General Knowledge

Quiz on Basic Economics

economics questions / answers
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Economics

Question 1
Sellers market denotes a situation where
A
Demand exceeds supply
B
Supply exceeds demand
C
Supply and demand are equal
D
Commodities are available at competitive rates
Question 2
'Closed Economy' is that economy in which ____
A
Only export takes place
B
Deficit financing takes place
C
Money supply is fully con-trolled
D
Neither export nor import takes place
Question 3
Which of the following terms is used in Economics ?
A
Keynesian
B
Adsorption
C
Gene Flow
D
Affinity Matrix
Question 4
Which of the following theories was given by Karl Marx ?

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A
Theory of class struggle
B
Functional theory
C
None of these
D
Evolutionary theory
Question 5
Which of the following terms is not used in Economics ?
A
Break even
B
Ad Valoram Tax
C
HIV positive
D
Demand and Supply
Question 6
During period of inflation, tax rates should—

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A
Increase
B
Decrease
C
Fluctuate
D
Remain constant
Question 7
When too much money is chasing too few goods, the situation is
A
Stagflation
B
Inflation
C
Deflation
D
Recession
Question 8
 The terms ‘Micro Economics’ and ‘Macro Economics’ were coined by—
A
Ragner Frisch
B
Alfred Marshall
C
J.M. Keynes
D
Ragner Nurkse
Question 9
The money which Govt. of India spends on the development of infrastructure in country comes from the which of the following sources ?
  1. Loan from World Bank/ADB etc
  2. Taxes collected from the people
  3. Loan from the RBI
A
Only 3
B
All 1,2 and 3
C
Only 1
D
Only 2
Question 10
Development means economic growth plus
A
Inflation
B
Price stability
C
Deflation
D
Social change
Question 11
Biggest planet of solar system is—
A
Mars
B
Jupiter
C
Earth
D
Saturn
Question 12
Marx belonged to—
A
Britain
B
France
C
Holland
D
Germany
There are 12 questions to complete.
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Vishal Arora

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