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Objective Questions

Latest JSSC PGT Teacher Economics Exam Question (Objective Questions), MCQ in English

Subjects : Economics

Question Bank Economics - English
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Economics

Question 1Single Answer
Who distinguished between value in use and value in exchange and gave the famous example of diamonds and water ?
  1. A
    Adam smith 
  2. B
    David Ricardo
  3. C
    Alfred Marshall
  4. D
    Karl Marx
Question 2Single Answer
When income effect becomes stronger than substitution effect, the labour supply curve will :
  1. A
    Slope positively 
  2. B
    Negatively sloped
  3. C
    Bend backward 
  4. D
    Slope upwards
Question 3Single Answer
Assertion (A)   : The concept  of supply curve is meaningless for the monopolist.
Reason   (R)   : Monopolists are price setters ; it does not make reuse to ask what output they will produce at various prices.
  1. A
    Codes :
    Both (A) and (R) are correct and (R) is the correct explanation of (A)
  2. B
    (A) is correct , but (R)  is not correct 
  3. C
    Both (A) and (R) are correct , but (R) is not correct explanation of (A)
  4. D
    (R) is correct, but (A) is incorrect 
Question 4Single Answer
Predatory pricing policy is designed to :
  1. A
    drive competitors out of business
  2. B
    maximum profits
  3. C
    encourage entrants into the market
  4. D
    atain least cost output
Question 5Single Answer
Match items in List-I with items in List-II and select the correct answer from the code given below :
            List-I                                               List-II
a. The screening Hypothesis             1. George  A. Akerlof
b. Job Market signaling                     2. K. J  Arrow
c. The problem of moral                    3. M. Spencer
 hazard in the case  
 of medical insura
d. The market for lemons                4. Paul W. Miller and Paul A.
                                                       Vplcker 
  1. A
    Codes :
    (a)           (b)          (c)           (d)
    3              2              4              1
  2. B
    2              3              4              1
  3. C
    4              3              2              1
  4. D
    2              4              3              1
Question 6Single Answer
An industry whose long run supply curve is horizontal is called :
  1. A
    Constant cost industry
  2. B
    Increasing cost industry
  3. C
    Decreasing Cost Industry
  4. D
    Effisient  Industry
Question 7Single Answer
The practice of charging each consumer the reservation price is called :
  1. A
    Peak load pricing
  2. B
    Inter –tem poral  price discrimination
  3. C
    Third degree price discrimination
  4. D
    None if these
Question 8Single Answer
Frictional unemployment is also known as :
  1. A
    Disguised unemployed
  2. B
    Turnover unemployed
  3. C
    Cyclical unemployed
  4. D
    Structural  unemployment 
Question 9Single Answer
Arrange in ascending chronological order the following consumption hypotheses in which they appeared in the economics literature  :
1. Absolute increase hypothesis
2. Permanent increase hypothesis
3. Life cycle hypothesis
4. Relative increase hypothesis
  1. A
    Codes :
    1, 3, 4, 2 
  2. B
    1, 2, 4, 3
  3. C
    1, 4, 3, 2
  4. D
    1, 3, 2, 4
Question 10Single Answer
Which of the following components of aggregate demand  is self termination and self – financing  ?
  1. A
    Investment expenditure
  2. B
    Durable consumption expenditure
  3. C
    Non- durable consumption  expenditure
  4. D
    Government expenditure
Question 11Single Answer
Arrange all the four concept of money supply M1 , M2 , M3  and M4  in the ascending order in terms of their liquidity :
  1. A
    M3,  M2,  M1 , and M4 ,
  2. B
    M1,  M2,  M3 , and M4 ,
  3. C
    M4,  M2,  M3 , and M1 ,
  4. D
    M4,  M3 ,  M2 , and M1 ,
Question 12Single Answer
Who amongst the following economist imparted money demand of a portfolio theory approach  ?
1. J.M. Keynes                                             2.Bumol
3. James Tobin                                           4.Milton Friedman
  1. A
    Codes  :
    1, 2   
  2. B
    3, 4
  3. C
    1, 2, 3
  4. D
    2, 3, 4
Question 13Single Answer
Which of the following is not a characteristic feature of the Phillips curve  ?
