throughmember of the teamPublished in14.09.2021
SocialWorkin offers 100 MC questions inEconomicswith answer for your selection test.
100 MCQ in Economics with Answer
1. Who is the father of economics?
ONE.
Max Mueller
B.
Adam Smith
C.
Karl Marx
D.
none of those above
Answer B
2. The Indian economy is:
ONE.
socialist economy
B.
Gandhi's economy
C.
mixed economy
D.
free economy
Answer-C
3. Mixed economy means an economy in which
ONE.
Agriculture and industry are equally supported by the state
B.
There is a coexistence of the public sector with the private sector
C.
In addition to heavy industry, small industry is important
D.
The economy is controlled by both military and civilian rulers
Answer B
4. Of India's economic planning it cannot be said:
ONE.
indicative
B.
Imperative
C.
limited
D.
democratically
Answer B
5. Which of the following responsibilities does the planning committee have?
ONE.
plan preparation
B.
implementation of the plan
C.
plan financing
D.
none of those above
answer to
6 Which of the following will complete the proposed five-year plan?
ONE.
planning committee
B.
union cabinet
C.
National Development Council
D.
Ministry of Planning
Answer-C
7. Which of the following statements is true about the planning commission?
ONE.
it is a ministry
B.
it is a government agency
C.
It is an advisory body
D.
It is an independent company
Answer-C
8. The economic study is published by:
ONE.
Ministry of Finance
B.
planning committee
C.
Indian government
D.
Indian Institute of Statistics
answer to
9. Who is the Chair of the Planning Commission in India?
ONE.
president
B.
Vice President
C.
Prime minister
D.
Minister of Finance
Answer-C
10. The Deputy Chairman of the Planning Commission:
ONE.
Minister DDH
B.
Minister of Finance
C.
Holds the post of Cabinet Secretary
D.
he is a renowned economist
Answer-C
11. “Globalization of Indian Economy” means:
ONE.
Intensification of foreign debt
B.
Establishment of Indian shopping malls abroad
C.
Abandon import substitution programs
D.
Restrict economic relations with other countries as little as possible.
Answer-D
12. The National Development Council is established on:
ONE.
1952
B.
1950
C.
1949
D.
1948
answer to
13. 'Take off stage' in an economy means:
ONE.
The economy is stagnant
B.
Steady growth begins
C.
The economy is on the verge of collapse
D.
All controls are removed
Answer B
14. Which of the following statements indicates economic growth through five-year plans?
ONE.
Increase in national income and per capita income
B.
Development of railways and highways.
C.
Development of educational and health services
D.
Development of industrial cities and industrial parks
answer to
15. Which of the following statements about the Indian economy is correct?
ONE.
In India, the largest occupation is agriculture and related activities.
B.
No physical targets visible
C.
About 48% of India's workforce is employed abroad or in organizations supported by foreign capital
D.
About 70% of Indians are self-employed in some way and own some micro or small business.
answer to
16. In the context of India's five-year plans, a shift in the pattern of industrialization begins, with less emphasis on heavy industry and more on infrastructure.
ONE.
tenth plane
B.
eighth plane
C.
sixth shot
D.
flat room
Answer B
17. A “closed economy” is an economy in which
ONE.
only exports
B.
The money supply is fully controlled.
C.
There is deficit financing
D.
No exports or imports
Answer-D
18. Which statement is correct for the Planning Commission of India?
ONE.
Members do not require a minimum education
B.
It is not defined in the Indian Constitution
C.
Its members and vice-president have no fixed term.
D.
Estes
Answer-D
19. The author of the Planned Development Goals chapter for the Third Five Year Plan was:
ONE.
Jawaharlal Nehru
B.
Morarji Desai
C.
CDDeshmukh
D.
Lal Bahadur Shastri
Answer B
20. “Functional finance” is associated with:
ONE.
Adams
B.
Adam Smith
C.
Adolf Wogner
D.
