Quiz Containing Objective Questions on Economics
Economics - Online Multiple Choice Questions
Economics - Online Multiple Choice Questions
1. Identify the
correct chronology of the following :
I. Fisher’s
test of significance of differences between means of
three or more
samples.
II. Kendal’s
partial rank correlation.
III. Gossest’s
T test of significance between means of two samples.
IV. X2
test
of goodness of fit of the curve and randomness of the
sample values.
Codes :
(A) III, I,
II, IV
(B) I, II,
III, IV
(C) IV, III,
II, I
(D) I, II, IV,
III
Ans :A
2. Identify the
sequence of implementation of the following taxes.
Select the
correct answer from the given codes :
I. Land
Revenue
II. Sales tax
III. MODVAT
IV. Service
tax
Codes :
(A) I, II,
III, IV
(B) II, IV, I,
III
(C) III, II,
IV, I
(D) IV, II, I,
III
Ans :A
3. Marginal
Revenue of a Monopoly firm is less than the price, Because :
(A) Demand
curve has a positive slope.
(B) Demand
curve has a negative slope.
(C) Monopolist
incurs losses.
(D) Monopolist
is in equilibrium.
Ans :B
4. Which of the
following is not a component of Bharat Nirman ?
(A) Rural
housing
(B) Rural
electrification
(C) Agro-based
industries
(D) Rural
telephony
Ans :C
5. Harrod-Domar
model of economic growth is based upon
I. Warranted
growth rate
II. Investment
growth rate
III.
Productivity growth rate
IV. Natural
growth rate
Codes :
(A) I and II
are correct.
(B) II and III
are correct.
(C) III and IV
are correct.
(D) I and IV
are correct.
Ans :D
6. Assertion (A)
: During
the period 2004-05 to 2007-08 fiscal consolidation process was witnessed in India.
Reason (R) : There was
buoyancy in tax revenue during this period.
Codes :
(A) Both (A)
and (R) are correct and (R) is the correct explanation of (A).
(B) Both (A)
and (R) are correct and
(R) is not the
correct explanation of (A).
(C) (A) is
correct, but (R) is incorrect.
(D) (A) is
incorrect, but (R) is correct.
Ans :A
7. Assertion (A)
: Gold
standard was finally given up after the Second World War.
Reason (R) : Countries had
different rates of inflation.
Codes :
(A) Both (A)
and (R) are correct and (R) is the correct explanation of
(A).
(B) Both (A)
and (R) are correct and (R) is not correct explanation of
(A).
(C) (A) is
correct, but (R) is not correct.
(D) (A) is not
correct, but (R) is correct.
Ans :A
8. Arrange the
stages of economic growth in a sequential order :
I. The age of
high mass consumption
II. The
traditional society
III. The
take-off stage
IV. The drive
to maturity
Codes :
(A) I, III,
IV, II
(B) II, IV, I,
III
(C) III, I,
II, IV
(D) II, III,
IV, I
Ans :D
9. The classical
economists focused on the role of money as
(A) medium of
exchange
(B) medium of
distribution
(C) wealth
(D) link
between present and future
Ans :A
10. Harrod-Domar
model of economic growth is based on the equilibrium
between
(A) Income generation
and productive capacity creation
(B)
Equilibrium between income and consumption
(C)
Equilibrium between savings and investment
(D) None of
the above
Ans :A
11. Which of the
following measures of the central tendency suits the data best
if the
objective is to assess the distribution of values ?
(A) Arithmetic
mean
(B) Mode
(C) Median
(D) Kurtosis
Ans :C
12. In India, in 2004-05
the number of poor persons below poverty line was
the highest in
the State of
(A) Bihar
(B) Uttar
Pradesh
(C) Madhya
Pradesh
(D) Rajasthan
Ans :B
13. The problem
relating to burden of public debt has been dealt by
I. A.P.
Learner
II. E.D. Domar
III. A.C.
Pigou
IV. A.H.
Henson
Codes :
(A) I and II
are correct.
(B) II and III
are correct.
(C) I and IV
are correct.
(D) II and III
are correct.
Ans :A
14. Assertion
(A) : Giffin’s paradox rarely occurs in the real world.
Reason (R) : Inferior goods
are narrowly defined for which
suitable
substitutes are available.
Codes :
(A) Both (A)
and (R) are correct and (R) is the correct explanation of
(A).
(B) Both (A)
and (R) are correct and (R) is not the correct explanation
of (A).
(C) (A) is
correct, but (R) is incorrect.
(D) (A) is
incorrect, but (R) is correct.
Ans :A
15. Assertion
(A) : Financial inclusion is desirable to help weaker sections
of society in
the country.
Reason (R) : Investment
activity needs to be promoted to facilitate access to development benefits to
masses.
Codes :
(A) Both (A)
and (R) are correct and (R) is not the correct explanation
of (A).
(B) Both (A)
and (R) are correct and (R) is the correct explanation of
(A).
(C) (A) is not
correct, but (R) is correct.
(D) (A) is
correct, but (R) is not correct.
Ans :B
16. Assertion
(A) : Disguised unemployment is present in
Indian
agriculture.
Reason (R) : Marginal
productivity of agriculture is close to zero.
Codes :
(A) Both (A)
and (R) are correct and (R) is the correct explanation of
(A).
(B) Both (A)
and (R) are correct and (R) is not the correct explanation
of (A).
(C) (A) is
correct, but (R) is not correct.
(D) (A) is not
correct, but (R) is correct.
Ans :A
17. Consider the
following schemes :
I. EAS
II. TRYSEM
III. JRY
IV. RLEGP
The correct
chronological sequence of the launching of these schemes are :
Codes :
(A) II, IV, I,
III
(B) IV, II,
III, I
(C) IV, III,
I, II
(D) II, IV,
III, I
Ans :A
18. Arrange the
origin of money in a
sequential
order
I. Cheque
II. Metallic
money
III. Commodity
money
IV. Paper
money
Codes :
(A) IV, I,
III, II
(B) I, III,
II, IV
(C) III, II,
IV, I
(D) II, IV, I,
III
Ans :C
19. Identify the
correct chronological order
of the
following classical economists :
(A) Adam
Smith, Malthus, Ricardo, J.S. Mill
(B) Adam
Smith, Ricardo, Malthus,J.S. Mill
(C) Adam
Smith, J.S. Mill, Ricardo,Malthus
(D) Adam
Smith, Malthus, J.S. Mill,Ricardo
Ans :B
20. Arrange the
following theories in order in which they appeared :
I. Comparative
Cost Advantage Theory
II. Absolute
Cost Advantage Theory
III. Leontief
Paradox
IV. Factor
Endowment Theory
Codes :
(A) I, III,
II, IV
(B) II, III,
IV, I
(C) II, I, IV,
III
(D) I, IV, II,
III
Ans :C
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