Top 550+ Solved Economics (GK) MCQ Questions Answer
Q. National Social Assistance Programme is aimed at providing -
a. financial support to Scheduled Castes and Scheduled Tribes
b. old age pension to very poor
c. insurance for the poor
d. All of the above
Q. Which of the following is a part of tertiary sector?
a. Power and transportation
b. Animal Husbandry
c. Cotton manufacturing
d. Cultivation of crops
Q. Equilibrium price in the market is determined by the -
a. equality between marginal cost and average cost.
b. equality between total cost and total revenue.
c. equality between average cost and average revenue.
d. equality between marginal cost and marginal revenue.
Q. Internal economies -
a. arise when there is expansion in an industry.
b. arise in an economy as it makes progress.
c. accrue to a firm when it expands its output.
d. arise when there is expansion in internal trade.
Q. One of the features of a free market economy is -
a. active state intervention
b. public ownership of factors of production
c. rationing and price control
d. consumer's sovereignty
Q. Which of the following costs is related to marginal cost?
a. Variable Cost
b. Implicit Cost
c. Prime Cost
d. Fixed Cost
Q. Which one of the following is not a dimension of human development, index?
a. Life expectancy
b. Knowledge
c. Social status
d. Standard of living
Q. Transfer payments mean -
a. Old age pensions
b. Unemployment compensations
c. Social security payments
d. All the above
Q. In accounting terms, what constitutes the 'closing stock'?
a. Net Investment
b. Gross Investment-Capital Losses
c. Opening Stock-Capital Losses
d. Opening Stock + Net Investment - Capital Losses
Q. National income accounting is the study of the income and expenditure of the entire -
a. family
b. state
c. economy
d. organisation
Q. In a business, raw materials, components, work in progress and finished goods are jointly regarded as -
a. capital stock
b. inventory
c. investment
d. net worth
Q. The gradation and standardization of agricultural products are conducted through
a. Food Corporation of India
b. Directorate of Marketing and Inspection
c. Indian Standards Institution
d. Central Statistical Organization
Q. According to the Employment Outlook 2007 reports of the Organisation for Economic Cooeration and Development (OECD), the number of new jobs created in India every year from 2000 to 2005 is -
a. 5 million
b. 8 million
c. 11 million
d. 13 million