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Economics Questions and Answers for Competitive Exams | Indian Economy Quiz Set 15

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(1) Who among the following is not associated with the compensation principle of welfare economics ?
(1) Kaldor
(2) Hicks
(3) Scitokosky
(4) Pareto
Answer: Pareto
(2) Substitution of leisure for income leads to
(1) Backward sloping supply curve
(2) Need for overtime payment
(3) Both (1) and (2)
(4) Neither (1) nor (2)
Answer: Both (1) and (2)

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(3) Which of the following describes the Lemons problem in economies ?
(1) Bad currency drives out the good currency.
(2) Low-quality goods can drive high quality goods out of the market
(3) Low cost firms drive out high cost firms from the market.
(4) Excess production of a horticulture crop.
Answer: Bad currency drives out the good currency.
(4) Assuming that firm A increases its advertising and firm B responds by increasing its advertising. If profits of both firms increase, then firms A and B are engaged in
(1) a zero-sum game
(2) a positive-sum game
(3) a negative-sum game
(4) behaviour which cannot be understood in terms of games theory
Answer: `behaviour which cannot be understood in terms of games theory
(5) Changes in the portfolio assets of the people take place due to
(1) Current rate of interest
(2) Future rate of interest
(3) Current rate of interest in relation to future rate of interest
(4) Current price of bonds
Answer: Current rate of interest in relation to future rate of interest
(6) Which among the following measures the intensity of poverty ?
(1) Head Count Ratio of Poverty
(2) Poverty Gap
(3) Square of Poverty Gap
(4) Per Capita Income
Answer: Square of Poverty Gap
(7) Which among the following has not been declared as a special category State in India ?
(1) Uttarakhand
(2) Bihar
(3) Jammu & Kashmir
(4) Himachal Pradesh
Answer: Bihar
(8) In the context of project evaluation, the net present value method mainly depends upon :
(1) interest rate prevalent at a given time
(2) exchange rate prevalent at a given time
(3) sales tax rate prevalent at a given time
(4) both income and sales tax rates prevalent at a given time
Answer: interest rate prevalent at a given time
(9) Which among the following economists advocated the use of social marginal productivity criterion ?
(1) Hollis B. Chenery
(2) A.K. Sen
(3) Maurice Dobb
(4) J.J. Polak
Answer: Hollis B. Chenery
(10) Trickle down strategy explains process associated with which of the following economic systems ?
(1) Capitalist system
(2) Socialist system
(3) Mixed economy
(4) Both (1) and (3)
Answer: Both (1) and (3)
(11) Who among the following is not a regulator of financial sector in India ?
(1) Securities and Exchange Board of India
(2) Insurance Regulatory and Development Authority
(3) Competition Commission of India
(4) Forward Market Commission of India
Answer: Competition Commission of India
(12) Dumping in international trade means that a country
(1) exports all the domestic production of a commodity
(2) imports a commodity at a very low price
(3) exports a commodity at a price less than its cost of production
(4) exports a commodity at a price equal to its cost of production
Answer: exports a commodity at a price less than its cost of production
(13) International trade in goods and services is sometimes used as a substitute for all of the following, except
(1) international movement of capital
(2) international movement of labour
(3) domestic production of same goods and services
(4) domestic production of different goods and services
Answer: international movement of labour
(14) If the elasticities of supply of exports and imports are large in relation to the elasticity of demand for exports and imports, devaluation of a country's currency will :
(1) not effect the terms of trade
(2) worsen the terms of trade
(3) improve the terms of trade
(4) All of the above
Answer: improve the terms of trade
(15) Uruguay Round of negotiations concerned with which among the following ?
(1) Tariff Measures
(2) Non-Tariff Measures
(3) Both (1) and (2)
(4) Neither (1) nor (2)
Answer: Both (1) and (2)

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