57 + Mcqs in Economics Page 1 McqOptions

1.	The Committee on Financial sector Assessment (CFSA) set up by the Reserve Bank of India has also recommended several reforms in which of the following existing laws in India? [I.E. P.O. 2010]
A.	Taxation laws
B.	Banking Regulation laws
C.	Commercial laws
D.	All of these
Answer» E.

Discussion

2.	Who amongst the following was the chairperson of the "working group on Benchmark prime lending Rate (BPLR)" constituted by the RBI? (Indian Bank P.O. 2010)
A.	Dr. K.C. Chakravorty
B.	Mr. Deepak Mohanty
C.	Mr. R. Bhaskaran
D.	Mr. O.P. Bhatt
Answer» C. Mr. R. Bhaskaran

Discussion

3.	Which of the following schemes was launched a few years back to provide wage employment to the rural people in India (The programmer is being run successfully in addition to NREGA)? [B.C.).B. 2009]
A.	Indira Awas Yojana
B.	Accelerated Rural Water Supply Programme
C.	Total Sanitation Campaign
D.	Sampoorna Grameen Rozgar Yojana
Answer» E.

Discussion

4.	Kutir Jyoti Scheme is associated with?
A.	Promoting cottage industry in villages
B.	Promoting employment among rural employment youth
C.	Providing electricity to rural families living BPL
D.	All of these
Answer» D. All of these

Discussion

5.	Sampurna Gramin Rojgar Yojana has been launched from?
A.	1st April 2001
B.	25th Sept 2001
C.	30th Sept 2001
D.	No Scheme of such title has yet launched
Answer» C. 30th Sept 2001

Discussion

6.	Aam Admi Bima Yojana provides social security to?
A.	All labours in rural areas
B.	All labours in urban areas
C.	All landless labours living below poverty line in rural areas
D.	All labours in both rural as well as urban areas
Answer» D. All labours in both rural as well as urban areas

Discussion

7.	Wage fund theory was propounded by?
A.	J.B. Say
B.	J.S. Mill
C.	J.R. Hicks
D.	J.M. Keynes
Answer» C. J.R. Hicks

Discussion

8.	When the prices of two goods tend to vary inversely they are said to be?[SSC 2012]
A.	Economic goods
B.	Substitutes
C.	Complements
D.	Pure goods
Answer» C. Complements

Discussion

9.	The concept of supply curve as it is used in economic theory is relevant only for the case of?
A.	Oligopoly
B.	Monopoly
C.	Perfect or pure competition
D.	Monopolistic competition
Answer» D. Monopolistic competition

Discussion

10.	The breakeven point is where?
A.	Marginal revenue equals marginal cost
B.	Average revenue equals average cost
C.	Total revenue Equals average
D.	Total revenue equal cost
Answer» B. Average revenue equals average cost

Discussion

11.	Gresham's law is related to? [SSC 2005]
A.	Consumption and demand
B.	Supply and demand
C.	Circulation of money
D.	Deficit financing
Answer» D. Deficit financing

Discussion

12.	One of the essential conditions of Monopolistic competition is? [SSC Tax Assistant 2005]
A.	Many buyers but one seller
B.	Price discrimination
C.	Product differentiation
D.	Homogenous product
Answer» D. Homogenous product

Discussion

13.	Amartya Sen was awarded the nobel prize for his contribution to?
A.	Monetary economics
B.	Welfare economics
C.	Econometrics
D.	Development economics
Answer» C. Econometrics

Discussion

14.	The difference between visible exports and visible imports is defined as?
A.	Balance of trade
B.	Balance of payment
C.	Balance terms of trade
D.	Gains from trade
Answer» B. Balance of payment

Discussion

15.	Given the money wages, if the price level in an economy increases then the real wages will?
A.	Increase
B.	Decrease
C.	Remain constant
D.	Become flexible
Answer» C. Remain constant

Discussion

16.	The World Trade Organization was earlier known as?
A.	GATT
B.	UNICEF
C.	UNCTAD
D.	FAO
Answer» B. UNICEF

Discussion

17.	A firm is in equilibrium when its?
A.	Marginal cost equals the marginal revenue
B.	Total cost is minimum
C.	Total revenue is maximum
D.	Average revenue and marginal revenue are equal
Answer» B. Total cost is minimum

Discussion

18.	In the law of demand, the statement "other things remain constant" means?
A.	Income of consumer should not change
B.	Price of other goods should not change
C.	Taste of consumer should not change
D.	All of the above
Answer» E.

