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THE ECONOMICS TEST! (try it)

15 Questions - Developed by: - Updated on: 2007-02-15 - 11,298 taken - User Rating: 3.1 of 5 - 38 votes

This quiz is for real economics lovers and ones who have a sort of passion for this subject! Well, I'll try not to make it boring but at the same time, FRUITFUL!

1

So starting off! All the best!
There are 4 definitions of economics, right? Who gave the scarcity-oriented definition?

some economist in the year 2005!
Sir Alfred Marshall
Prof. Lionel Robbins
Sir Adam Smith

2

What is the full form of GDCF?

Gross Domestic Capital Functioning
Gross Detection of Close Function
Gross Domestic Capital Formation

3

What is a 'sick unit' in economics?

a sick unit is a one which has reported cash loss for the last year of its operation and is likely to incur a cash loss for the current and following years
a sick unit is one who, due to monopoly concentration of economic power, is suffering from losses
a sick unit in economics means unit which has often indulged into several unfair business practices
a sick unit is one which has lost the faith of the buyers or consumers
a sick unit is one in whose hands the health is concentrated

4

What has been the rate of population increase in India during 1999-2000?

6.6%
17.4%
18.2%
22.1%

5

What is the main cause of increasing death rate in India?

malnutrition
famines
noise pollution

6

Especially in the case of Indian agriculture, a much large number of farmers and agricultural labourers are engaged in production but they are not really needed. Hence, their contribution to the agricultural output remains nil. What is such a situation called?

seasonal unemployment
problem of employment
disguised unemployment
underemployment

7

What is the difference between growth and development of a country?

growth is a fixed rise in per capita income and development is when there is rise in per capita income, but it changes from ear to year
growth is rise in supply and development is a rise in demand
growth is rise in national income and development is the infrastructural improvement of a country
growth(quantitative)is a rise in the per capita income and development(qualitative) is a rise in per capita income equal distribution of wealth

8

What are OPEC countries?

Organisation of Paper Exporting countries
Organisation of Petroleum Exporting Countries
Organisation of Plant Exporting Communities

9

What is regional dualism?

co-existence of two Central Banks
co-existence of rural and urban economy
co-existence of primitive and modern technology

10

When there is excess supply and less demand, what does the government do?

it asks the producer to produce less
it reduces the supply
it increases the government expenditure
it decreases the bank rates

11

Which one of these is not a private sector corporation?

HPCL
SAIL
RELIANCE
ONGC

12

Which is presently the principal export item of India?

agricultural and allied products
raw materials
mineral fuels
gems and jewellery
ores and minerals

13

Which is not an import item of India?

gems and jewellery
iron and steel
chemical fertilisers
transport equipments

14

Why do we say that 'the intensity of human wants differ'?

because the want for luxury goods is not so important as the want for the basic needs
because of the advancing world, people's wants are changing . E.g. choice of people has changed from type writer to computer
because people's choices differ

15

Which of these is known as one of the economic entities?

the government
the technical know-hows
the central bank
the resources of a country
the main sector of the country(agricultural sector in India)

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