Economy Test 1

15-03-2014

1. General Theory of Employment, Interest & Money (1936) is a book written by a. John Maynard Keynes b. Amartya Sen c. Joseph Stiglitz d. Adam Smith 2. Budget Submitted in the Indian Parliament represents a. Microeconomics b. Macroeconomics c. Mesoeconomics d. None 3. National Income is a. NNPmarket price b. NNPfactor cost c. NNP d. GNP 4. The total market value of all goods & services produces by a countrys citizens is called a. GDP b. GNP c. National Income d. Percapita Income 5. In which among the following indirect taxes are added? a. Factor Cost b. Transfer Payments c. Market Price d. None of these 6. Consider the following statement and answer In a country none of its citizens go abroad to work. Under this condition which of the following is true a. GDP < GNP b. GDP = GNP c. GDP > GNP d. None of these 7. Which of the following is caused by Black Money? a. Inflation b. Disinflation c. Deflation d. None 8. Which of the following cycle is correct? a. Expansion -> Slowdown -> Growth -> Recession b. Slowdown -> Growth -> Expansion -> Recession c. Growth -> Expansion -> Slowdown -> Recession d. Expansion -> Growth -> Slowdown -> Recession 9. Laissez Faire principle is followed in a. Market Economies (Capitalists) b. Command Economy (Socialist/Communists) c. Both d. None 10. A person goes to Yamaha Showroom & buys a new bike. This showroom comes under which sector in an economy a. Primary b. Secondary c. Tertiary d. Quaternary 11. In which economy the State (govt) owns partly or wholly and directs the economy? a. Planned/Command Economy b. Market Economy c. None d. Both 12. 5 Year Plans are framed by __________ & approved by _________? (PC Planning Commission, NDC Nat. Development Council, RBI Reserve Bank of India) a. PC, NDC b. NDC, PC c. RBI, NDC d. PC, RBI