INDIAN ECONOMY – BASICS – UPSC SET I
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Read questions thoroughly and trace out the right answer from the options given below.
Each question carries 1 marks
Total time allotted 20 minutes
After the exam look review and read and learn the right answer with explanation
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- Question 1 of 10
1. Question
1 pointsScarcity is correctly described by which of the following statements?
1. Scarcity exists if there are more uses for resources than can be satisfied at one time.
2. Scarcity exists if decisions must be made about alternative uses for resources.
3. Scarcity would not exist in a society in which people wanted to help others instead of themselves.CorrectScarcity is associated with the limited resources and unlimited wants. As we know resources are not only scarce but also alternative uses. The attitude of helping others is not associated with the scarcity.
Incorrect - Question 2 of 10
2. Question
1 pointsWhich of the following situations would necessarily lead to an increase in the price of peaches?
CorrectAs we know the price of the commodity will increase when its cost of production increases or its demand enhanced or both. Here the wage of the labourers (part of cost of production) increased and demand also increased as its consumption is effective to reduce the chances of cancer. The option B and C – fall in the prices as cost of production will fall with low wage rate and good technology.
Incorrect - Question 3 of 10
3. Question
1 pointsThe subject Economics is the study of:
CorrectEconomics deals with the optimum utilization of the available resources. How to manage the scarce resources? And not with unlimited resources.
Incorrect - Question 4 of 10
4. Question
1 pointsWhich of the following statements is true about a market economy?
CorrectMarket economy is based on price mechanism. Price of the product is decided by market forces, that is, demand and supply.
Incorrect - Question 5 of 10
5. Question
1 pointsThe study of the behaviour of firms, individual markets, and households is called:
CorrectMicroeconomics studies the economic actions and behaviour of individual units and small groups of individual units.
Incorrect - Question 6 of 10
6. Question
1 pointsThe study of the behaviour of the overall economy is called:
CorrectMacroeconomics is a study of aggregates.
Incorrect - Question 7 of 10
7. Question
1 pointsWhich of the following is a microeconomics statement?
CorrectThe options A, B, and D are macroeconomic variables. Option C is microeconomic statement as it considers the price movement of rice only and not the general price level.
Incorrect - Question 8 of 10
8. Question
1 pointsTo whom do you attribute the ‘Growth’ definition of Economics?
CorrectSamuelson’s definition analyses the costs and the benefits of improving patterns of resource allocation.
Incorrect - Question 9 of 10
9. Question
1 pointsEconomic Growth in country X will necessary have to occur if:
CorrectAs we know the crucial determinant of economic growth of a country is capital formation. It will generate job opportunities and enhances purchasing power among the people. Population growth will not directly contribute into the growth of the country. Option B and D are positive factors but occurred at world level and not associated with the particular nation, say X. So option A is right.
Incorrect - Question 10 of 10
10. Question
1 pointsWhich international institution is entrusted to publish Human Development Report (HDR)?
CorrectUNDP – United Nations Development Programme, head quartered at New York.
Incorrect
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