McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: General Knowledge (GK) , Union Public Service Commission (UPSC) .
| 951. |
The dominant body of economic thinking, economic method and economic style in the period from 18th to 19th century is termed as |
| A. | Modern Economics |
| B. | Mathematical Economics |
| C. | Classical Economics |
| D. | None of the above |
| Answer» C. Classical Economics | |
| 952. |
The economic system with little or no external trade is called: |
| A. | Open economy |
| B. | Autarky |
| C. | Close economy |
| D. | All of the above |
| Answer» C. Close economy | |
| 953. |
Privately owned banks operating cheque current accounts, receiving deposits, taking in and paying out notes and coins and making loans are generally called |
| A. | Central Banks |
| B. | Commercial Banks |
| C. | State Banks |
| D. | All of the above |
| Answer» B. Commercial Banks | |
| 954. |
A percentage of the value of a transaction taken by an intermediary as payment for his services is called: |
| A. | Profit |
| B. | Commission |
| C. | Percentage |
| D. | Fee |
| Answer» B. Commission | |
| 955. |
In economic theory, a tangible good or service resulting from the process of production is known as |
| A. | Product |
| B. | Article |
| C. | Commodity |
| D. | Item |
| Answer» C. Commodity | |
| 956. |
Which of the following is an example of common market? |
| A. | European Union |
| B. | Mercosur |
| C. | Andean Pact |
| D. | All of the above |
| Answer» D. All of the above | |
| 957. |
The law governing the establishment and conduct of incorporated business enterprise is called |
| A. | Civil Law |
| B. | Natural Law |
| C. | Company Law |
| D. | Cyber Law |
| Answer» C. Company Law | |
| 958. |
The profits retained in the business and set aside for specified purposes are known as |
| A. | Company Shares |
| B. | Company Assets |
| C. | Company Reserves |
| D. | Company Gains |
| Answer» C. Company Reserves | |
| 959. |
Pairs of goods for which consumption is interdependent e.g., cars and petrol or cups and saucers are known as: |
| A. | Complementary Goods |
| B. | Finished Goods |
| C. | Both of the above |
| D. | None of the above |
| Answer» A. Complementary Goods | |
| 960. |
The interest due by applying the rate to the sum of the capital invested plus the interest previously earned and reinvested is referred to as |
| A. | Simple Interest |
| B. | Compound Interest |
| C. | Both of the above |
| D. | None of the above |
| Answer» B. Compound Interest | |
| 961. |
Short-term loans to the public for the purchase of specific goods is called: |
| A. | Commercial Credit |
| B. | Public Credit |
| C. | Consumer Credit |
| D. | None of the above |
| Answer» C. Consumer Credit | |
| 962. |
An economic good or commodity purchased by households for final consumption is called: |
| A. | Consumer good |
| B. | Consumption good |
| C. | Final good |
| D. | All of the above |
| Answer» D. All of the above | |
| 963. |
An index (index number) of the prices of goods and services purchased by consumers to measure the inflation rate or the cost of living is called |
| A. | Consumer Price Index |
| B. | Retail Price Index |
| C. | Both of the above |
| D. | None of the above |
| Answer» C. Both of the above | |
| 964. |
The use of resources to satisfy current needs and wants is called: |
| A. | Depletion |
| B. | Dissipation |
| C. | Consumption |
| D. | Destruction |
| Answer» C. Consumption | |
| 965. |
A statement of the rights and obligations of each party to a transaction or transactions is called: |
| A. | Treaty |
| B. | Compact |
| C. | Contract |
| D. | Covenant |
| Answer» C. Contract | |
| 966. |
A business function concerned with the formulation of long term objectives and the development of plans to achieve them is called: |
| A. | Business Planning |
| B. | Corporate Planning |
| C. | Both of the above |
| D. | None of the above |
| Answer» B. Corporate Planning | |
| 967. |
