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Economics Quiz

Total questions: 125

Worksheet time: 1hrs 3mins

Name
Class
Date
1.

The branches of the subject Economics is

a)

Wealth and Welfare

b)

Production and Consumption

c)

Demand and Supply

d)

Micro and macro

2.

Who is regarded as Father of Modern Macro Economics?

a)

Adam Smith

b)

J.M. Keynes

c)

Ragnar Frisch

d)

Karl Marx

3.

Macro Economics is a study of

a)

Individuals

b)

Firms

c)

A nation

d)

Aggregates

4.

A steady increase in general price level is termed as

a)

Wholesale price index

b)

Business Cycle

c)

Inflation

d)

National Income

5.

Indicate the fundamental economic activities of an economy

a)

Production and Distribution

b)

Production and Exchange

c)

Production and Consumption

d)

Production and Marketing

6.

Identify the economic system where only private ownership of production exists

a)

Capitalistic Economy

b)

Socialistic Economy

c)

Globalistic Economy

d)

Mixed Economy

7.

Who is referred as “Father of Capitalism”?

a)

Adam Smith

b)

Karl Marx

c)

J.M. Keynes

d)

Ragnar Frisch

8.

Identify the Father of Socialism

a)

J.M. Keynes

b)

Karl Marx

c)

Adam Smith

d)

Samuelson

9.

Quantity of a commodity accumulated at a point of time is termed as

a)

Production

b)

Stock

c)

Variable

d)

Flow

10.

Identify the sectors of a Two sector Model

a)

Households and Firms

b)

Private and Public

c)

Internal and External

d)

Firms and Government

11.

Globalism is also termed as

a)

Extended Capitalism

b)

Socialism

c)

Extended Socialism

d)

Extended Mixedism

12.

Primary Sector is

a)

Industry

b)

Trade

c)

Agriculture

d)

Construction

13.

Income method is measured by summing up of all forms of

a)

Revenue

b)

Taxes

c)

Expenditure

d)

Income

14.

National Income is a measure of the _____ performance of an economy.

a)

Industrial

b)

Agriculture

c)

Economic

d)

Consumption

15.

GNP = _____ + Net factor income from abroad.

a)

NNP

b)

NDP

c)

GDP

d)

Personal Income

16.

_____ is deducted from gross value to get the net value.

a)

Income

b)

Depreciation

c)

Expenditure

d)

Value of final goods

17.

When net factor income from abroad is deducted from NNP, the net value is

a)

Gross National Product

b)

Disposable Income

c)

Net Domestic Product

d)

Personal Income

18.

The average income of the country is

a)

Personal Income

b)

Per Capita Income

c)

Inflation Rate

d)

Disposal Income

19.

Which is a flow concept?

a)

Number of shirts

b)

Total wealth

c)

Monthly Income

d)

Money supply

20.

The largest proportion of national income comes from

a)

Construction sector

b)

Agriculture sector

c)

Service sector

d)

Banking sector

21.

Structural unemployment is a feature in a

a)

Static society

b)

Socialistic society

c)

Dynamic society

d)

Mixed economy

22.

The main concentration of the Classical Economic Theory is

a)

Under employment

b)

Economic is always in the state of equilibrium

c)

Demand creates its supply

d)

Imperfect Competition

23.

According to Keynes, which type of unemployment prevails in capitalist economy?

a)

Full employment

b)

Voluntary Unemployment

c)

Involuntary unemployment

d)

Under employment

24.

Keynes attributes unemployment to

a)

A lack of effective supply

b)

A lack of effective demand

c)

A lack of both

d)

None of the above

25.

_____ theory is a turning point in the development of modern economy theory

a)

Keynes’s

b)

Say’s

c)

Classical

d)

Employment

26.

The component of aggregate demand is

a)

Personal demand

b)

Government expenditure

c)

Only export

d)

Only import

27.

Classical theory advocates which type of budget?

a)

Balanced budget

b)

Unbalanced budget

c)

Surplus budget

d)

Deficit budget

28.

