Important Economy Questions for SSC & Railway Exam 2018: 20 November

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.Who is called the father of Economics?
अर्थशास्त्र के पिता किसे कहा जाता है?
(a) J.M. Keynes / जे.एम. कीन्स
(b) Malthus/ माल्थस
(c) Ricardo / रिकार्डो
(d) Adam Smith/ एडम स्मिथ

Show Answer
Sol.Adam Smith is widely regarded as the father of modern economics. 

Q2.The theory of distribution relates to which of the following?
वितरण का सिद्धांत निम्नलिखित में से किस से संबंधित है?
(a) The distribution of assets/ संपत्ति का वितरण
(b) The distribution of only income/ केवल आय का वितरण
(c) The distribution of factor payments/ फैक्टर भुगतान का वितरण
(d) Equality in the distribution of the income and wealth/ आय और धन के वितरण में समानता

Show Answer
Sol. Distribution theory, in economics, the systematic attempt to account for the sharing of the national income among the owners of the factors of production—land, labour, and capital.

Q3.Micro-economics is also called-
व्यष्टि अर्थशास्त्र की _______ भी कहा जाता है?
(a) Income theory / आय सिद्धांत
(b) Investment theory/ निवेश सिद्धांत
(c) Price theory / मूल्य सिद्धांत
(d) Expenditure theory/ व्यय सिद्धांत

Show Answer
Sol. Price theory, also known as microeconomics, is concerned with the economic behaviour or individual consumers, producers, and resource owners.

Q4.The concept of joint sector implies cooperation between
संयुक्त क्षेत्र की अवधारणा के बीच सहयोग का तात्पर्य है?
(a) Public sector and private sector industries/ सार्वजनिक क्षेत्र और निजी क्षेत्र के उद्योग
(b) State Government and Central Government/ राज्य सरकार और केंद्र सरकार
(c) Domestic and Foreign Companies/ घरेलू और विदेशी कंपनियां
(d) None of these/इनमें से कोई नहीं

Show Answer
Sol. The joint sector would include units in which both public and private investments have taken place and where the state takes an active part in direction and control. .

Q5.A ‘Market Economy’ is one which-
एक ‘बाजार अर्थव्यवस्था’ वह है जो-
(a) Is controlled by the Government/ सरकार द्वारा नियंत्रित है
(b) Is free from the Government control/ सरकारी नियंत्रण से मुक्त है
(c) In influenced by international market forces/ अंतरराष्ट्रीय बाजार बलों से प्रभावित
(d) All of these/उपर्युक्त सभी

Show Answer
Sol. A market economy is an economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country’s individual citizens and businesses. There is little government intervention or central planning.

Q6.‘Hire and Fire’ is the policy of-
‘हायर एंड फायर’ किस की नीति है?
(a) Capitalism / पूंजीवाद
(b) Socialism/ समाजवाद
(c) Mixed economy / मिश्रित अर्थव्यवस्था
(d) Traditional economy/ पारंपरिक अर्थव्यवस्था

Show Answer
Sol. Capitalism is an economic system based on the freedom of private ownership of the means of production and their operation for profit.

Q7.The Economic development depends on-
आर्थिक विकास किस पर निर्भर करता है?
(a) Natural resources / प्राकृतिक संसाधन
(b) Capital formation/ पूंजी निर्माण
(c) Size of the market /बाज़ार का साइज़
(d) All of these/उपर्युक्त सभी
Show Answer
Sol. Economic development is the process by which a nation improves the economic, political, and social well-being of its people.

Q8.Which of the following is a part of tertiary sector?
निम्नलिखित में से कौन सा तृतीयक क्षेत्र का हिस्सा है?
(a) Power and Transportation/ बिजली और परिवहन
(b) Animal Husbandry/ पशुपालन
(c) Cotton Manufacturing/ कपास विनिर्माण
(d) Cultivation of Crops/ फसलों की खेती
Show Answer
Sol. The tertiary industry is the segment of the economy that provides services to its consumers, including a wide range of businesses such as financial institutions, schools and restaurants. It is also known as the tertiary sector or service industry/sector.

