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1140+ Economics (GK) Solved MCQs

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) .

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501.

If a change in all inputs leads to a proportionate change in output, it is case of -

A. Constant returns to scale
B. Diminishing returns to scale
C. Increasing returns to scale
D. Variable returns to scale
Answer» A. Constant returns to scale
Explanation: If output increases by that same proportional change as all inputs change then there are constant returns to scale (CRS). If output increases by less than that proportional change in inputs, there are decreasing returns to scale (DRS). If output increases by more than that proportional change in inputs, there are increasing returns to scale (IRS).
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502.

Which of the following is a consequence of inflationary price rise?

A. Obstacle in development
B. Increase in economic inequalities
C. All of these
D. Adverse effect on the balance of payment
Answer» C. All of these
Explanation: Inflationary price rise is harmful to a country's economic performance and to the welfare of its citizens. It can create a random redistribution of income given that inflation does not have an equal impact on individuals and groups. The balance of payments may deteriorate because domestic inflation stimulates import spending, given that imports appear relatively cheaper, and dampens export sales. A continuous price rise can be an obstacle to development as it has an adverse effect on saving and investment and causes a fall in growth.
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503.

Price mechanism is a feature of -

A. Capitalist economy
B. Barter economy
C. Mixed economy
D. Socialist economy
Answer» A. Capitalist economy
Explanation: Price mechanism is an economic term that refers to the manner in which the prices of commodities affect the demand and supply of goods and services. It is essentially a feature of market-driven or capitalist economic systems. It is based on the principle that only by allowing prices to move freely will the supply of any given commodity match demand.
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504.

The main feature of a capitalist economy is -

A. Administered prices
B. Public ownership
C. Economic planning
D. Private ownership
Answer» D. Private ownership
Explanation: Capitalism is an economic system that is based on private ownership of the means of production and the production of goods or services for profit. Other elements central to capitalism include capital accumulation and often competitive markets.
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505.

Personal Income' equals -

A. The household sector's in-come
B. Private income minus savings of the corporate sector minus corporation tax
C. Personal disposable income plus miscellaneous receipts of the Goverment
D. All of the above
Answer» C. Personal disposable income plus miscellaneous receipts of the Goverment
Explanation: Disposable income is total personal income minus personal current taxes (or plus receipts of the government). In national accounts definitions, personal income, minus personal current taxes equals disposable personal income. Subtracting personal outlays (which includes the major category of personal (or, private) consumption expenditure) yields personal (or, private) savings
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506.

According to the classical system, saving is a function of -

A. Income
B. The interest rate
C. The real wage
D. The Price level
Answer» A. Income
Explanation: Saving function is a mathematical relation between saving and income by the household sector. This function captures the saving-income relation, the flip side of the consumption-income relation that forms one of the key building blocks for Keynesian economics.
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507.

Which of the following concepts are most closely associated with J.M. Keynes?

A. Control of money supply
B. Marginal utility theory
C. Indifference curve analysis
D. Marginal efficiency of captial
Answer» D. Marginal efficiency of captial
Explanation: The marginal efficiency of capital (MEC) is that rate of discount which would equate the price of a fixed capital asset with its present discounted value of expected income. The term "marginal efficiency of capital" was introduced by John Maynard Keynes in his General Theory, and defined as "the rate of discount which would make the present value of the series of annuities given by the returns expected from the capital asset during its life Just equal its supply price
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508.

When the total product rises at an increasing rate, the -

A. marginal product is zero
B. marginal product is rising
C. marginal product is falling
D. marginal product remains constant
Answer» B. marginal product is rising
Explanation: Marginal product of an input (factor of production) is the extra output that can be produced by using one more unit of the input (for instance, the difference in output when a firm's labor usage is increased from five to six units), assuming that the quantities of no other inputs to production change. Marginal product, which occasionally goes by the alias marginal physical product (MPP), is one of two measuresderived from total product. The other is average product. Marginal product is directly proportional to total product.
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509.

