Economics GK Quiz-17

1. The first computer made available for commercial use was :
(1) MANIAC (2) ENIAC
(3) UNIVAC (4) EDSAC
Answer:
1. (3) The UNIVAC computer was the first commercially
available computer invented by John Presper Eckert
and John Mauchly. As well as being the first American commercial computer, the UNIVAC I was the first
American computer designed at the outset for business and administrative use (i.e., for the fast execution of large numbers of relatively simple arithmetic
and data transport operations, as opposed to the complex numerical calculations required by scientific computers). As such the UNIVAC competed directly against
punch-card machines (mainly made by IBM).

(SSC Combined Graduate Level
Tier-I Exam. 26.06.2011
(First Sitting)
2. Malthusian theory of population
explored the relationship between
(1) food supply and techno-logy
(2) food supply and popula-tion
growth
(3) population growth and development
(4) optimum growth and resources
Answer:
2. (2) According to Malthusian theory of population,
population increases in a geometrical ratio, whereas
food supply increases in an arithmetic ratio. This
disharmony would lead to widespread poverty and
starvation, which would only be checked by natural
occurrences such as disease, high infant mortality,
famine, war or moral restraint.

(SSC Combined Matric Level (PRE)
Exam. 05.05.2002 (IInd Sitting)
(Eastern Zone, Guwahati)
3. Economic development depends on :
(1) Natural resources
(2) Capital formation
(3) Size of the market
(4) All of the above
Answer:
3. (4) Economic development generally refers to the
sustained, concerted actions of policymakers and
communities that promote the standard of living and
economic health of a specific area. Economic development can also be referred to as the quantitative and
qualitative changes in the economy. Such actions can
involve multiple areas including development of human capital, critical infrastructure, regional competitiveness, environmental sustainability, social inclusion,
health, safety, literacy, and other initiatives.

(SSC Multi-Tasking (Non-Technical)
Staff Exam. 20.02.2011)
4. Human Development Index was
developed by :
(1) Amartya Sen
(3) Friedman
(2) Mahbub-ul-Haq
(4) Montek Singh
Answer:
4. (2) The origins of the Human Development Index (HDI)
are found in the annual Human Development Reports of the United Nations Development Programme
(UNDP). These were devised and launched by Pakistani economist Mahbub ul Haq in 1990. To produce
the Human Development Reports, Mahbub ul Haq
brought together a group of well-known development
economists including: Paul Streeten, Frances Stewart, Gustav Ranis, Keith Griffin, Sudhir Anand and
Meghnad Desai. But it was Nobel laureate Amartya
Sen’s work on capabilities and functionings that provided the underlying conceptual framework.

(SSC Multi-Tasking (Non-Technical)
Staff Exam. 27.02.2011)
5. The Great Depression occurred
during
(1) 1914-18 (2) 1929-34
(3) 1939-45 (4) 1922-26
Answer:
5. (2) Depression is referred to a period of time during
which economic activity is so low for such a long period of time that large numbers of people are permanently unemployed. The great Depression originated
in the United States, after the fall in stock prices that
began around September 4, 1929 and became worldwide news with the stock market crash of October
29, 1929 (known as Black Tuesday).

(SSC Multi-Tasking Staff Exam.
10.03.2013, Ist Sitting : Patna)
6. The worldwide Great Depression
took place in
(1) 1936 (2) 1929
(3) 1928 (4) 1930
Answer:
6. (2) Depression is referred to a period of time during
which economic activity is so low for such a long period of time that large numbers of people are permanently unemployed. The great Depression originated
in the United States, after the fall in stock prices that
began around September 4, 1929 and became worldwide news with the stock market crash of October
29, 1929 (known as Black Tuesday).

(SSC Multi-Tasking Staff
Exam. 17.03.2013, Ist Sitting)
7. An economic theory is a/an
(1) Axion
(2) Proposition
(3) Hypothesis
(4) Tested hypothesis
Answer:
7. (2) A theory is an established explanation that accounts for known facts or phenomenon. Specifically,
economic theories ate statements or propositions about
patterns of economic behavior under certain circumstances. These theories help us sort out and understand the complexities of economic behavior (Exploring Economics by Robert L. Sexton, p 9).

(SSC Graduate Level Tier-I
Exam. 21.04.2013, IInd Sitting)
8. The hypothesis that rapid
growth of per capita income will
be associated with a reduction
in poverty is called
(1) trickle down Hypothesis
(2) trickle up hypothesis
(3) U shaped hypothesis
(4) poverty estimation hypothesis
Answer:
8. (1) According to the trickle down hypothesis the rapid growth of per capita income will be associated with
a reduction in poverty. In India, this hypothesis has
been interpreted to suggest that with growth in agriculture output without radical institution reform will
reduce the incidence of poverty in the context of agricultural development in India.

