Economic : Quiz

1. Which is not the characteristic of socialist or planned economy ?

(A) Government is the owner of resources

(B) Production decisions are determined by the government

(C) Profit motive

(D) None of the above

2.The main feature of mixed economy is—

(A) Combination of free market economy and centrally planned economy

(B) Production is carried out by private individuals and government

(C) Both of the above

(D) None of the above

3. Which of the following country’s economy is known as high income economy ?

(A) America

(B) U.K.

(C) Singapore

(D) All of the above

4. Which policy of economic system has been adopted by India for its economic development ?

(A) Capitalist Economy

(B) Mixed Economy

(C) Socialist Economy

(D) Centralised Planned Economy

5. A positive aspect of economic development after independence is—

(A) Creation of a large industrial base

(B) Proportion of population living below poverty line has declined

(C) Self sufficient in the production of food grains

(D) All of the above

6. The negative aspect of economic development after independence is—

(A) Problems of poverty and unemployment have not been eliminated

(B) Industrialisation did not take place as expected

(C) Many public sector enterprises started making losses

(D) All of the above

7. Reasons for the privatisation and liberalisation of public sector after 1991 are—

(A) Corruption

(B) Lack of efficiency in work

(C) Ineffective management

(D) All of the above

8. The main strategy adopted in the new economic policy of 1991 is—

(A) Liberalisation

(B) Privatisation

(C) Globalisation

(D) All of the above

9. How many industries have been reserved for government sector at present ?

(A) 3

(B) 4

(C) 5

(D) 6

10. When was World Trade Organisation set up by the member countries of the united Nations to promote trade among countries ?

(A) 1994

(B) 1995

(C) 1999

(D) 2005

11. The main objective of WTO is—

(A) Import and export restrictions to be abolished

(B) Instead of bilateral agreements, WTO expects the countries to follow multilateral agreements

(C) To regulate international trade of both goods and services

(D) All of the above

12. The largest source of National Income in India is—

(A) Agriculture Sector

(B) Industry Sector

(C) Service Sector

(D) Trade Sector

13. In which state the percentage of people living below poverty line is largest ?

(A) Orissa

(B) Bihar

(C) M.P.

(D) U.P.

14. Which of the following programmes is not for rural poverty eradication ?

(A) SGSY

(B) SJSRY

(C) PMGY

(D) All above programmes are for rural poverty eradication

15. The cause of rise in prices of goods, in the market is—

(A) Rise in money supply

(B) Increase in cost of production

(C) Increase in stocks of goods and blackmarketing

(D) All of the above

Answers
1.C
2.C
3.D
4.B
5.D
6.D
7.D
8.D
9.A
10.B
11.D
12.C
13.A
14.B
15.D