RRB JE Economy Quiz: 3rd April

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)

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S1. Ans.(c)
Sol. The economy of India is a developing mixed economy.

Q2. 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

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S2. Ans.(b)
Sol. The Arthashastra summarizes the political thoughts of Kautilya.

Q3. 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

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S3. Ans.(b)
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.

Q4. The demand for Luxury goods __________ as income increases.
आय बढ़ने के साथ लक्ज़री गुड्स की मांग __________
(a) Rises /बढती है
(b) Falls/घटती है
(c) Remians constant /समान रहती है
(d) None of these/इनमें से कोई नहीं

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S4. Ans.(a)
Sol. Luxury items have income elasticity of demand, which means as people become wealthier, they will buy more of such goods. In the same way, if there is a decline in income, demand for luxury items will decline.

Q5. 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

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S5. Ans.(a)
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.

Q6. 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

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S6. Ans.(a)
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.

Q7. 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

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S7. Ans.(c)
Sol. Semi-durable goods are goods that are neither perishable nor lasting, such as clothing or furniture.

Q8. 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

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S8. Ans.(a)
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.

Q9. 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

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S9. Ans.(a)
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.

Q10. 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

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S10. Ans.(a)
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).