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1) An index which is constructed from a group of variables is called:
a. Univariate index
b. Bivariate index
c. composite index
d. All of the above
ANS: C
2) ______________refers to the quantity of a commodity that a seller is willing and able to offer for sale at a given price, during a certain period of time.
a. Supply
b. Stock
c. Output
d. Revenue
ANS: A
3) Efficiency in production means:
a. producing maximum possible amount of goods and services from the maximum amount of resources.
b. producing maximum possible amount of goods and services from the given amount of resources.
c. producing minimum possible amount of goods and services from the given amount of resources.
d. producing minimum possible amount of goods and services from the minimum amount of resources.
ANS: B
4) Habits make demand for certain goods:
a. relatively inelastic
b. relatively elastic
c. unitary elastic
d. none
ANS: A
5) Which is true about DFIs of money market:
a. provide medium and long-term financial assistance
b. help in the development of industry
c. help in the development of agriculture
d. All of the above
ANS: D
6) Commercial banks are:
a. Private sector banks
b. Regional rural banks
c. Foreign banks
d. All of the above
ANS: D
7) Ed = 0 in case of ................
a) luxuries
b) normal goods
c) necessities
d) comforts
ANS: C
8) In perfect competition, the products sold are:
a. Homogenous
b. Heterogeneous
c. Un-identical
d. None
ANS: A
9) “public finance” is nothing but a study of the principles of income and expenditure of the government at:
a. central level
b. state level
c. local level
d. All of the above
ANS: D
10) Micro theory of distribution deals with the relative
a. shares of rent
b. wages
c. interest and profit
d. All
ANS: D
11) Demand is:
a. a relative concept
b. an abstract concept
c. a need concept
d. none
ANS: A
12) Macro economics is the study of:
a. Individual
b. Aggregates
c. Both
d. None
ANS: B
13) Single player market mechanism is:
a. Monopolistic
b. Perfect
c. Monopoly
d. All of the above
ANS: C
14) Capital account of BOP records all such transactions which cause:
a. Movement of services between one country and rest of the world
b. Movements of goods between one country and rest of the world
c. Change in the ownership of assets between one country and rest of the world
d. Both b and c
ANS: C
15) On increasing the price of medicines the demand for it will goes on:
a. Decreases
b. Increases
c. No change
d. Both a and b
ANS: C
16) The demand for luxury foods is:
a. Relatively elastic
b. perfectly elastic demand
c. perfectly inelastic demand
d. relatively inelastic demand
ANS: A
17) Which one is not the direct tax:
a. Proportionate tax
b. Progressive tax
c. Goods and services tax
d. Regressive tax
ANS: C
18) As per the law of diminishing marginal utility, all units of a commodity consumed are
a. exactly homogeneous
b. identical
c. heterogeneous
d. both a and b
ANS: D
19) In case of contraction of supply, the movement on the same supply curve is:
a. Downward
b. Upward
c. Right
d. Left
ANS: A
20) "Definition - Public finance is one of those subjects which are on the borderline between economics and politics." ......... given by
a) Adam Smith
b) Alfred Marshall
c) Prof. Hugh Dalton
d) Prof. Findlay Shirras
Options : 1) only a 2) only b 3) only c 4) only d
ANS: 3
21) The National Income Committee was appointed by the Government of India in
a. August 1949
b. August 1951
c. September 1949
d. September 1951
ANS: A
22) Development financial institutions were established to .............
a) provide short term funds.
b) develop industry, agriculture and other key sectors.
c) regulate the money market.
d) regulate the capital market.
ANS: B
23) Statements that are incorrect in relation to index numbers.
a) Index number is a geographical tool.
b) Index numbers measure changes in the air pressure.
c) Index numbers measure relative changes in an economic variable.
d) Index numbers are specialized averages.
Options :1) c and d 2) a and b 3) b and c 4) a and d
ANS: 2
24) The relationship between price and quantity
a. Direct
b. Inverse
c. Equal
d. None
ANS: B
25) Ragnar Anton Kittil Frisch (1895-1973), a Norwegian econometrician and economist was a joint winner with Jan Tinbergen of the________________ Nobel Prize for Economics in 1969.
a. first Nobel Prize
b. second
c. fifth
d. none
ANS: A
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