Important Economy Questions for SSC & Railway Exam 2018: 12 December

Dear Readers, GA section is taken on the light note but plays a vital role in achieving the score required to cross the cut off marks.We are providing Important Economy Questions for this, it will help you to score good in GA section if you regularly follow the contents provided on scaffold website and adda247 app regarding general knowledge important questions.We wish you the best wishes for all the upcoming exams.

 

Q1. In which type of economy property and businesses are owned and controlled by individuals?
किस प्रकार की अर्थव्यवस्था में, संपत्ति और व्यवसायों का स्वामित्व और व्यक्तियों द्वारा नियंत्रित किया जाता है?
(a) Capitalist economy / पूंजीवादी अर्थव्यवस्था
(b) Socialist economy/ समाजवादी अर्थव्यवस्था
(c) Mixed economy / मिश्रित अर्थव्यवस्था
(d) Command economy/ निर्देशित अर्थव्यवस्था
Solution:
In a capitalist economy, property and businesses are owned and controlled by individuals.
Q2. The term “Keynesian Revolution” is associated with-
“Keynesian Revolution” टर्म किस से सम्बंधित है?
(a) Prof. Samuelson / प्रो. सैमुएलसन
(b) Prof. J.M. Keynes/ प्रो. जेएम केनेस
(c) Prof. Benham / प्रो. बेनहम
(d) Prof. Baumol/ प्रो. बाउमोल
Solution:
The Keynesian Revolution was a fundamental reworking of economic theory concerning the factors determining employment levels in the overall economy. John Maynard Keynes was an early 20th-century British economist, known as the father of Keynesian economics.
Q3. The existence of a parallel economy or Black Money-
समांतर अर्थव्यवस्था या ब्लैक मनी की मौजूदगी –
(a) Makes the economy more competitive/ अर्थव्यवस्था को अधिक प्रतिस्पर्धी बनाता है
(b) Makes the monetary policies less effective/ मौद्रिक नीतियों को कम प्रभावी बनाता है
(c) Ensures a better distribution of income and wealth/ आय और धन का बेहतर वितरण सुनिश्चित करता है
(d) Ensures increasing productive investment/ उत्पादक निवेश में वृद्धि सुनिश्चित करता है
Solution:
Black money is funds earned on the black market, on which income and other taxes have not been paid. Also, the unaccounted money that is concealed from the tax administrator is called black money.
Q4. _________ is a situation in which the same product or service is sold at different prices in different markets.
_________ ऐसी स्थिति है जिसमें अलग-अलग बाजारों में अलग-अलग कीमतों पर एक ही उत्पाद या सेवा बेची जाती है।
(a) Traditional pricing/ पारंपरिक मूल्य निर्धारण
(b) Cost plus pricing/ लागत सहित मूल्य
(c) Dual pricing / दोहरी कीमत
(d) None of these/इनमें से कोई नहीं
Solution:
Dual pricing is a situation in which the same product or service is sold at different prices in different markets.
Q5. Barter transactions means-
बार्टर लेनदेन का मतलब है
(a) Money acts as a medium/ पैसा एक माध्यम के रूप में कार्य करता है
(b) Coins are exchanged for goods/ सिक्के के लिए सिक्के का आदान-प्रदान किया जाता है
(c) Goods are exchanged with goods/ सामान के साथ सामान का आदान-प्रदान किया जाता है
(d) Private ownership/ निजी स्वामित्व
Solution:
Bartering occurs when two or more parties – such as individuals, businesses and nations – exchange goods or services evenly without the use of a monetary medium.
Q6. What does free trade mean in economics?
अर्थशास्त्र में मुक्त व्यापार का मतलब क्या है?
(a) Free movement of only goods from one country to another/ एक देश से दूसरे देश में केवल सामानों का नि: शुल्क आवागमन
(b) Movement of goods free of cost/ माल की नि: शुल्क में आवाजाही
(c) Unrestricted exchange of goods and service/ माल और सेवा के अप्रतिबंधित विनिमय
(d) None of these/ इनमें से कोई नहीं
Solution:
Free trade is a policy to eliminate discrimination against imports and exports. Buyers and sellers from different economies may voluntarily trade without a government applying tariffs, quotas, subsidies or prohibitions on goods and services. Free trade is the opposite of trade protectionism or economic isolationism.
Q7. Fluctuation of economy including economic expansion and recession over a period of time is called ____.
आर्थिक विस्तार और समय की अवधि में मंदी सहित अर्थव्यवस्था में उतार-चढ़ाव को ____ कहा जाता है।
(a) Expansion / विस्तार
(b) Recession/ मंदी
(c) Business cycle/ व्यवसाय चक्र
(d) Deficits/ घाटे
Solution:
Business cycle can be referred to as fluctuation of economy over a period of time. This fluctuation includes economic expansion and recession. One example to explain this would be my stock portfolio. During the economic expansion, technology and banking stocks tend to outperform.
Q8. With which form of economy is the term ‘Laissez-faire’ associated?
अर्थव्यवस्था के किस प्रकार के साथ ‘अहस्तक्षेप’ शब्द जुड़ा हुआ है?
(a) Mixed economy/ मिश्रित अर्थव्यवस्था
(b) Socialist economy/ समाजवादी अर्थव्यवस्था
(c) Capitalist economy / पूंजीवादी अर्थव्यवस्था
(d) None of these/इनमें से कोई नहीं
Solution:
Laissez-faire is an economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs and subsidies.
Q9. ________ is a good that is in greater demand as its price increases.
________ एक सामान है जो कीमत बढ़ने के साथ अधिक मांग में है.
(a) Essential goods / आवश्यक सामान
(b) Capital goods/ पूंजीगत वस्तुएं
(c) Veblen goods / वेबलेन वस्तु
(d) Giffen goods/ गिफ़न वस्तुएँ
Solution:
A Giffen good, in economic theory, is a good that is in greater demand as its price increases. For example, if the price of an essential food staple, such as rice, rises it may mean that consumers have less money to buy more expensive foods, so they will actually be forced to buy more rice.
Q10. Externality theory is the basic theory of the following branch of Economics-
बाह्यता सिद्धांत अर्थशास्त्र की निम्नलिखित शाखा का मूल सिद्धांत है-
(a) Environomics /इन्वाइरोनॉमिक्स
(b) Fiscal Economics/ वित्तीय अर्थशास्त्र
(c) unrestricted exchange of goods and service/ माल और सेवा के अप्रतिबंधित विनिमय
(d) Trade free of duty/ कर्तव्य मुक्त व्यापार
Solution:
An externality is a positive or negative consequence of an economic activity experienced by unrelated third parties. Environomics provides economic and policy analysis on environmental, energy and health and safety regulations and issues.
Q11. Goods whose demand is proportional to price are called-
जिन वस्तुओं की मांग कीमत के अनुपात में होती है उन्हें क्या बुलाया जाता है?
(a) Inferior goods / निकृष्ट वस्तुएँ
(b) Normal goods/ सामान्य वस्तुएँ
(c) Veblen goods/ वेबलेन वस्तु
(d) Exclusive goods/ विशेष सामान
Solution:
Goods whose demand is proportional to price are called Veblen good . Veblen goods are a type of luxury goods for which the quantity demanded increases as the demand for that product increases the price too increases it can be said as an apparent contradiction of the law of demand.
Q12. Macroeconomics deals with-
समष्टि अर्थशाश्त्र किसके साथ संबंधित है?
(a) The circular flow of income/ आय का परिपत्र प्रवाह
(b) The decision making of a single economic variable like demand/ एक एकल आर्थिक चर का निर्णय जैसे मांग
(c) Resource allocation at firm level/ फर्म स्तर पर संसाधन आवंटन
(d) Equilibrium prices and quantities/ संतुलन मूल्य और मात्रा
Solution:
Macroeconomics is the branch of economics that studies the behavior and performance of an economy as a whole.
Q13. Which sector is the largest employer in India?
भारत में कौन सा क्षेत्र सबसे बड़ा नियोक्ता है?
(a) Manufacturing / उत्पादक
(b) Agriculture/ कृषि
(c) Services / सेवाएं
(d) None of these/इनमें से कोई नहीं
Solution:
The agricultural sector is the largest employer in the Indian economy. It employs nearly 51% of the labour force in India. However, this sector accounts for only about 17% of India’s GDP.
Q14. Which of the following will cause an increase in demand for a good?
निम्न में से क्या वस्तुओं की मांग में वृद्धि का कारण होता है?
(a) an increase in income if the good is an inferior goods/ यदि वस्तु एक निम्न वस्तु है तो आय में वृद्धि
(b) an increase in the price of its substitute goods/ वैकल्पिक वस्तुओं की कीमत में वृद्धि
(c) a decrease in income if the good is a normal goods/ यदि वस्तु एक समान्य वस्तु है तो आय में कमी
(d) None of these/इनमें से कोई नहीं
Solution:
A substitute good, in contrast to a complementary good, is a good with a positive cross elasticity of demand. This means a good’s demand is increased when the price of another good is increased; both in the same direction.
Q15. The relationship between the value of money and the price level in an economy is-
अर्थव्यवस्था में धन के मूल्य और मूल्य स्तर के बीच क्या संबंध है?
(a) Direct / प्रत्यक्ष
(b) Inverse/ उलटा
(c) Proportional / आनुपातिक
(d) Stable/ स्थिर
Solution:
As the price level increases over time, the value of money decreases.
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