Economics GK Quiz

Q31. Which curve shows the inverse relationship between unemployment and inflation rates
(a) Supply curve
(b) Indifference curve
(c) IS curve
(d) Phillips curve

Q32. The term "Macroeconomics" was used by _________
(a) J. M. Keynes
(b) Ranger Frisch
(c) Ranger Nurkse
(d) Prof. Knight

Q33. The term "Production" in Economics refer to
(a) Creation of Utility
(b) Creation of Object
(c) Creation of Space
(d) Innovation of an object

Q34. The tertiary sector of an economy refers its
(a) Primary Sector
(b) Manufacturing Sector
(c) Service Sector
(d) Secondary Sector

Q35. A profit maximizing firm will stop production in short run, if price is
(a) More than Average Cost
(b) Equal to Fixed Cost
(c) Less than Average Variable Cost
(d) Less than Marginal Cost

Q36. The lowering of official exchange rate between One Country's currency and those of rest of the World is known as
(a) Demonetization
(b) Devaluation
(c) Depreciation
(d) Expansion

Q37. Which of the following pairs is not correctly matched
(a) Indifference Curve ---- Hicks
(b) Revealed Preferance Theory ---- Samuelson
(c) Cardinal Utility Approach ---- Joan Robinson
(d) Input-Output Analysis ---Leontieff

Q38. "Bad money drives good money out of Circulation" is known as
(a) Gresham's law
(b) J. S. Mill law
(c) Fishers law
(d) Monetary law

Q39. Money burden of a tax refers to
(a) reduction in consumption
(b) reduction in expenditure
(c) reduction in disposable income
(d) reduction in personal assets

Q40. In India, the Fiscal year start from
(a) 28th February
(b) 1st April
(c) 30st April
(d) 20th March

Q41. The rate at which the Reserve Bank of India gives loans to Commercial bank is called
(a) Bank rate
(b) Statutory rate
(c) Credit rate
(d) Cash Reserve rate

Q42. The Lorenz Curve shows the relationship between
(a) Deflation and Unemployment
(b) Income and Expenditure
(c) Population groups and their respective income shares
(d) Level of Income and Quantity purchased

Q43. Parallel Economy refers to
(a) Economy run by black money
(b) Exitence of Monopoly and Perfect Competition in the market
(c) Existence of Private and Public Sectors
(d) Economy run parallel with price and supply of money

Q44. Invention of Money is the outcome of
(a) Scare of resource
(b) Difficulties in Barter system
(c) People demand for money
(d) None of the above

Q45. Which of the following period is known as "Plan holiday"
(a) 1955-1960
(b) 1966-1969
(c) 1972-1977
(d) 1980-1984

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