Abba's Apprentice 'P'
Answer-D
21. According to the 1994 TRIPS Agreement, a good with specific characteristics/quality/reputation originating in a region is covered/must be protected by IPR as
ONE. Patent Trade mark commercial part GI (Geographical Indicator) Ohlin says jb Galbraith JM Keynes workers dictatorship industrial socialism workers sovereignty industrial democracy any factors only capital only earth just working Professor Benham Prof. Baumol Professor Samuelson Prof. JM Keynes use tip source of income income production income distribution Steady growth begins The economy is stagnant The economy is on the verge of collapse All controls are removed Amartya K. Sen Irving Fischer Milton Friedmann James Duesenberry The way prices go up The way banks create credit. How public spending increases The income of an economy grows thanks to an initial investment marginal utility theory money supply control marginal efficiency of capital Indifference Curve Analysis commercial investigation Operational Research search management professional research The government controls the allocation of all factors of production. Customers make all decisions about the production of all goods. The government does not interfere with the free functioning of the forces of supply and demand in the market The private sector makes all pricing decisions for various goods produced Agriculture Creation of utilities Make manufacturing planned economy mixed economy socialist economy capitalist economy John Maynard Keynes Thomas Maltus John Stuart's Mill david ricardo Same meaning different meaning opposite meaning None of the previous ones tax savings monetary economy positive economy normative economics A lot of scarcity of goods More needs and fewer goods the whole interior Tiger in front of a palm tree Pillar of the Asokan Capitol Kuber with a bag full of money A dog sitting in a defensive state 41. In order to achieve high growth rates of national production, the economy needs borrow foreign capital Increase the savings rate Reduce the population growth rate. Increase the investment ratio and reduce the capital employment ratio Monetary value of a country's stocks and shares during a year Monetary value of capital goods produced by a country during a year Monetary value of consumer goods produced by a country during a year Monetary value of goods and services produced in a country during a year To contain a virus that could destroy local crops. These seeds multiply very slowly. These seeds are harmful to human and animal health. These seeds contain genetically modified properties to prevent further propagation. International trade between countries national retail international aid organizations national wholesale Service fee Taxes on Shipping of Goods Taxes on train tickets and freight Terminal taxes on goods or passengers carried by train, ship or plane Increase the range of goods Decreased money supply Increased money supply Cash raise with the government Purchase and sale of government bonds by the R.B.I. Purchase and sale of bonds and securities by the central government. Loans from commercial banks of R.B.I. Loans from regular banks to non-regular banks Determining the amount of money Prices Compilation of national income estimates Detailed employment data collection The total value of all consumer goods produced in the country during a year The total value of all capital goods produced in the country during a year The total value of all stocks and shares in the country during the period of one year The total value of all goods and services produced in the country during a year IT IS SFC ICICI NABARD central consumption tax customs duties income tax health tax State Bank of India Central Bank of India Reserve Bank of India Above (A) and (B) income tax special tax corporate rate Agricultural Income Tax price stability full employment International Trade Order Fair distribution of wealth and income metallurgical industry tourism industry textile industry sporting goods industry income die Pension mixed income retained earnings SOU. Chosrös DR. A.P.J. Abdul Kalam EM. Swami Nathan Maulana Abul Kalam Azad capital gain transfers Net income in foreign currency Capital Consumption Allowance 1950 1952 1954 1956 additional taxes domestic private savings Profit of the public sector units Current income balance 61. What is the name of the electronic communications network of the Reserve Bank of India? ONE. SCREWS RBISAT RBINET RBIDOT Minister of Finance electoral commission planning committee finance committee Reserve Bank of India State Bank of India The Planning Commission The Government of India Assam Bihar Jammu and Kashmir flattering Privatbank Indian cement industry Chamber of Commerce and Industry A multinational company that manufactures chemicals 1948 1949 1950 1951 rural region Volume of capital employed entire active population total population of the country GDP minus indirect taxes plus subsidies GDP minus subsidies plus indirect taxes NNP plus provisions for depreciation GDP minus provisions for depreciation National Fast Employment Guarantee Scheme National Guarantee Program for Rapid Education National Rural Employment Guarantee Scheme National Rural Education Guarantee Scheme it will only benefit if it trades with countries that produce goods it cannot produce. They cannot profit from trade with less developed countries. he must first try to produce good for himself. You can benefit from