Economy through Objective Questions

Economy: An Introduction

economy through questions



1. Who is called father of Modern
Economics?                                                   [MPPCS (Mains) 2010]
(A) Adam Smith                      (B) Marshal
(C) Keynes                               (D) Robins


2. Which one of the following is
the major feature of the Indian
Economy?  
                                                                     [UPSC (Pre) 2015]
(A) A capitalist economy
(B) A socialist economy
(C) A mixed economy
(D) None of the above


3. Paul Krugaman is a/an
                                                                    [MPPCS (Mains) 2009]
(A) Scientist
(B) Sportsman
(C) Banker
(D) Economist

4. Indian Economy is characterised as
                                                                       [UPPCS (Pre) 1995]
(A) backward economy
(B) developed economy
(C) developing economy
(D) underdeveloped economy


5. The Gandhian economy is based on
the principle of 
                                                                     [UPPCS (Pre) 2013]
(A) Competition
(B) Trusteeship
(C) State control
(D) None of the above



6. Who among the following had
propounded the concept of
‘Trusteeship’?                                             [UPPCS (Mains) 2012]
(A) M.N. Roy
(B) Aurobindo Ghosh
(C) Mahatma Gandhi
(D) G.K. Gokhale


7.For the existence of a market which
is indispensable?                                          [MPPCS (Pre) 1997]
(A) Banks
(B) Economic laws
(C) Prices
(D) Trade unions

8. The Indian Economy is a
                                                                    [UPPCS (Mains) 2017]
(A) Liberal economy
(B) Socialist economy
(C) Mixed economy
(D) None of the above


9. Mixed economy in India means
                                                        [UPPCS (Mains) 2007, 2014]
(A) Co-existence of large and small
scale industries
(B) Foreign collaboration in
economic development
(C) Co-existence of public and
private sector
(D) None of the above  


10. The credit of developing the
concept of modern economic
growth goes to                                         [HCS (Pre) 2011]
(A) Arthur Lewis
(B) Michael P. Todaro
(C) Gunnar Myrdal
(D) Simon Kuznet


11. ‘Underdeveloped countries are
the slums of world economy’ the
statement is given by
                                                    [Andhra Pradesh PSC (Pre) 2014]
(A) Ragnar Nurkse
(B) A.N. Cairncross
(C) Colin Clark
(D) Jagdish Bhagwati


12. Which among the following is a
characteristic of underdevelopment?
                                                                 [HCS (Pre) 2014]
(A) Vicious circle of poverty
(B) Raising mass consumption
(C) Growth of industries
(D) High rate of urbanisation


13. Economically, one of the results of
the British rule in India in the 19th
century was the                                                  [UPSC (Pre) 2018]
(A) increase in the export of Indian
handicrafts
(B) growth in the number of Indian
owned factories
(C) commercialisation of Indian
agriculture
(D) rapid increase in the urban
population


14. Assertion (A): The emergence of
economic globalism does not imply
the decline of socialist ideology.

Reason (R): The ideology of
socialism believes in universalism
and globalism.
                                                        [Goa PSC (Pre) 1997]
In the context of the given two
statements, which of the following
is correct?

Code
(A) Both (A) and (R) are true and
(R) is the correct explanation of
(A)
(B) Both (A) and (R) are true,
but (R) is not the correct
explanation of (A)
(C) (A) is true, but (R) is false
(D) (A) is false, but (R) is true






Answer Sheet

1. (A) 2. (D) 3. (C) 4. (C) 5. (B) 6. (C) 7. (C) 8. (C) 9. (C) 10. (D)
11. (B) 12. (A) 13. (C) 14. (A)