1. 'Utility' in economics means the capacity to (Investigators' Exam, 1990)
(a) Provide comforts (b) Earn an income
(c) Satisfy human wants (d) Satisfy human motives
2. Debt service ratio implies ratio between (C.D.S. 1992)
(a) Import and debt
(b) Export and principal plus and payment on debt
(c) Domestic saving and import
(d) Domestic saving and export
3. With what aspect of commerce are 'Bull' and 'Bear' associated?
(a) Banking (b) Foreign trade
(c) Stock market (d) internal trade
4. Saving is a function of (Stenos' Exam, 1992)
(a) Investment (b) Income
(c) Export (d) Improvement in productivity
5. The terms 'Bears' and 'Bulls' refer to those speculators who believe that prices of shares will
(a) Go up and come down respectively
(b) Come down and go up respectively
(c) Go up and remain constant respectively
(d) Come down and remain constant respectively
6. A deflator is a technique of (1.A.S. 1992)
(a) Adjusting for changes in price level
(b) Adjusting for change in commodity
(c) Accounting for higher increase of GNP
(d) Accounting for decline of GNP
7. A dual economy means simultaneous co-existence of
(a) Export and domestic sectors
(b) Public and private sectors
(c) Mining and manufacturing
(d) Features of advanced and backward economies
8. A socialist state is the one in which there is
(a) Only private ownership of the factors of production
(b) Monopoly owner ship only
(c) Only state and collective ownership of means of production
(d) Only joint owner ship of the means of production
9. Recession is that economic state of a country when there is
(a) Accumulation of unsold stocks
(b) Slump in trade and industry
(c) Fall in consumer demand
(d) All the above
10. Income that is saved and not invested is known as
(a) Capital (c) Deposit
(b) Hoarding (d) None of these
11. The concept of Joint Sector implies association between (Stenographer's Exam, 1991)
(a) Small and large industries
(b) State and Central Govt enterprises
(c) Indian and multinational companies
(d) Public sector and private sector industries
12. 'Factor Payment' is
(a) Splitting up payment liability into convenient installments spread over time.
(b) Splitting up payment liability into cash and credit components.
(c) Negotiating current sales prices subject to guaranteed supply of goods in future. _
(d) None of these.
13. Buyer's market denotes the place where
(a) The supply exceeds the demand.
(b) The demand exceeds the supply.
(c) The demand and supply are well balanced.
(d) Commodities are available at competitive rates.
14. Which of the following is the correct description of the term 'tainted shares'? (Bank, P.O. 1994)
(a) The shares purchased by NRIs
(b) The shares which were involved in the case of securities scam
(c) The shares whose price falls by more than 20 points in a day
(d) The shares the price of which falls continuously for seven days
15. A loan bearing low rate of interest is known as (I. Tax, 1989)
(a) Hard loan (b) Soft loan
(c) Capital loan (d) Real loan
16. 'Closed economy' means an economy having
(a) Exports only (b) Imports only
(c) No exports or imports (d) Controlled supply of money
17. White goods are (UJD.C. 1993)
(a) Basic raw materials
(b) Cosmetic articles
(c) Goods imported from the western countries
(d) Durable consumption goods
18. Sellers market denotes a situation where (CD.S. 1992)
(a) Commodities are available at competitive rates
(b) Demand exceeds supply
(c) Supply exceeds demand
(d) Supply and demand are evenly balanced
19. MODVAT refers to
(a) Export value of a commodity
(b) Value generated by exports
(c) Value added to manufacturing cost
(d) Money generated by import and export
20. 'Mixed Economy' means (N.D.A. 1994)
(a) Co-existence of small scale and large scale industries
(b) Co-existence of the rich and the poor
(c) Co-existence of private and public sector
(d) Assigning equal importance to both agriculture and heavy industries
21. Which of the following best define the term 'Letter of Credit' as used frequently in bank transactions? (S.B.I.P.0.1991)
(a) An order from a bank to another bank abroad authorising the payment of a particular amount to a person named in the letter.
(b) An unconditional undertaking given by a bank ensuring the payment of a particular amount to the drawee at a given date.
(c) Letter by a bank to a person stating the terms and conditions of the loan sanctioned to Jiim by the bank.
(d) Statement showing outstanding deposits and credits of a bank for a particular period.