A piece of paper entitling the owner to money payments, cutprice or free goods or rations is called |
| A. | Cheque |
| B. | Note |
| C. | Coupon |
| D. | Bond |
| Answer» C. Coupon | |
| 968. |
A measure of the expectation of the population that the government, or monetary authorities will adhere to policies delivering low inflation is called |
| A. | Credibility |
| B. | Faith |
| C. | Integrity |
| D. | None of the above |
| Answer» A. Credibility | |
| 969. |
Credit is the use or possession of goods without immediate payment. Which of the following is a type of credit? |
| A. | Consumer credit |
| B. | Bank credit |
| C. | Trade credit |
| D. | All of the above |
| Answer» D. All of the above | |
| 970. |
A plastic, personal magnetized card with the name and account number of the holder and the expiry date embossed is referred to as: |
| A. | Master Card |
| B. | Visa Card |
| C. | Credit Card |
| D. | Green Card |
| Answer» C. Credit Card | |
| 971. |
One to whom an amount of money is due is called: |
| A. | Creditor |
| B. | Debtor |
| C. | Both of the above |
| D. | None of the above |
| Answer» A. Creditor | |
| 972. |
Which of the following is referred to as international currency because it is regarded as acceptable for the settlement of international debts? |
| A. | Yen |
| B. | Dollar |
| C. | Rupee |
| D. | Dinar |
| Answer» B. Dollar | |
| 973. |
The bank account on which deposits do not earn interest, but can be with drawn by cheque at any time is called: |
| A. | Demand Account |
| B. | Current Account |
| C. | Fixed Account |
| D. | Profit and Loss Account |
| Answer» B. Current Account | |
| 974. |
Prices unadjusted for changes in the purchasing power of money are called: |
| A. | Historic Prices |
| B. | Current Prices |
| C. | Market Prices |
| D. | None of the above |
| Answer» B. Current Prices | |
| 975. |
The practice of searching for correlation in data with the purpose of generating theoretical hypotheses is called |
| A. | Data Collection |
| B. | Data Communication |
| C. | Data Mining |
| D. | Data Compression. |
| Answer» C. Data Mining | |
| 976. |
A cartel is an organization formed by producers. Its objectives are: |
| A. | To allocate market shares |
| B. | To control production |
| C. | To regulate prices |
| D. | All of the above |
| Answer» D. All of the above | |
| 977. |
A loss in social welfare deriving from a policy or action that has no corresponding gain is called: |
| A. | Deadweight Waste |
| B. | Deadweight Loss |
| C. | Both of the above |
| D. | None of the above |
| Answer» B. Deadweight Loss | |
| 978. |
The number of deaths occurring in any year for every 1000 of the population is referred to as |
| A. | Death Ratio |
| B. | Death Rate |
| C. | Both of the above |
| D. | None of the above |
| Answer» B. Death Rate | |
| 979. |
A sum of money or other property owed by one person or organization to another is called |
| A. | Credit |
| B. | Debt |
| C. | Obligation |
| D. | All of the above |
| Answer» B. Debt | |
| 980. |
One who owes money to another is known as |
| A. | Creditor |
| B. | Debtor |
| C. | Both of the above |
| D. | None of the above |
| Answer» B. Debtor | |
| 981. |
The rebate or discount where ordinary share on a purchase that is accumulated for a particular period to encourage customers to remain with a specific supplier is called: |
| A. | Deferred Rebate |
| B. | Aggregated Rebate |
| C. | Both of the above |
| D. | None of the above |
| Answer» C. Both of the above | |
| 982. |
The excess of an expenditure flow over an income flow is termed as: |
| A. | Loss |
| B. | Deficit |
| C. | Surplus |
| D. | Shortage |
| Answer» B. Deficit | |
| 983. |
The use of borrowing to finance an excess of expenditure over income is known as: |
| A. | Deficit Financing |
| B. | Debt Retirement |
| C. | Both of the above |
| D. | None of the above |
| Answer» A. Deficit Financing | |
| 984. |
A sustained reduction in the general level of prices is called: |
| A. | Inflation |
| B. | Deflation |
| C. | Disinflation |