Discussion

19.	IRDP was introduced during the?
A.	Fifth five year plan
B.	Fourth five year plan
C.	Third five year plan
D.	Sixth five year plan
Answer» E.

Discussion

20.	Efficient allocation of resources is achieved to greatest extent under?
A.	Monopoly
B.	Perfect competition
C.	Monopolistic competition
D.	Oligopoly[SSC CCL 2007]
Answer» C. Monopolistic competition

Discussion

21.	Engle's law states the relationship between? [SSC CGL 2007]
A.	Quantity demanded and price of a commodity
B.	Quantity demanded and price of substitutes
C.	Quantity demanded and tastes of the consumers
D.	Quantity demanded and income of the consumers
Answer» E.

Discussion

22.	In the budget figures of the government of India, interest payment, subsidies pensions, social services and the like are parts of the?[SSC Tax Assistant 2007]
A.	Plan expenditure
B.	State government expenditure
C.	Public debt in the form of capital expenditure
D.	Non-plan expenditure
Answer» E.

Discussion

23.	When the total product rises at an increasing rate the? [SSC Tax Assistant 2007]
A.	Marginal product is zero
B.	Marginal product is rising
C.	Marginal product is falling
D.	Marginal product remains constant
Answer» C. Marginal product is falling

Discussion

24.	The definition of "small-scale industry" in India is based on?
A.	Sales by the unit
B.	Investment in machines & equipment?s
C.	Market coverage
D.	Export capacity
Answer» C. Market coverage

Discussion

25.	Compared to the rich the poor save?
A.	A larger part of their income
B.	An equal part of their income
C.	A smaller part of their income
D.	All of their incomes
Answer» D. All of their incomes

Discussion

26.	Kissan Credit Card was introduced in?
A.	1991
B.	1996
C.	1998
D.	2000 [SSC C PO 2007]:
Answer» D. 2000 [SSC C PO 2007]:

Discussion

27.	Government takes "ways and means advances" from?
A.	RBI
B.	IDBI
C.	SBI
D.	ICICI
Answer» B. IDBI

Discussion

28.	The main determinant of real wage is? [SSC CGL 2008]
A.	Extra earning
B.	Nature of work
C.	Promotion prospect
D.	Purchasing power of money
Answer» E.

Discussion

29.	Which of the following is not considered as National Debt?
A.	National Saving Certificates
B.	Long term government bonds
C.	Insurance policies
D.	Provident fund [SSC CGL 2008]
Answer» D. Provident fund [SSC CGL 2008]

Discussion

30.	Which one of the following statement is correct? [SSC CPO S.L 2008]
A.	Good money drives bad money out of circulation
B.	Bad money drives good money out of circulation
C.	Good and bad money cannot circulate together
D.	Cannot say
Answer» C. Good and bad money cannot circulate together

Discussion

31.	When the price of a commodity falls, we can expect?
A.	The supply of it to increase
B.	The demand for it to fall
C.	The demand for it to stay constant
D.	The demand for it to increase
Answer» E.

Discussion

32.	Poverty in less developed country is largely due to-?
A.	Voluntary idleness
B.	Income inequality
C.	Lack of cultural activities
D.	Lack of intelligence of the people
Answer» C. Lack of cultural activities

Discussion

33.	Disinvestment in public sector is called?
A.	Liberalization
B.	Globalization
C.	Industrialization
D.	Privatization
Answer» E.