22. Unemployment which occurs when workers move from one job to another job is known as (I.A.S.1992)
(a) Seasonal unemployment (b) Frictional unemployment
(c) Cyclical unemployment (d) Technological unemployment
23. GNP (Gross National Product) is the money value of (Assistant Grade, 1992)
(a) Final goods and services produced annually in the economy
(b) Annual service generation in the economy
(c) Tangible goods available in the economy
(d) Tangible goods produced annually in the economy
24. Development means economic growth plus (U.D.C. 1995)
(a) Inflation (b) Deflation
(c) Price stability (d) Social change
25. BOP (Balance of Payment) refers to
(a) Transactions in the flow of capital.
(b) Transactions relating to receipts and payment of invisibles.
(c) Transactions relating only to exports and imports.
(d) Systematic record of all its economic transaction with the rest of the world.
26. The marginal revenue product schedule is a firm's
(a) Ratio of total revenue to output
(b) Resource supply schedule
(c) Resource demand schedule
(d) Product supply schedule
27. 'Dear Money' means
(a) Low rate of interest (b) High rate of interest (c) Depression (d) Inflation
28. Demand means
(a) The desire of the society to buy certain necessities at a given price per unit of time.
(b) Willingness and ability of an individual to buy goods and services at a given price and time.
(c) The desire of an individual for goods and services needed by him.
(d) Ability of the society to buy goods and services.
29. A Multinational is (C.D.S. 1991)
(a) A company operating in several countries.
(b) A company having share holders from more than one country.
(c) A company which does charitable work in poor countries.
(d) A company that operates only in those countries that do not have import restrictions.
30. Which of the following best explains the term 'contraband goods'?
(a) Goods that are wholly imported.
(b) Goods produced only for exports.
(c) Goods for the trading of which license is not required.
(d) Goods that are forbidden from export, import or even possession, by law.
31. 'Take off stage' in an economy means (C.B.1.1990)
(a) Steady growth begins.
(b) Economy is stagnant.
(c) Economy is about to collapse.
(d) All controls are removed.
32. What is meant by 'Capital Gain'?
(a) Part of profits added to the capital.
(b) Appreciation in the money value of assets.
(c) Additions to the capital invested in a business.
(d) None of these.
33. 'Limited liability' means
(a) The number of shares in the company is strictly limited.
(b) All shareholders have the same liability for the company's debt.
(c) Shareholder is only liable for the debts of the company to the extent of the unpaid value of his shares.
(d) All share holders except ordinary shareholders enjoy limited liability.
34. 'A formal evaluation of an individual's or company's credit history and capability of repaying obligations' is known as (Bank P.O. 1995)
(a) Amortization (b) Net Asset Value
(c) Credit rating (d) Cash Credit
(e) Current Ratio
35. The Phillips Curve represents the relationship between
(a) Wages and prices
(b) Unemployment and wages
(c) Unemployment and prices
(d) Unemployment and national income
36. The balance of payment comprises (Assistant Grade, 1992)
(a) Official settlement account.
(b) A current account of goods and services
(c) A capital account of financial assets
(d) All the above
37. The State's action under which a creditor's right to take action against a debtor for realisation of debt money is kept under suspension for a specified period is called
(a) Rationalization (b) Ceiling
(c) Embargo (d) Moratorium
38. Equilibrium price is that price which (Stenographer's Exam, 1994)
(a) Maximizes producer's profit
(b) Equates consumers and producers surplus
(c) Maximizes consumer's satisfaction
(d) Equates supply and demand
39. Disguised employment is a situation in which the number of persons employed on a job as compared to what is required is
(a) Less (b) More
(c) Equal (d) Indefinite
40. What is 'Recession'?
(a) Rise in the cost of production, especially because of wage increases.
(b) Increase in money supply without a matching increase in production.
(c) Reduction in production and employment for want of sufficient demand for goods.
(d) None of these.
41. Capital goods' refer to goods which
(a) Serve as a source of raising further capital.
(b) Help in the further production of goods.
(c) Directly go into the satisfaction of human wants.
(d) Find multiple uses.
42. Invisible trade is a trade (I.A.S. 1992)
(a) Of government with public institutions.
(b) Of the services like the bank, marine companies and shipping companies.
(c) Of corporate and financial institutions with government.
(d) Of government with other countries.
43. Secular stagnation refers to (Central Excise, 1991)
(a) A stagnant economy.
(b) Recurring booms and depressions in the economy.
