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WorksheetsEconomics For Competitive Examination (23PECSE41)
Total questions: 80
Worksheet time: 40mins
The two inputs taken into account in the Cobb-Douglas production function are
Cost and capital
Labour and capital
Materials and capital
None of the above
Indian agriculture is typically characterized as
Land surplus, labour scarce economy
Land surplus, labour surplus economy
Land scarce, labour surplus economy
None of the above
The Agricultural Price Commission was set up in the year
1975
1969
1970
1965
In who's model under developed economy hopes to move from a condition of stagnation to self sustained growth
Fei-ranis
Rostow
Malthus
Adam smith
What is first stage of cultivation as per Boserup?
Bush fallow
Forest fallow
Short fallow
Herbs fallow
Agriculture finance corporation was set up in
1968
1969
1970
1988
What is the full form of AOA?
Agreement on agriculture
Administration of agriculture
Advocates of agriculture
Advocates of agreement
Which type of farming is practiced in areas of high population pressure on land?
Extensive subsistence farming
Intensive substance farming
Commercial farming
Consumption farming
An estate where a cash crop is grown for sale is known as
Horticulture farming
Subsistence farming
Kitchen garden
Mixed farming
Green revolution has been most successful in rotation for
Wheat and potato
Barley and rice
Wheat and rice
Wheat and Barley
Under this method, prices are maintained at par with the average level of prices in the industry, it is called
Skimming price
Going rate price
Cost plus price
Average cost Pricing
Net investment divided by cash inflow is called
Pay period
Average rate of return method
Discounted cash flow method
Payback period
The method of valuing a project, or asset using the concepts of time value of the money is called
Return on investment method
Discounted cash flow method
Pay back method
Financial statement method
Private sector can be divided into
Individual ownership
Collective ownership
Joint Venture
All the above
Productivity integration of production processes, is an example of ------- factor influencing industrial productivity
Managerial
Technological
Financial
Social
The first industrial policy in India
Industrial policy resolution 1948
Industrial policy resolution 1947
Industrial policy 1956
Industrial policy resolution 1935
Which was the first Iron and Steel plant in India
Patna
Birla
Rourkela
Tisco
The geographical site selected by a firm to perform its economic functions is called
Economic location
Profitability location
Industrial location
Productivity location
'Theory of location of industries' was published by
Sargent Florence
August Losch
Alfred Weber
Alfred Marshal
Different types of industries are combined into one location is termed as
Agglomeration
Location coupling
Deglomeration
Clustering
'Take off stage' in an economy means
Restrictions are removed
Economy is stagnant
Steady growth begins
Economy is collapsing
GDP is the total value of
All final goods and services
All interactive goods and services
All international goods and services
Per capita income
'Twenty-point programme' was launched in the year.
1969
1975
1977
1980
Unemployment in a developing country is generally take place due to
Switch over from one job to another.
Lack of effective demand
Seasonal factors.
Lack of complementary factors of production.
Poverty gap is
Different between poverty line and actual income level.
Gap between rich and poor.
Gap between developed ration and developing ration
None of these.
The first complete Indian bank was established in the year.
1794
1894
1896
1902
The Gandhian Plan was Presented by
M. N. Roy
Nehru
Shriman Narayan
leading economist
In which among the following years, essentials commodities act enacted?
1955
1958
1961
1975
The type unemployment more prominent in India
Seasonal
Cyclical
Structural
Open.
Who is the father of Green Revolution in India?
Norman E Barlaug
Swaminathan
Garry Backer
Dr. P. M. Jha
In the 19th century _________ argued that ideas pass through three rising stages namely, Theological, Philosophical and Scientific.
Auguste Comte
B. Plato
Aristotle
Socrates
_________ is distinctive for much greater use of mathematics than the other social sciences, a development made possible by the development of a concept of utility
Sociology
Political science
Economics
Anthropology
_____ has distinguished between different types of societies on basis of economicsystem
Joseph W. Eaton
Max Webber
Karl Marx
Alphons Silbermann
Implicit costs are
Equal to total fixed costs.
Comprised entirely of variable costs.
"Payments" for self-employed resources.
Always greater in the short run than in the long run.
When a firm doubles its inputs and finds that its output has more than doubled, this is known as
Economies of scale.
Constant returns to scale.
Diseconomies of scale.
A violation of the law of diminishing returns
Measurable utility is the postulate of
Neo-Classical school
Ordinalist school
Behaviourist school
Keneysians
Which of the following is Gossen's first law
Law of Diminishing Marginal Utility
Law of Equi Marginal Utility
Law of substitution
Law of Diminishing Returns
In the case of an indifference curve
dU/dX>dU/dY
dU/dX = dU/dY
dU/dX
dU/dX≤dU/Dy
When Q = f (P), the elasticity coefficient is measured by
ΔQ/ΔP / P/Q
ΔP/ΔQ * Q/P
ΔQ/ΔP * P/Q
P/ΔQ / Q/P
Which one of the following elasticity's takes the average of prices and quantities?
