Economics: Solved 100 Economics Questions and answers section with explanation for various online exam preparation, various interviews, Logical Reasoning Category online test. Category Questions section with detailed description, explanation will help you to master the topic.
1. What is the eligibility criteria of PM Shram yogi mandhan yojna?
Correct Ans:age group 18-40 and monthly income 15000
â€¢ The eligibility criteria of PM Shram yogi mandhan yojna include -age group 18-40 and monthly income 15000.
â€¢ Minimum assure pension of 3000 per month after age of 60.
5. Which among the following comes under tertiary sector of Indian Economy?
Correct Ans:Transport of goods
Transport of goods comes under tertiary sector of Indian Economy. The tertiary sector or service sector is the third of the three economic sectors of the three-sector theory. The others are the secondary sector (approximately the same as manufacturing), and the primary sector (raw materials). The tertiary sector of industry involves the provision of services to other businesses as well as final consumers. Services may involve the transport, distribution and sale of goods from producer to a consumer, as may happen in wholesaling and retailing, pest control or entertainment.
6. The new Agricultural Strategy in India was introduced in _______.
The new strategy of agricultural development introduced in India from 1966 kharif season. It was based on focus on high yielding varieties of seed and complimentary inputs on selected water-assured arias. This was the start of Green revolution in India.
8. When did the Kisan Credit card (KCC) Schemes for the farmers started in India?
Kisan Credit Card was started by the Government of India, Reserve Bank of India (RBI), and National Bank for Agricultural and Rural Development (NABARD) in 1998-99 to help farmers access timely and adequate credit.
9. Who are the price-takers under Perfect Competition?
--- >Firms are the price-takers under Perfect Competition. By definition a perfectly competitive market is one in which no single firm has to influence either the equilibrium price of the market or the total quantity supplied in the market. --- >Thus, a firm operating in a competitive market has no incentive to supply at a price lower than market equilibrium price, as it can sell all it wants to supply at equilibrium. At the same time, the firm cannot sell at price higher than the market price, because it will be able find no buyers at that price, and its sales volume will drop down to zero. --- >Thus, a firm operating in perfectly competitive market has to accept whatever is the market equilibrium price, and therefore it is called a price taker.
12. The excess of price a person is to pay rather than forego the consumption of the commodity is called
Correct Ans:Producer's surplus
---> A producer surplus is generated by market prices in excess of the lowest price producers would otherwise be willing to accept for their goods.
---> Consumer surplus is an economic measure of consumer benefit. It is calculated by analyzing the difference between what consumers are willing and able to pay for a good or service relative to its market price, or what they actually do spend on the good or service.
14. Government has approved __________ interest rate on deposits in Employees Provident Fund for 2018-19.
Government has approved 8.65% interest rate on deposits in Employees Provident Fund for 2018-19.
Ministry of Labour and Employment has notified 8.65% rate of interest on EPF deposits for its over six crore subscribers. The EPFO has been settling EPF withdrawal claims at 8.55% interest rate, approved for 2017-18. Now, the EPFO will settle accounts on higher rate of 8.65% for 2018-19.
15. What is the term which refers to an economy where the government imposes few or no restrictions and regulations on buyers and sellers?
Correct Ans:Free-market Economy
Free market refers to an economy where the government imposes few or no restrictions and regulations on buyers and sellers. In a free market, participants determine what products are produced, how, when and where they are made, to whom they are offered, and at what price - all based on supply and demand.
17. The situation to make someone better-off without making someone worse-off in terms of economics is called?
Correct Ans:Pareto efficiency
Pareto efficiency or Pareto optimality is a state of allocation of resources from which it is impossible to reallocate so as to make any one individual or preference criterion better off without making at least one individual or preference criterion worse off.
18. In economics, a good whose demand decreases when consumer income rises is called _________.
Correct Ans:Inferior good
In economics, an inferior good is a good whose demand decreases when consumer income rises (or demand increases when consumer income decreases), unlike normal goods, for which the opposite is observed.
19. In Economics the capital mainly owned by the government that is the basic infrastructure facilities and services needed for the functioning of a community or society is known as __________.
Correct Ans:Social overheads capital
A Social Overhead Capital (SOC) is the social capital mainly owned by the government that is the basic facilities and services needed for the functioning of a community or society, such as transportation (roads), education and health (schools, public libraries, and hospitals), communications and utilities (telephones, water, electricity), etc. The SOC term can be used as the economic overhead facilities and economic infrastructure.
Correct Ans:International Food Policy Research Institute (IFPRI)
TheGlobal Hunger Index(GHI) is tool that measures and tracks hunger globally, by region, and by country. The GHI is updated once a year.
The Index was adopted and further developed by the International Food Policy Research Institute (IFPRI), and was first published in 2006 with the Welthungerhilfe, a German nonprofit organization (NPO). Since 2007, the Irish NGO Concern Worldwide also become a co-publisher.
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