10 Important Economic MCQs for most of the Competitive Exams
Que 1: The Social Accounting system in India is classified into
(A) Assets, Liabilities and Debt Position
(B) Public sector, Private Sector and Joint Sector
(C) Income, Product and Expenditure
(D) Enterprise, Households and Government
Correct Ans: C
Que 2: The Production of a commodity mostly through the natural process is an activity of–
(A) Primary Sector
(B) Secondary Sector
(C) Tertiary Sector
(D) Technology Sector
Correct Ans: A
Que 3: Rent is a cost paid for–
(A) Land
(B) Restaurant
(C) Building
(D) Factory
Correct Ans: A
Que 4: Due to worldwide great depression, ‘New Deal’ was declared by?
(A) Abhraham Lincon
(B) Benzamin Frankllin
(C) J. F. Kennedy
(D) Roozwelt
Correct Ans: D
Que 5: The Relationship between rate of interest and consumption level was firstly estimated by–
(A) Amartya Sen
(B) Milton Freedman
(C) Irwing Fischer
(D) James Duezan Berry
Correct Ans: B
Que 6: The Surplus earned by a factor other than land in the short period is referred as
(A) Economic Rent
(B) Net Rent
(C) Quasi-Rent
(D) Super-Normal Rent
Correct Ans: C
Que 7: Labour Intensive Technique would get chosen in a–
(A) Labour Surplus Economy
(B) Capital Surplus Economy
(C) Developed Economy
(D) Developing Economy
Correct Ans: A
Que 8: Amartya Sen was awarded the Noble Prize for his contribution to
(A) Monetary Economics
(B) Welfare Economics
(C) Econometrics
(D) Development Economics
Correct Ans: B
Que 9: Amartya Sen was awarded the Noble Prize for his contribution to
(A) Monetary Economics
(B) Welfare Economics
(C) Econometrics
(D) Development Economics
Correct Ans: B
Que 10: Which of the following is not true regarding a Gram Panchayat ?
(A) It is constituted in every village with a population over 500
(B) It consists of all the adult citizens of the village
(C) Its decisions are taken by a majority vote
(D) Its decision in petty criminal cases cannot be appealed in any court of Law
Correct Ans: A
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