trading with any other country. Mexico will be better, but trading with a less developed country might not help the United States. it will not benefit Mexico because workers are more productive in the United States. Both Mexico and the United States could be better off. it will not benefit any country because they are very different culturally. Belarus should sell glass to France and buy French wine. Belarus should levy a tariff on French wine to protect jobs in Belarus' glass industry. Belarus needs to subsidize its wine industry so it can compete with French wine. Belarus should set a quota for the amount of French wine imported. Markets are often a good way to organize economic activities. Markets are often inferior to central planning when it comes to organizing economic activities. Markets fail and are therefore not an acceptable way to organize economic activity. Markets are a good way to organize economic activity in developed countries, but not in less developed ones. Companies decide who to hire and what to produce. Government policy does not affect the decisions of businesses and families. Families decide which companies they work for and what they buy with their income. Profit and self-interest guide the decisions of businesses and families. planned economy. traditional economy. market economy. All of the above are correct. the government. company central planner. Prices. Economic crisis Market reports. corporate bankruptcy. imbalance. remains the ability to achieve desirable economic well-being for society as a whole. a strong need for government intervention in the market. less efficient in market economies than in planned economies. more need for a strong legal system to control individual greed. influence the actions of buyers and sellers. Reducing the scarcity of produced goods and services. eliminate the need for government intervention. distribute the goods and services produced as fairly as possible. value of an asset to society. Cost to society of doing good. the quantitative society will eventually choose to produce. Both a and b are correct. 82. An example of market power is a fast food restaurant in a college town. a wheat farmer in Kansas. Last gas station in New Mexico within 100 miles. a shoe store in Kentucky. Delicatessen in New York. Cable TV provider in St. Ludwig. Clothing store in Los Angeles. Bauer in Illinois. Ensure fair distribution of goods and services to consumers. establish government economic control. solve the scarcity problem. they are more efficient. a central planner. Millions of businesses and families. Mostly the government. Large companies. 1960 1970 1980 1990 a market economy. Central government planners. state-imposed private monopolies. increased competition. There is no free lunch. People buy more when prices are low than when prices are high. No matter how much people earn, they tend to spend more than they earn. Families and businesses that interact in markets are guided by an "invisible hand" that guides them toward desirable market outcomes. Adam Smith. David Ricardo. John Maynard Keynes. Thomas Jefferson. Advertising. Prices. Central planning. government restrictions. government policies that distort prices. increased competition in the market. longer periods of unemployment. a drastic reduction in consumer spending. 1692. 1776. 1816. 1936. Everyone has the right to life, liberty and the pursuit of happiness. it is better to leave individuals to fend for themselves without the government directing their actions. The state plays a central role in organizing a market economy. Because of human nature, a strong legal system is necessary for a market system to survive. the national thief bad for our country's economy. Public enemy number one a torpedo that could sink our economy. Geraldo Ford. Alan Greenspan. Richard Nixon. John F. Kennedy. es war fast null. was about 3% per year. approached double digits. was caused by excessive consumer spending. income decrease. increase productivity. the government to cut taxes. the value of money goes down. In the short run, the drop in inflation is associated with a drop in unemployment. In the short term, a fall in inflation is associated with a rise in unemployment. In the long term, the drop in inflation is associated with a drop in unemployment. In the long run, a fall in inflation is associated with a rise in unemployment. Lafer curve. Lorenz curve. Phillips-Kurve. demand curve. Balance between inflation and unemployment. the balance between fairness and efficiency. Labor productivity in an economy. the level of state intervention in a market economy. Society only faces a short-term trade-off between unemployment and inflation. Society only faces a trade-off between unemployment and inflation in the long term. There is no compromise between unemployment and inflation. Society faces an ongoing trade-off between unemployment and inflation.
B.
C.
D.
Answer-D
22. The economist who believed that unemployment is impossible and that the market mechanism has a built-in regulatory system to deal with all ups and downs.
ONE.
B.
C.
D.
Answer B
23. A philosophy that workers must participate in industrial decisions is mentioned
ONE.
B.
C.
D.
Answer-D
24. According to modern income theory, income is cumulative
ONE.
B.
C.
D.
answer to
25. The book that is the core of the study of macroeconomics was written by
ONE.
B.
C.
D.
Answer-D
26. The fundamental problem studied in macroeconomics is
ONE.
B.
C.
D.
