Economics - Important Questions for All Competive Exams

1. Money supply is governed by the
a. Planning Commission
b. Finance Commission
c. Reserve Bank of India
d. Commercial Banks

Answer: Reserve Bank of India

2. Which one among the following is not true for Special Economic Zones?
a. No permission for subcontracting
b. No license is required for import
c. Manufacturing and service activities are allowed
d. No routine examination of cargo for export/import by customs authorities

Answer: No permission for subcontracting

3. Which one ignores National income 
a. Sales of a firm
b. Sale of land
c. Salary of employees
d. Exports of the IT sector

Answer: Sale of land

4. Economic development depends on
a. Natural resources
b. Capital formation
c. Size of the market
d. All of the above

Answer: All of the above

5. National income is generated from
a. Any Laborious activity
b. Any Money making activity
c. Any Profit-making activity
d. Any Productive activity

Answer: Any Money making activity

6. Revealed Preference Theory was propounded by
a. Adam Smith
b. P.A.Samuelson
c. Marshall
d. S. Mill

Answer: P.A.Samuelson 

7. The Draft of the Five Year Plans in India is approved by the
a. Planning Commission
b. National Productivity Council
c. National Development Council
d. Ministry of Finance

Answer: National Development Council

8. Nature of unemployment in agriculture in India is
a. Only disguised
b. Both (a) and (b)
c. Only seasonal
d. None of the above
Answer: Only seasonal

9. The terms "Micro Economics" and "Macro Economics" were coined by
Ragner Frisch
Alfred Marshall
Ragner Nurkse
J.M. Keynes
Answer: Ragner Frisch

10. Who among the following is not a neoclassical Economist?
a. Robert Solow
b. J.E.Meade
c. Paul Rom
d. T.W.Swan

Answer: T.W.Swan

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