1. Economics : An Introduction

1. Paul Krugaman is a/an
(A) Scientist
(B) Sportsman
(C) Banker
(D) Economist
Ans: (D)

2. Who is called father of Modern Economics?
(A) Adam Smith (B) Marshal
(C) Keynes (D) Robins
Ans: (A)

3. Indian Economy is characterised as
(A) backward economy
(B) developed economy
(C) developing economy
(D) underdeveloped economy
Ans: (C)

4. For the existence of a market which is indispensable?
(A) Banks
(B) Economic laws
(C) Prices
(D) Trade unions
Ans: (C)

5. Who among the following had propounded the concept of ‘Trusteeship’?
(A) M.N. Roy
(B) Aurobindo Ghosh
(C) Mahatma Gandhi
(D) G.K. Gokhale
Ans: (C)

6. The Gandhian economy is based on the principle of
(A) Competition
(B) Trusteeship
(C) State control
(D) None of the above
Ans: (B)

7. The Indian Economy is a
(A) Liberal economy
(B) Socialist economy
(C) Mixed economy
(D) None of the above
Ans: (C)

8. Which one of the following is the major feature of the Indian Economy?
(A) A capitalist economy
(B) A socialist economy
(C) A mixed economy
(D) None of the above
Ans: (C)

9. The credit of developing the concept of modern economic growth goes to
(A) Arthur Lewis
(B) Michael P. Todaro
(C) Gunnar Myrdal
(D) Simon Kuznet
Ans: (D)

10. Mixed economy in India means
(A) Co-existence of large and small scale industries
(B) Foreign collaboration in economic development
(C) Co-existence of public and private sector
(D) None of the above
Ans: (C)

11. Which among the following is a characteristic of underdevelopment?
(A) Vicious circle of poverty
(B) Raising mass consumption
(C) Growth of industries
(D) High rate of urbanisation
Ans: (A)

12. ‘Underdeveloped countries are the slums of world economy’ the statement is given by
(A) Ragnar Nurkse
(B) A.N. Cairncross
(C) Colin Clark
(D) Jagdish Bhagwati
Ans: (B)

13. Assertion (A): The emergence of economic globalism does not imply the decline of socialist ideology. Reason (R): The ideology of socialism believes in universalism and globalism. In the context of the given two statements, which of the following is correct? Code
(A) Both (A) and (R) are true and
(R) is the correct explanation of
(B) Both (A) and (R) are true, but (R) is not the correct explanation of (A)
(C) (A) is true, but (R) is false
(D) (A) is false, but (R) is true
Ans: (A)

14. Economically, one of the results of the British rule in India in the 19th century was the
(A) increase in the export of Indian handicrafts
(B) growth in the number of Indian owned factories
(C) commercialisation of Indian agriculture
(D) rapid increase in the urban population
Ans: (C)

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