Economics & Economy: Test Your Understanding
/in Mock Test /by Noushad ChengodanTest-summary
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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 15
1. Question
1 pointsWho bagged the Nobel Prize for economics in 2020?
CorrectThe Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2020 was awarded jointly to Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats.”
Incorrect - Question 2 of 15
2. Question
1 pointsThe subject Economics is the study of:
CorrectEconomics deals with the optimum utilization of the available resources or maximum utilization of minimum available resources. How to manage the scarce resources? And not with unlimited resources.
Incorrect - Question 3 of 15
3. Question
1 pointsWhat is the rank of India as per the latest Human Development Index (HDI) 2020?
CorrectIncorrectIndia inched up one spot to rank 129th out of 189 countries on the 2019 Human Development Index (HDI) released by the United Nations Development Programme (UNDP). Inequality and deprivation continue to be high in the country.
- Question 4 of 15
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 determined by market forces, that is, demand and supply. The laissez-faire is the policy of allowing business companies, etc. to operate and develop freely without the government intervention or controlling them.
Incorrect - Question 5 of 15
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. For example:- the price of oranges.
Incorrect - Question 6 of 15
6. Question
1 pointsThe study of the behaviour of the overall economy is called:
CorrectMacroeconomics is a study of aggregates. For example:- National Income, Inflation and so on.
Incorrect - Question 7 of 15
7. Question
1 pointsA development process which meets the needs of present generation without compromising the needs of future generations is known as:
CorrectEconomic development is economic growth plus change or structural changes. Inclusive growth represents a growth strategy in which benefits of growth are enjoyed by all segments of the society. The growth-process considers environment conservation and ecological balance is termed as sustainable development.
Incorrect - Question 8 of 15
8. Question
1 pointsWhich of the following sectors contributes the largest share to India’s GDP?
CorrectThe service sector is the largest contributor to India’s GDP and continue to be the dominant contributor to the overall growth of the economy.
Incorrect - Question 9 of 15
9. Question
1 pointsIn India’s total employment the largest share is contributed by:
CorrectFarming sector is the largest job contributor and service sector is the largest contributor to India’s GDP.
Incorrect - Question 10 of 15
10. Question
1 pointsWhich of the following is the apex bank of India?
CorrectRBI started its working on 1st April 1935 under RBI Act, 1934.
Incorrect - Question 11 of 15
11. Question
1 pointsWhich among the following is an essential characteristic of mixed economy?
CorrectIndia is the typical example for mixed economy where both private and public sector work side by side.
Incorrect - Question 12 of 15
12. Question
1 pointsWho has given scarcity definition of economics?
CorrectLionel Robbins defines Economics as “the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.”
Incorrect - Question 13 of 15
13. Question
1 pointsThe substitution of steel for wooden ploughs in agricultural production is an example of:
CorrectCapital intensive techniques of production use more capital and less labour.
Incorrect - Question 14 of 15
14. Question
1 pointsIncrease in absolute and per capita real GNP do not connote a higher level of economic development if:
CorrectWe know that GNP per capita is a measurement of GNP divided by the number of people in the country. That makes it possible to compare the GNP of countries with different population sizes. If gains of increase in per capita income are grabbed by a small section of society, then economic growth will not lead to economic development. Growth plus distributive justice will ensure development. The bigger concern for a country like India today should be the continuing deep disparities in society that are only widening with every percentage point growth in GDP.
Incorrect - Question 15 of 15
15. Question
1 pointsEconomic development indicates:
CorrectThe true development is capable of enlarging people’s choices and freedom in the country. It manifests high standard of living and inclusive growth.
Incorrect