Answer-C
27. "Launch" in an economy means
ONE.
B.
C.
D.
answer to
29. The relationship between the interest rate and the level of consumption was first visualized by
ONE.
B.
C.
D.
Answer B
30. The process multiplier is commonly understood in economic theory as follows:
ONE.
B.
C.
D.
Answer-D
31. Which of the following concepts is most closely associated with J.M. Keynes?
ONE.
B.
C.
D.
Answer-C
32. Evaluating all options to find the most appropriate solution to business problems is an interdisciplinary activity. Called
ONE.
B.
C.
D.
Answer B
33. In a laissez-faire economy
ONE.
B.
C.
D.
respondents-
34. In economics, means of production.
ONE.
B.
C.
D.
Answer B
35. What type of economy is associated with the term “laissez-faire”?
ONE.
B.
C.
D.
Answer-D
36. Which of the following is not a classical economist?
ONE.
B.
C.
D.
answer to
37. In economics, 'utility' and 'utility' have
ONE.
B.
C.
D.
Answer B
38. “The economy is what it should be” – This statement refers to
ONE.
B.
C.
D.
Answer-D
39. The problem of economics arises from
ONE.
B.
C.
D.
Answer-C
40. The symbol of the Reserve Bank of India is
ONE.
B.
C.
D.
answer to
ONE.
B.
C.
D.
Answer-D
42. National income refers to
ONE.
B.
C.
D.
Answer B
43. Why has the government banned the import of Terminator Seeds?
ONE.
B.
C.
D.
Answer-D
44. Merchant Banking is an institution that provides financing for:
ONE.
B.
C.
D.
answer to
45. Which of the following taxes levied by the Union should NOT be for States?
ONE.
B.
C.
D.
answer to
46. Inflation is caused by:
ONE.
B.
C.
D.
Answer-C
47. Open market operation refers to
ONE.
B.
C.
D.
answer to
48. What is the main task of the Central Statistical Office (CSO)?
ONE.
B.
C.
D.
Answer-C
49. What does national income mean?
ONE.
B.
C.
D.
Answer-D
50. Which of the following is not an industrial financial institution?
ONE.
B.
C.
D.
Answer-D
51. The largest source of income for the government of the Union is
ONE.
B.
C.
D.
answer to
52. Which bank in India performs the functions of a central bank?
ONE.
B.
C.
D.
Answer-C
53. Which of the following is not the source of revenue for the central government?
ONE.
B.
C.
D.
Answer-D
54. Which of the following is not a target of fiscal policy in India?
ONE.
B.
C.
D.
Answer-C
55. The best example of capital intensive industry in India is
ONE.
B.
C.
D.
answer to
56. Which of the following factors is not considered when estimating national income using the income method?
ONE.
B.
C.
D.
Answer-D
57. Who defended the adoption of the “PURA” model to eradicate rural poverty?
ONE.
B.
C.
D.
Answer B
58. The main difference between Gross Domestic Product (GDP) and Gross National Product (GNP) is
ONE.
B.
C.
D.
Answer-C
59. The Community Development Program was launched in
ONE.
B.
C.
D.
Answer B
60. Which of the following is the most important national source of planned funding?
ONE.
B.
C.
D.
Answer B
B.
C.
D.
Answer-C
62. Which authority decides on the participation of states in central taxes?
ONE.
B.
C.
D.
Answer-D
63. Who of the following has the exclusive right to issue currency (other than coins and rupee notes) in India?
ONE.
B.
C.
D.
answer to
64. For which state government does RBI not work?
ONE.
B.
C.
D.
Answer-C
65. ICI is the name associated with
ONE.
B.
C.
D.
Answer-D
66. The Reserve Bank of India was nationalized
ONE.
B.
C.
D.
Answer B
67. The per capita income results from the division of the national income between
ONE.
B.
C.
D.
Answer-D
68. GDP at factor cost is
ONE.
B.
C.
D.
answer to
70. NREGP is short for
ONE.
B.
C.
D.
Answer-C
71. If Japan decides to participate in the trade,
ONE.
B.
C.
D.
Answer-D
72. If the United States decides to negotiate with Mexico, we will know that
ONE.
B.
C.
D.
