Economics - Online Test
Q1. Which diagram is used for finding the value of mode graphically?
Answer : Option B
Explaination / Solution:
The hight of the rectangles in the histogram is marked by the frequencies of the class interval as shown in the graph .Identify the highest rectangle. This corresponds to the modal class of the series.
Q2. Capital Receipts
Answer : Option D
Explaination / Solution:
No Explaination.
Q3. The most frequently occurring number in a set of values is called the ____.
Answer : Option D
Explaination / Solution:
The mode of a set of data values that appears most often or The most frequently occurring.
Q4.
Which of the following is the cause of rural unemployment
(i) Decline in size of land holdings
(ii) Excessive use of foreign technology
(iii) Backwardness of agriculture.
Answer : Option C
Explaination / Solution:
The major causes which have been responsible for the wide spread unemployment can be termed as Rapid Population Growth, Limited land, Seasonal Agriculture, Fragmentation of land, Backward Method of Agriculture, Decline of Cottage Industries, Defective education, Lack of transport and communication, Inadequate Employment Planning etc.
Q5. When will the domestic income be greater than the national income?
Answer : Option B
Explaination / Solution:
No Explaination.
Q6. Which of the following statements regarding ordinal utility is true?
Answer : Option A
Explaination / Solution:
No Explaination.
Q7. A company hires regular services from external sources mostly from other countries which were previously provided internally
Answer : Option D
Explaination / Solution:
Outsourcing is the contracting of business processes to external firms usually in developing countries where labour costs are cheaper.
Q8. Balance of trade is in surplus when
Answer : Option A
Explaination / Solution:
A trade surplus is an economic measure of a positive balance of trade, where a country's exports exceed its imports. A trade surplus represents a net inflow of domestic currency from foreign markets. trade surplus helps to strengthen a country’s currency; however, this is dependent on the proportion of goods and services of a country in comparison to other countries as well as other market factors. Countries can also highly control their currency through foreign investment efforts.
Q9. Which information is false regarding Lorenz curve
Answer : Option D
Explaination / Solution:
The Lorenz curve, developed by Max O Lorenz in 1905, is a graphical representation of the distribution of the income or of wealth. It is used to represent inquality of the wealth distribution.
Q10. Health means
Answer : Option B
Explaination / Solution:
"A state of complete physical, mental, and social well-being and not merely the absence of disease or infirmity." The state of being free from illness or injury.