  1. A
    The price expectation are adaptive
  2. B
    The unemployment rate,  when  money  wage stabilises , is 51/2 percent
  3. C
    The price expectations are static
  4. D
    there is a loop around Phillips curve 
Question 14Single Answer
The crowding out effect is zero when :
  1. A
    there is liquidity trap , or investment is perfectly interest inelastic
  2. B
    money demand is perfectly interest inelastic, or investment is perfectly  interest elastic
  3. C
    IS curav is falling and LM curav is rising
  4. D
    None of the above 
Question 15Single Answer
Meeting the needs of present generation without compromising the needs of future generation is :
  1. A
    Economic Development
  2. B
    Social Development
  3. C
    Sustainable development
  4. D
    Economic Growth 
Question 16Single Answer
The full capacity growth rate in Harroddomar model is also known as :
  1. A
    Actual growth rate
  2. B
    Warranted growth rate
  3. C
    natural growth rate
  4. D
    Expected growth rate
Question 17Single Answer
Inventors of HDI are :
I. Harris – Todaro                                       II.  Megnad Desai
III. Robert Solow                                       IV. Amartya  Sen
  1. A
    Codes :
    I and II are correct
  2. B
    I and III are correct
  3. C
    III and IV are correct
  4. D
    Ii and IV are correct
Question 18Single Answer
Components of PQLI :
I.  Morbidity
II. Infant mortality
III. Life expectancy at age one
IV. Basic literacy at age 15
  1. A
    Codes :
    I, III, and IV are correct.
  2. B
    III, II and IV are correct
  3. C
    I, II and III are correct
  4. D
    IV, I and II are correct
Question 19Single Answer
Assertion  (A)  : All historical events are the results of continuous the results of continuous economic struggle between different classes and groups in society .
Reason      (R)   : The main cause of this struggle is the conflict between the  ‘mode of productions’and the ‘relations of production’
  1. A
    Codes :
    (A) is correct , but (R) is wrong
  2. B
    (A) is wrong , but (R) is correct
  3. C
    Both (A) and (R) are wrong
  4. D
    Both (A) and (R) are correct
Question 20Single Answer
Match the items given in List-1 with those in List-II
List-1                                            List- II
a. Swarm-like-clusters             1. Brundtland report
b. Organic Composition           2. Ranger nurkse
    of capital                                    
c. Sustainable Development     3. Schumpeter
d. Vicious circle of poverty      4. Karl Marx
  1. A
    Codes :
    a              b             c              d
    4              2              3              1
  2. B
    3              4              1              2
  3. C
    1              3              2              4
  4. D
    2              1              4              3
Question 21Single Answer
Match the iems given in List-I with Those in List-II :
     List-I                                             List-Ii
a. Low level                                  1. Simon Kuznets
    equilibrium trap
b. inverted  ‘V’ shaped                   2. Nelson
    income distribution
    hypothesis              
c. Endogenous growth                  3. Arthur Lewis
       theory
d. Unlimited supplies                     4. Robert Solow
     of labour
  1. A
    Codes :
    A             b             c              d
    2              1              4              3
  2. B
    3              2              1              4
  3. C
    4              3              2              1
  4. D
    1              4              3              2
Question 22Single Answer
Which of the following is correct about the ‘ Hindu Growth rate’ ?
  1. A
      a. This is about economic growth of the Hindu population.
  2. B
    shows economic disparities among different social groups in india.
  3. C
    Reflects low growth performance of the Indian economy during 1950-80
  4. D
    Hints at accelerated growth in India since 1980.
Question 23Single Answer
Find out the incorrect statement about the success of economic reforms in India.
  1. A
    Benefits of demographic dividends
  2. B
    Increased share of the corporate sector in Gross Domestic Savings
  3. C
    Narrowing down of the current account deficit
  4. D
    Slow down of populations growth rate
Question 24Single Answer
Single out the activity that is not included  in the industrial provides a positive signal for industrial growth in future ?