Answer-C
73. If France is better than Belarus in wine production, but Belarus is better than France in glass production,
ONE.
B.
C.
D.
answer to
74. Which of the following statements about markets is the best?
ONE.
B.
C.
D.
answer to
75. What would NOT be true in a market economy?
ONE.
B.
C.
D.
Answer B
76. Business and family decisions are to some extent guided by profit and self-interest
ONE.
B.
C.
D.
Answer-C
77. In a market economy, economic activity is guided by
ONE.
B.
C.
D.
Answer-D
78. The term used to describe a situation where markets do not allocate resources efficiently is called
ONE.
B.
C.
D.
Answer B
79. In a market economy, decisions are guided by individual interests. So there is
ONE.
B.
C.
D.
answer to
80. Prices drive economic activity in a market economy
ONE.
B.
C.
D.
answer to
81. In a market economy, prices reflect the
ONE.
B.
C.
D.
Answer-D
ONE.
B.
C.
D.
Answer-C
83. An example of a company with market power is a
ONE.
B.
C.
D.
Answer B
84. An advantage of market economies over central planning is that market economies
ONE.
B.
C.
D.
Answer-D
85. A market economy differs from a communist economy in that economic decisions are made
ONE.
B.
C.
D.
Answer B
86. The collapse of communism in the Soviet Union and Eastern Europe occurred in
ONE.
B.
C.
D.
Answer-C
87. Before their collapse, communist countries operated on the premise that economic prosperity could only be organized through
ONE.
B.
C.
D.
Answer B
88. Which of the following remarks was made famous by Adam Smith in his book The Wealth of Nations?
ONE.
B.
C.
D.
Answer-D
89. The term "invisible hand" was coined by
ONE.
B.
C.
D.
answer to
90. The “invisible hand” guides economic activity
ONE.
B.
C.
D.
Answer B
91. The invisible hand's ability to coordinate business and household decisions in the economy can be assisted by
ONE.
B.
C.
D.
answer to
92. Adam Smith's book The Wealth of Nations was published in
ONE.
B.
C.
D.
Answer B
92. Both The Wealth of Nations and the Declaration of Independence share this view
ONE.
B.
C.
D.
Answer B
93. President Gerald Ford referred to inflation as
ONE.
B.
C.
D.
Answer-C
94. Whoever called inflation public enemy number one was
ONE.
B.
C.
D.
answer to
95. Inflation in the United States in the 1990s
ONE.
B.
C.
D.
Answer B
96. Causes of inflation
ONE.
B.
C.
D.
Answer-D
97. Which of the following statements about the relationship between inflation and unemployment is the most correct?
ONE.
B.
C.
D.
Answer B
98. The curve representing the balance between inflation and unemployment is called
ONE.
B.
C.
D.
Answer-C
99. In the short term, the Phillips curve illustrates
ONE.
B.
C.
D.
answer to
100. Although the Phillips curve is controversial, most economists believe in it
ONE.
B.
C.
D.
answer to
consult for moreMCQ
post a comment
hang tags#MCQ
Latest
Older
FAQs
What is economics Mcq? ›
Economics is a study of the usage of resources and how we can make those resources valuable under distinct captivity. It involves an intense study of production, distribution, and consumption of goods and services.
What are the 5 big questions of economics? ›- What will be produced?
- How will goods and services be produced?
- Who will get the output?
- How will the system accommodate change?
- How will the system promote progress?
...
Answer: B.
| COMMERCE Related Links | |
|---|---|
| Mcq On Marketing Mix | Difference Between Economic And Non Economic Activities |
Economics is the study of the production, distribution, and consumption of goods and services. Economists address these three questions: (1) What goods and services should be produced to meet consumer needs? (2) How should they be produced, and who should produce them? (3) Who should receive goods and services?
Who is the father of economics? ›The field began with the observations of the earliest economists, such as Adam Smith, the Scottish philosopher popularly credited with being the father of economics—although scholars were making economic observations long before Smith authored The Wealth of Nations in 1776.
What is inflation Mcq? ›Explanation: Inflation refers to the increase in the price of the goods while deflation means the decrease in the price of the goods. 9.
