A
Capital
B
Final Goods
C
Resources
D
Investments
Capital goods are physical assets that a company uses in the production process to manufacture products and services that consumers will later use. Capital goods include buildings, machinery, equipment, vehicles, and tools. Capital goods are not finished goods, instead, they are used to make finished goods.
Correct Answered :
Wrong Answered :
A
lowers, lowers
B
raises, raises
C
lowers, raises
D
raises, lowers
Generally, as price increases, people are willing to supply more and demand less and vice versa when the price falls. The theory is based on two separate "laws," the law of demand and the law of supply. The two laws interact to determine the actual market price and volume of goods on a market.
Correct Answered :
Wrong Answered :
A
Imports
B
Output
C
Labour supply
D
Unemployment
To increase potential output , Factories had to pay higher wages to get workers to work
Correct Answered :
Wrong Answered :
A
Equally distributed
B
Unequally Distributed
C
Scarce
D
Unlimited
The fundamental concept of Economics about resources is that the resources are. ... Consider a world without scarcity of resources.
Correct Answered :
Wrong Answered :
A
All Prices would be Zero
B
Markets would be unnecessary
C
Economics would no longer be a useful Subject
D
All of the Above
In theory, if there was no scarcity the price of everything would be free, so there would be no necessity for supply and demand. There would be no need for government intervention to redistribute scarce resources. ... But, if there is no scarcity, then a fall in economic growth would be meaningless.
Correct Answered :
Wrong Answered :
A
Adam Smith
B
John keynes
C
Friedrich Hayek
D
Milton Friedman
Adam Smith is considered the founder of Microeconomics in general.
Correct Answered :
Wrong Answered :
A
Adam Smith
B
John keynes
C
Friedrich Hayek
D
Milton Friedman
John Maynard Keynes is the founding father of macroeconomics.
Correct Answered :
Wrong Answered :
A
Must be kept constant
B
Must also be analyzed
C
Must not be taken into consideration
D
None of these
The economic system operates without staffing how they should operate. ... Every law is subject to clause “other things being Constant”
Correct Answered :
Wrong Answered :
A
Land and Capital
B
Land and Labour
C
Land, Labour and Capital
D
Land, Labour, Capital and Investment
Factors of production are inputs used to produce an output, or goods and services. They are resources a company requires to attempt to generate a profit by producing goods and services. Factors of production are divided into four categories: land, labor, capital and entrepreneurship.
Correct Answered :
Wrong Answered :
A
GDP
B
GNP
C
GINI
D
HDI
The Gini index, or Gini coefficient, is a measure of the distribution of income across a population developed by the Italian statistician Corrado Gini in 1912. It is often used as a gauge of economic inequality, measuring income distribution or, less commonly, wealth distribution among a population.
Correct Answered :
Wrong Answered :
A
Opportunity cost
B
Purchasing Power Parity
C
Disposable Income
D
Consumer Price Index
Opportunity cost is the value of the best alternative forgone in making any choice.
Correct Answered :
Wrong Answered :
A
1950
B
1955
C
1957
D
1960
India became independent on 15 August 1947 and was left with a legacy of non-decimal coinage. One rupee was divided into 16 annas or 64 pice, with each anna therefore equal to 4 pice. In 1957, India shifted to the decimal system, but for a short period both decimal and non-decimal coins were in circulation. To distinguish between the two pice, the coins minted between 1957 and 1964 have the legend “Naya Paisa” (“new” paisa). The denominations in circulation were 1, 2, 5, 10, 20, 25, 50 (naya paise and one rupee which remained as the same pre-decimal value. Therefore pre-decimal coins of one, half and quarter rupees could remain in circulation after decimalisation. The rupee remained unchanged in value and nomenclature. It, however, was now divided into 100 paisa instead of 16 annas or 64 pice. For public recognition, the new decimal paisa was termed ‘Naya Paisa’ till 1 June 1964 when the term Naya was dropped.
