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XII Economics Set 2 Chap 6-12

Total questions: 120

Worksheet time: 3600secs

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

d)

Government regulated

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 includes............

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 dividents

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.

Finance Commission determines...................

a)

The finances of Government of India

b)

The resources transfer to the states

c)

The resources transfer to the various departments

d)

None of the above

60.

Consider the following statements and identify the right ones. i. The finance commission is appointed by the President ii. The tenure of Finance commission is five years

a)

i only

b)

ii only

c)

both

d)

none

61.

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

a)

Environ

b)

Environs

c)

Environia

d)

Envir

62.

The word biotic means environment...............

a)

living

b)

non-living

c)

physical

d)

None of the above

63.

Ecosystem is smallest unit of...........................

a)

Ionosphere

b)

Lithosphere

c)

Biosphere

d)

Mesosphere

64.

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

65.

Environmental goods are ....................

a)

Market goods

b)

Non-market goods

c)

Both

d)

None of the above

66.

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

a)

Rival

b)

Non-rival

c)

Both

d)

None of the above

67.

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

a)

Positive externalities

b)

Negative externalities

c)

Both

d)

None of the above

68.

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

69.

The major contributor of Carbon monoxide is..........................

a)

Automobiles

b)

Industrial process

c)

Stationary fuel combustion

d)

None of the above

70.

Which one of the following causes of global warming?

a)

Earth gravitation force

b)

Oxygen

c)

Centripetal force

d)

Increasing temperature

71.

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

72.

Global warming also refers to as..............................

a)

Ecological change

b)

Climate Change

c)

Atmosphere change

d)

None of the above

73.

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

74.

The process of nutrient enrichment is termed as............................

a)

Eutrophication

b)

Limiting nutrients

c)

Enrichment

d)

Schistosomiasis

75.

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

a)

Pest control measures

b)

Land reclamation

c)

Agricultural runoff

d)

Chemical fertilizer

76.

Which of the following is main cause for deforestation?

a)

Timber harvesting industry

b)

Natural afforestation

c)

Soil stabilization

d)

Climate stabilization

77.

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

a)

solid waste

b)

composite waste

c)

e-waste

d)

hospital waste

78.

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

a)

Water Pollution

b)

Land pollution

c)

Noise pollution

d)

Air pollution

79.

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

a)

2020

b)

2025

c)

2030

d)

2050

80.

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

a)

Indus-Ganga

b)

North-Indian

c)

Gangetic plains

d)

All the above

81.

"Redistribution with Growth" became popular sloga er which approach?

a)

Traditional approach

b)

New welfare oriented approach

c)

Industrial approach

d)

None of the above

82.

Which is not the feature of economic growth?

a)

Concerned with developed nations

b)

Gradual change

c)

Concerned with quantitative aspect

d)

Wider concept

83.

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

84.

The non-economic determinant of economic development

a)

Natural resources

b)

Human resource

c)

Capital formation

d)

Foreign trade

85.

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

a)

Growth of productivity

b)

Increase in nominal income

c)

Increase in output

d)

None of the above

86.

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

87.

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

a)

People's Plan

b)

Bombay Plan

c)

Gandhian Plan

d)

Vishveshwarya Plan

88.

Arrange following plans in correct chronological order............................

a) People's plan

b) Bombay plan

c) Jawaharlal Nehru plan

d) Vishveshwarya plan

a)

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

b)

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

c)

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

d)

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

89.

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

a)

Congress Plan

b)

People's Plan

c)

Bombay Plan

d)

None of the above

90.

Which of the following country adopts indicative planning?

a)

France

b)

Germany

c)

Italy

d)

Russia

91.

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

a)

Controlling Plans

b)

De-controlling Plans

c)

Rolling Plans

d)

De-rolling Plans

92.

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

a)

Progressive Plans

b)

Non-progressive Plans

c)

Perspective Plans

d)

Non-perspective Plans

93.

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

a)

Financial

b)

Agricultural

c)

Industrial

d)

Structural

94.

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

a)

Mahatma Gandhi

b)

J.P. Narayan

c)

S. N Agarwal

d)

M.N. Roy

95.

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

a)

1950

b)

1951

c)

1947

d)

1948

96.

Who wrote the book 'The Road to Serfdom'?

a)

Friedrich Hayek

b)

H.R. Hicks

c)

David Ricardo

d)

Thomas Robert Malthus

97.

Perspective plan is also known as ----

a)

Short-term plan

b)

Medium-term plan

c)

Long-term plan

d)

None of the above

98.

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

99.

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

100.

The Chair Person of NITI Aayog is

a)

Prime Minister

b)

President

c)

Vice - President

d)

Finance Minister

101.

The word 'statistics' is used as .......................

a)

Singular.

b)

Plural

c)

Singular and Plural.

d)

None of above.

102.

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

a)

Horace Secrist.

b)

R.A Fisher.

c)

Ya-Lun-Chou

d)

Boddington

103.

Sources of secondary data are .

a)

Published sources.

b)

Unpublished sources.

c)

neither published nor unpublished sources.

d)

Both (A) and (B)

104.

The data collected by questionnaires are ............ .

a)

Primary data.

b)

Secondary data.

c)

Published data.

d)

Grouped data.

105.

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

106.

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

107.

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

108.

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

109.

The term regression was used by:

a)

Newton

b)

Pearson

c)

Spearman

d)

Galton

110.

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

111.

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

112.

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

113.

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

114.

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

a)

Independent variable

b)

Dependent variable

c)

Continuous variable

d)

none of the above

115.

Econometrics is the integration of

a)

Economics and Statistics

b)

Economics and Mathematics

c)

Economics, Mathematics and Statistics

d)

None of the above

116.

Econometric is the word coined by

a)

Francis Galton

b)

RagnarFrish

c)

Karl Person

d)

Spearsman

117.

The raw materials of Econometrics are:

a)

Data

b)

Goods

c)

Statistics

d)

Mathematics

118.

The term Uiin regression equation is

a)

Residuals

b)

Standard error

c)

Stochastic error term

d)

none

119.

The term Uiis introduced for the representation of

a)

Omitted Variable

b)

Standard error

c)

Bias

d)

Discrete Variable

120.

Econometrics is the amalgamation of

a)

3 subjects

b)

4 subjects

c)

2 subjects

d)

5 subjects

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