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Daily Practice Set, Indian Economy, Questions

OAS Prelims-2020 Daily Practice Set-18/05/2020

Paper:   General Studies Paper-I

Section:  Economic and Social Development

Topic:  Macroeconomics

Q1. The branch of economics which studies the markets, government, foreign sector etc. and their interaction with each other and others is:
a) Microeconomics
b) Macroeconomics
c) Positive economics
d) None of the above

Q2. What is/are the impact of producing consumption goods at the expense of capital goods?
a) Long term inflation
b) A road-block in the long term growth
c) Both (a) and (b)
d) None of the above

Q3. What do you understand by Disguised Unemployment?
a) Total productivity of labour is zero
b) Average productivity of labour is zero
c) Marginal productivity of labour is zero
d) Both (b) and (c)

Q4. With reference to durability, which of the following statement/s is/are correct about the capital goods and consumer goods?
a) All consumer goods are non-durable
b) Few capital goods are non-durable
c) Both (a) and (b)
d) None of the above

5. Types of goods whose demand increases with that of the increase in the income of people are called:
a) Normal goods
b) Inferior goods
c) Giffen goods
d) None of the above

6. Which of the following is a factor of production?
a) Minerals
b) Raw materials
c) Skilled professionals
d) None of the above

7. With reference to the Net National Product, which of the following statement/s is.are correct?

  1. NNP is always lower than NDP
  2. NNP is the market value of a nation’s goods and services minus capital consumption

Codes:
a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2

8. Which of the following is not a characteristic feature of capitalist economy?
a) Market determined price system
b) Right to private property
c) State ownership of factors of production
d) None of the above

9. With reference to the Gross Domestic Product which of the following statement/s is/are correct?
a) GDP is the monetary value of all the finished goods and services produced within a country’s borders
b) GDP is the measure of welfare or happiness
c) GDP is the measure of Disposable Personal income
d) All of the above

10. Identify the item/s which is/are to be excluded from Gross National Product measurement?
a) Buying and selling of security
b) Government transfer payments
c) Transfer of second hand goods
d) All of the above


Answer

  1. B
  2. C
  3. C
  4. D
  5. A
  6. C
  7. B
  8. C
  9. A
  10. D
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