

a)

Rising sea levels

b)

Changing precipitation

c)

Expansion of deserts

d)

All of the above

72.

The process of nutrient enrichment is termed as

a)

Eutrophication

b)

Limiting nutrients

c)

Enrichment

d)

Schistosomiasis

73.

Primary cause of Soil pollution is ----------------

a)

Pest control measures

b)

Land reclamation

c)

Agricultural runoff

d)

Chemical fertilizer.

74.

Which of the following is main cause for deforestation?

a)

Timber harvesting industry

b)

Natural afforestation

c)

Soil stabilization

d)

Climate stabilization

75.

Electronic waste is commonly referred as ----------

a)

solid waste

b)

composite waste

c)

e-waste

d)

hospital waste

76.

Acid rain is one of the consequences of ------------

a)

Air pollution

b)

Water Pollution

c)

Land pollution

d)

Noise pollution

77.

Sustainable Development Goals and targets are to be achieved by -------

a)

2020

b)

2025

c)

2030

d)

2050

78.

Alkali soils are predominantly located in the ------------ plains?

a)

Indus-Ganga

b)

North-Indian

c)

Gangetic plains

d)

All the above

79.

"Redistribution with Growth" became popular slogan of which approach?

a)

Traditional approach

b)

New welfare oriented approach

c)

Industrial approach

d)

None of the above

80.

Which is not the feature of economic growth?

a)

Concerned with developed nations

b)

Gradual change

c)

Concerned with quantitative aspect

d)

Wider concept

81.

Which among the following is a characteristic of underdevelopment?

a)

Vicious circle of poverty

b)

Rising mass consumption

c)

Growth of Industries

d)

High rate of urbanization

82.

The non-economic determinant of economic development

a)

Natural resources

b)

Human resource

c)

Capital formation

d)

Foreign trade

83.

Economic growth measures the ---------------

a)

Growth of productivity

b)

Increase in nominal income

c)

Increase in output

d)

None of the above

84.

The supply side vicious circle of poverty suggests that poor nations remain poor because

a)

Saving remains low

b)

Investment remains low

c)

There is a lack of effective government

d)

a and b above.

85.

Which of the following plan has focused on the agriculture and rural economy?

a)

People's Plan

b)

Bombay Plan

c)

Gandhian Plan

d)

Vishveshwarayya Plan

86.

Arrange the following plans in correct chronological order

a) People’s Plan

b) Bombay Plan

c) Jawaharlal Nehru Plan

d) Vishveshwarayya Plan

a)

(i) (ii) (iii) (iv)

b)

(iv) (iii) (ii) (i)

c)

(i) (ii) (iv) (iii)

d)

(ii) (i) (iv) (iii)

87.

M.N. Roy was associated with ---------------------

a)

Congress Plan

b)

People's Plan

c)

Bombay Plan

d)

None of the above

88.

Which of the following country adopts indicative planning?

a)

France

b)

Germany

c)

Italy

d)

Russia

89.

Short-term plan is also known as-------------------

a)

Controlling Plans

b)

De-controlling Plans

c)

Rolling Plans

d)

De-rolling Plans

90.

Long-term plan is also known as ---------------------

a)

Progressive Plans

b)

Non-progressive Plans

c)

Perspective Plans

d)

Non-perspective Plans

91.

The basic philosophy behind long- term planning is to bring------------changes in the economy?

a)

Financial

b)

Agricultural

c)

Industrial

d)

Structural

92.

Sarvodaya Plan was advocated by------------------

a)

Mahatma Gandhi

b)

J.P. Narayan

c)

S. N Agarwal

d)

M.N. Roy

93.

Planning Commission was set up in the year ---------------

a)

1950

b)

1951

c)

1947

d)

1948

94.

Who wrote the book 'The Road to Serfdom'?

a)

Friedrich Hayek

b)

H.R. Hicks

c)

David Ricardo

d)

Thomas Robert Malthus

95.

Perspective plan is also known as ----

a)

Short-term plan

b)

Medium-term plan

c)

Long-term plan

d)

None of the above

96.

NITI Aayog is formed through------------------------

a)

Presidential Ordinance

b)

Allocation of business rules by President of India

c)

Cabinet resolution

d)

None of the above

97.

Expansion of NITI Aayog?

a)

National Institute to Transform India

b)

National Institute for Transforming India

c)

National Institution to Transform India

d)

National Institution for Transforming India

98.

The Chair Person of NITI Aayog is

a)

Prime Minister

b)

President

c)

Vice - President

d)

Finance Minister

99.

The word 'statistics' is used as__________.

a)

Singular.

b)

Plural

c)

Singular and Plural.

d)

None of above.

100.

Who stated that statistics is a science of estimates and probabilities.

a)

Horace Secrist.

b)

R.A Fisher.

c)

Ya-Lun-Chou

d)

Boddington

101.

Sources of secondary data are___________.

a)

Published sources.

b)

Unpublished sources.

c)

neither published nor unpublished sources.

d)

Both (A) and (B)

102.

The data collected by questionnaires are_____________.

a)

Primary data.

b)

Secondary data.

c)

Published data.

d)

Grouped data.

103.

A measure of the strength of the linear relationship that exists between two variables is called:

a)

Slope

b)

Intercept

c)

Correlation coefficient

d)

Regression equation

104.

If both variables X and Y increase or decrease simultaneously, then the coefficient of correlation will be:

a)

Positive

b)

Negative

c)

Zero

d)

One

105.

If the points on the scatter diagram indicate that as one variable increases the other variable tends to decrease the value of r will be:

a)

Perfect positive

b)

Perfect negative

c)

Negative

d)

Zero

106.

The value of the coefficient of correlation r lies between:

a)

0 and 1

b)

-1 and 0

c)

-1 and +1

d)

-0.5 and +0.5

107.

The term regression was used by:

a)

Newton

b)

Pearson

c)

Spearman

d)

Galton

108.

The purpose of simple linear regression analysis is to:

a)

Predict one variable from another variable

b)

Replace points on a scatter diagram by a straight-line

c)

Measure the degree to which two variables are linearly associated

d)

Obtain the expected value of the independent random variable for a given value of the dependent variable

109.

A process by which we estimate the value of dependent variable on the basis of one or more independent variables is called:

a)

Correlation

b)

Regression

c)

Residual

d)

Slope

110.

If Y = 2 - 0.2X, then the value of Y intercept is equal to

a)

-0.2

b)

2

c)

0.2X

d)

All of the above

111.

In the regression equation Y = β0+β1X, the Y is called:

a)

Independent variable

b)

Dependent variable

c)

Continuous variable

d)

none of the above

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