According to classical theory, the rate of interest is a reward for which of the following?

a)

Investment

b)

Demand

c)

Capital

d)

Saving

29.

Say’s Law stressed the operation of ______ in the economy.

a)

Automatic price mechanism

b)

Induced Investment

c)

Induced price mechanism

d)

Manual price mechanism

e)

Induced demand

30.

The average propensity to consume is measured by which formula?

a)

C / Y

b)

C x Y

c)

Y / C

d)

C + Y

31.

If the Keynesian consumption function is C = 10 + 0.8Y, then if disposable income is Rs. 1000, what is the amount of total consumption?

a)

₹0.8

b)

₹800

c)

₹810

d)

₹0.81

32.

If the Keynesian consumption function is C = 10 + 0.8Y, and disposable income is Rs. 100, what is the average propensity to consume?

a)

₹0.8

b)

₹800

c)

₹810

d)

₹0.9

33.

As increase in consumption function at any given level of income is likely to lead to:

a)

Higher aggregate demand

b)

An increase in exports

c)

A fall in taxation revenue

d)

A decrease in import spending

34.

The MPC (Marginal Propensity to Consume) is equal to:

a)

Total spending / total consumption

b)

Total consumption / total income

c)

Change in consumption / change in income

d)

None of the above

35.

The sum of the MPC and MPS is:

a)

1

b)

2

c)

0.1

d)

1.1

36.

When investment is assumed autonomous, the slope of the AD schedule is determined by the:

a)

Marginal propensity to invest

b)

Disposable income

c)

Marginal propensity to consume

d)

Average propensity to consume

37.

The multiplier is calculated as:

a)

1 / (1 − MPC)

b)

1 / MPS

c)

1 / MPC

d)

a and b

38.

In an open economy, import _____ the value of the multiplier.

a)

Reduces

b)

Increase

c)

Does not change

d)

Changes

39.

The term super multiplier was first used by:

a)

J.R. Hicks

b)

R.G.D. Allen

c)

Kahn

d)

Keynes

40.

If the MPS = 0.25, the Multiplier is

a)

3

b)

4

c)

2

d)

1

41.

The RBI Headquarters is located at

a)

Delhi

b)

Chennai

c)

Mumbai

d)

Bengaluru

42.

Paper currency system is managed by the

a)

Central Monetary authority

b)

State Government

c)

Central Government

d)

Banks

43.

Irving Fisher’s Quantity Theory of Money was popularized in

a)

1908

b)

1910

c)

1911

d)

1914

44.

Inflation means

a)

Prices are rising

b)

Prices are falling

c)

Value of money is increasing

d)

Prices are remaining the same

45.

_____ inflation occurs when general prices of commodities increases due to increase in production costs such as wages and raw materials

a)

Cost-push

b)

Demand pull

c)

Running

d)

Galloping

46.

_____ is a decrease in the rate of inflation

a)

Disinflation

b)

Deflation

c)

Stagflation

d)

Depression

47.

The study of alternating fluctuations in business activity is referred to in Economics as

a)

Boom

b)

Recession

c)

Recovery

d)

Trade cycle

48.

“Money can be anything that is generally acceptable as a means of exchange and that the same time acts as a measure and a store of value”. This definition was given by

a)

Crowther

b)

A.C. Pigou

c)

F.A. Walker

d)

Francis Bacon

49.

Fisher’s Quantity Theory of money is based on the essential function of Money as

a)

Measure of value

b)

Store of value

c)

Medium of exchange

d)

Standard of deferred payment

50.

When prices rise slowly, we call it

a)

Galloping inflation

b)

Mild inflation

c)

Hyper inflation

d)

Deflation

51.

A Commercial Bank is an institution that provides services

a)

Accepting deposits

b)

Providing loans

c)

Both a and b

d)

None of the above

52.

Bank credit refers to

a)

bank loans

b)

advances

c)

bank loans and advances

d)

borrowings

53.