  1. A
    Manufacturing
  2. B
    construction
  3. C
    Mining 
  4. D
    Electricity
Question 25Single Answer
High growth of which industry provides a positive signal for industrial growth in future ?
  1. A
    Capital goods industries
  2. B
    Basic goods industries
  3. C
    Durable consumer goods industries
  4. D
    Intermediate good industries 
Question 26Single Answer
Identify the method not being used for unemployment estimation by the NSSO in India.
  1. A
    Current monthly status
  2. B
    Current daily status
  3. C
    current weekly status
  4. D
    usual principal and subsidiary status 
Question 27Single Answer
The process budget making after reevaluation every time of expenditure in every finanicial year is known as:
  1. A
    Performance Budgeting
  2. B
    Fresh Budgeting
  3. C
    Debit Budgeting
  4. D
    Zero Based Budgeting 
Question 28Single Answer
Rank the states in terms of ascending Human Development Index (HDI) as per India Human Development Report 2011 :
i. Bihar                                            II. Gujarat
III. odisha                                      IV. Tamil Nadu
  1. A
    Codes :
    I, II, III, IV
  2. B
    III, I, II, IV
  3. C
    I, III, IV, II 
  4. D
    III, II, I, IV
Question 29Single Answer
A difference in relative commodity prices between  two nations can be based upon a difference in :
  1. A
    factor endowment
  2. B
    technology
  3. C
    testes
  4. D
    All of the above 
Question 30Single Answer
Which type of trade is not explained  by the Heckscher-Ohin  model ?
  1. A
    Trade based on economies  of scale
  2. B
    Intra industry trade
  3. C
    Trade based on imitation gaps and product cycles
  4. D
    All of the above 
Question 31Single Answer
An example of a Euro currency is :
  1. A
    A doller deposit outside the , U. S.
  2. B
    a pound sterling deposit within UK
  3. C
    a mark deposit with Germany
  4. D
    All of the above 
Question 32Single Answer
A deficit or surplus in the India’s  balance of payments is measured by the net balance of :
  1. A
     the current account
  2. B
    the capital account
  3. C
    allocation of SDRs  and  the statistical discrepancy
  4. D
    All of the above
Question 33Single Answer
If the demand of the domestic consumers is infinitely elastic and the supply of the foreign producer is perfectly inelastic, there the whole of the tariff will :
  1. A
    be paid by the domestic consumers
  2. B
    be paid by the foreign producer
  3. C
    be equally shared by the domestic  consumers and the foreign  producer
  4. D
    yield neither revenue nor protection to either of them 
Question 34Single Answer
The RBI made India Rupee fully Convertible in current account transactions related to goods and services in the year :
  1. A
    1985
  2. B
    2002
  3. C
    1994 
  4. D
    2011
Question 35Single Answer
According to the monetary approach , a revaluation of a nation’ s currency :
  1. A
    increases of the nation’s demand for money
  2. B
    increases the nation’s supply of money
  3. C
    reduces the nation’s demand for money
  4. D
    reduces the nation’s supply of money 
Question 36Single Answer
Arrange the following in chronological order :
1. sarkar Award
 II. Niemeyer Award
III. Deshmukh Award
IV. Meston Award
  1. A
    Codes :
    II, IV, III, I 
  2. B
    IV, III, II, I
  3. C
    III, II, IV, I 
  4. D
    IV, II, I, III
Question 37Single Answer
In which of the following , Zero Based Budgeting is difficult to Introduce  ?
I. Eastablishment charges
II. Public works
III. Irrigation Projects
IV. Federal fiscal transfers
  1. A
    Codes :
    I, III and IV are correct
  2. B
    II, III and IV are correct
  3. C
    I and IV are correct
  4. D
    II and III are correct .
Question 38Single Answer
Match the items given in List-1 with those in List-II :
   List-1                                                     List-II
a. Theory of clubs                      1. Anthony Dow
b. Impossibility theorem              2. Charles Tiebout
c. Political of Decision                3. James Buchman
    Making Model
d. Optimum provision
    of local public goods                4. Kenneth Arrow
  1. A
    Codes :
    a              b             c              d
    3              1              2              4
  2. B
    3              4              2              1
  3. C
    2              3              4              1
  4. D
    3              4              1              2
Question 39Single Answer
Which of the following tax has ‘announcement effect’ ?
