Economics GK Questions Practice Question and Answer

Q:

“Interest is a reward for parting with liquidity” is according to

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  • 1
    Keynes
    Correct
    Wrong
  • 2
    Marshall
    Correct
    Wrong
  • 3
    Haberler
    Correct
    Wrong
  • 4
    Ohlin
    Correct
    Wrong
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Answer : 1. "Keynes "

Q:

The four factors of production are

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  • 1
    land, labour, capital, organisation
    Correct
    Wrong
  • 2
    land, electricity, water, labour
    Correct
    Wrong
  • 3
    labour, capital, land, rainfall
    Correct
    Wrong
  • 4
    labour, climate, land, tools
    Correct
    Wrong
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Answer : 1. "land, labour, capital, organisation"

Q:

If the change in demand for a commodity is at a faster rate than change in the price of the commodity, the demand is

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  • 1
    perfectly inelastic
    Correct
    Wrong
  • 2
    elastic
    Correct
    Wrong
  • 3
    perfectly elastic
    Correct
    Wrong
  • 4
    inelastic
    Correct
    Wrong
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Answer : 3. "perfectly elastic "

Q:

A fall in demand or rise in supply of a commodity–

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  • 1
    Increases the price of that commodity
    Correct
    Wrong
  • 2
    decreases the price of that commodity
    Correct
    Wrong
  • 3
    neutralises the changes in the price
    Correct
    Wrong
  • 4
    determines the price elasticity
    Correct
    Wrong
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Answer : 2. "decreases the price of that commodity"

Q:

Which of the following statements is/are correct about the neighbouring countries of India?
(A) India supported Maldives in 2022 with a grant of nearly $4 billion to support the dwindling economy.
(B) India has the highest GDP in dollar terms as compared to Sri Lanka, Bhutan and Bangladesh.

517 0

  • 1
    Only B
    Correct
    Wrong
  • 2
    Neither A nor B
    Correct
    Wrong
  • 3
    Only A
    Correct
    Wrong
  • 4
    Both A and B
    Correct
    Wrong
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Answer : 1. "Only B"
Explanation :

1. Only B is correct.

2.  India has the highest GDP in dollar terms as compared to Sri Lanka, Bhutan and Bangladesh.

Q:

The Indian census is generally held every ______. 

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  • 1
    tenth year
    Correct
    Wrong
  • 2
    fourth year
    Correct
    Wrong
  • 3
    fifth year
    Correct
    Wrong
  • 4
    seventh year
    Correct
    Wrong
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Answer : 1. "tenth year "

Q:

What is the contribution of agriculture sector in GDP of India in 2017-18?

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  • 1
    0.154
    Correct
    Wrong
  • 2
    0.192
    Correct
    Wrong
  • 3
    0.16
    Correct
    Wrong
  • 4
    0.171
    Correct
    Wrong
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Answer : 4. "0.171"

Q:

In the law of demand, the statement “Other things remain constant” means

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  • 1
    income of consumer should not change
    Correct
    Wrong
  • 2
    price of other goods should not change
    Correct
    Wrong
  • 3
    taste of consumer should not change
    Correct
    Wrong
  • 4
    All of the above
    Correct
    Wrong
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Answer : 4. "All of the above"

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