Economics Questions and Answers for Competitive Exams | Indian Economy Quiz Set 9

Questions
1 Who amongst the following made the following statement ? “The Table of nature is laid for the few. Those who come uninvited will starve”
1 Julius Simon
2 E. Boserup
3 T.W. Malthus
4 H. Dalton

Answer:T.W. Malthus
2 Which of the following is not part of a life - table ?
1 It shows age - specific death rate
2 Age - specific life expectancy can be estimated
3 Probability of surviving at particular year of age can be estimated
4 Age - specific birth rate can be estimated

Answer: Age - specific birth rate can be estimated

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3 Pollution is an example of Market failure because :
1 The market price is less than the efficient price
2 The market price is higher than the efficient price
3 Property rights are poorly distributed
4 Those who suffer from pollution are compensated outside the market

Answer:The market price is less than the efficient price
4 “For goods that are unrelated in consumption, efficiency requires that tax rates be inversely proportional to elasticity of demand”. This is the definition of :
1 The benefits - received principle
2 The second best principle
3 The inverse elasticity rule
4 The Ramsey Rule

Answer: The Ramsey Rule
5 A forward - shifted tax will affect :
1 Buyers and Sellers equally
2 Sellers more than buyers
3 government revenue negatively
4 Buyers more than sellers

Answer: Buyers more than sellers
6 The case for progressive tax rates rests on :
1 Benefits received
2 Cost of service
3 Ability to pay
4 None of the above

Answer:Ability to pay
7 Primary deficit is measured by :
1 Fiscal deficit − interest payments
2 Budget deficit − interest payments
3 Budget deficit + total borrowings
4 Total Revenue expenditure −total revenue receipts

Answer:Fiscal deficit − interest payments
8 Which organisation in India has been given the responsibility to monitor the progress of sustainable development goals ?
1 Reserve Bank of India
2 Central Statistical Office
3 NITI Aayog
4 National Sample Survey office

Answer:NITI Aayog
9 Which of the following does not come under Small Savings Schemes as per Government of India ?
1 Post office deposits
2 Public Provident Fund
3 Jan Dhan Accounts
4 Sukanya Samiridhi Yojana

Answer: Jan Dhan Accounts
10 Which one of the following schemes provide upto ` 2 lacs accidental death Insurance to the people in the age group of 18 - 70 years ?
1 Atal Pension Yojna
2 Pradhan Mantri Jeevan Jyoti Bima Yojna
3 Pradhan Mantri Suraksha Bima Yojna
4 Atal Jeevan Beema Yojna

Answer:Pradhan Mantri Suraksha Bima Yojna
11 An entrepreneur’s short - run total cost function is C=q3−10q2+17q+66. If p=5 the output at which profit is maximised by this entrepreneur is :
1 7
2 6
3 5
4 2/3

Answer:7
12 The production function in Input - Output Analysis propounded by W.W. Leontief has implied the value of elasticity of substitution between inputs as :
1 One
2 Zero
3 Constant
4 Infinity

Answer:Infinity
13 For a Demand Function p=16−q−0.5q2 the price elasticity of demand at q=4 is :
1 +0.5
2 +0.2
3 +0.7
4 +0.3

Answer:+0.7
14 Cobb - Douglas production function Q=ALAK1−A(a>0) is not characterised by :
1 Constant returns to scale
2 Unit elasticity of substitution
3 Variable elasticity of substitution
4 Linear homogeneity

Answer:Constant returns to scale
15 For samples of size greater than 30, the sampling distribution of the rank correlation coefficient is approximately which distribution :
1 t
2 Binomial
3 Chi - square
4 Normal

Answer:t

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