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Economics Questions and Answers for Competitive Exams | Indian Economy Quiz Set 30

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(1) If a linear consumption function passes through the origin it means :
(1) APC > MPC
(2) APC < MPC
(3) APC5MPC
(4) APC5MPC50
Answer: APC5MPC
(2) According to Keynes the Aggregate suppy curve during depression :
(1) is horizontal
(2) is Vertical
(3) tilts downward to the right
(4) tilts upward to the right
Answer: is horizontal

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(3) Technical progress is said to be Hicks Capital intensive if at constant capital labour ratio MRTSL,K :
(1) decreases
(2) remains constant
(3) increases
(4) none of (1), (2) and (3) are relevant
Answer: decreases
(4) ‘Adverse selection’ arises because of :
(1) Lack of information
(2) Wrong information
(3) Asymmetrical information
(4) Uncertainty of future
Answer: Asymmetrical information
(5) Walra’s general equilibrium model uses a :
(1) system of equations
(2) system of simulteneous linear equations
(3) system of simulteneous equations
(4) system of linear equations
Answer: system of equations
(6) Which of the following is an inferior good ?
(1) Kerosine
(2) Cooking gas
(3) Electricity
(4) Chemical fertilizers
Answer: Kerosine
(7) Which one of the following is the correct concept of Natural rating unemployment ?
(1) Frictionally and structurally unemployed
(2) Frictionally and cyclically unemployed
(3) Structurally and cyclically unemployed
(4) Frictionally, cyclically and structurally unemployed
Answer: Frictionally and structurally unemployed
(8) In a linear programming problem, an optimum solution will be :
(1) One of the basic solutions
(2) One of the feasible solutions
(3) One of the basic feasible solutions
(4) One of the non-basic solutions
Answer: One of the basic feasible solutions
(9) Human capital formation can be accelerated by :
(1) Promoting skill development programmes
(2) Providing medical and health facilities in both rural and urban areas.
(3) Strengthening hardware and software industry.
(4) (1) and (2) above.
Answer: (1) and (2) above.
(10) For a distribution, Mean526, Median514, and Mode57, the distribution would be :
(1) Positively skewed
(2) Negatively skewed
(3) Symmetrical
(4) None of the above
Answer: Positively skewed
(11) The unbalanced growth strategy is based on :
(1) External and Internal economies
(2) Spread and backwash effects
(3) Increasing and constant returns to scale
(4) Backward and forward linkages
Answer: Backward and forward linkages
(12) Financial dualism theory was developed by :
(1) B. Higgins
(2) H. Myint
(3) W. A. Lewis
(4) R. Nurkse
Answer: H. Myint
(13) Which among the following production function will exhibit both Hicks and Harrod technical progress ?
(1) Leontieff production functions
(2) Cobb - Douglas production functions
(3) ACMS production functions
(4) None of the above
Answer: Cobb - Douglas production functions
(14) The concept of X-efficiency was formulated by :
(1) H. Singer
(2) H. Leibenstein
(3) R. Rodan
(4) C. Kindleberger
Answer: H. Leibenstein
(15) Which among the following items has the largest value of exports in India during 2013-15 ?
(1) Engineering goods
(2) Garments
(3) Gems and Jewellary
(4) Agro-processing exports.
Answer: Engineering goods

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