Economics - Online Test
Q1. Which of the following is the difference between primary and secondary data?
Answer : Option D
Explaination / Solution:
Since primary data is collected by the investigator according to his/her objectives, the data is more reliable than secondary data.
Q2. Using land for the production of wheat implies foregoing the opportunities of using it for the production of rice It is an example of which cost ?
Answer : Option C
Explaination / Solution:
Opportunity cost refers to cost of next best alternative forgone .
Example- Using land for the production of wheat implies foregoing the opportunities of using it for the production of rice.
Q3. The narrow definition of money is based on
Answer : Option A
Explaination / Solution:
No Explaination.
Q4. In index number current year quantity is denoted by ……………
Answer : Option D
Explaination / Solution:
No Explaination.
Q5. Still ___ of population in India population is illiterate
Answer : Option D
Explaination / Solution:
As per the 2011 census, India's literacy rate is 74.04%. So around 25% or one-fourth of our population is illiterate.
Q6. The data recorded according to standard of education like illiterate, primary, secondary, graduate, technical etc, will be known as _______ classification
Answer : Option C
Explaination / Solution:
Data collected about a categorical variable will always be qualitative. Qualitative data is a categorical measurement expressed not in terms of numbers, but rather by means of a natural language description. In statistics, it is often used interchangeably with "categorical" data.
Q7. Who is likely to gain from inflation
Answer : Option D
Explaination / Solution:
No Explaination.
Q8. Which one of the following statement is incorrect?
Answer : Option C
Explaination / Solution:
No Explaination.
Q9. The investment multiplier is the ratio of
Answer : Option D
Explaination / Solution:
No Explaination.
Q10. At the time of India independence mass illiteracy was
Answer : Option C
Explaination / Solution:
The population census of 1941 (which was last census under British Rule) estimated the literacy rate at 17 %. This means that 83 of the total population was illiterate.