NBFI does not have

a)

Banking license

b)

Government approval

c)

Money market approval

d)

All of the above

54.

Who acts as a banker to the Government of India?

a)

SBI

b)

NABARD

c)

ICICI

d)

RBI

55.

Bank Rate means:

a)

Re-discounting the first class securities

b)

Interest rate

c)

Exchange rate

d)

Growth rate

56.

Moral suasion refers to:

a)

Optimization

b)

Maximization

c)

Persuasion

d)

Minimization

57.

NABARD was set up in:

a)

July 1962

b)

July 1972

c)

July 1982

d)

July 1992

58.

The State Financial Corporation Act was passed by:

a)

Government of India

b)

Government of Tamilnadu

c)

Government of Union Territories

d)

Local Government

59.

Online Banking is also known as:

a)

E-Banking

b)

Internet Banking

c)

RTGS

d)

NEFT

60.

2016 Demonetization of currency includes denominations of:

a)

₹500 and ₹1000

b)

₹1000 and ₹2000

c)

₹500 and ₹2000

d)

₹100 and ₹2000

61.

The process of issuing paper currency was started in the 18th century.

a)

15th

b)

17th

c)

18th

d)

19th

62.

Trade between two countries is known as _____ trade.

a)

External

b)

Internal

c)

Inter-regional

d)

Home

63.

International Trade differs from domestic trade because of

a)

Trade restrictions

b)

Immobility of factors

c)

Different Government policies

d)

All the above

64.

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

65.

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

a)

Fixed exchange rate

b)

Flexible exchange rate

c)

Constant rate

d)

Government regulated

66.

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

a)

Jacob Viner

b)

G.S. Dones

c)

Taussig

d)

J.S. Mill

67.

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

a)

More

b)

Less

c)

Equal

d)

None of these

68.

BOP includes

a)

Visible items only

b)

Invisible items only

c)

Both visible and invisible items

d)

Merchandise trade only

69.

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

70.

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

71.

Foreign direct investments are not permitted in which sector in India?

a)

Banking

b)

Atomic energy

c)

Pharmaceutical

d)

Insurance

72.

International Monetary Fund is having its headquarters at

a)

Washington DC

b)

New York

c)

Vienna

d)

Geneva

73.

The other name for Special Drawing Rights is

a)

Paper gold

b)

Quotas

c)

Voluntary export Restrictions

d)

None of these

74.

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

a)

Sri Lanka

b)

Japan

c)

Nepal

d)

Bangladesh

75.

_____ related to patents, copyrights.

a)

TRIPS

b)

TRIMS

c)

GATS

d)

NAMA

76.

ASEAN meetings are held once in every ________ years.

a)

2

b)

3

c)

4

d)

5

77.

SAARC meets once in __________ years.

a)

2

b)

3

c)

4

d)

5

78.

The term BRIC was coined in

a)

2001

b)

2005

c)

2008

d)

2010

79.

The Tenth BRICS Summit was held in July 2018 at

a)

Beijing

b)

Moscow

c)

Johannesburg

d)

Brasilia

80.

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

a)

China

b)

Japan

c)

India

d)

North Korea

81.

BENELUX is a form of

a)

Free trade area

b)

Economic Union

c)

Customs Union

d)

Preferential Trade Agreement

82.

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

83.

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

84.

GST is equivalence of:

a)

Sales tax

b)

Corporation tax

c)

Income tax

d)

Local tax

85.

Which of the following is a direct tax?

a)

Excise duty

b)

Income tax

c)

Customs duty

d)

Service tax

86.

“Revenue Receipts” of the Government do not include:

a)

Interest

b)

Profits and dividends

c)

Recoveries and loans

d)

Rent from property

87.

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

88.

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 current revenue over its current expenditure

d)

An excess of government’s capital expenditure over its capital revenue

89.

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

90.

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

91.

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

92.

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

a)

Environ

b)

Environs

c)

Environia

d)

Envir

93.

