Economics - Online Test

Q1. In which among the following year was ‘liberalised industrial policy’ in India was announced for the first time?
Answer : Option C
Explaination / Solution:

Liberalised Industrial Policy was introduced in 1991 in India. Because before that all the industries needed licensing and permission from government to commence their business, this resulted in depletion of Entrepreneurial spirit. Hence resulted in Backwardness of Indian Industry

Q2. The demand curve for foreign exchange is
Answer : Option D
Explaination / Solution:
No Explaination.


Q3. There is difference or variation among the values. The degree of variation is evaluated by various measures of
Answer : Option B
Explaination / Solution:
No Explaination.


Q4. All the support structures which facilitates development of a country constitute its
Answer : Option B
Explaination / Solution:

Infrastructure is the basic physical systems of a business or nation; transportation, communication, sewage, water and electric systems are all examples of infrastructure. They are vital to a country's economic development and prosperity.

Q5. In Economics, a good is something which
Answer : Option D
Explaination / Solution:

In Economics, goods are materials that satisfy human wants and provide utility. A good may be a consumable item that is useful to people but scarce in relation to its demand, so that human effort is required to obtain it.

Q6. production function shows
Answer : Option B
Explaination / Solution:
No Explaination.


Q7. Following are the elements of correlation except
Answer : Option B
Explaination / Solution:

It is not necessary that there must be a curvilinear relation among variables,it can be linear or non linear correlation.

Q8. When we talk of poverty in a country we mean by
Answer : Option A
Explaination / Solution:

Absolute poverty refers to a condition characterised by severe deprivation of basic human needs such as food, safe drinking water, shelter, clothing, health facilities, education and health care.

Q9. Data originally collected in the process of investigation are known as
Answer : Option B
Explaination / Solution:

It is primary data because the information or data collected through investigstion is directly from the field. It is not from any other recorded sources.

Q10. ________ is defined as the total planetary inheritance and the totality of all resources.
Answer : Option C
Explaination / Solution:

Environment is sum total of external forces which surround us.

It includes all the biotic and abiotic factors that influence each other.

  • Biotic Elements - Biotic elements include all living elements like birds, animals and plants, forests, fisheries, etc...
  • Abiotic elements - Abiotic elements include non- living elements like air , water, land, etc..