Economic System
Trending Questions
Q. Normative economic analysis _________.
- are observations that quantify what normally occurs when workers, consumers, firms and investors interact in the market
- quantifies possible outcomes so that policymakers can rank the desirability of policy recommendations and their impact on the economy
- analyzes what policies and economic outcomes are best for society, and is often accompanied by value judgments
- is based on cause and effect relationships observed in the economy
Q. Define economic system.
Q. In response to India's 'Look East' policy which of the following countries has launched 'Look West' policy? (Both are complementary to each other.)
- China
- Singapore
- Thailand
- South Korea
Q. In India, Agriculture contributes nearly _______ of the country's GDP.
- Less than 10%
- Nearly 14%
- Nearly 50%
- Nearly 75%
Q. Role of Agriculture is significant in the Indian Economy because ____________.
- it contributes about 1/4th of the GDP
- it provides employment to about 50% - 60% of the population
- both (a) and (b)
- neither (a) nor (b)
Q. State a country which follows a planned economic system.
- USA
- UK
- Russia
- India
Q. Positive economic analysis ________.
- compares the desirability of alternative government policy outcomes
- provides a framework within which we can study how some groups are better off than others.
- analyzes the sources of improvements in the standard of living that result from favourable government policies.
- is based on observed cause and effect relationships in the economy.
Q. What is true for economics ?
- Economics is based on non economic wants
- Economics is the use of scarce resources
- Economic is based on human wants
- All of the above
Q. What do you understand by a closed economy.
Q. Economic planning was introduced in India being inspired by the planning strategy of ___________.
- USSR
- USA
- None of these
- UK
Q. Which of the following was focus area for the second five year plan?
- Agriculture
- Removing poverty
- Industrialization
- Self reliant
Q. Which of the following does not fall under the dynamic sub-sectors to allied productive activities in the agricultural sector?
- Leather industry
- Agro-processing industries
- Tourism Industry
- Handloom industry
Q. Which sector is also called agricultural related sector?
- Primary
- Secondary`
- Tertiary
- Private
Q. According to Robbins, 'means' are __________.
- all of the above
- scarce
- unlimited
- undefined
Q.
Which category would you classify India in?
Backward
Developed
Highly Developed
Developing
Q.
Which system did Indian leaders finally decide to adopt?
Socialist
Capitalist
Mixed economy
None of the above
Q. Agriculture and related sector is called the primary sector of the economy.
- True
- False
Q.
Which sector do you think contributes the largest share to employment?
Agriculture
Services
Industry
Cannot be determined
Q. In India, Agriculture provides employment to _______ of the population.
- Less than 25%
- 25% to 50%
- 50% to 60%
- More than 60%
Q. Identify what is normative statements concern?
- What was?
- What is the normal situation?
- What will be?
- What ought to be?
Q. Name the Economist whose book "The General theory of Employment", led to the creation of Macroeconomics.
- John Maynard Keynes
- Adam Smith
- Milton Friedmon
- Amartya Sen
Q. The income elasticity demand for farm products is _____________.
- high in India
- no demand at all
- very low in India
- high supply and no demand
Q.
The most widely observed economic system is now:
Capitalist
Asiatic
Mixed economy
Socialist
Q. Which economic system has been followed by India?
Q. Which of these is not a feature of an under-developed economy?
- Use of backward and primitive Production Techniques
- High degree of Unemployment
- High degree of inequality of incomes
- High participation in Foreign Trade
Q. Answer the following questions in two to four sentences each:
How has agriculture helped in the development of Secondary and Tertiary sectors?
How has agriculture helped in the development of Secondary and Tertiary sectors?