Correct Answered :
Wrong Answered :
A
liberation of bonded labour
B
bringing up cultural revolution in India
C
demands of textile labourers
D
upliftment of the poorest of the poor
Antyodaya Anna Yojana (AAY) is a centrally sponsored scheme which was launched on December 25, 2000 for one crore of the poorest families. It is an important milestone in providing foodgrains to the poor. It contemplated providing 25 kg. of foodgrains per month at highly subsidized rates of Rs. 2 per kg. for wheat and Rs. 3 per kg. for rice to each Antyodaya family. This scheme reflects the commitment of the Government of India to ensure food security for all, create a hunger free India in the next five years and to reform and improve the Public Distribution System so as to serve the poorest of the poor in rural and urban areas.
Correct Answered :
Wrong Answered :
A
Capitalist economy
B
Socialist economy
C
Traditional economy
D
Mixed economy
There are primarily two types of economies capitalist or free market economy and socialist economy. Mixed economy is a median between these two main economies taking some characteristics of either of them. We have adopted mixed economy in India. All the basic industries such as railways, post and telegraph, defence production, atomic energy etc. are in the public sector. Industries dealing with consumer goods are in the private sector. India has a pubic private partnership economy
Correct Answered :
Wrong Answered :
A
to provide term loans to state co-operative banks
B
to assist state governments for share capital contribution
C
to act as re-finance institution
D
All of the above
NABARD is the apex institution in the country which looks after the development of the cottage industry, small industry and village industry, and other rural industries. Its other functions are: to coordinate the rural financing activities of all institutions engaged in developmental work at the field level and maintain liaison with Government of India, State Governments, Reserve Bank of India (RBI) and other national level institutions concerned with policy formulation; to re-finance the financial institutions which finances the rural sector; to regulate the cooperative banks and the RRB’s, etc. NABARD’s refinance is available to State Co-operative Agriculture and Rural Development Banks (SCARDBs), State Co-operative Banks (SCBs), Regional Rural Banks (RRBs), Commercial Banks (CBs) and other financial institutions approved by RBI.
Correct Answered :
Wrong Answered :
A
Public Accounts Committee
B
Union Ministry of Finance
C
Finance Commission
D
Inter-State Council
Finance Commission of India is established under Article 280 of the Indian Constitution by the President of India to define the financial relations between the centre and the state. It is entrusted with the task of distribution of net proceeds of taxes between Centre and the States, to be divided as per their respective contributions to the taxes; determine factors governing Grants-in Aid to the states and the magnitude of the same; and work with the State Finance Commissions and suggest measures to augment the Consolidated Fund of the States so as to provide additional resources to Panchayats and Municipalities in the state.
Correct Answered :
Wrong Answered :
A
Capitol of Asokan Pillar
B
Kuber with a purse of money
C
Tiger before a Palm tree
D
A dog sitting in a defensive state
The logo of the Reserve Bank of India comprises a tiger walking underneath a palm tree. It is contended that the Reserve Bank of India copied the tiger and palm tree symbol from the gold Mohur issued by the East India Company in the 19th century. The double Mohur of William IV had a nice reverse, which was a symbol of Lion and a Palm tree. When RBI was created, it was decided that the reverse of Double Mohur, the Lion and Palm design should be used as the emblem of RBI. The last minute modification was made introducing Tiger instead of Lion
Correct Answered :
Wrong Answered :
A
Lion
B
Tiger
C
Panther
D
Elephant
The logo of the Reserve Bank of India comprises a tiger walking underneath a palm tree. When RBI was created, it was decided that the reverse of Double Mohur, the Lion and Palm design should be used as the emblem of RBI. The last minute modification was made introducing Tiger instead of Lion
Correct Answered :
Wrong Answered :
A
Sales tax
B
Excise duty
C
Income tax
D
Property tax
The principal source of States own tax revenues is sales tax which accounts for about 60 per cent of the total. The other major components of States own tax revenues according to their revenue share are State excise, registration and stamp duty, motor vehicle and passenger tax, electricity duty, land revenues, profession tax, entertainment taxes and other sundry taxes. In the wake of economic reforms, several States competitively announced various tax concessions, especially sales tax concessions, to attract private investments. These tax wars resulted in considerable reduction in the buoyancy of growth of tax revenues of the States without commensurate gains in terms of private investment.