Ecosystem is smallest unit of

a)

Ionosphere

b)

Lithosphere

c)

Biosphere

d)

Mesosphere

94.

Environmental goods are _____

a)

Market goods

b)

Non-market goods

c)

Both

d)

None of the above

95.

One of the most important market failures is caused by _____

a)

Positive externalities

b)

Negative externalities

c)

Both

d)

None of the above

96.

The major contributor of Carbon monoxide is

a)

Automobiles

b)

Industrial process

c)

Stationary fuel combustion

d)

None of the above

97.

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

98.

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

99.

Primary cause of Soil Pollution is

a)

Pest control measures

b)

Land reclamation

c)

Agricultural run off

d)

Chemical fertilizer

100.

Electronic waste is commonly referred as

a)

Solid waste

b)

Composite waste

c)

E-waste

d)

Hospital waste

101.

Sustainable development goals and targets are to be achieved by

a)

2020

b)

2025

c)

2030

d)

2050

102.

"Redistribution with growth" became popular slogan which approach?

a)

Traditional approach

b)

New Welfare Oriented approach

c)

Industrial approach

d)

None of the above

103.

Which of the following is the characteristic of underdevelopment?

a)

Vicious circle of poverty

b)

Rising mass of consumption

c)

Growth of industries

d)

High rate of urbanisation

104.

Economic growth measures the

a)

Growth of productivity

b)

Increase in nominal income

c)

Increase in output

d)

None of the above

105.

Which of the following plans has focused the agricultural and rural economy

a)

People's plan

b)

Bombay plan

c)

Gandhian plan

d)

Vishveshwarya plan

106.

M.N. Roy was associated with

a)

Congress plan

b)

People's plan

c)

Bombay plan

d)

None of the above

107.

Short term plan is also known as

a)

Controlling plans

b)

Decontrolling plans

c)

Rolling plans

d)

Derolling plans

108.

The basic philosophy behind long term planning is to bring ________ changes to the economy

a)

Financial

b)

Agricultural

c)

Industrial

d)

Structural

109.

Planning commission was set up in the year

a)

1950

b)

1951

c)

1947

d)

1948

110.

Perspective plan is also known as

a)

Short term

b)

Medium term

c)

Long term

d)

None of the above

111.

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

112.

Soviet union adopted economic planning for the first time in ___________ year

a)

1928

b)

1938

c)

1924

d)

1920

113.

Who stated that "Statistics as a science of estimates and probabilities"?

a)

Horace Secrist

b)

R.A. Fisher

c)

Ya-Lun-Chou

d)

Boddington

114.

The data collected by the questioners are

a)

Primary data

b)

Secondary data

c)

Published data

d)

Grouped data

115.

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

a)

Positive

b)

Negative

c)

0

d)

1

116.

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

117.

Th 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.

118.

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

a)

-0.2

b)

2

c)

0.2X

d)

All the above

119.

In the regression equation Y=B0+B1X, then X is called

a)

Independent variable

b)

Dependent variable

c)

Continuous variable

d)

None of the above

120.

Economic is the word coined by

a)

Francis Galton

b)

Ragnar Frish

c)

Karl Person

d)

Spearsman

121.

The term Ui in regression equation is

a)

Residuals

b)

Standard error

c)

Stochastic error term

d)

None

122.

Econometrics is the amalgamation

a)

3 subjects

b)

4 subjects

c)

2 subjects

d)

5 subjects

123.

Expenditure method is used to measure National Income in ________

a)

Construction sector

b)

Agricultural sector

c)

Finance sector

d)

Banking sector

124.

Keynes theory pursues to replace laissez faire by

a)

No Government intervention

b)

Maximum intervention

c)

State intervention in certain situation

d)

Private sector intervention

125.

_______ is known as the founder of modern statistics and the Father of Statistics in India

a)

Galton

b)

Pearson

c)

Ronald Fisher

d)

P.C. Mahalanobis

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