Top 550+ Solved Economics (GK) MCQ Questions Answer
Q. Bank rate is the rate of interest:
a. At which public borrows money from Commercial Banks
b. At which public borrows money from R.I.
c. At which Commercial Banks borrow money from R.B.I.
d. At which Commercial Banks borrow money from the public
Q. Which of the following can be used for checking inflation temporarily?
a. Increase in wages
b. Decrease in money supply
c. Decrease in taxes
d. None of these
Q. he annual record for all the monetary transactions of a country with other countries of the world is known as -
a. Balance of trade
b. Balance of monetary-receipts
c. Balance of payments
d. Balance Sheet
Q. A country's balance of trade is unfavorable when —
a. exports exceed imports
b. imports exceed exports
c. terms of trade become unfavorable
d. None of these
Q. Which one of the following categories of workers is termed as cultivators?
a. Those who own land and cultivate
b. Those who lease in land and cultivate
c. Those who cultivate the land of others
d. Those who own land and lease in from others or institutions and cultivate
Q. The reserves held by Commercial Banks over and above the statutory minimum, with the RBI are called -
a. Cash reserves
b. Deposit reserves
c. Excess reserves
d. Momentary reserves
Q. J. B. Say's Law of Market was not accepted by -
a. Adam Smith
b. Marshall
c. Malthus
d. David Ricardo
Q. The time element in price analysis was introduced by :
a. J.M. Keynes
b. Alfred Marshall
c. J.S. Mill
d. J.R. Hicks
Q. Selling cost have to be incurred in case of -
a. Perfect Competition
b. Monopoly
c. Monopolistic Competition
d. None of the given options
Q. Inflation is a situation characterized by
a. Too much money chasing too few goods
b. Too few money chasing too much goods
c. Too many people chasing too few goods
d. Too many people chasing too little money
Q. 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
Q. 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
Q. Price mechanism is a feature of -
a. Capitalist economy
b. Barter economy
c. Mixed economy
d. Socialist economy
Q. The main feature of a capitalist economy is -
a. Administered prices
b. Public ownership
c. Economic planning
d. Private ownership
Q. 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