Correct Answered :
Wrong Answered :
A
reduce the rate of growth of population
B
borrow foreign capital
C
step up the rate of savings
D
increase the rate of investment and reduce the capital output ratio
The immediate effect of devoting a larger share of national output to investment is that the economy devotes a smaller share to consumption; that is, “living standards” as measured by consumption fall. The higher investment rate means that the capital stock increases more quickly, so the growth rates of output and output per worker rise. According to Smith, in a developing economy, both income level and capital stock rise. In addition to this, the rate of capital accumulation also shows a tendency to increase. This leads to increase in the capital stock in successive periods as investment keeps on increasing. Another important factor which contributes to the progress of an economy is the successive decline in the incremental capital-output ratio due to the influence of capital on the productivity of labour
Correct Answered :
Wrong Answered :
A
Central Government
B
State Government
C
Centre and States
D
Corporation authorities
The proceeds of income tax are compulsorily shareable between the Centre and the States. It is imposed and collected by the Central government but the proceeds are shared between the both. The share of the states in the net proceeds of income tax has varied from 55 per cent as under the First Finance Commission to 85 per cent as under the ninth Commission. regarding criterion for fixation of the shares of individual states, the percentage of the net proceeds of income tax assigned to them, the first to seventh finance commissions recognised ‘population’ and contribution to be the relevant factors. So a major portion of the proceeds of income tax goes to the states. But, the truth is they are shared between the centre and the states.
Correct Answered :
Wrong Answered :
A
money value of goods and services produced in a country during a year.
B
money value of stocks and shares of a country during a year.
C
money value of capital goods produced by a country during a year.
D
money value of consumer goods produced by a country during a year.
National Income is one of the basic concepts in macroeconomics. National Income means the total income of the nation. The aggregate economic performance of the whole economy is measured by the national income data. National Income refers to the money value of all final goods and services produced by the normal residents of a country while working both within and outside the domestic territory of a country in an accounting year. National Income also includes net factor income from abroad. Symbolically, Y = PG + PS, where, Y = National Income; P = Price; G = Goods; and S = Service.
Correct Answered :
Wrong Answered :
A
II Schedule of Banking Regulation Act
B
II Schedule of Constitution
C
II Schedule of Reserve Bank of India Act
D
None of the above
Commercial banks are classified into two:
(a) Scheduled banks and
(b) other banks. A scheduled bank is one which is included in the second schedule of Reserve Bank of India Act, 1934.
A scheduled bank should comply with the following terms:
(i) It must have paid up capital and reserves as specified; and
(ii) the activities to be carried out should not be detrimental to the interests of the depositors; and
(iii) it should be incorporated under the Companies Act, 1956, that is, it should not be the sole trader for
Correct Answered :
Wrong Answered :
A
Profits and new firms join the market
B
Profit and bar entry to new firms
C
Makes losses and exit the market
D
Quick profit and disappears
In the short-term, it is possible for economic profits to be positive, zero, or negative. When price is greater than average total cost, the firm is making a profit.
Correct Answered :
Wrong Answered :
A
Balancing of demand and supply position
B
Aggregate demand
C
Aggregate supply
D
Government intervention
Balancing of demand and supply position
Correct Answered :
Wrong Answered :
A
Professor A Samulson
B
Giffen
C
Prof. Ragner Frisch
D
Eagle
Prof. Ragner Frisch
Correct Answered :
Wrong Answered :
A
Consumer behavior
B
National income
C
Economic growth
D
Balance of payment and trade
Consumer behavior
Correct Answered :
Wrong Answered :
A
More production of both the things with increase in technology or factor inputs supply
B
More production of one at the expense of other
C
More production of one items at the expense of other with increase in technology or factor input supply
D
Less than full employment situation
More production of both the things with increase in technology or factor inputs supply
Correct Answered :
Wrong Answered :
A
Output method
B
Expenditure method
C
Income method
D
All of above
All of above
Correct Answered :
Wrong Answered :
A
downward to the left
B
downward to the right
C
upward to the right
D
upward to the left
downward to the right
Correct Answered :
Wrong Answered :