Indian Economy Practice Question and Answer

Q:

The Surplus earned by a factor other thus land in the short period is referred as –

479 0

  • 1
    Economic Rent
    Correct
    Wrong
  • 2
    Net Rent
    Correct
    Wrong
  • 3
    Quasi-Rent
    Correct
    Wrong
  • 4
    Super-Normal Rent
    Correct
    Wrong
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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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  • 1
    Amartya Sen
    Correct
    Wrong
  • 2
    Milton Freedman
    Correct
    Wrong
  • 3
    Irwing Fischer
    Correct
    Wrong
  • 4
    James Duezan Berry
    Correct
    Wrong
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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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  • 1
    Abhraham Lincon
    Correct
    Wrong
  • 2
    Benzamin Frankllin
    Correct
    Wrong
  • 3
    J.F. Kennedy
    Correct
    Wrong
  • 4
    Roozwelt
    Correct
    Wrong
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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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  • 1
    Land
    Correct
    Wrong
  • 2
    Restaurant
    Correct
    Wrong
  • 3
    Building
    Correct
    Wrong
  • 4
    Factory
    Correct
    Wrong
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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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  • 1
    Primary Sector
    Correct
    Wrong
  • 2
    Secondary Sector
    Correct
    Wrong
  • 3
    Tertiary Sector
    Correct
    Wrong
  • 4
    Technology Sector
    Correct
    Wrong
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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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  • 1
    Assets, Liabilities and Debt Position
    Correct
    Wrong
  • 2
    Public sector, Private Sector and Joint Sector
    Correct
    Wrong
  • 3
    Income, Product and Expenditure
    Correct
    Wrong
  • 4
    Enterprise, Households and Government
    Correct
    Wrong
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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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  • 1
    Military Phase
    Correct
    Wrong
  • 2
    Political Reign
    Correct
    Wrong
  • 3
    Social Phase
    Correct
    Wrong
  • 4
    Economic Postulates
    Correct
    Wrong
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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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  • 1
    Ragnar Frisch
    Correct
    Wrong
  • 2
    I. Fischer
    Correct
    Wrong
  • 3
    James Tobin
    Correct
    Wrong
  • 4
    Garle
    Correct
    Wrong
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Answer : 1. "Ragnar Frisch "
Explanation :

Explain: -In 1933, Ragnar Frisch firstly used the words “Micro” and “Macro”

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