If an industry is characterized by economies of scale then -

A. barriers to entry are not very large
B. long run unit costs of production decreases as the quantity the firm produces increases
C. capital requirement are small due to the efficiency of the large scale operation
D. the costs of entry into the market are likely to be substantial
Answer» B. long run unit costs of production decreases as the quantity the firm produces increases
Explanation: In microeconomics, economies of scale are the cost advantages that an enterprise obtains due to expansion. There are factors that cause a producer's average cost per unit to fall as the scale of output is increased. "Economies of scale" is a long run concept and refers to reductions in unit cost as the size of a facility and the usage levels of other inputs increase.
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510.

Movement along the same demand curve is know as -

A. Extension and Contraction of Demand
B. Increase and Decrease of Demand
C. Contraction of supply
D. Increase of supply
Answer» B. Increase and Decrease of Demand
Explanation: A shift in the demand curve is caused by a factor affecting demand other than a change in price. If any of these factors change then the amount consumers wish to purchase changes whatever the price. The shift in the demand curve is referred to as an increase or decrease in demand. A movement along the demand curve occurs when there is a change in price, This may occur because of a change in supply conditions. The factors affecting demand are assumed to be held const ant.
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511.

What are gilt-edged securities?

A. Securities issued by the multinational companies.
B. Securities issued by the Government
C. Securities issued by the private sector
D. Securities issued by the joint venture companies
Answer» B. Securities issued by the Government
Explanation: Gilt-edged securities are bonds issued by governments. They are government securities, i.e., instruments issued by the government to borrow money from the market. Gilt-edged securities are a high-grade investment with very low risk.
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512.

Which curve shows the inverse relationship between unemployment and inflation rates?

A. Supply curve
B. Indifference curve
C. IS curve
D. Phillips curve
Answer» D. Phillips curve
Explanation: The Phillips curve shows the inverse relationship between inflation and unemployment: as unemployment decreases, inflation increases. The relationship, however, is not linear. Graphically, the short-run Phillips curve traces an L-shape when the unemployment rate is on the x-axis and the inflation rate is on the y-axis.
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513.

Collective consumption means -

A. household consumption
B. individual consumption
C. self-consumption
D. consumption by the citizens of the country
Answer» D. consumption by the citizens of the country
Explanation: Collective consumption is a concept that refers to the many goods and services that are produced and consumed on a collective level, such as in cities or countries. These include schools, libraries, roads, bridges, public transportation, health care, welfare, fire and police protection, etc.
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514.

The market equilibrium for a commodity is determined by :

A. The market supply of the commodity.
B. The balancing of the forces of demand and supply for the commodity
C. (3) The intervention of the Government.(4)
D. The market demand of the commodity.
Answer» B. The balancing of the forces of demand and supply for the commodity
Explanation: Market Equilibrium is determined when the quantity demanded of a commodity becomes equal to the quantity supplied. The price determined corresponding to market equilibrium is known as equilibrium price and the corresponding quantity is known as equilibrium quantity.
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515.

Which of the following would not constitute an economic activity in Economics?

A. A teacher teaching students in his college
B. A teacher teaching students in a coaching institute
C. A teacher teaching his own daughter at home
D. A teacher teaching students under Sarva Shiksha Abbiyan Scheme
Answer» C. A teacher teaching his own daughter at home
Explanation: Economic activity, is quite simply, the activity of the economy. It includes the growth and shrinkage of the economy and all factors that affect this (for example Aggregate Expenditure). It is commonly measured by the GDP (Gross Domestic Product) which is probably one of the most reliable economic indicators. A teacher teaching his daughter at home is the example of a non-economic activity.
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516.

Which one of the following is not included while estimating national income through income method?

A. Rent
B. Mixed incomes
C. Pension
D. Undistributed profits
Answer» C. Pension
Explanation: The income approach equates the total output of a nation to the total factor income received by residents or citizens of the nation. Transfer incomes are excluded from national income. Therefore, wages of labourers will be included, pensions of retired workers will be excluded from national income.
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517.

Who defined investment as "the construction of a new capital asset like machinery or factory building"?

A. Hansen
B. J.M. Keynes
C. Harrod
D. J.R. Hicks
Answer» B. J.M. Keynes
Explanation: Investment expenditure refers to the creation of new assets i.e. an addition to the stock of existing capital assets. According to Keynes investment demand depends upon two factors: (1) Expected rate of profit which he calls as Marginal Efficiency of Capital (MEC). Investment demand increases with the increase in the expected rate of profit; (2) the rate of interest (IR). Investment demand decreases with the increase in the rate of interest.
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518.