(c) Decrease in the marginal rate of growth in successive period.
(d) Fluctuations in autonomous investment.
44. The basic characteristic of oligopoly is
(a) A few sellers, a few buyers
(b) A few sellers, many buyers
(c) A few sellers, one buyer
(d) Many sellers, a few buyers
45. Temporary tax levied to obtain additional revenue is called
(a) Cess (b) Rate
(c) Fee (d) Surcharge
46. Black money is
(a) Counterfeit currency
(b) Illegally earned money
(c) Money earned through underhand deals
(d) Income on which payment of tax is usually evaded
47. The statement that 'economics is positive and not normative' means that
(a) It is a study of needs verses affluence.
(b) Economics tells the policy makers which alternative to choose from among several efficient ones.
(c) The wants of human beings are unlimited.
(d) None of these.
48. The consumer's surplus can be defined as
(a) Total consumer satisfaction.
(b) Difference between actual price and the potential price.
(c) Extra units of a commodity bought.
(d) Surplus commodity left after consumption.
49. 'Ceteris paribus' means
(a) Other things being equal.
(b) Constant demand condition.
(c) Most efficient resource allocation.
(d) Other things do not remain the same.
50. The term 'Dumping' refers to (C.B.I. 1997)
(a) The sale of a sub-standard commodity.
(b) Sale in a foreign market of a commodity at a price below marginal cost
(c) Sale in a foreign market of a commodity just at marginal cost without too much of profit.
(d) Smuggling of goods without paying any customs duty.
I. (c) 2. (b) 3. (c) 4. (b) 5. (b) 6.(a) 7.(d) 8.(c) 9(d) 10.(b)
11.(d) 12. (d) 13(a) 14. (b) 15. (b) 16. (c) 17. (d) 18(b) 19. (c) 20. (c)
21. (c) 22.(b) 23.(a) 24.(d) 25.(d) 26.(c) 27.(b) 28.(b)29. (a) 30. (d)
31. (a) 32. (b) 33. (c) 34. (e) 35.(d) 36.(d) 37(d) 38.(d) 39. (b) 40. (c)
41. (b) 42. (b) 43. (c) 44. (b)45.(d) 46(d) 47.(b) 48.(b)49. (a) 50. (b)
(a) Provide comforts (b) Earn an income
(c) Satisfy human wants (d) Satisfy human motives
2. Debt service ratio implies ratio between (C.D.S. 1992)
(a) Import and debt
(b) Export and principal plus and payment on debt
(c) Domestic saving and import
(d) Domestic saving and export
3. With what aspect of commerce are 'Bull' and 'Bear' associated?
(a) Banking (b) Foreign trade
(c) Stock market (d) internal trade
4. Saving is a function of (Stenos' Exam, 1992)
(a) Investment (b) Income
(c) Export (d) Improvement in productivity
5. The terms 'Bears' and 'Bulls' refer to those speculators who believe that prices of shares will
(a) Go up and come down respectively
(b) Come down and go up respectively
(c) Go up and remain constant respectively
(d) Come down and remain constant respectively
6. A deflator is a technique of (1.A.S. 1992)
(a) Adjusting for changes in price level
(b) Adjusting for change in commodity
(c) Accounting for higher increase of GNP
(d) Accounting for decline of GNP
7. A dual economy means simultaneous co-existence of
(a) Export and domestic sectors
(b) Public and private sectors
(c) Mining and manufacturing
(d) Features of advanced and backward economies
8. A socialist state is the one in which there is
(a) Only private ownership of the factors of production
(b) Monopoly owner ship only
(c) Only state and collective ownership of means of production
(d) Only joint owner ship of the means of production
9. Recession is that economic state of a country when there is
(a) Accumulation of unsold stocks
(b) Slump in trade and industry
(c) Fall in consumer demand
(d) All the above
10. Income that is saved and not invested is known as
(a) Capital (c) Deposit
(b) Hoarding (d) None of these
11. The concept of Joint Sector implies association between (Stenographer's Exam, 1991)
(a) Small and large industries
(b) State and Central Govt enterprises
(c) Indian and multinational companies
(d) Public sector and private sector industries
12. 'Factor Payment' is
(a) Splitting up payment liability into convenient installments spread over time.
(b) Splitting up payment liability into cash and credit components.
(c) Negotiating current sales prices subject to guaranteed supply of goods in future. _
(d) None of these.
