Indian Economy Practice Question and Answer
8 Q: The Surplus earned by a factor other thus land in the short period is referred as –
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6336e47593021d4ee41b07e3- 1Economic Rentfalse
- 2Net Rentfalse
- 3Quasi-Renttrue
- 4Super-Normal Rentfalse
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Answer : 3. "Quasi-Rent "
Explanation :
Explain: -The Surplus earned by a factor other than land in the short period is referred as quasi-rent.
Q: The Relationship between rate of interest and consumption level was firstly estimated by–
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650ad9d0cb11fc5036ce9d90- 1Amartya Senfalse
- 2Milton Freedmantrue
- 3Irwing Fischerfalse
- 4James Duezan Berryfalse
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Answer : 2. "Milton Freedman "
Explanation :
Explain: -With increase in rate of interest there is decrease in consumption level i.e. there is inverse relation between rate of interest and consumption level.
Q: Due to worldwide great depression, ‘New Deal’ was declared by?
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650ad8ac761b44505eca6d60- 1Abhraham Linconfalse
- 2Benzamin Frankllinfalse
- 3J.F. Kennedyfalse
- 4Roozwelttrue
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Answer : 4. "Roozwelt"
Explanation :
Explain: -New Deal definition. A group of government programs and policies established under President Franklin D. Roosevelt in the 1930s; the New Deal was designed to improve conditions for persons suffering in the Great Depression.
Q: Rent is a cost paid for–
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6336e30b5c208a6bf71b48c9- 1Landtrue
- 2Restaurantfalse
- 3Buildingfalse
- 4Factoryfalse
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Answer : 1. "Land "
Explanation :
Explain: -Rent is a cost paid for land as wages and interest are paid for labour and capital respectively.
Q: The Production of a commodity mostly through the natural process is an activity of–
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6336e2c193021d4ee41af39b- 1Primary Sectortrue
- 2Secondary Sectorfalse
- 3Tertiary Sectorfalse
- 4Technology Sectorfalse
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Answer : 1. "Primary Sector "
Explanation :
Explain: -The Production of a commodity mostly through the natural process is an activity of primary sector. For Example:– agriculture an agricultural products, fertilizers, animal husbandry etc
Q: The Social Accounting system in India is classified into–
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6336e27130141c336c3a222e- 1Assets, Liabilities and Debt Positionfalse
- 2Public sector, Private Sector and Joint Sectorfalse
- 3Income, Product and Expendituretrue
- 4Enterprise, Households and Governmentfalse
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Answer : 3. "Income, Product and Expenditure"
Explanation :
Explain: -The Social Accounting system in India is classified into income, Product and Expenditure Social accounting (also known as social accounting and auditing, social accountability, social and environmental accounting, corporate social reporting, corporate social responsibility reporting, non-financial reporting or accounting) is the process of communicating the social and environmental effects of organizations.
Q: Arthashastra by “Kautilya” is related with–
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6336e0a45c208a6bf71b2a05- 1Military Phasefalse
- 2Political Reigntrue
- 3Social Phasefalse
- 4Economic Postulatesfalse
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Answer : 2. "Political Reign"
Explanation :
Expl:- The Kautilya’s Arthasastra is related to political reign. Arthastra is an ancient Indian treatise on statecraft, economic Policy and Military strategy, written in sanskrit.
The Arthashastra is an ancient Indian treatise on statecraft, economic policy and military strategy, written in Sanskrit.
Q: “Micro” and “Macro” words was firstly used by–
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6336e02993021d4ee41ad5b8- 1Ragnar Frischtrue
- 2I. Fischerfalse
- 3James Tobinfalse
- 4Garlefalse
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Answer : 1. "Ragnar Frisch "
Explanation :
Explain: -In 1933, Ragnar Frisch firstly used the words “Micro” and “Macro”