An individual's actual standard of living can be assessed by -

A. Gross National Income
B. Net National Income
C. Per Capita Income
D. Disposable Personal Income
Answer» C. Per Capita Income
Explanation: The standard of living is a measure of the material welfare of the inhabitants of a country. The baseline measure of the standard of living is real national output per head of population or real GDP per capita. This is the value of national output divided by the resident population. Other things being equal, a sustained increase in real GDP increases a nation's standard of living providing that output rises faster than the total population.
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519.

The standard of living in a country is represented by its:

A. poverty ratio
B. per capita income
C. national income
D. unemployment rate
Answer» B. per capita income
Explanation: Per capita income or average income or income per person is the mean income within an economic aggregate, such as a county or city. It is calculated by taking a measure of all sources of income in the aggregate (such as GDPor Gross National Income) and dividing it by the total population. It does not attempt to reflect the distribution of income or wealth. Per capita income is often used to measure a country's standard of living. However, it is not a good standard of measuring standard of living as it is income of one person of the country.
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520.

Capital output ratio of a commodity measures -

A. its per unit cost of production
B. the amount of capital invested per unit of output
C. the ratio of capital depreciation to quantity of output
D. the ratio of working capital employed to quantity of output
Answer» B. the amount of capital invested per unit of output
Explanation: Capital Output Ratio is the ratio of capital used to produce an output over a period of time. This ratio has a tendency to be high when capital is cheap as compared to other inputs. For instance, a country with abundant natural resources can use its resources in lieu of capital to boost its output: hence the resulting capital output ratio is low. The capital output ratio tends to increase if the capital available in a country is cheaper than the other inputs. Therefore, the countries that are rich in natural resources have a low capital output ratio. This is because they can easily substitute the capital with natural resources in order to increase the output. When countries use their natural resources instead of capital then COR reduces.
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521.

Taxes on professions can be levied by :

A. State government only
B. both by state and union government
C. by panchayats only
D. Union government only
Answer» A. State government only
Explanation: In India, the professional tax is imposed at the state level. However, not all the states impose this tax. Business owners, working individuals, merchants and people carrying out various occupations comes under the purview of this tax. Professional tax is levied by particular Municipal Corporations.
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522.

A part of National Debt known as External Debt is the amount -

A. borrowed by its citizens from abroad
B. lent by its citizens to foreign governments
C. borrowed by its government from abroad
D. lent by its government to foreign government
Answer» C. borrowed by its government from abroad
Explanation: External debt (or foreign debt) is that part of the total debt in a country that is owed to creditors outside the country. The debtors can be the government, corporations or private households. The debt includes money owed to private commercial banks, other governments, or international financial institutions such as the International Monetary Fund (IMF) and World Bank.
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523.

Which of the following is not considered as National Debt?

A. National Savings Certificates
B. Long-term Government Bonds
C. Insurance Policies
D. Provident Fund
Answer» C. Insurance Policies
Explanation: Government debt is the debt owed by a central government. Governments usually borrow by issuing securities, government bonds and bills. Government Bonds are often issued via auctions at Stock. Exchanges. There are two main depository types: Book-Entry and Certificate. Insurance policies do not come under government debt. In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the insured, known as the policyholder, which determines the claims which the insurer is legally required to pay.
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524.

Disinvestments is -

A. offloading of shares of privates companies to government
B. offloading of government shares to private companies
C. increase in investment
D. closing down of business concerns
Answer» B. offloading of government shares to private companies
Explanation: Disinvestment is a process where Government sells its equity holding to private sectors. In other ways it is a privatization process where private parties are given shareholding in Government undertakings either wholly or partially.
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525.