Discussion

34.	The term mixed economy denotes? [SSC 2008]
A.	Existence of both rural and urban sector
B.	Existence of both private and public sector
C.	Existence of both heavy and small industries
D.	Existence of both developed and under developed sectors
Answer» C. Existence of both heavy and small industries

Discussion

35.	"Supply creates its own demand". This statement is related to ?[SSC 2007, 2008]
A.	Prof. J.B. Say
B.	John Robinson
C.	Adam Smith
D.	J.S. Mill
Answer» B. John Robinson

Discussion

36.	The period of the eleventh five year plan is?[SSC Tax Assistant 2008]
A.	2005 to 2010
B.	2006 to 2011
C.	2007 to 2012
D.	2008 to 2013
Answer» D. 2008 to 2013

Discussion

37.	Production function express?
A.	Technological relationship between physical inputs and outputs
B.	Financial relationship between physical inputs and outputs
C.	Relationship between finance and technology
D.	Relationship between factors and production
Answer» B. Financial relationship between physical inputs and outputs

Discussion

38.	Revealed preference theory was propounded by?
A.	Adam Smith
B.	Marshall
C.	PA. Samuelson
D.	J.S. Mill
Answer» D. J.S. Mill

Discussion

39.	The draft of the five year plans in India is approved by the?
A.	National Development council
B.	Planning commission
C.	National productivity council
D.	Ministry of Finance
Answer» B. Planning commission

Discussion

40.	Surplus earned by a factor other than land in the short period of referred to as?[SSC 2009]
A.	Economic rent
B.	Net rent
C.	Quasi rent
D.	Super normal rent
Answer» D. Super normal rent

Discussion

41.	Opportunity cost of production of a commodity is? [SSC CPO 2009]
A.	The cost that the firm could have incurred when a different technique was adopted
B.	The cost that the firm could have incurred under a different method of production
C.	The Actual cost incurred
D.	The next best alternative output
Answer» E.

Discussion

42.	If two commodities are complements, then their cross price elasticity is? [SSC2009]
A.	Zero
B.	Positive
C.	Negative
D.	Imaginary number
Answer» D. Imaginary number

Discussion

43.	Which of the following statement is correct? [SSC LDC 2014]
A.	Most workers will work for less than their reservation wage
B.	The reservation wage is the maximum amount any firm will pay for a worker
C.	Economic rent is the difference between the market wages
D.	Economic rent is the amount one must pay to enter a desirable labor market
Answer» D. Economic rent is the amount one must pay to enter a desirable labor market

Discussion

44.	Which of the following are consumer Semi-durable goods?
A.	Cars and television sets
B.	Milk and milk products
C.	Food grains and other food products
D.	Electrical appliance like fans and electric irons
Answer» E.

Discussion

45.	Which of the following occurs when labor productivity rises?
A.	The equilibrium nominal wage falls
B.	The equilibrium quantity of labor falls
C.	Competitive firms will be induced to use more capital
D.	The labor demand curve shift to the right
E.
Answer» E.

Discussion

46.	The central government plans to launch a 'Rashtriya Avishkar Abhiyan, or 'National Innovation Mission' to incalculate a desire for? [NIACL Asstt. 2015]
A.	Society oriented learning
B.	Enquiry based learning
C.	Job oriented learning
D.	Academics oriented learning
Answer» E.

Discussion

47.	The Direct Benefit Transfer of LPG (DBTL) scheme has now been modified and renamed as- [NIACL AO 2015]
A.	Badta
B.	PAHAL
C.	PARAS
D.	PRAYAS
Answer» C. PARAS

Discussion

48.	Which of the following is a recently introduced programmer where- in each Member of Parliament would adopt three village for rural infrastructure Development? [NIACL AO 2015]
A.	Samaras Adarsh Gram Yojana
B.	Jawahar Gram Samridhi Yojana
C.	Nirmal Adarsh Gram Yojana
D.	Sansad Adarsh Gram Yojana
Answer» E.