(SSC GL Tier-I Exam. 19.10.2014)
9. ‘Take-off stage’ in an economy
means
(1) Steady growth begins.
(2) Economy is stagnant.
(3) Economy is about to collapse.
(4) All controls are removed.
Answer:
9. (1) Rostow’s ‘Stages of Economic Growth’ (1960) presented five stages through which all countries must
pass to become developed: 1) traditional society, 2)
preconditions to take-off, 3) take-off, 4) drive to maturity, and 5) age of high mass consumption. Take-off is
the short period of intensive growth, in which industrialization begins to occur, and workers and institutions become concentrated around a new industry.

(SSC CHSL (10+2) DEO & LDC
Exam. 16.11.2014)
10. Gross National Product – Depreciation Allowance = ?
(1) Per Capita Income
(2) Gross Domestic Product
(3) Personal Income
(4) Net National Product
Answer:
10. (4) Net National product (NNP) is Gross National Product minus a depreciation allowance for the wearing
out of machines and buildings during the period. In
other words, NNP= Gross National Product – Depreciation Allowance. Since NNP counts only the net additions to the nation’s stock, it is less than GNP.

(SSC CGL Tier-I Exam, 09.08.2015
(Ist Sitting) TF No. 1443088)
11. The business in Stock Markets
and other securities markets is
regulated
(1) Securities and Exchange
Board of India
(2) Sole Trade and Exchange
Bank of India
(3) State and Exchange Bank of
India
(4) Stock and Exchange Bank of
India
Answer:
11. (1) As per the Securities and Exchange Board Of India (SEBI) Act, 1992, SEBI is responsible for protecting the interests of investors in securities and to promote the development of, and to regulate the securities market. It is the duty of SEBI to regulate the
business in stock exchanges and any other securities markets.

(SSC CGL Tier-I Exam, 09.08.2015
(IInd Sitting) TF No. 4239378)
12. Liberalism stands for
(1) religious orthodoxy
(2) a movement and an attitude
(3) self-emancipation
(4) freedom in social, political
and economic aspects
Answer:
12. (4) Liberalism includes a broad spectrum of political
philosophies that consider individual liberty to be the
most important political goal, and emphasize individual rights and equality of opportunity. It supports
market economy and a transparent and democratic
system of government. The same applies to social
and religious aspects as well.

(SSC CGL Tier-I Exam, 09.08.2015
(IInd Sitting) TF No. 4239378)
13. The difference in the value of
visible exports and visible imports is called :
(1) Balance Sheet of items
(2) Balance of Payments
(3) Balance of Trade (4)
Balance of Account
Answer:
13. (3) Balance of Trade refers to the difference between
the value of a country’s visible imports and visible
exports. Also known as the visible balance, it forms
part of the balance of payments current account.
When the value of visible imports totals more than
the value of visible exports, it is known as an adverse
balance of trade.

(SSC CGL Tier-I Exam, 16.08.2015
(IInd Sitting) TF No. 2176783)
14. Which of the following best indicates economic growth of a
Nation?
(1) Agriculture income
(2) Per capita income
(3) Gross industrial production
(4) Inflation
Answer:
14. (2) Some economists believe that economic growth is
meaningless if it is not distributed across different
segments of population. So per capita income is considered by some as a better indicator of economic
growth since it measures the average income earned
per person in countryin a specified year. It serves as
an indicator of a country's living standards and how
wealth or income is distributed across the population. However, to a vast majority Gross Domestic Product (GDP) is the most comprehensive measure of overall economic performance.

(SSC CPO Exam.
06.06.2016, (Ist Sitting))
15. Which is the parameter for the
economic development ?
(1) Per capita monetary income
(2) National income
(3) Per capita rural income
(4) Population
Answer:
15. (1) A majority of economists such as Simon Kuznets,
Meier and Baldwin, Hicks D. Samuelson, Pigeon and
others consider national income as the most suitable
index of economic development. However, the UNO
experts in their report on ‘Measures of Economic Development of Under-Developed Countries’ have Per
Capita Real Income as the best measurement of economic development. They contend that economic
growth is meaningless if it does not improve the standard of living of the common masses. They define
economic development as a process by which the real
per capita income increases over a long period of time.ECONOMICS
SGAE–629

(SSC CHSL (10+2) Tier-I (CBE)
Exam. 08.09.2016 (Ist Sitting))
16. The supply-side economics lays
greater emphasis on
(1) Producer
(2) Global economy
(3) Consumer
(4) Middle Man
Answer:
16. (1) Supply-side economics emphasizes economic
growth achieved by tax and fiscal policy that creates
incentives to produce goods and services. It lays great
emphasis on entrepreneurs, investors and producers
who are treated the prime movers on which the economy depends. Supply-side economics is better known to
some as “Reaganomics,” or the “trickle-down” policy.

(SSC CGL Tier-I (CBE) Exam.
30.08.2016 (Ist Sitting))
17. Sectoral distribution of GDP index measures_________
(1) Agriculture development of a
country
(2) Economic development of a
country
(3) Social development of a country
(4) Socio-Economic development
of a Country
Answer:
17. (2) The sectoral distribution of GDP index measures
the development of a country across several economic activities. It the market value of all final goods and
services produced in a period (quarterly or yearly). It
is one of the primary indicators used to gauge the
health of a country’s economy

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