Acording to Keynesian theory of income determination, at full employment, a fall in aggregate demand causes -

A. a fall in prices of output and resources
B. a fall in real gross National product and employment
C. a rise in real gross National product and investment
D. a rise in prices of output and resources
Answer» A. a fall in prices of output and resources
Explanation: In 1936, John Maynard Keynes published the book "The General Theory of Employment, Interest and Money to explain the prolonged and massive unemployment in the Great Depression. The book criticises the classical model. Keynes turns Say's Law on its head, arguing that aggregate demand determines national output and employment in the economy. In this sense, demand creates its own supply. Unlike the Classical economists, Keynes believes that prices and wages are rigid, especially in the downward direction and hence the economy is not a self-correcting mechanism. In other words, Keynes believes that as prices and wages are rigid, the economy can stay at a below-full-employment equilibrium. Suppose that the economy is at the full-employment equilibrium.
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526.

The theory of "Maximum Social Advantage" in Public Finance Was given by

A. Robbins
B. Musgrave
C. Findley
D. Dalten
Answer» D. Dalten
Explanation: The 'Principle of Maximum Social Advantage' was introduced by British economist Hugh Dalton. According to Dalton, "The best system of public finance is that which secures the maximum social advantage from the operations which it conducts."
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527.

Taxes are as certain as the death, because -

A. They constitute the major source of government revenue.
B. Government have no other source of revenue.
C. Most PSUs are run inefficiently.
D. Government has its own budget constraints.
Answer» A. They constitute the major source of government revenue.
Explanation: Benjamin Franklin's utterance, "In this world nothing can be said to be certain, except death and taxes," when applied in economics means that the largest amount of revenue raised by governments comes from taxation. The proverb draws on the actual inevitability of death to highlight the difficulty in avoiding the burden of taxes.
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528.

In the context of the stock market, IPO stands for -

A. Immediate Payment Order
B. Internal Policy Obligation
C. Initial Public Offer
D. International Payment Obligation
Answer» C. Initial Public Offer
Explanation: An initial public offering (IPO) or stock market launch is a type of public offering where shares of stock in a company are sold to the general public, on a securities exchange, for the first time. Through this process, a private company transforms into a public company. Initial public offerings are used by - companies to raise expansion capital, to possibly monetize the investments of early private investors, and to become publicly traded enterprises. A company selling shares is never required to repay the capital to its public investors.
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529.

Disinvestment in Public Sector is called

A. Liberalisation
B. Globalisation
C. Industrialisation
D. Privatisation
Answer» D. Privatisation
Explanation: Privatization is the process of transferring ownership of a business, enterprise, agency, public service or public property from the public sector (a government) to the privatesector, either to a business that operates for a profit or to a non-profit organization. The term can also mean government outsourcing of services or functions to private firms, e.g. revenue collection, law enforcement, and prison management.
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530.

Which one of the following is NOT an example of indirect tax?

A. Sales tax
B. Excise duty
C. Customs duty
D. Expenditure tax
Answer» D. Expenditure tax
Explanation: Expenditure tax is a taxation plan that replaces the income tax (a direct tax). Instead of applying a tax based on the income earned, tax is allocated based on the rate of spending. This is different from a sales tax, which is applied at the time the goods or services are provided and is considered a consumption tax. The major benefit for this type of tax scheme is the removal of double taxation.
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531.

Interest on public debt is a part of :

A. transfer payments by the enterprises
B. transfer payments by the Govt.
C. national income
D. interest payments by households
Answer» B. transfer payments by the Govt.
Explanation: In economics, a transfer payment (or government transfer or simply transfer) is a redistribution of income in the market system. These payments are considered to be exhaustive because they do not directly absorb resources or create output. In other words, the transfer is made without any exchange of goods or services. Examples of certain transfer payments include welfare (financial aid), interest on public debt, social security, and government making subsidies for certain businesses (firms).
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532.

A speculator who sells stocks, in order to buy back when price falls, for gain is a -

A. Bull
B. Bear
C. Boar
D. Bison
Answer» B. Bear
Explanation: A bear is a speculator who is wary of fall in prices and hence sells securities so that he may buy them at cheap price in future. He does not have securities at present but sells them at higher prices in anticipation that he will supply them business purchasing at lower prices in the future. If the prices move down as per the expectations of the bear he will earn profits out of these transactions.
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533.

