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Economics Questions and Answers for Competitive Exams | Indian Economy Quiz Set 12

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(1) Which of the following satisfies time reversal test but not factor reversal test ?
(1) Lespeyres
(2) Marshall-Edgeworth
(3) Fisher
(4) Paasche
Answer: Marshall-Edgeworth
(2) For testing the association of attributes which of the following tests is suitable ?
(1) t test
(2) F test
(3) χ2 test
(4) Z test
Answer: χ2 test

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(3) In the entry prevention model of Bain, firms charge premium over
(1) Long period competitive price
(2) Short period competitive price
(3) Lowest average cost
(4) None of the above
Answer: Long period competitive price
(4) The slope of the production possibility curve is the
(1) marginal rate of exchange
(2) marginal rate of substitution
(3) average rate of transformation
(4) marginal rate of transformation
Answer: marginal rate of transformation
(5) The gain in profit income from an increase in immigration according to this diagram is :
(1) the area BDL'L
(2) the area of WBDW'
(3) the areas WBFW' and FDL'L together
(4) the areas WBDW' and FDL'L together
Answer: the areas WBFW' and FDL'L together
(6) The demand for rare paintings, and rare stamps etc. is explained by which among the following effect ?
(1) Snob effect
(2) Bandwagon effect
(3) Veblen effect
(4) None of the above
Answer: Snob effect
(7) A market is said to be economically efficient if it maximises
(1) consumer surplus
(2) producer surplus
(3) aggregate of consumer and producer surplus
(4) None of the above
Answer: aggregate of consumer and producer surplus
(8) 1973 oil crisis also triggered a wide spread economic crisis in USA and some European nations. In this context which statements are true ?
(1) It led to disillusionment with established policies based on Keynesian economics.
(2) There emerged a malady known as stagflation.
(3) New classical economics emerged as a challenge to Keynesian economic ideas.
(4) All of the above are true
Answer: All of the above are true
(9) As per IS-LM framework, an increase in government expenditure will result in :
(1) increase in income and interest rate both.
(2) increase in income only.
(3) decrease in investment and interest rate both.
(4) decrease in income and interest rate both.
Answer: increase in income and interest rate both.
(10) Which of the following can be considered as leakages in the force of the multiplier ?
(1) Higher propensity to import
(2) Higher marginal propensity to save
(3) Both (1) and (2) above
(4) Neither (1) nor (2) above
Answer: Both (1) and (2) above
(11) According to Robinson-Uzawa theorem, steady state growth is possible if the technical progress is :
(1) only Hicks neutral
(2) only Harrod neutral
(3) only Solow neutral
(4) Both Hicks and Harrod neutral
Answer: only Harrod neutral
(12) Which one of the following is not an assumption of permanent income hypothesis ?
(1) Transitory income can be both positive and negative.
(2) Permanent income depends on human and non-human wealth.
(3) Transitory consumption can be both positive and negative.
(4) Average propensity to consume is greater than marginal propensity to consume.
Answer: Average propensity to consume is greater than marginal propensity to consume.
(13) The Accelerator model predicts that changes in investment are determined by the changes in
(1) Interest
(2) Output
(3) Capital
(4) Inventory
Answer: Output
(14) Who among the following has not given his model based on the concept of unlimited supply of labour ?
(1) D.W. Jorgenson
(2) Ranis-Fei
(3) W.A. Lewis
(4) Gunnar Myrdal
Answer: Gunnar Myrdal
(15) Which aspect of economic development did Gunnar Myrdal concentrate upon ?
(1) Capital scarcity
(2) Human resource scarcity
(3) Regional inequalities
(4) Population exploitation
Answer: Regional inequalities

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