Discussion

49.	Demand pull Inflation is a situation of ? [SSC 'SDC 2012]
A.	Excess demand
B.	Parity between demand and supply
C.	Excess supply
D.	None of the above
Answer» B. Parity between demand and supply

Discussion

50.	ISO/'Supply creates its own demand" is the ?
A.	Law of market
B.	Law of demand & supply
C.	Law of Demand
D.	Law of supply [SSCLDC2012]
Answer» B. Law of demand & supply

Discussion

Explore topic-wise MCQs in Marketing Aptitude.

The Committee on Financial sector Assessment (CFSA) set up by the Reserve Bank of India has also recommended several reforms in which of the following existing laws in India? [I.E. P.O. 2010]

Who amongst the following was the chairperson of the "working group on Benchmark prime lending Rate (BPLR)" constituted by the RBI? (Indian Bank P.O. 2010)

Which of the following schemes was launched a few years back to provide wage employment to the rural people in India (The programmer is being run successfully in addition to NREGA)? [B.C.).B. 2009]

Kutir Jyoti Scheme is associated with?

Sampurna Gramin Rojgar Yojana has been launched from?

Aam Admi Bima Yojana provides social security to?

Wage fund theory was propounded by?

When the prices of two goods tend to vary inversely they are said to be?[SSC 2012]

The concept of supply curve as it is used in economic theory is relevant only for the case of?

The breakeven point is where?

Gresham's law is related to? [SSC 2005]

One of the essential conditions of Monopolistic competition is? [SSC Tax Assistant 2005]

Amartya Sen was awarded the nobel prize for his contribution to?

The difference between visible exports and visible imports is defined as?

Given the money wages, if the price level in an economy increases then the real wages will?

The World Trade Organization was earlier known as?

A firm is in equilibrium when its?

In the law of demand, the statement "other things remain constant" means?

IRDP was introduced during the?

Efficient allocation of resources is achieved to greatest extent under?

Engle's law states the relationship between? [SSC CGL 2007]

In the budget figures of the government of India, interest payment, subsidies pensions, social services and the like are parts of the?[SSC Tax Assistant 2007]

When the total product rises at an increasing rate the? [SSC Tax Assistant 2007]

The definition of "small-scale industry" in India is based on?

Compared to the rich the poor save?

Kissan Credit Card was introduced in?

Government takes "ways and means advances" from?

The main determinant of real wage is? [SSC CGL 2008]

Which of the following is not considered as National Debt?

Which one of the following statement is correct? [SSC CPO S.L 2008]

When the price of a commodity falls, we can expect?

Poverty in less developed country is largely due to-?

Disinvestment in public sector is called?

The term mixed economy denotes? [SSC 2008]

"Supply creates its own demand". This statement is related to ?[SSC 2007, 2008]

The period of the eleventh five year plan is?[SSC Tax Assistant 2008]

Production function express?

Revealed preference theory was propounded by?

The draft of the five year plans in India is approved by the?

Surplus earned by a factor other than land in the short period of referred to as?[SSC 2009]

Opportunity cost of production of a commodity is? [SSC CPO 2009]

If two commodities are complements, then their cross price elasticity is? [SSC2009]

Which of the following statement is correct? [SSC LDC 2014]

Which of the following are consumer Semi-durable goods?

Which of the following occurs when labor productivity rises?

The central government plans to launch a 'Rashtriya Avishkar Abhiyan, or 'National Innovation Mission' to incalculate a desire for? [NIACL Asstt. 2015]

The Direct Benefit Transfer of LPG (DBTL) scheme has now been modified and renamed as- [NIACL AO 2015]

Which of the following is a recently introduced programmer where- in each Member of Parliament would adopt three village for rural infrastructure Development? [NIACL AO 2015]

Demand pull Inflation is a situation of ? [SSC 'SDC 2012]

ISO/'Supply creates its own demand" is the ?