MCQs on Economics -27

1. Arrange the following theories in the chronological order :
I. Restatement of Quantity Theory
II. Income Theory
III. Quantity Theory
IV. Cash Balance Approach
Select the correct answer from the given codes :
Codes :
(A) I, II, IV, III
(B) III, I, II, IV
(C) IV, III, I, II
(D) III, IV, II, I


2. It is often true that as the economy begins to recover from a recession, the unemployment rate rises because
(A) as the economy initially recovers from a recession the demand for goods and services falls, so the demand for workers falls.
(B) as the economy begins to recover from a recession, workers who were previously discouraged about their chances of finding a job begin to look for work again.
(C) as the economy begins to recover from a recession because of the errors in the way the data are collected.
(D) as the economy initially recovers from a recession, firms do not immediately increase the number of workers they hire. Firms wait to hire more individuals until they are convinced that the recovery is strong.


3. The imposition of an import tariff by a large nation
(A) usually improves the nation’s terms of trade and increases the volume of trade.
(B) worsens the nation’s terms of trade but increases the volume of trade
(C) worsens the nation’s terms of trade and reduces the volume of trade.
(D) usually improves the nation’s terms of trade but reduces the volume of trade.


4. The value of foreign trade multiplier will be high under the condition when
(A) marginal propensity to save is high
(B) marginal propensity to import is high
(C) there is increase in exports
(D) marginal propensity to consume domestic goods is high


5. Match the weight of different industry groups between List-I & List-II:
List – I                                                List – II
a. Basic goods industries                    1. 45.7
b. Capital goods industries                  2. 8.8
c. Intermediate goods industries          3. 15.7
d. Consumer goods industries             4. 29.8
Codes:
       a b c d
(A) 1 2 3 4
(B) 2 4 3 1
(C) 3 2 1 4
(D) 1 3 4 2


6. Which of the following is not the part of National Telecom Policy (NTP) 2012 in India?
(A) Strive to create One-Nation-One License across services and service areas.
(B) Achieve One Nation – Full Mobile number portability
(C) To work towards ‘Right to Broadband’
(D) Recognize telecom as basic goods industry


7. Percentage share of the manufacturing output of India in the world total is now
(A) 2.2 percent
(B) 3.9 percent
(C) 6.2 percent
(D) 7.5 percent


8. India’s current account deficit in Balance of Trade is mainly due to
(a) Increasing imports of oil and petroleum
(b) Increasing imports of gold and silver
(c) Increasing imports of food grains
(d) Increasing imports of iron and steel
Codes:
(A) (a), (b) and (c)
(B) (a) and (c)
(C) (a) and (b)
(D) (a) and (d)


9. The MRTP Act of 1969 has been
(A) replaced by Competition Act 2002
(B) merged in Industrial Policy Act of 1978
(C) replaced by Trade Union (Amendment) Act 2001
(D) merged in Industrial Policy Act of 1991


10. In the context of agricultural development the trickle down theory has been interpreted to suggest that
a. Growth in agriculture output without radical institutional reforms will reduce the incidence of poverty.
b. Growth in agriculture output with radical institutional reforms will reduce the incidence of poverty
c. Only radical institutional reforms can reduce the incidence of poverty.
d. Only growth in agriculture output will reduce incidence of poverty.
(A) Both a and b
(B) Both a and c
(C) b only
(D) d only


11. Productivity of groundnut is highest in
(A) U.S.A.
(B) Mexico
(C) India
(D) China


12. NAFED is a
(A) Company
(B) Non-Government Organisation
(C) Government Body
(D) Cooperative Organisation


13. List – I                                       List – II
I. National Agricultural Policy         1. 2004
II. Marine Fishing Policy                 2. 1978
III. New Foreign Trade Policy         3. 2000
IV. Seventh Finance Commission   4. 2004
Codes :
       I II III IV
(A) 2 1 3 4
(B) 4 3 1 2
(C) 1 4 2 3
(D) 3 1 4 2


14. Upto which census, synchronous de facto method was adopted in India wherein the census was conducted throughout the country in a single night?
(A) 1901
(B) 1931
(C) 1951
(D) 1971


15. List – I               List – II
I. GATT                  1. Managing balance of payments
II. IMF                     2. Developmental Finance
III. IBRD                  3. Free Trade
IV. UNO                  4. Maintenance of peace among nations
Codes :
       I II III IV
(A) 2 1 4 3
(B) 3 1 2 4
(C) 2 3 1 4
(D) 4 1 3 2

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