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Latest CG Vyapam Lecturer Economics Exam Question (Objective Questions), MCQ in English

Subjects : Introduction to Economics and Statistics, Development of the Indian Economy, Microeconomics, Macroeconomics, Educational Psychology, Assessment and Evaluation in Education, Pedagogy, Pedagogical Attitudes, Language Knowledge and General Studies

Question Bank CG Vyapam Lecturer (Economics) Exam - English
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Introduction to Economics and Statistics

Question 1Single Answer
Economics primarily studies how individuals and society deal with:
  1. A
    Scarce resources and unlimited wants
  2. B
    Unlimited resources
  3. C
    Only financial resources
  4. D
    Only industrial resources
Question 2Single Answer
The fundamental economic problem arises because:
  1. A
    Human wants are limited
  2. B
    Resources have no alternative uses
  3. C
    Production is always excessive
  4. D
    Resources are scarce relative to wants
Question 3Single Answer
Consumption in economics means:
  1. A
    Creation of utility
  2. B
    Destruction of utility
  3. C
    Export of goods
  4. D
    Use of goods and services for satisfaction of wants
Question 4Single Answer
Production refers to:
  1. A
    Destruction of goods
  2. B
    Only manufacturing
  3. C
    Creation or addition of utility
  4. D
    Only agricultural activity
Question 5Single Answer
Distribution in economics deals primarily with:
  1. A
    Distribution of national income among factors of production
  2. B
    Transportation of goods
  3. C
    Retailing
  4. D
    International trade
Question 6Single Answer
Which of the following is a reward for labour?
  1. A
    Rent
  2. B
    Wage
  3. C
    Interest
  4. D
    Profit
Question 7Single Answer
The reward for capital is:
  1. A
    Rent
  2. B
    Wage
  3. C
    Salary
  4. D
    Interest
Question 8Single Answer
The reward for entrepreneurship is generally called:
  1. A
    Wage
  2. B
    Rent
  3. C
    Profit
  4. D
    Interest
Question 9Single Answer
Statistics in economics is especially useful for:
  1. A
    Eliminating all uncertainty
  2. B
    Studying only individual cases
  3. C
    Replacing economic theory completely
  4. D
    Quantitative analysis of economic phenomena
Question 10Single Answer
In the plural sense, statistics means:
  1. A
    Statistical science
  2. B
    Numerical facts or data
  3. C
    Statistical laws only
  4. D
    Mathematical formulas
Question 11Single Answer
In the singular sense, statistics refers to:
  1. A
    Numerical data only
  2. B
    Government records only
  3. C
    Methods of collecting, classifying, presenting, analysing and interpreting data
  4. D
    Population figures only
Question 12Single Answer
Which of the following is NOT normally regarded as a function of statistics?
  1. A
    Simplification of complex data
  2. B
    Facilitation of comparison
  3. C
    Forecasting
  4. D
    Establishing absolute certainty
Question 13Single Answer
Statistics generally deals with:
  1. A
    A single isolated observation only
  2. B
    Aggregates of facts
  3. C
    Qualitative descriptions only
  4. D
    Imaginary data
Question 14Single Answer
Statistical facts should generally be:
  1. A
    Unrelated to one another
  2. B
    Based only on opinion
  3. C
    Numerically expressed
  4. D
    Incapable of comparison
Question 15Single Answer
Which is a major limitation of statistics?
  1. A
    It cannot summarise data
  2. B
    It cannot be used in economics
  3. C
    It deals mainly with quantitative information
  4. D
    It cannot calculate averages

Development of the Indian Economy

Question 16Single Answer
At the time of independence, the Indian economy was primarily characterized as:
  1. A
    Highly industrialized
  2. B
    Predominantly agricultural
  3. C
    Service-sector dominated
  4. D
    Export-oriented industrial economy
Question 17Single Answer
The Indian economy under British rule experienced:
  1. A
    Rapid and balanced development
  2. B
    High industrial growth
  3. C
    Low level of economic development
  4. D
    Full employment
Question 18Single Answer
The main objective of British colonial economic policies in India was to:
  1. A
    Promote Indian industries
  2. B
    Improve Indian agriculture
  3. C
    Establish a welfare state
  4. D
    Serve the economic interests of Britain
Question 19Single Answer
Which sector employed the largest proportion of India's population at independence?
  1. A
    Agriculture
  2. B
    Manufacturing
  3. C
    Mining
  4. D
    Banking
Question 20Single Answer
Agricultural productivity during the colonial period was generally:
  1. A
    Very high
  2. B
    Rapidly increasing
  3. C
    Equal to industrial productivity
  4. D
    Low and stagnant
Question 21Single Answer
One major cause of stagnation in colonial agriculture was:
  1. A
    Exploitative land tenure systems
  2. B
    Excessive mechanization
  3. C
    High agricultural subsidies
  4. D
    Overinvestment in irrigation
Question 22Single Answer
The Zamindari system primarily created:
  1. A
    Direct ownership by cultivators
  2. B
    Cooperative farms
  3. C
    Intermediaries between cultivators and the government
  4. D
    State-owned farms
Question 23Single Answer
Commercialization of agriculture under British rule meant:
  1. A
    Growing only food crops
  2. B
    Abolition of agricultural markets
  3. C
    Growing crops primarily for sale in markets
  4. D
    Nationalization of farms
Question 24Single Answer
Which of the following was an important commercial crop during colonial rule?
  1. A
    Gram only
  2. B
    Bajra only
  3. C
    Ragi only
  4. D
    Indigo
Question 25Single Answer
The colonial government generally neglected investment in:
  1. A
    Revenue collection
  2. B
    Agriculture and irrigation
  3. C
    Export infrastructure
  4. D
    Ports
Question 26Single Answer
India's traditional handicraft industries declined significantly during:
  1. A
    Colonial rule
  2. B
    The Green Revolution
  3. C
    The 1991 reforms
  4. D
    The Eleventh Plan
Question 27Single Answer
The decline of Indian handicrafts during British rule is often described as:
  1. A
    Industrial deepening
  2. B
    Globalization
  3. C
    Deindustrialization
  4. D
    Privatization
Question 28Single Answer
Which industry developed significantly in India during the second half of the nineteenth century?
  1. A
    Electronics
  2. B
    Aircraft manufacturing
  3. C
    Cotton textiles
  4. D
    Information technology
Question 29Single Answer
The jute textile industry was mainly concentrated in:
  1. A
    Bengal
  2. B
    Punjab
  3. C
    Rajasthan
  4. D
    Kerala
Question 30Single Answer
The cotton textile industry initially developed prominently in:
  1. A
    Central tribal areas only
  2. B
    North-eastern India
  3. C
    Himalayan region
  4. D
    Western India

