General Knowledge

Quiz on Basic Economics

economics questions / answers

Economics

Question 1
Sellers market denotes a situation where
A
Commodities are available at competitive rates
B
Supply exceeds demand
C
Demand exceeds supply
D
Supply and demand are equal
Question 2
'Closed Economy' is that economy in which ____
A
Deficit financing takes place
B
Money supply is fully con-trolled
C
Only export takes place
D
Neither export nor import takes place
Question 3
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
Only 1
C
Only 2
D
All 1,2 and 3
Question 4
Ques. Which of the following is generally free from trade barriers and where exports and imports from a large percentage of GDP ?
A
Modern Economy
B
Macro Economics
C
Open Economy
D
Closed Economy
Question 5
GDP in a country is usually calculated by
A
System of National Accounts
B
National Statistical Agency
C
International Monetary Fund
D
Finance Minister
Question 6
Marx belonged to—

Related: Family Law Hindu HUF Law Question Paper

A
Germany
B
France
C
Holland
D
Britain
Question 7
Which of the following theories was given by Karl Marx ?

Related: ITBP SI Job Guide

A
Functional theory
B
Theory of class struggle
C
None of these
D
Evolutionary theory
Question 8
Which of the following terms is not used in Economics ?
A
Ad Valoram Tax
B
Break even
C
HIV positive
D
Demand and Supply
Question 9
Which of the following terms is used in Economics ?
A
Keynesian
B
Affinity Matrix
C
Gene Flow
D
Adsorption
Question 10
During period of inflation, tax rates should—

Related: All States Chief Ministers in India

A
Decrease
B
Remain constant
C
Fluctuate
D
Increase
Question 11
 The terms ‘Micro Economics’ and ‘Macro Economics’ were coined by—
A
Ragner Nurkse
B
Alfred Marshall
C
J.M. Keynes
D
Ragner Frisch
Question 12
Lack of access to financial services is technically known as
A
Financial Instability
B
Financial Exclusion
C
Financial Inclusion
D
Financial Stability
Question 13
Development means economic growth plus

Related: Environmental law questions and answers

A
Social change
B
Inflation
C
Price stability
D
Deflation
Question 14
When too much money is chasing too few goods, the situation is
A
Stagflation
B
Deflation
C
Inflation
D
Recession
There are 14 questions to complete.
Share with your Friends...
Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin
Pin on Pinterest
Pinterest
Print this page
Print

About the author

Vishal Arora

Leave a Comment