Inflation can be checked by -

A. increasing exports
B. increasing money supply
C. increasing Government expenditure
D. decreasing money supply
Answer» D. decreasing money supply
Explanation: The technical and most often used way to control inflation is by tightening the money supply. The logic goes that when people do not have excess money, they will buy lesser quantity of goods and services and postpone luxurious expenses. This will reduce the demand for the products and thus lead to reduction in prices. Most central banks use high interest rates as the traditional way to fight or prevent inflation.
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534.

"Legal Tender Money" refers to :

A. Cheques
B. Drafts
C. Bill of exchange
D. Currency notes
Answer» D. Currency notes
Explanation: Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency and coins are common forms of legal tender in many countries. Legal tender money is a type of payment that is protected by law.
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535.

Gresham's Law means -

A. Good money replaces bad money in circulation
B. Bad money replaces good money in circulation
C. Good money promotes bad money in the system
D. Bad money promotes good money in the system
Answer» B. Bad money replaces good money in circulation
Explanation: Gresham's law is an economic principle that states: "When a government compulsorily overvalues one type of money and undervalues another, the under-valued money will leave the country or disappear from circulation into hoards, while the overvalued money will flood into circulation."
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536.

Free Trade refers to -

A. free movement of goods from one country to another
B. movement of goods free of cost
C. unrestricted exchange of goods and service
D. trade free of duty
Answer» A. free movement of goods from one country to another
Explanation: Free trade is a policy by which a government does not discriminate against imports or interfere with exports by applying tariffs (to imports) or subsidies (to exports) or quotas. According to the law of comparative advantage, the policy permits trading partners mutual gains from trade of goods and services. Under a free trade policy, prices emerge from supply and demand, and are the sole determinant of resource allocation. 'Free' trade differs from other forms of trade policy where the allocation of goods and services among trading countries are determined by price strategies that may differ-from those that would emerge under deregulation.
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537.

Insider trading is related to -

A. Trade sector
B. Share market
C. Credit market
D. Horse racing
Answer» B. Share market
Explanation: Insider trading is the trading of a public company's stock or other securities by individuals with access to non-public information about the company. It is related to share markets. Insider trading is an unfair practice, wherein the other stock holders are at a great disadvantage due to lack of important insider non-public information.
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538.

Situation Analysis is useful for:

A. Analysis of Capital Market
B. SWOT Analysis
C. Capital Market.
D. Analysis of Capital Market and Capital Market.
Answer» B. SWOT Analysis
Explanation: Three of the four options in the question are identical. Situation analysis refers to a collection of methods that managers use to analyze an organization's internal and external environment to understand the organization's capabilities, customers, and business environment. It is useful for Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis in which internal strengths and weaknesses of an organization, and external opportunities and threats faced by it are closely examined to chart a strategy.
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539.

Which terns is used in economics for the market value of all goods and services in one year by labour and properly supplied by the residents of the country?

A. GDP
B. GPN
C. OMP
D. GNP
Answer» D. GNP
Explanation: Gross National Product (GNP) is defined as "the market value of all goods andservices produced in one year by labour and property supplied by the residents of a country. It is contrasted to Gross domestic product (GDP), defined as "the value of all final goods and services produced in a country in I year."
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540.

Which one of the following is not a method for computing GNP?

A. Income Approach
B. Expenditure Approach
C. Savings Approach
D. Value Added Approach
Answer» A. Income Approach
Explanation: Gross National Product (GNP) can be defined as an economic statistic which includes Gross Domestic Product, plus any income earned by the residents from investments made overseas. Net factor income from abroad = income earned in foreign countries by the residents of a country - income earned by nonresidents in that country.
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541.

An economy which does not have any relation with the rest of the world is known as

A. Socialist economy
B. Closed economy
C. Open economy
D. Mixed economy
Answer» B. Closed economy
Explanation: A Closed economy is an economy in which no activity is conducted with outside economies. A closed economy is self-sufficient, meaning that no imports are brought in and no exports are sent out. The goal is to provide consumers with everything that they need from within the economy's borders.
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542.

While estimating national income which of the following is not taken into account?