13. Buyer's market denotes the place where
(a) The supply exceeds the demand.
(b) The demand exceeds the supply.
(c) The demand and supply are well balanced.
(d) Commodities are available at competitive rates.
14. Which of the following is the correct description of the term 'tainted shares'? (Bank, P.O. 1994)
(a) The shares purchased by NRIs
(b) The shares which were involved in the case of securities scam
(c) The shares whose price falls by more than 20 points in a day
(d) The shares the price of which falls continuously for seven days
15. A loan bearing low rate of interest is known as (I. Tax, 1989)
(a) Hard loan (b) Soft loan
(c) Capital loan (d) Real loan
16. 'Closed economy' means an economy having
(a) Exports only (b) Imports only
(c) No exports or imports (d) Controlled supply of money
17. White goods are (UJD.C. 1993)
(a) Basic raw materials
(b) Cosmetic articles
(c) Goods imported from the western countries
(d) Durable consumption goods
18. Sellers market denotes a situation where (CD.S. 1992)
(a) Commodities are available at competitive rates
(b) Demand exceeds supply
(c) Supply exceeds demand
(d) Supply and demand are evenly balanced
19. MODVAT refers to
(a) Export value of a commodity
(b) Value generated by exports
(c) Value added to manufacturing cost
(d) Money generated by import and export
20. 'Mixed Economy' means (N.D.A. 1994)
(a) Co-existence of small scale and large scale industries
(b) Co-existence of the rich and the poor
(c) Co-existence of private and public sector
(d) Assigning equal importance to both agriculture and heavy industries
21. Which of the following best define the term 'Letter of Credit' as used frequently in bank transactions? (S.B.I.P.0.1991)
(a) An order from a bank to another bank abroad authorising the payment of a particular amount to a person named in the letter.
(b) An unconditional undertaking given by a bank ensuring the payment of a particular amount to the drawee at a given date.
(c) Letter by a bank to a person stating the terms and conditions of the loan sanctioned to Jiim by the bank.
(d) Statement showing outstanding deposits and credits of a bank for a particular period.
22. Unemployment which occurs when workers move from one job to another job is known as (I.A.S.1992)
(a) Seasonal unemployment (b) Frictional unemployment
(c) Cyclical unemployment (d) Technological unemployment
23. GNP (Gross National Product) is the money value of (Assistant Grade, 1992)
(a) Final goods and services produced annually in the economy
(b) Annual service generation in the economy
(c) Tangible goods available in the economy
(d) Tangible goods produced annually in the economy
24. Development means economic growth plus (U.D.C. 1995)
(a) Inflation (b) Deflation
(c) Price stability (d) Social change
25. BOP (Balance of Payment) refers to
(a) Transactions in the flow of capital.
(b) Transactions relating to receipts and payment of invisibles.
(c) Transactions relating only to exports and imports.
(d) Systematic record of all its economic transaction with the rest of the world.
26. The marginal revenue product schedule is a firm's
(a) Ratio of total revenue to output
(b) Resource supply schedule
(c) Resource demand schedule
(d) Product supply schedule
27. 'Dear Money' means
(a) Low rate of interest (b) High rate of interest (c) Depression (d) Inflation
28. Demand means
(a) The desire of the society to buy certain necessities at a given price per unit of time.
(b) Willingness and ability of an individual to buy goods and services at a given price and time.
(c) The desire of an individual for goods and services needed by him.
(d) Ability of the society to buy goods and services.
29. A Multinational is (C.D.S. 1991)
(a) A company operating in several countries.
(b) A company having share holders from more than one country.
(c) A company which does charitable work in poor countries.
(d) A company that operates only in those countries that do not have import restrictions.
30. Which of the following best explains the term 'contraband goods'?
(a) Goods that are wholly imported.
(b) Goods produced only for exports.
(c) Goods for the trading of which license is not required.
(d) Goods that are forbidden from export, import or even possession, by law.
31. 'Take off stage' in an economy means (C.B.1.1990)
(a) Steady growth begins.
(b) Economy is stagnant.
(c) Economy is about to collapse.
(d) All controls are removed.
32. What is meant by 'Capital Gain'?
(a) Part of profits added to the capital.
(b) Appreciation in the money value of assets.
(c) Additions to the capital invested in a business.
(d) None of these.
33. 'Limited liability' means
(a) The number of shares in the company is strictly limited.
