Economics

1. Read the following statements carefully: Statement 1: The purchase of food grains made by the Government on the Minimum Support Price (MSP) is maintained as buffer stock. Statement 2: Minimum Support Price safeguards the farmers against any sharp fall in farm product prices. In light of the given statements, choose the correct alternative from the following: (a) Statement 1 is true and Statement 2 is false. (b) Statement 1 is false and Statement 2 is true. (c) Both Statements 1 and 2 are true. (d) Both Statements 1 and 2 are false. 2. Identify the incorrect statement from the following: (a) Import substitution was the strategy used to save foreign exchange. (b) License policy ensured regional equality. (c) Russian economic model was the base for the Indian economic system. (d) Small Scale Industries are one of the essential tools for employment generation. 3. Read the following statements- Assertion (A) and Reason (R). Choose the correct alternative given below: Assertion ...

1. Which data is collected by the investigator himself?  (a) Primary         (b) Secondary                                  (c) Both (a) and (b)   (d) None of these 2. Data collected from 'The Times of India' is an example of: (a) Primary Data   (b) Secondary Data (c) Census     (d) None of these 3. Data collected on religion from the census reports are: (a) Sample Method     (b) Secondary data (c) Primary data   (b) Census 4. When population under investigation is infinite, we should use: (a) Sample data  (b) Census Method (c) Either (a) or (b)  (d) Neither (a) nor (b) 5. Data from secondary source are: (a) Collected for other purposes than the current study (b) Obtained from the newspaper (c) More reliable than data from a primary source (d) Both (a) and (b) 6. Primary data is preferred over secondary d...

  1._____ is one who consumes goods and services for the satisfaction of their wants. (a) Producer (b) Consumer (c) Investor (d) All of the above 2. ______ is the one who produces or sells goods and services for the generation of income. (a) Producer          (b) Consumer (c) Investor         (d) All of the above 3. Scarcity of resources applies to all: (a) Individuals    (b) Organisations (c) Countries  (d) All of the above 4. Welfare definition of Economics has been given by:  (a) Lionel Robbins        (b) Adam Smith (c) Alfred Marshall       (d) Samuelson (a) Lionel Robbins.  5. Which definition was given by Adam Smith? (a) Welfare Definition     (b) Wealth Definition (c) Scarcity Definition     (d) Growth Oriented Definition 6. Which economic activity deals with the use of goods and services for the satisfaction of human wants? (a) Con...

1. Read the following statements- Assertion (A) and Reason (R). Choose the correct alternative given below:  Assertion (A): World Trade Organization (WTO) is expected to establish the rule-based trading regime, to avoid unilaterally placed arbitrary restrictions by member nations. Reason (R): It is imperative to enlarge world production and ensure optimum utilization of world resources along with environmental protection.  Alternatives:  (A) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).  (B) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).  (C) Assertion (A) is true, but Reason (R) is false.  (D) Assertion (A) is false, but Reason (R) is true. 2. Read the following statements: Assertion (A) and Reason (R). Choose the correct alternative given below:  Assertion (A): Goods and Services Tax (GST) was implemented by the Government of India on...