Q9.What are the main components of basic social infrastructure of an economy?
अर्थव्यवस्था के सामाजिक बुनियादी ढांचे के मुख्य घटक क्या हैं?
(a) Education, Industry and Agriculture/ शिक्षा, उद्योग और कृषि
(b) Education, Health and Civil Amenities/ शिक्षा, स्वास्थ्य और नागरिक सुविधाएं
(c) Transport, Health and Banks/ परिवहन, स्वास्थ्य और बैंक
(d) Industry, Trade and Transport/ उद्योग, व्यापार और परिवहन
Show Answer
Sol. Social Infrastructure is a subset of the infrastructure sector and typically includes assets that accommodate social services, examples of Social Infrastructure Assets include schools, universities, hospitals, prisons and community housing.

Q10.A closed economy is one which-
बंद अर्थव्यवस्था वह है जो-
(a) Does not trade with other countries/ अन्य देशों के साथ व्यापार नहीं करता है
(b) Does not possess any means of international transport/ अंतरराष्ट्रीय परिवहन का साधन नहीं रखता है
(c) Does not have a coastal line/ तटीय रेखा नहीं है
(d) Is not a member of the UNO/ यूएनओ का सदस्य नहीं है
Show Answer
Sol. A closed economy is self-sufficient, which means no imports come into the country and no exports leave the country.

Q11.In a centrally planned economy, the ____________ plans all the important activities in the economy.
एक केंद्रीय नियोजित अर्थव्यवस्था में, ____________ अर्थव्यवस्था में सभी महत्वपूर्ण गतिविधियों की योजना बनाते है.
(a) Industrialists/ उद्योगपति
(b) Citizens / नागरिक
(c) Government/ सरकार
(d) Judiciary/ न्यायतंत्र

Show Answer
Sol. A centrally planned economy is an economic system in which the state or government makes economic decisions rather than the these being made by the interaction between consumers and businesses.

Q12.What is the meaning of ‘Laissez Faire Policy’?
अबन्धन व्यापार नीति का अर्थ क्या है?
(a) Fair legislation / उचित विधान
(b) Control over trade/ व्यापार पर नियंत्रण
(c) Withdrawal of ‘some restrictions’/ ‘कुछ प्रतिबंधों’ को वापस लेना
(d) None of these/इनमें से कोई नहीं
Show Answer
Sol. laissez-faire describes a system or point of view that opposes regulation or interference by the government in economic affairs beyond the minimum necessary to allow the free enterprise system to operate according to its own laws.

Q13. ‘Law of demand’ implies that when there is excess demand for a commodity, then –
‘मांग का कानून’ का तात्पर्य है कि जब किसी वस्तु के लिए अतिरिक्त मांग होती है, तो
(a) Price of the commodity falls/ वस्तु की कीमत गिरती है
(b) Price of the commodity remains same/ वस्तु की कीमत समान रहती है
(c) Price of the commodity rises/ वस्तु की कीमत बढ़ती है
(d) Quantity demanded of the commodity falls/ वस्तु की मांग की मात्रा में गिरावट 
Show Answer
Sol. The law of demand states that quantity purchased varies inversely with price.
Q14. The demand curve shows that price and quantity demanded are-
मांग वक्र से पता चलता है कि मांग की गई कीमत और मात्रा क्या है?
(a) Directly related only/ केवल सीधे संबंधित है
(b) Directly proportional and also directly related/ सीधे आनुपातिक और सीधे संबंधित
(c) Inversely proportional and also inversely related / विपरीत आनुपातिक और विपरीत रूप से संबंधित
(d) Inversely related only/ केवल विपरीत संबंधित है
Show Answer
Sol. The demand curve is the graph depicting the relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at any given price.

Q15.A horizontal demand curve is-
एक क्षैतिज मांग वक्र है-
(a) Relatively elastic / अपेक्षाकृत लोचदार
(b) Perfectly elastic/ पूरी तरह से लोचदार
(c) Perfectly inelastic / पूरी तरह से गैरलोचदार
(d) Relatively inelastic/ अपेक्षाकृत गैरलोचदार
Show Answer
Sol. In the case of a product with a horizontal demand curve, elasticity is said to be perfectly elastic. When the price of a perfectly elastic good or service increases above the market price, the quantity demanded falls to zero.

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