History of Development and Planning - Economics General Awareness Objective Questions with Answers

51 Multiplier process in economic theory is conventionally taken to mean:

A The manner in which prices increase

B The manner in which banks create credit

C The manner in which government expenditure increases

D Income of an economy grows on account of an initial investment

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Answer: Option [D]

52 Which of the following concepts are most closely associated with J.M. Keynes?

A Marginal utility theory

B Control of money supply

C Marginal efficiency of capital

D Indifference curve analysis

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Answer: Option [C]

53 Evaluating all the options to find out most suitable solution to business problems is inter-displinary activities. It is called

A Commercial research

B Operational research

C Management research

D Professional research

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Answer: Option [B]

54 In a Laissez-faire economy

A The Government controls the allocation of all the factors of production

B The customers take all the decisions regarding production of all the commodities

C The Government does not interfere in the free functioning of demand and supply forces in the market

D The private sector takes all the decisions for price determination of various commodities produced

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Answer: Option [C]

55 In Economics, production means

A Farming

B Creating Utility

C Making

D Manufacturing

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Answer: Option [B]

56 With which form of economy is the term ‘Laissez-faire’ associated?

A Command economy

B Mixed economy

C Socialist economy

D Capitalist economy

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Answer: Option [D]

57 Who among the following is not a classical economist?

A John Maynard Keynes

B Thomas Malthus

C John Stuart Mill

D David Ricardo

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Answer: Option [A]

58 In Economics the ‘Utility’ and ‘Usefulness’ have

A Same meaning

B Different meaning

C Opposite meaning

D None of the above

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Answer: Option [B]

59 “Economics is what it ought to be” – This statement refers to

A Fiscal economics

B Monetary economics

C Positive economics

D Normative economics

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Answer: Option [D]

60 The problem of Economics arises from

A Plenty

B Scarcity of goods

C More wants and less goods

D All of the above

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Answer: Option [C]

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