Important Economy Questions for SSC & Railway Exam 2018: 29 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. The Indian economy can be most appropriately described as a-
भारतीय अर्थव्यवस्था को सबसे उचित रूप से किस से वर्णित किया जा सकता है-
(a) Capitalist economy / पूंजीवादी अर्थव्यवस्था
(b) Socialist economy/ समाजवादी अर्थव्यवस्था
(c) Mixed economy/ मिश्रित अर्थव्यवस्था
(d) Both (a) and (b)/दोनों (a) और (b)

Show Answer
Sol. The economy of India is a developing mixed economy.

Q2. The Removal of prohibitions and hindrance by government is called-
सरकार द्वारा निषेध और अवरोध को हटाने को क्या काहा जाता है?
(a) Globalisation / वैश्वीकरण
(b) Privatisation/ निजीकरण
(c) Liberalisation/ उदारीकरण
(d) None of these/इनमें से कोई नहीं

Show Answer
Sol. The economic liberalisation in India refers to the changes and reforms, initiated in 1991, of the country’s economic policies, with the goal of making the economy more market- and service-oriented, and expanding the role of private and foreign investment.

Q3. Arthashastra by “Kautilya” is related with-
“कौटिल्य” द्वारा अर्थशास्त्र किस से संबंधित है?
(a) Military Phase / सैन्य चरण
(b) Political Reign/ राजनीतिक शासन
(c) Social Phase / सामाजिक चरण
(d) None of these/इनमें से कोई नहीं

Show Answer
Sol. The Arthashastra summarizes the political thoughts of Kautilya.

Q4. Which of the following is not the infrastructure Sector?
इनमें से कौन सा बुनियादी ढांचा क्षेत्र नहीं है?
(a) Food Production/ खाद्य उत्पादन
(b) Construction of roads/ सड़कों का निर्माण
(c) Power generation/ विद्युत उत्पादन
(d) Expansion of air ports/ हवाई अड्डे का विस्तार

Show Answer
Sol. Infrastructure sector is a key driver for the Indian economy. The sector is highly responsible for propelling India’s overall development and enjoys intense focus from Government for initiating policies that would ensure time-bound creation of world class infrastructure in the country. Infrastructure sector includes power, bridges, dams, roads and urban infrastructure development. 

Q5. The term ‘Mixed Economy’ denotes-
शब्द ‘मिश्रित अर्थव्यवस्था’ क्या इंगित करता है?
(a) Existence of both rural and urban sectors/ ग्रामीण और शहरी दोनों क्षेत्रों की मौजूदगी
(b) Existence of both private and public sectors/ निजी और सार्वजनिक दोनों क्षेत्रों की मौजूदगी
(c) Existence of both heavy and small industries/ भारी और छोटे दोनों उद्योगों की मौजूदगी
(d) None of these/इनमें से कोई नहीं

Show Answer
Sol. A mixed economic system is a system that combines aspects of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims.

Q6. Which of the following sectors contributed more of the savings in India?
निम्नलिखित क्षेत्रों में से किसने भारत में अधिक बचत का योगदान दिया?
(a) Public Sector / सार्वजनिक क्षेत्र
(b) Household Sector/ घरेलू क्षेत्र
(c) Corporate Sector / व्यासायिक क्षेत्र
(d) Private Sector/ निजी क्षेत्र

Show Answer
Sol. A higher domestic saving rate makes larger investment possible in an economy and hence is a necessary condition for economic development.

Q7. If the price of an inferior good falls, its demand-
यदि एक अवरवस्तु की कीमत गिरती है, तो इसकी मांग
(a) Rises/बढ़ेगी
(b) Falls/गिरेगी
(c) Remians constant /समान रहेगी
(d) None of these/इनमें से कोई नहीं
Show Answer
Sol. In most cases of inferior goods the net result of the fall in price will be increase in its quantity demanded.

Q8. All of the goods which are scarce and limited in supply are called-
सभी वस्तुएं जो दुर्लभ और आपूर्ति में सीमित होते है, उन्हें क्या कहा जाता है?
(a) Luxury goods / विलास-वस्तुएं
(b) Expensive goods/ महंगी वस्तुएं
(c) Capital goods / पूंजीगत वस्तुएं
(d) Economic goods/ आर्थिक वस्‍तुएँ
Show Answer
Sol. Goods that are scarce (are in limited supply in relation to demand) are called economic goods, whereas those whose supply is unlimited and that require neither payment nor effort to acquire, (such as air) are called free goods.

