Economics - Online Test
Q1. A component part chart can be presented in the form of
Answer : Option D
Explaination / Solution:
A component part chart can be presented by circle through pie graph by converting the frequencies into angles and it also can be presented in the form of component bar graph by converting frequencies into percentage.
Q2. To ensure sustainable production in the future we need to promote
Answer : Option C
Explaination / Solution:
Sustainable development is a process of development which uses existing resources so optimally that their availability for future generations is not reduced.
Q3. PPP stands for
Answer : Option C
Explaination / Solution:
Purchasing Power Parity (PPP) is an economic theory that compares different countries' currencies through a market "basket of goods" approach. According to this concept, two currencies are in equilibrium or at par when a market basket of goods (taking into account the exchange rate) is priced the same in both countries.
Q4. IPR 1956 refers to
Answer : Option A
Explaination / Solution:
Industrial Policy Resolution of 1956 (IPR 1956) is a resolution adopted by the Indian Parliament in April 1956. It was the first comprehensive statement on industrial development of India. The 1956 policy continued to constitute the basic economic policy for a long time.
Q5. Fiscal deficit includes borrowings. It is
Answer : Option B
Explaination / Solution:
No Explaination.
Q6. If the distribution is asymmetric, which measure of location is most appropriate if the data is in a nominal scale? If it is in an ordinal scale? If it is in an interval or ratio scale?
Answer : Option B
Explaination / Solution:
A situation in which the values of variables occur at irregular frequencies and the mean, median and mode occur at different points. An asymmetric distribution is said to exhibit skewness. In contrast, a symmetric or normal distribution, when depicted on a graph, is shaped like a bell curve and the two sides of the graph are symmetrical.
Q7. Which of the following is false regarding Disguised unemployment
Answer : Option C
Explaination / Solution:
Disguised unemployment is defined as a situation when marginal productivity of labour is zero or negative.
Q8. Flow is a concept which is
Answer : Option A
Explaination / Solution:
No Explaination.
Q9. Indifference curve depicts
Answer : Option C
Explaination / Solution:
No Explaination.
Q10. The commercial banks are required to keep certain percentage of the deposits they accept from public in the form of cash. This percentage is known as
Answer : Option D
Explaination / Solution:
Statutory Liquidity Ratio (SLR) is a reserve requirement under which the commercial banks are required to keep a certain percentage of the total deposits in the form of cash.