What does GDP stand for MCQ? ›GDP or Gross Domestic Product is the monetary value of all goods and services produced within a country's geographical boundaries during a given period. It is an indicator of the 'size of an economy'.
Who is father of Indian economic? ›Sir Mokshagundam Visvesvaraya is known as the Father of Indian Economic Planning. The first five year plan was presented in the parliament by Prime Minister Jawaharlal Nehru in December 1951. This plan promoted the idea of self reliant closed economy and was developed by Prof.
What is CRR Mcq? ›The Cash Reserve Ratio (CRR) refers to the share of Net Demand and Time Liabilities that banks have to hold as balances with the RBI. The objective of CRR is to keep inflation under control. During high inflation in the economy, the central bank raises the CRR to lower the bank's loanable funds.
What are the 4 types of economic systems? ›Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.
Is the GDP? ›
Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period. As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports).
What are the 4 factors of production? ›Full Transcript. The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
What is in inflation? ›Inflation is the rate of increase in prices over a given period of time. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country.
What are the 4 basic economic questions? ›- What to produce?
- How to produce?
- For whom to produce?
- What provisions (if any) are to be made for economic growth?
A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses.
Who is the mother of economics? ›Amartya Sen is considered to be the Mother Teresa of Economics.
Who is the 2nd father of economics? ›...
Adam Smith.
| Adam Smith FRSA | |
|---|---|
| School | Classical liberalism |
| Main interests | Political philosophy, ethics, economics |
Adam Smith and The Wealth of Nations
Adam Smith (1723–1790) is popularly seen as the father of modern political economy.
A recession is a period during which aggregate output declines. Recession can be defined as a part of the business cycle contraction. In this phase, overall economy experiences downfall. Other indicators such as GDP, investment spending, capital utilization, etc also tend to decline.
What is oligopoly Mcq? ›Oligopoly is a market that has a few large firms. Monopoly is a market that has a few large firms. Duopoly is a market that has a few large firms. Perfect competition is a market that has a few large firms.
What is an GNP? ›
The market value of goods and services produced by labor and property supplied by U.S. residents, regardless of where they are located. It was used as the primary measure of U.S. production prior to 1991, when it was replaced by gross domestic product (GDP).
WHO calculates GDP of India? ›Detailed Solution. The correct answer is the Central Statistics Office. The Central Statistics Office (CSO), under the Ministry of Statistics and Program Implementation, is responsible for calculating the GDP of India, macroeconomic data gathering, and statistical record keeping.
Who is the mother of Indian economy? ›| Amartya Sen | |
|---|---|
| Born | Amartya Kumar Sen 3 November 1933 Shantiniketan, British India (now Birbhum, India) |
| Citizenship | Indian Bangladeshi (honorary) |
| Spouse(s) | Nabaneeta Dev ( m. 1958; div. 1976) Eva Colorni ( m. 1978; died 1985) Emma Rothschild (after 1991) |
| Children | Nandana Antara |
In the 20th century, English economist Lionel Robbins defined economics as “the science which studies human behaviour as a relationship between (given) ends and scarce means which have alternative uses.” In other words, Robbins said that economics is the science of economizing.
Who is the No 1 economist in India? ›| Arvind Subramanian | |
|---|---|
| Born | 7 June 1959 Chennai, Tamil Nadu, India |
| Nationality | India United States (permanent resident) |
| Alma mater | St. Stephen's College, Delhi (BA) Indian Institute of Management, Ahmedabad (MBA) University of Oxford (MPhil, DPhil) |
| Profession | Economist |
Ans. Cash Reserve Ratio (CRR) is the percentage of money, which a bank has to keep with RBI in the form of cash. Whereas, Statutory Liquidity Ratio (SLR) is the proportion of liquid assets to time and demand liabilities.
What is SLR and CRR rate? ›CRR is a reserve maintained by banks with the RBI. It is a percentage of the banks' deposits maintained in cash form. SLR is an obligatory reserve that commercial banks must maintain themselves. It is a percentage of commercial banks' net demand and time liabilities, maintained as approved securities.
What is CRR SLR and repo rate? ›...