  1. A
    Income Tax 
  2. B
    Property Tax
  3. C
    Excise Duties   
  4. D
    Capital gains taxation 
Question 40Single Answer
Which of the following tax is within the jurisdiction of Union or Central Government as enumerated in List-1 of schedule VII of the india Constitution ?
  1. A
    Taxes on the consumptions and sale of electricity .
  2. B
    Taxes on goods and passengers carried by road .
  3. C
    Taxes on luxuries , including entertainment .
  4. D
    Taxes on sales and purchase of newspapers and on advertisement therein 
Question 41Single Answer
A tax imposed on a commodity according to its weight, size or measurement is called  :
  1. A
    Advalorem tax  
  2. B
    Soecific tax
  3. C
    single tax  
  4. D
    Double taxations
Question 42Single Answer
Which of the following is Musgrave ‘s views on incidence of taxations ?
  1. A
    Settlement of tax on ultimate tax payer .
  2. B
    Formal and effective incidence of taxation.
  3. C
    Changes in the distribution of income for private use arising from changes in budget policy .
  4. D
    The final direct money burden of tax .
Question 43Single Answer
The analysis of variance is carried out by using :
  1. A
    t-test   
  2. B
    Z-test
  3. C
    X2-test    
  4. D
    F-test
Question 44Single Answer
Systematic sampling implies are selected randomly and :
  1. A
    the other items are selected by lottery method
  2. B
    the other items are selected  purposively
  3. C
    then every kth item is selected
  4. D
    The other items are selected at the will of the investigator 
Question 45Single Answer
Assertion (A)   : Geometric mean is theoretically considered as the best average to construct index numbers .
 Reason (R)         : Geometric mean is used if the range of observations is extremely large .
  1. A
    Codes :
    Both (A) and (R) are true and (R)  is the correct explanation of (A) .
  2. B
    Both (A) and (R) are true , but (R) is true, but (R) is not the correct explanation of (A)
  3. C
    (A) is true , but (R) is false .
  4. D
    (A) is false , but (R) is true 
Question 46Single Answer
Which of the following are the basis as-sumptions of cardinal utility and analysis ?
i. Utility is a measurable and quantifiable entity
II. Marginal utility of money changes with changes in real income
III. Utilities derived from various goods are inter-dependent
IV. The use of introspective method in judging the behaviour  of marginal utility
  1. A
    Codes :
    I  and  II and correct
  2. B
    I  and  III are correct
  3. C
    I  and IV are correct
  4. D
    I, III  and IV are correct 
Question 47Single Answer
Engel Curve denotes :
  1. A
    Various amounts of a good which a consumer would be willing to purchase  at various price levels .
  2. B
    Various amounts of a good which a consumer would be willing to purchase  at various income levels
  3. C
    Various amount of  a good purchased when the price of its substitutes tend to rise
  4. D
    The relationship between income effect and substitution effect
Question 48Single Answer
For substitutes, cross elasticity of demand is
  1. A
    Positive
  2. B
    Negative
  3. C
    Zero
  4. D
    Always less than one
  5. E
    When he produces an output smaller than that given by the minimum average Total cost
Question 49Single Answer
Assertion  (A)   :  Harvey Leilbenstein as-serted  that marginal conditions required for economic efficiency are not usually satisfied in practice
Reason   (R)  :  People are not fully motivated towards maximization or minimization
  1. A
    Codes :
    Both (A) and (R) are correct and (R) is the correct explanation of (A)
  2. B
    (A) is correct , but (R) is not correct
  3. C
    Both (A) and (R) are correct , but (R) is incorrect explanation of (A)
  4. D
    (R) is correct , but (A) is incorrect 
Question 50Single Answer
A graphical illustration used to explain efficiency conditions and demonstrates how the allocations of some goods and resources can be improved through ex-changes is called :
  1. A
    Production possibility curves
  2. B
    social indifference curves
  3. C
    Edgeworth box diagram
  4. D
    Phillips curve 
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