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Economics Questions and Answers for Competitive Exams | Indian Economy Quiz Set 11

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Questions
1 Leibenstein in his critical minimum effort thesis treats population as a factor that is
1 investment – inducing
2 income – generating
3 market – expanding
4 income – depressing

Answer:income – depressing
2 Who among the following economists was not associated with the Dependency Theory of Development ?
1 Raul Prebisch
2 T.D. Santos
3 Andre Gunder Frank
4 Gunnar Myrdal

Answer: Gunnar Myrdal
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3 The saving function used in the neo-classical growth model is a :
1 Classical saving function
2 Proportional saving function
3 Differential saving function
4 Constant saving function

Answer:Proportional saving function
4 Which among the following is correct for the discretionary fiscal action ?
1 Payment of Unemployment insurance.
2 Payment of Social Security to the retired individuals.
3 A managed change in level of Government spending and/or net tax revenues.
4 Automatic changes in net tax revenues that result from income tax structure.

Answer: A managed change in level of Government spending and/or net tax revenues.
5 Who among the following called trade as the ‘hand maiden’ of growth ?
1 J. Viner
2 Irwing B. Kravis
3 Anne Kruger
4 J. Bhagwati

Answer: Irwing B. Kravis
6 Economists refer to an unanticipated inflation that reduces the real value of outstanding government debt as :
1 Burden of inflation
2 unanticipated default
3 seigniorage
4 the inflation tax

Answer:the inflation tax
7 A forward-shifted tax will affect
1 buyers more than sellers
2 buyers and sellers equally
3 sellers more than buyers
4 government revenues negatively

Answer:buyers more than sellers
8 With reference to the characteristics of ‘non-excludability’ and ‘non-rivalry’, “Law and Order” is a classic example of
1 a negative externality
2 a positive externality
3 increasing returns
4 a public good

Answer: a public good
9 In the trade cycle theory of J.R. Hicks, long run equilibrium growth is determined by
1 Technology
2 Population
3 Autonomous investment
4 Both (1) and (2) above

Answer: Autonomous investment
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10 Which among the following is not a characteristic of stagflation ?
1 High inflation
2 High unemployment
3 Low growth
4 High employment

Answer: High employment
11 Which among the following theory/approach does not treat consumption to depend upon expected income ?
1 Keynes’ approach
2 Friedman’s approach
3 Life cycle approach
4 Both (2) and (3) above

Answer: Keynes’ approach
12 For the set of observations : 0, 4, 5, 7, 100, which one of the following is the most suitable average ?
1 Arithmetic Mean
2 Geometric Mean
3 Median
4 Harmonic Mean

Answer:Median
13 Which is a random sampling method ?
1 Quota Sampling
2 Purposive Sampling
3 Systematic Sampling
4 Cluster Sampling

Answer:Cluster Sampling
14 The area between – 3σ and + 3σ under standard normal curve is
1 1
2 0.9973
3 0.95
4 0.6826

Answer:0.9973
15 For a symmetrical distribution skewness is
1 3
2 1
3 0
4 2

Answer:0

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