(b) All shareholders have the same liability for the company's debt.
(c) Shareholder is only liable for the debts of the company to the extent of the unpaid value of his shares.
(d) All share holders except ordinary shareholders enjoy limited liability.
34. 'A formal evaluation of an individual's or company's credit history and capability of repaying obligations' is known as (Bank P.O. 1995)
(a) Amortization (b) Net Asset Value
(c) Credit rating (d) Cash Credit
(e) Current Ratio
35. The Phillips Curve represents the relationship between
(a) Wages and prices
(b) Unemployment and wages
(c) Unemployment and prices
(d) Unemployment and national income
36. The balance of payment comprises (Assistant Grade, 1992)
(a) Official settlement account.
(b) A current account of goods and services
(c) A capital account of financial assets
(d) All the above
37. The State's action under which a creditor's right to take action against a debtor for realisation of debt money is kept under suspension for a specified period is called
(a) Rationalization (b) Ceiling
(c) Embargo (d) Moratorium
38. Equilibrium price is that price which (Stenographer's Exam, 1994)
(a) Maximizes producer's profit
(b) Equates consumers and producers surplus
(c) Maximizes consumer's satisfaction
(d) Equates supply and demand
39. Disguised employment is a situation in which the number of persons employed on a job as compared to what is required is
(a) Less (b) More
(c) Equal (d) Indefinite
40. What is 'Recession'?
(a) Rise in the cost of production, especially because of wage increases.
(b) Increase in money supply without a matching increase in production.
(c) Reduction in production and employment for want of sufficient demand for goods.
(d) None of these.
41. Capital goods' refer to goods which
(a) Serve as a source of raising further capital.
(b) Help in the further production of goods.
(c) Directly go into the satisfaction of human wants.
(d) Find multiple uses.
42. Invisible trade is a trade (I.A.S. 1992)
(a) Of government with public institutions.
(b) Of the services like the bank, marine companies and shipping companies.
(c) Of corporate and financial institutions with government.
(d) Of government with other countries.
43. Secular stagnation refers to (Central Excise, 1991)
(a) A stagnant economy.
(b) Recurring booms and depressions in the economy.
(c) Decrease in the marginal rate of growth in successive period.
(d) Fluctuations in autonomous investment.
44. The basic characteristic of oligopoly is
(a) A few sellers, a few buyers
(b) A few sellers, many buyers
(c) A few sellers, one buyer
(d) Many sellers, a few buyers
45. Temporary tax levied to obtain additional revenue is called
(a) Cess (b) Rate
(c) Fee (d) Surcharge
46. Black money is
(a) Counterfeit currency
(b) Illegally earned money
(c) Money earned through underhand deals
(d) Income on which payment of tax is usually evaded
47. The statement that 'economics is positive and not normative' means that
(a) It is a study of needs verses affluence.
(b) Economics tells the policy makers which alternative to choose from among several efficient ones.
(c) The wants of human beings are unlimited.
(d) None of these.
48. The consumer's surplus can be defined as
(a) Total consumer satisfaction.
(b) Difference between actual price and the potential price.
(c) Extra units of a commodity bought.
(d) Surplus commodity left after consumption.
49. 'Ceteris paribus' means
(a) Other things being equal.
(b) Constant demand condition.
(c) Most efficient resource allocation.
(d) Other things do not remain the same.
50. The term 'Dumping' refers to (C.B.I. 1997)
(a) The sale of a sub-standard commodity.
(b) Sale in a foreign market of a commodity at a price below marginal cost
(c) Sale in a foreign market of a commodity just at marginal cost without too much of profit.
(d) Smuggling of goods without paying any customs duty.
ANSWERS
I. (c) 2. (b) 3. (c) 4. (b) 5. (b) 6.(a) 7.(d) 8.(c) 9(d) 10.(b)
11.(d) 12. (d) 13(a) 14. (b) 15. (b) 16. (c) 17. (d) 18(b) 19. (c) 20. (c)
21. (c) 22.(b) 23.(a) 24.(d) 25.(d) 26.(c) 27.(b) 28.(b)29. (a) 30. (d)
31. (a) 32. (b) 33. (c) 34. (e) 35.(d) 36.(d) 37(d) 38.(d) 39. (b) 40. (c)
41. (b) 42. (b) 43. (c) 44. (b)45.(d) 46(d) 47.(b) 48.(b)49. (a) 50. (b)
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