Q9.  Who coined the phrase “Tragedy of the commons”?
” Tragedy of the commons ” वाक्यांश किसने दिया?
(a) Garett Hardin/ गैरेट हार्डिन
(b) Seligman/ सेलिगमैन
(c) Adolph Wagner /अडोल्फ वाग्नेर
(d) A.P Lernier/ए. पी. लेर्निएर
Show Answer
Sol. The tragedy of the commons is a term coined by scientist Garrett Hardin in 1968 describing what can happen in groups when individuals act in their own best self interests and ignore what’s best for the whole group.

Q10. Who determines the price in a Capitalistic Economy?
पूंजीवादी अर्थव्यवस्था में मूल्य कौन निर्धारित करता है?
(a) Demand and Supply/ मांग और आपूर्ति
(b) Government and Authorities/ सरकार और अधिकारी
(c) Buyers in the market / बाजार में खरीदार
(d) Sellers in the market/ बाजार में विक्रेता
Show Answer
Sol. Capitalism is an economic system in which capital goods are owned by private individuals or businesses. In a capitalistic economy the prices of goods, services and labour are determined by supply and demand.

Q11. Price mechanism is a feature of-
मूल्य तंत्र  _______ की एक विशेषता है
(a) Capitalist economy / पूंजीवादी अर्थव्यवस्था
(b) Socialist economy/ समाजवादी अर्थव्यवस्था
(c) Mixed economy / मिश्रित अर्थव्यवस्था
(d) None of these/इनमें से कोई नहीं

Show Answer
Sol. Price mechanism refers to the system where the forces of demand and supply determine the prices of commodities and the changes therein. It is the buyers and sellers who actually determine the price of a commodity.

Q12. Which of the following are consumer semi-durable goods?
निम्नलिखित में से कौन सा उपभोक्ता अर्ध-टिकाऊ सामान है?
(a) Cars and television / कारें और टेलीविजन
(b) Milk and Milk products/दूध और दूध के उत्पाद
(c) Food grains and other food products/ खाद्य अनाज और अन्य खाद्य उत्पाद
(d) Both A and B/दोनों A और B
Show Answer
Sol. Semi-durable goods are goods that are neither perishable nor lasting, such as clothing or furniture.

Q13. Production of a commodity mostly through the natural process is an activity of-
प्राकृतिक प्रक्रिया के माध्यम से ज्यादातर वस्तुओं का उत्पादन किस की एक गतिविधि है?
(a) Primary sector / प्राथमिक क्षेत्र
(b) Secondary sector/ माध्यमिक क्षेत्र
(c) Tertiary sector / तृतीयक क्षेत्र
(d) None of these/इनमें से कोई नहीं
Show Answer
Sol. Raw materials sector known as primary sector or primary production. These are the products of agriculture, crop production, animal husbandry, fisheries, forestry and mining.
Q14. The terms “Micro Economics” and Macro Economics” were coined by-
“माइक्रो इकोनॉमिक्स” और “मैक्रो इकोनॉमिक्स” शब्द किसने दिया था?
(a) Ranger Frisch / रेंजर फ्रिश
(b) Ranger Nurkse/ रेंजर नर्कसे
(c) Alfred Marshall/ अल्फ्रेड मार्शल
(d) J.M. Keynes/ जेएम केनेस
Show Answer
Sol. The terms micro and macro are used by Ragnar Frisch. Economics is studied by dividing into two types, they are Micro Economics and Macro Economics.

Q15. According to the classical system, Saving is a function of-
शास्त्रीय प्रणाली के अनुसार, बचत किस का एक कार्य है-
(a) Income / आय
(b) The interest rate/ ब्याज दर
(c) The real wage / असली मजदूरी
(d) The price level/ मूल्य स्तर
Show Answer
Sol. Saving function (or propensity to save) relates the level of saving to the level of income. It is the desire or tendency of the households to save at a given level of income. Thus, saving (S) is a function (f) of income (Y).

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