| D. | Both B and C |
| Answer» D. Both B and C | |
| 985. |
A decline in the share of manufacturing sector in national income is termed as: |
| A. | Industralization |
| B. | Privatization |
| C. | Nationalization |
| D. | Deindustralization |
| Answer» D. Deindustralization | |
| 986. |
The desire for a particular good or service supported by the possession of the necessary means of exchange to effect ownership is called: |
| A. | Supply |
| B. | Demand |
| C. | Loss |
| D. | Incentive |
| Answer» B. Demand | |
| 987. |
The scenario that western countries face a crisis in the next few decades caused by the aging of their populations is termed as: |
| A. | Demographic Time Bomb |
| B. | Green House Effect |
| C. | Population Explosion |
| D. | All of the above |
| Answer» A. Demographic Time Bomb | |
| 988. |
The branch of economics concerned with the rate at which natural resources are consumed over time is called |
| A. | Marxism |
| B. | Capitalism |
| C. | Depletion theory |
| D. | Game Theory |
| Answer» C. Depletion theory | |
| 989. |
Money placed in an account at a financial institution and constituting a claim on it is known as |
| A. | Deposit |
| B. | Credit |
| C. | Debt |
| D. | Hoarding |
| Answer» A. Deposit | |
| 990. |
The account with a bank or other financial institution in which deposits earn interest and withdraws from which require notice is referred to as: |
| A. | Deposit Account |
| B. | Current Account |
| C. | Profit-Loss Account |
| D. | None of the above |
| Answer» A. Deposit Account | |
| 991. |
The reduction in value of an asset as reduction in the value of currency is known as: |
| A. | Appreciation |
| B. | Devaluation |
| C. | Depreciation |
| D. | All of the above |
| Answer» C. Depreciation | |
| 992. |
A downturn in the business cycle in which there is a sustained high level of unemployment is called |
| A. | Inactivity |
| B. | Depression |
| C. | Paralysis |
| D. | Decline |
| Answer» B. Depression | |
| 993. |
The process of invigorating activity in a sector of the economy by reducing the government controls that have the effect of creating barriers to entry is called |
| A. | Privatization |
| B. | Regulation |
| C. | Deregulation |
| D. | All of the above |
| Answer» C. Deregulation | |
| 994. |
The reduction of the fixed official rate at which one currency is exchanged for another in a fixed exchange rate regime is termed: |
| A. | Appreciation |
| B. | Depreciation |
| C. | Devaluation |
| D. | None of the above |
| Answer» C. Devaluation | |
| 995. |
Investment in the foreign operations of a company through acquisition of a foreign operation, or establishment of a new site is called: |
| A. | Direct Investment |
| B. | Installation |
| C. | Indirect Investment |
| D. | None of the above |
| Answer» A. Direct Investment | |
| 996. |
Taxation on the income and resources of individuals or organization is known as: |
| A. | Double Taxation |
| B. | Indirect Taxation |
| C. | Direct Taxation |
| D. | All of the above |
| Answer» C. Direct Taxation | |
| 997. |
A deduction from face value is referred to as: |
| A. | Premium |
| B. | Discount |
| C. | Reward |
| D. | None of the above |
| Answer» B. Discount | |
| 998. |
The extension in the range of goods and services in a firm or geographic region is called: |
| A. | Reduction |
| B. | Expansion |
| C. | Diversification |
| D. | Modification. |
| Answer» C. Diversification | |
| 999. |
The amount of a company’s profit that the board of directors decides to distribute to ordinary shareholders is known as: |
| A. | Deficit |
| B. | Dividend |
| C. | Loss |
| D. | Capital |
| Answer» B. Dividend | |
| 1000. |
The allocation of labour such that each worker specializes in one or a few functions in the production process is known as: |
| A. | Division of Labour |
| B. | Distribution of Wealth |
| C. | Efficient Worker |
| D. | None of the above |
| Answer» A. Division of Labour | |
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