A. Services of a teacher
B. Services of a doctor
C. Services of a housewife
D. Services of a maid servant
Answer» C. Services of a housewife
Explanation: Services provided by housewives can be categorized as non-economic services and thus cannot be accounted in national income which is the sum total of all the goods andservices produced in a country, in a particular period of time.
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543.

Consumptions function refers to -

A. relationship between income and employment
B. relationship between savings and investment
C. relationship between input and output
D. relationship between income and consumption
Answer» D. relationship between income and consumption
Explanation: The Consumption function is a single mathematical function used to express consumer spending. It was developed by John Maynard Keynes and detailed most famously in his book The General Theory of Employment, Interest, and Money. It is made up of autonomous consumption that is not influenced by current income and induced consumption that is influenced by the economy's income level.
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544.

Capital : Output Ratio of a measures -

A. its per unit cost of production
B. the amount of capital invested per unit of output
C. the ratio of capital depreciation to quantity of output
D. the ratio of working capital employed to quantity of output
Answer» B. the amount of capital invested per unit of output
Explanation: Capital output ratio is the ratio of capital used to produce an output over a period of time. This ratio has a tendency to be high when capital is cheap as compared to other inputs. For instance, a country with abundant natural resources can use its resources in lieu of capital to boost its output; hence the resulting capital output ratio is low.
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545.

"Supply creates its own demand" - Who said this?

A. J. B. Say
B. J. S. Mill
C. J. M. Keynes
D. Senior
Answer» A. J. B. Say
Explanation: "Supply creates its own demand" is the formulation of Say's law by John Maynard Keynes. The rejection of this doctrine is a central component of The General Theory of Employment, Interest and Money (1936) and a central tenet of Keynesian economics. Say's Law (or Say's Law of Markets), is often summarized as: "Aggregate supply creates its own aggregate demand", "Supply creates its own demand", "If you build it, they will come", and Inherent in supply is the wherewithal for its own consumption".
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546.

'Take-off stage' in an economy means -

A. Steady growth begins.
B. Economy is stagnant.
C. Economy is about to collapse.
D. All controls are removed.
Answer» A. Steady growth begins.
Explanation: Rostow's 'Stages of Economic Growth' (1960) presented five stages through which all countries must pass to become developed: 1) traditional society, 2) preconditions to take-off, 3) take-off, 4) drive to maturity, and 5) age of high mass consumption. Take-off is the short period of intensive growth, in which industrialization begins to occur, and workers and institutions become concentrated around a new industry.
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547.

Gross National Product - Depreciation Allowance =?

A. Per Capita Income
B. Gross Domestic Product
C. Personal Income
D. Net National Product
Answer» D. Net National Product
Explanation: Net National product (NNP) is Gross National Product minus a depreciation allowance for the wearing out of machines and buildings during the period. In other words, NNP= Gross National Product - Depreciation Allowance. Since NNP counts only the net additions to the nation's stock, it is less than GNP.
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548.

Interest paid by the government on the loans raised is called -

A. Debt Servicing
B. Deficit Financing
C. Discounted Budgeting
D. Bridge-loan
Answer» A. Debt Servicing
Explanation: Debt service is the amount of money required to make payments on the principal and interest on outstanding loans, the interest on bonds. or the principal of maturing bonds. An individual or company unable to make such payments is said to be "unable to service one's debt."
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549.

In an economy, the sectors are classified into public and private on the basis of -

A. employment conditions
B. nature of economic activities
C. ownership of enterprises
D. use of raw materials
Answer» C. ownership of enterprises
Explanation: The classical breakdown of all economic sectors is: primary, secondary and tertiary. However, on the basis of ownership, the sectors are: business sector, private sector (privately run businesses), public sector (state sector) and voluntary sector.
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550.

Which of the following taxes is such which does not cause rise in price?

A. Import duty
B. Income tax
C. Octoroi
D. Sales tax
Answer» B. Income tax
Explanation: The government of India imposes an income tax on taxable income of individuals, Hindu Undivided Families (H UFs), companies, firms, co-operative societies and trusts (identified as body of individuals and association of persons) and any other artificial person. Levy of tax is separate on each of the persons. The levy is governed by the Indian Income Tax Act, 1961. It does not lead to increase in price as it is dependent of income of individuals.
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