General Awareness - Economics
Exam Duration: 45 Mins Total Questions : 30
Economic problem arises mainly due to
- (a)
overpopulation
- (b)
unemployment
- (c)
scarcity of resources
- (d)
lack of industries
'Gold' is mainly related to
- (a)
Local market
- (b)
National market
- (c)
International market
- (d)
Regional market
Third stage of Law of Variable Proportion is called
- (a)
negative returns
- (b)
positive returns
- (c)
constant returns
- (d)
increasing returns
Purchasing Power Parity theory is related with
- (a)
Interest rate
- (b)
Bank rate
- (c)
Wage rate
- (d)
Exchange rate
Gross Profit means
- (a)
Total investment over total saving
- (b)
Changes in methods of production
- (c)
Changes in the form of business organisation
- (d)
Total receipts over total expenditure
If the Central Bank wants to encourage an increase in the supply of money and decrease in the cost of borrowing money, it should
- (a)
lower cash reserve ratio
- (b)
raise discount rates
- (c)
sell government securities
- (d)
All of the above
When average cost production (AC) falls, marginal cost of production must be
- (a)
rising
- (b)
Falling
- (c)
Greater than the average cost
- (d)
Less than the average cost
A tax is said to be regressive when its burden falls
- (a)
less heavily on the poor than on the rich
- (b)
more heavily on the poor than on the rich
- (c)
equally on the poor as on the rich
- (d)
None of these
The Law of Demand expresses
- (a)
effect of change in price of a commodity on its demand
- (b)
effect of change in demand of a commodity on its price
- (c)
effect of change in demand of a commodity over the supply of its substitute
- (d)
None of the above
Total fixed cost curve is
- (a)
Vertical
- (b)
Horizontal
- (c)
Positively Sloping
- (d)
Negatively sloping
Government securities are considered liquid because they are
- (a)
backed by the Government treasury
- (b)
convertible into other types of saving deposits
- (c)
quickly and easily marketable
- (d)
stable in value
The duties levied on alcoholic liquors, narcotic drugs and opium come under
- (a)
Central Excise Duty
- (b)
Land Revenue
- (c)
State Excise Duty
- (d)
General Sales Tax
What is "narrow money:?
- (a)
The sum of currency in circulation and the demand deposits in banks
- (b)
The sum of M1 money and the time deposits
- (c)
The sum of currency in circulation with the public and the cash reserves held by banks
- (d)
The market value of the stocks held by all the holders excluding the promoters
What does the letter 'e' denotes in the term 'e-banking'?
- (a)
Essential Banking
- (b)
Economic Banking
- (c)
Electronic Banking
- (d)
Expansion Banking
Special Economic Zone {SEZ) concept was first introduced in
- (a)
China
- (b)
Japan
- (c)
India
- (d)
Pakistan
National Income is the
- (a)
Net National Product at market price
- (b)
Net National Product at factor price
- (c)
Net Domestic Product at market price
- (d)
Net Domestic Product at factor price
The theory of monopolistic competition has been formulated in the United States of America by
- (a)
Joan Robinson
- (b)
Edward Chamberlin
- (c)
Johan Bates Clark
- (d)
Joseph Schumpeter
Which of the following is not an economic problem?
- (a)
Deciding between paid work and leisure
- (b)
Deciding between expenditure on one good and the other
- (c)
Deciding between alternative methods of personal savings
- (d)
Deciding between different ways of spending leisure time
AGMARK is a guarantee of standard:
- (a)
quality
- (b)
quantity
- (c)
weight
- (d)
size
A country's balance of trade is unfavourable when -
- (a)
exports exceed imports
- (b)
imports exceed exports
- (c)
terms of trade become unfavourable
- (d)
None of these
The most accessible medium in India is
- (a)
Television
- (b)
Radio
- (c)
Cinema
- (d)
Newspapers
A increase in national income because of an increase in price is called
- (a)
an increase in national income in real terms
- (b)
an increase in national income at constant prices
- (c)
an increase in money national income
- (d)
an increase in national income at base year prices
The self-employed in a developing country who are engaged in small scale labour intensive work belong to the
- (a)
Informal sector
- (b)
Primary Sector
- (c)
Secondary Sector
- (d)
Tertiary Sector
The process of curing inflation by reducing money supply is called
- (a)
Cost-push inflation
- (b)
Demand-pull inflation
- (c)
Disinflation
- (d)
Reflation
When Income increase, consumption also increases;
- (a)
in a lower proportion
- (b)
in a higher proportion
- (c)
in the same proportion
- (d)
None of the options
National Income Estimates in India ar prepared by:
- (a)
National Development Council
- (b)
National Productivity Council
- (c)
National Income Committee
- (d)
Central Statistical Organisation
In the balance of payments account, unrequited receipts and payments are also regarded as
- (a)
bilateral transfers
- (b)
unilateral transfers
- (c)
capital account transfers
- (d)
invisible transfers
A market in which there are a few number of large firms is called as
- (a)
Duopoly
- (b)
Competition
- (c)
Oligopoly
- (d)
Monopoly
Bank rate is the rate of interest
- (a)
at which public borrows money from Commercial Bank
- (b)
at which public borrows money from RBI
- (c)
at which Commercial Banks borrow money from RBI
- (d)
at which Commercial Banks borrow money from public
The remuneration of the entrepreneur in production is
- (a)
Pure profit
- (b)
Gross profit
- (c)
Net profit
- (d)
Super-normal profit