MCQs on Economics -11

1. Mercantilism was based on the ideology of
(A) Globalization
(B) Nationalism
(C) Regionalism
(D) Privatization and Globalisation

2. Policy of Protection will benefit
(A) Abundant factor of production
(B) Scarce factor of production
(C) Both (A) & (B) are correct
(D) None of the above

3. The Stolper-Samuelson Theorem postulates that the imposition of tariff by a nation causes the real income of the nation’s
(A) both and abundant factors to rise
(B) abundant factor to rise
(C) scarce factor to fall
(D) scarce factor to rise

4. Match the items of List – I and with items of List – II from the given codes :
List – I                                                            List – II
I. Adam Smith                                                1. Opportunity cost
II. David Ricardo                                           2. Factor endowment
III. Ohlin                                                         3. Absolute advantage
IV. Haberler                                                    4. Comparative advantage

Choose the correct code :
       I II III IV
(A) 3 4 2 1
(B) 4 2 1 3
(C) 2 3 4 1
(D) 1 2 3 4

5. Match List – I with List – II :
List – I                                                List – II
I. Rybczynski Theorem                       a. The effect of tariffs on factor prices
II. Metzler Effect                                b. The effect of factor growth on production and growth
III. Stopler- Samuelson Theorem        c. The effect of tariffs on domestic prices
IV. Immiserising growth                     d. The effect of growth on terms of trade
Codes :
       I II III IV
(A) d c a b
(B) d a c b
(C) b a c d
(D) b c a d

6. Match items in List – I with the items in List – II :
List – I                                                                                                List – II
a. Rajiv Gandhi Udyami Mitra Yojana                                               1. Jointly set up by Government of India & SIDBI
b. Credit Guarantee Fund Trust of Medium and Small Enterprises   2. Lean Manufacturing
c. National Manufacturing Competitiveness Programme                   3. Control of Cartels
d. National Competition Commission of India                                  4. Promotion of first generate entrepreneurs
Codes :
       a b c d
(A) 4 1 2 3
(B) 4 2 1 3
(C) 4 3 1 2
(D) 3 4 1 2

7. Which of the following is not correct about the micro, small and medium enterprises in India ?
(A) It covers both registered and informal sectors.
(B) Its classification criteria is investment in plant and machinery.
(C) The fourth Census of the MSMEs is for the year 2009-10.
(D) According to the fourth Census of MSME, total registered MSME sector comprised 67.1 percent manufacturing units white 32.9 percent were service enterprises.

8. What is the ceiling on investment in plant and machinery for small enterprises in India ?
(A) Rs. 25 lakhs
(B) Rs. 5 crore
(C) Rs. 1 crore
(D) Rs. 10 crore

9. What is the weight of the manufacturing sector in the Industrial Production Index (2004-05 = 100) ?
(A) 69.0 percent
(B) 72.3 percent
(C) 75.5 percent
(D) 79.2 percent

10. Match items of List – I with items of List – II :
List – I                                                                        List – II
a. Bharat Nirman Yojana                                            1. Rural Housing
b. National Food for Work Programme                      2. Merged with SGSY
c. Indira Awas Yojana                                                3. Merged with SGRY
d. Supply of Improved Tool Kits to Rural Artisans   4. Rural Infrastructure
Codes :
      a b c d
(A) 4 3 1 2
(B) 4 2 1 3
(C) 4 1 2 3
(D) 2 4 1 3

11. Which one of the following is not reserved for public sector ?
(A) Atomic energy
(B) Railways
(C) Insurance
(D) Port Trust of India

12. Assertion (A) : The public distribution system in India has close links with food security for the vulnerable segments of population.
Reason (R) : Public distribution system is failure in India.
Codes :
(A) Both (A) and (R) are true and (R) is correct explanation for (A).
(B) Both (A) and (R) are true and (R) is not correct explanation for (A).
(C) (A) is true, but (R) is false.
(D) (A) is false, but (R) is true.

13. What is the share of agriculture sector in India’s National Income at present ?
(A) 5%
(B) 15%
(C) 25%
(D) 27%

14. The Service Area Approach was implemented under the purview of
(A) Lead Bank Scheme
(B) Integrated Rural Development Programme
(C) Training the Rural Youth for Self-employment
(D) Mahatma Gandhi National Rural Employment Guarantee Scheme

15. During the British Raj, the Mahalwari System in Indian Agriculture was introduced by
(A) Cornwallis
(B) Curzon
(C) Johnson
(D) W. Bentinck



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