5 Important Rates (Updated)
| Reverse Repo Rate | 3.35% |
|---|---|
| Repo Rate | 4.40% |
| Cash Reserve Ratio (CRR) | 4% |
| Bank Rate | 4.65% |
| Statutory Liquidity Ratio (SLR) | 18.00% |
Market economies have little government intervention, allowing private ownership to determine all business decisions concerning how a business is run. This type of economy leads to greater efficiency, productivity, and innovation.
Which economy is most common? ›The mixed economy definition is an economy where both the private market and the government control the factors of production. It is the most common form of economy that exists in the world today.
What are the top 5 command economies? ›
Examples of a command economy include the likes of China, North Korea, Cuba, Russia, and Vietnam.
Is GDP a size? ›Gross domestic product (GDP) is one of the most widely used indicators of economic performance. GDP measures a national economy's total output in a given period, and is seasonally adjusted to eliminate quarterly variations based on climate or holidays.
Is GDP a inflation? ›What is the GDP Price Index? A measure of inflation in the prices of goods and services produced in the United States. The gross domestic product price index includes the prices of U.S. goods and services exported to other countries. The prices that Americans pay for imports aren't part of this index.
What GDP is high? ›| # | Country | GDP (abbrev.) |
|---|---|---|
| 1 | United States | $19.485 trillion |
| 2 | China | $12.238 trillion |
| 3 | Japan | $4.872 trillion |
| 4 | Germany | $3.693 trillion |
Land itself is not included in the statistical concept of fixed capital, even though it is a fixed asset. The main reason is that land is not regarded as a product (a reproducible good).
What are capital goods? ›Capital goods are the assets used by businesses in the course of producing their products and services, and can include buildings, machinery, tools and equipment.
What is the command economy? ›In a command economy, the central government dictates the level of production of goods and controls their distribution and prices. Proponents of command economies argue government control rather than private enterprise can ensure the fair distribution of goods and services.
What is a economics answer? ›Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.
What is economics short form answer? ›Economics (/ˌɛkəˈnɒmɪks, ˌiːkə-/) is the social science that studies the production, distribution, and consumption of goods and services.
What is economics Ncert? ›Economics is a social science that deals with the study of the production, distribution and consumption of goods and services.
What is eco mark MCQ? ›
'Eco mark' is an eco-labelling scheme of Government of India that supports environmentally friendly production practices. There is a strong emphasis on cleaner manufacturing processes in the criteria used for the granting eco-labels to products.
What are the 4 types of economics? ›Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.
What are the 4 economic theories? ›The 4 economic theories are supply side economics, new classical economics, monetarism and Keynesian economics.
What are the 4 basics of economics? ›Key Takeaways
Four key economic concepts—scarcity, supply and demand, costs and benefits, and incentives—can help explain many decisions that humans make.
The full form of GDP is Gross Domestic Product. GDP is the overall monetary or consumer value of all finished goods and services produced within the boundaries of a nation over a given time. It serves as a specific measure of overall domestic output, as a detailed scorecard of the economic health of a given country.
What do GDP means? ›Economists use many abbreviations. One of the most common is GDP, which stands for gross domestic product. It is often cited in newspapers, on the television news, and in reports by governments, central banks, and the business community.
Is LM full form? ›IS-LM stands for "investment savings-liquidity preference-money supply." The model was devised as a formal graphic representation of a principle of Keynesian economic theory.
Is Class 11 economics easy? ›Economics, on the other hand, gets tougher as the syllabus covers a much wider scope featuring both micro and macroeconomics. It is however, much more interesting to study than 11th grade economics and if you work hard and has a good teacher in school, it shouldn't be a big deal for you at all.
What is scarcity Class 11? ›Scarcity is one of the key concepts of economics. It means that the demand for a good or service is greater than the availability of the good or service. Therefore, scarcity can limit the choices available to the consumers who ultimately make up the economy.
What are the 3 definition of economics? ›Economics is the study of mankind in the ordinary business of life. - Alfred Marshall. Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. - Lionel Robbins. Economics comes in whenever more of one thing means less of another.
What does CNG stand for MCQ? ›
CNG= Compressed Natural Gas.
Is Eco Mark compulsory? ›It is voluntary in nature and helps in identifying eco-friendly products in the market.
What is green washing Mcq? ›Greenwashing is the process of conveying a false impression or misleading information about how a company's products are environmentally sound.