Microeconomics

Question 31Single Answer
Microeconomics primarily studies:
  1. A
    Economy as a whole
  2. B
    General price level
  3. C
    National income only
  4. D
    Individual consumers and firms
Question 32Single Answer
The fundamental economic problem arises because:
  1. A
    Resources are unlimited
  2. B
    Wants are limited
  3. C
    Production is always constant
  4. D
    Resources are scarce relative to wants
Question 33Single Answer
Which of the following is a central problem of an economy?
  1. A
    What to produce
  2. B
    How to produce
  3. C
    For whom to produce
  4. D
    All of the above
Question 34Single Answer
The problem of “what to produce” is concerned with:
  1. A
    Choice of money supply
  2. B
    Choice of consumers
  3. C
    Distribution of income only
  4. D
    Choice of goods and quantities
Question 35Single Answer
The problem of “how to produce” relates to:
  1. A
    Choice of consumers
  2. B
    Choice of production technique
  3. C
    Determination of national income
  4. D
    Fiscal policy
Question 36Single Answer
The problem of “for whom to produce” is related to:
  1. A
    Money creation
  2. B
    Technology only
  3. C
    Foreign exchange
  4. D
    Distribution of goods and income
Question 37Single Answer
Scarcity implies that:
  1. A
    All wants can be satisfied
  2. B
    Resources are free
  3. C
    Resources have alternative uses
  4. D
    Production has no opportunity cost
Question 38Single Answer
Opportunity cost means:
  1. A
    Cost of the next best alternative forgone
  2. B
    Accounting cost
  3. C
    Total expenditure
  4. D
    Fixed cost
Question 39Single Answer
A centrally planned economy allocates resources mainly through:
  1. A
    Market forces
  2. B
    Consumer voting only
  3. C
    Government planning
  4. D
    Foreign trade
Question 40Single Answer
In a market economy, resource allocation is primarily determined by:
  1. A
    Central planning board
  2. B
    Price mechanism
  3. C
    Parliament only
  4. D
    Census authority
Question 41Single Answer
A market economy is also commonly called a:
  1. A
    Capitalist economy
  2. B
    Command economy
  3. C
    Barter economy only
  4. D
    Subsistence economy
Question 42Single Answer
In a centrally planned economy, major productive resources are generally controlled by:
  1. A
    Private households only
  2. B
    Foreign firms only
  3. C
    Government
  4. D
    Consumers only
Question 43Single Answer
Positive economics is concerned with:
  1. A
    What ought to be
  2. B
    Ethical prescriptions
  3. C
    Moral judgments only
  4. D
    What is
Question 44Single Answer
Normative economics deals primarily with:
  1. A
    Historical facts only
  2. B
    Purely factual statements
  3. C
    Statistical averages only
  4. D
    Value judgments
Question 45Single Answer
Which statement is positive?
  1. A
    Government should reduce inequality
  2. B
    Rich people should pay more tax
  3. C
    Minimum wages ought to be increased
  4. D
    Higher prices generally reduce quantity demanded, ceteris paribus

Macroeconomics

Question 46Single Answer
Macroeconomics is primarily concerned with the study of:
  1. A
    Individual consumer behavior
  2. B
    Individual firm behavior
  3. C
    Pricing of a single commodity
  4. D
    Economy-wide aggregates
Question 47Single Answer
Which of the following is a macroeconomic variable?
  1. A
    Price of wheat
  2. B
    Output of one firm
  3. C
    Demand for a single product
  4. D
    National income
Question 48Single Answer
The emergence of modern macroeconomics is closely associated with:
  1. A
    Adam Smith
  2. B
    Alfred Marshall
  3. C
    J. M. Keynes
  4. D
    David Ricardo
Question 49Single Answer
Keynes's major contribution to macroeconomics was presented in:
  1. A
    The General Theory of Employment, Interest and Money
  2. B
    Principles of Economics
  3. C
    The Wealth of Nations
  4. D
    Capital
Question 50Single Answer
The Great Depression provided an important stimulus to the development of:
  1. A
    Microeconomics
  2. B
    Welfare economics
  3. C
    Agricultural economics
  4. D
    Macroeconomics
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