Point elasticity of demand
Arc elasticity of demand
Income elasticity of demand
Cross elasticity of demand
The relationship between money supply and price level under Quantity theory of money is
Direct non proportionate relationship
Inverse proportionate relationship
Direct proportionate relationship
Inverse non proportionate relationship
In equation C= a+by, the value of b lies between
0<b<1
0>b<1
0=b<1
0>b<1
Cash balance approach in Quantity theory emphasis on
Money as a medium of exchange
Money as a store of value
Money as a measure of value
Money as a transfer of value
This independence of real variables from changes in money supply and nominal variables is called
Money illusion
Neutrality of money
Classical dichotomy
Money multiplier
The two cornerstones of classical economics are
The Phillips Curve and Say's Law
Say's Law and the Quantity Theory of Money
The Quantity Theory of Money
Say's Law and the Liquidity preference theory
The two cornerstones of classical economics are
The Phillips Curve and Say's Law
Say's Law and the Quantity Theory of Money
The Quantity Theory of Money and the Liquidity Preference Theory
Say's Law and the Liquidity Preference Theory
In a three-sector economy, Y equals
C+I
C+I+G
C+I+G=(X-M)
None of these
Statement 1: Model assumes stickiness prices
Statement 2: Classical model assumes flexibility of prices
Statement one and two are correct
Statement one only correct
Statement two only correct
Both are incorrect
Statement 1:There exists an inverse relationship between market rates of interest and price of bond Statement 2:The liquidity trap is a situation when at some very low rate of interest all asset holders become bears
Both are incorrect
Both are correct
Statement one is correct and two is not correct
Statement one is incorrect and two is correct
According to Keynesian theory Statement 1:Price are sticky Statement 2:After full employment change in aggregate demand lead to statements
Only statement 1 is correct
Only statement 2 are correct
Both are correct
None of the above are correct
Ct = f(Yt-I) is
Static Model
Dynamic model
Comparative static
None of these
Who coined the phrase 'demonstration effect'?
W.W.Rostow
James Duessenberry
R.Nurkse
J.K.Galbraith
The 'big-push' strategy of development was first advocated by
Paul N-Rosenstein-Rodan
Simon Kuznets
W.A, Lewis
A.O.Hirshman
Balanced growth implies
Simultaneous development of a variety of activities, which support oneanother
Equal allocation of resources to different sectors
Different sectors growing at their natural rates of growth
Uniform rate of growth of output over time
Marx refers to the concept of organic composition of capital. Which of the following ratios stands for this capital? Constant capital = C; Variable capital = V; Surplus value = S
C/(V+S)
C/V
C/(C+V)
(C+V)/V
Arrange in the right order the contribution of sectors to the GDP from highest to lowest
Agriculture, manufacturing, tertiary
Agriculture, tertiary, manufacturing
Tertiary, manufacturing, agriculture
Manufacturing, tertiary, agriculture
A multi-dimensional measure of poverty include includes which of the following elements?
Health level
Education level
Living standards
All of the above
In the Solow model, if capital is in the steady state, output
will continue to grow
is also in the steady state
will continue to grow, but its rate of growth will slow down
will decline, but its rate of growth will be positive
How does Sen define poverty?
The lack of material well-being
The deprivation of basic capabilities for an individual
The lack of supportive social institutions to ensure one's basic livelihood
The lack of a cultural or religious identity
Which of the following may be termed as long-term objectives of Indian planning?
1. Self-reliance
2. Productive employment generation
3. Growth of 7 per cent per annum
4. Growth in infrastructure
1 and 2
3 and 4
1,2 and 4
2,3 and 4
The Planning Commission of India
I. was set up in 1950
II. is a constitutional body
III. is an advisory body
IV. is a government department
I and II
II and III
I and III
III only
Under ……………..the government maintains stability by following deficit financing during recession here as, during prosperity, the government may follow surplus budgeting
stabilization function
allocation function
growth function
administrative function
…………………….is concerned with the creating of the situation where one cannot be made better off without making other worse off
Pareto efficiency
Parallel efficiency
Administrative efficiency
Utility maximization
Principle of Maximum Social Advantage (MSA) deals with……………...
Public expenditure
Public entertainment
General theory
Social welfare
Optimum size of budget is achieved when ………….
MSS=MSB
MSB = negative
MSB = zero
MSS > MSB
………….has suggested canons of a good tax system
Adam Smith
David Ricardo
J M Keynes
Adolf Wagner
In India the ……………issues treasury bills, post office savings certificate, national saving certificate
RBI
Commercial bank
Government
Insurance company
Development Expenditure includes industrial and tertiary activities, increasing expenditure on subsidies and ……………..
Expenditure on social services
Expenditure on defence
Expenditure on interest payment on debt
Tax collection charges
Fiscal Responsibility and Budget Management Act (FRBM) was implemented in the year ………
1991
2000
2004
2010
The key issues under…………, include Tax competition, Tax subsidies, financial imbalance
Fiscal Federalism
Social problems
Taxation policy
Monetary management
The central govt shall take suitable measures to ensure ……………………..in its fiscal operations and minimize, as far as practicable, secrecy in the preparation of the annual budget
Greater transparency
Greater secrecy
Debt management
Deficit financing
Which amoung the following is the oldest international trade theory
Country Similarly Theory
Theory of Absolute Cost Advantage
Product Life Cycle Theory
Mercantilist Theroy
Michael porter's diamond Model is related with
International marketing
International trade
International financial repairing
International finance
The theory of Absolute advantage is given by
David Ricardo
Adam smith
F. W Taylor
Ohlin and Hecksche
According to Smith "Vent for surplus" approach is applicable in
Developed countries
Underdeveloped countries
Developing countries
All of the above
Offer curve of the country determined by
Elasticity of the demand of the product
Elasticity of the supply of the product
Elasticity of the income of the both the countries
Elasticity of substitution of the both countries
According to Leontief capital Rich country will
Export capital intensive and import labour intensive
Export labour intensive and import capital intensive
Export both goods
Import both goods
Hedging refers to
Fixed exchange rate
Flexible exchange rate
It covers foreign exchange risk
It is related with devaluation
Zero sum game theory applies to
Mercantilism
Absolute cost advantage theory
Factor equalization theorem
New trade theory
Economies of scale and network effects resulting in exports of goods is related to
New trade theory
Factor equalization theorem
Comparative cost advantage
The Heckscher - Ohlin theory
