Economics Questions & Answers (Compiled from UPSC, SSC ,PSC ,IBPS previous question papers)

The total number of government enterprises as on March 31, 2010 was
210
215
217
270

Which of the following resulted from great depression
A stable currency rate
Increased trade barriers and devalued currencies
Decreased foreign debt level
Foreign direct investment

The Gandhian model of economic development states that
To give importance on textile industries
The greatest emphasis on the scientific development of agriculture and growth of cottage and village industries
To give more importance to public sector enterprises
To give more importance an agro based industries

The new Industrial policy indicates
The Government's intention to invite a greater degree of participation by the private sector in important areas of the economy
The Government's intention to invite a lesser degree of participation by the private sector in important areas of the economy
The Government's intention to invite a smaller degree of participation by the private sector in important areas of the economy
The Government's intention to invite no private participation in important areas of the economy

Select the correct sequence of a stages of internationalization
Domestic, International, Transnational, Multinational, Global
Domestic, Multinational, International, Transnational, Global
Domestic, International, Multinational, Global, Transnational
Domestic, Transnational, Global, International, Multinational

Foreign direct Investment results in
Increase the income level and increase capital accumulation
Decrease the income level and decrease capital accumulation
Increase the expenditure level and decrease employment
Decrease the savings level and increase production

Alfred Marshall defined economics as a study of
Welfare
Material welfare
Wealth
Scarcity

The inter - relationships and equilibrium adjustment between economic units, which determine the allocation of resources in the society
Particular equilibrium
General equilibrium
Stable equilibrium
Consumer's equilibrium

The government would get more revenue by levying indirect taxes on
Goods with less elastic demand
Goods with more elastic demand
Goods with unitary elastic demand
Goods with zero elastic demand

The point method of measuring elasticity of demand was developed by
Alfred Marshall
H.H. Liebhafsky
J.M. Keynes
Kaldor

The differenc between the potential price and the actual price, is called,
Elasticity of Demand
Consumer surplus
Producer surplus
Social welfare

Revealed preference theory was given by
Alfred Marshall
Hicks
Adam Smith
Samuelson

Revealed preference theory is described as
Alternative theory of supply
Cardinal analysis
Behaviourist ordinal
Modern theory of demand

If the income effect is positive, both commodities are
Normal goods
Inferior goods
Not substitutable goods
Not consumable

In India 'Primary deficit' is
Budgetary deficit + market borrowing + other liabilities
Deducting interest payments from fiscal deficit
Overall budgetary deficit
Excess of expenditure over income

Input-Output analysis related with the name of
J.R. Hicks
A.P. Lerner
Leontief
G.L. Stigler

The Cobb-Douglas production function implies
Increasing return to scale
Decreasing return to scale
Constant return to scale
Law's of returns

The condition for attaining equilibrium of a firm is
MR = AR
AR = D
MC = Price
MR = MC

Under perfect competition in the long run a firm can earn
Normal profit
Super normal profit
Normal loss
No Loss No Profit

A market situation in which there is a single buyer of goods and services
Monopoly
Duopoly
Monopsony
Oligopoly

Match the following

a) Perfect competition 1. Price Maker

b) Monopoly 2. Price taker

c) Monopolistic competition 3. Rigid price

d) Oligopoly 4. Price searcher
A-4, B-3, C-1, D-2
A-3, B-2, C-1, D-4
A-1, B-2, C-3, D-4
A-2, B-1, C-4, D-3

The Law which explains the behaviour of production in the short run is the
Law of variable proportions
Law of returns
Law of demand
Law of supply

Match the following :

a) Internal economies 1. for industries

b) External economies 2. over production

c) Large scale production 3. least cost firm

d) Optimum firm 4. for single firm
A-1, B-2, C-3, D-4
A-4, B-1, C-2, D-3
A-2, B-3, C-4, D-1
A-3, B-4, C-1, D-2

The Locus of the points of tangency between isoquant and the isocost curves are called
Output maximisation
Least cost combination
Expansion path
Ridge lines

In which of the following years was growth rate in India's GDP at factor cost and at constant prices (2004-05) the highest
2010-11 Year
2009-10 Year
2008-09 Year
2007-08 Year

The importance of externality in economic devlopment was introduced by
Rangnar Nurkse
Scitovsky
Je Meds
Hirshman

Match the period of Five Year Plan

Five Year Plan Period

a) Third Five Year Plan 1. 2002-07

b) Seventh Five Year Plan 2. 2012-17

c) Nineth Five Year Plan 3. 1961-66

d) Twelfth Five Year Plan 4. 1985-90
A-2, B-4, C-3, D-1
A-4, B-2, C-1, D-3
A-1, B-3, C-2, D-4
A-3, B-4, C-1, D-2

In which one the following Five Year Plan, Indian Economy did not fix the targets for the crop production for the first time
5th Five Year Plan
6th Five Year Plan
8th Five Year Plan
10th Five Year Plan

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