Tag: economics

Questions Related to economics

The ___________ sector in a mixed economy decides 'what to produce and how much to produce' based on the overall national objectives.

economics solution to basic economic problems under different economic systems supply curve and price determination in the market price mechanism and solutions supply

  1. private

  2. public

  3. industrial

  4. agricultural

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Correct Option: B
Explanation:
In a mixed economy, public sector resolves the problems of 'what to produce and how to produce?' keeping in mind the social welfare of the economy which includes overall economic growth and development, less input and factor prices for the availability of resources and generation of employment opportunities to eradicate poverty from the economy. 

Administered price mechanism is also called __________.

economics solution to basic economic problems under different economic systems supply curve and price determination in the market price mechanism and solutions supply

  1. controlled price mechanism

  2. regulated price mechanism

  3. both A & B

  4. neither A nor B

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Correct Option: C
Explanation:

In a socialist economy, the price mechanism i.e. price affects the demand and supply of the commodities is directed by a centrally based planning authority that controls the price mechanism to certain limits and regulates it to protect civilians from fraudulent practices. 

Under mixed economy, firms operating in both public and private sectors are left free to adjust their activities to the controlled market forces.

economics solution to basic economic problems under different economic systems supply curve and price determination in the market price mechanism and solutions supply

  1. True

  2. False

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Correct Option: A
Explanation:
In a mixed economy both private as well as public enterprises utilize the resources for the production of goods and services in  the economy for personal as well as social gains where government only audits the overall production to ensure adequate availability of goods and services in the economy whereas all the operation takes place with free market forces. 

Which among the following influences the choice of method of production used by the public sector in a mixed economy? 

economics solution to basic economic problems under different economic systems supply curve and price determination in the market price mechanism and solutions supply

  1. Promotion of economic growth

  2. Input/Factor prices

  3. Generation of employment opportunities

  4. All of the above

Show answer
Correct Option: D
Explanation:

In a mixed economy, public sector resolves the problem of 'how to produce?' keeping in mind the social welfare of the economy which includes overall economic growth and development, less input and factor prices for the availability of resources and generation of employment opportunities to eradicate poverty from the economy. 

It is not uncommon in a socialist economy that  ______________.

economics solution to basic economic problems under different economic systems supply curve and price determination in the market price mechanism and solutions supply

  1. private properly is abolished

  2. economic activities are guided by market forces

  3. there is absence of state intervention

  4. people acquire a motive for earning

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Correct Option: A
Explanation:

In a socialist economy, both private as well as government organisations utilize resources and distribute them for personal as well as social welfare. Society is given more importance as government handles all central problems of the economy. So usually in socialist economy, private property are abolished for social welfare and to bring in equality in the social and economic status of the people.

Which of the following programmes is being implemented in all the districts of the country?

economics human capital formation in india introduction and features of unemployment quality of population problem of unemployment in india

  1. Sarva Shiksha Abhiyan

  2. Navodaya Vidyalaya

  3. Ultra Mega Power Project

  4. Rajiv Gandhi Grameen Vidyutikaran Yojana

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Correct Option: A
Explanation:

Sarva shiksha abhiyan is an Indian government initiative of making free and compulsory education to children between the age of 6-14 years of age as a fundamental right. This program is implemented in all the districts of the country. 

Sarvashiksha Abhiyan Programme was launched in____.

economics human capital formation in india introduction and features of unemployment quality of population problem of unemployment in india

  1. 1999

  2. 2000

  3. 2001

  4. 2006

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Correct Option: C
Explanation:

Sarva shiksha abhiyan launched in the year $2001$ is an Indian government initiative of making free and compulsory education to children between the age of $ 6-14$ years of age as a fundamental right. 

This program is implemented in all the districts of the country. 

The first fully literate district outside the Kerala State is__________.

economics human capital formation in india introduction and features of unemployment quality of population problem of unemployment in india

  1. Wardhaman(West Bengal)

  2. Chingelpattu(Tamil Nadu)

  3. Nasik(Maharashtra)

  4. Merkata(Karnataka)

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Correct Option: A
Explanation:

Literacy is the state of being able to read and write. After Kerala state the district that is first fully literate is a district in the state of west Bengal Vardhaman.

High yielding variety seeds (HYV) were introduced to Indian farmers to bring about the ________.

economics how does production take place? land land,labour, capital and entrepreneur production mechanism

  1. White Revolution

  2. Green Revolution

  3. Orange Revolution

  4. Red Revolution

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Correct Option: B
Explanation:

The introduction of high-yielding varieties of seeds led to the increase in production of foodgrains, thus improving agriculture in India.

Which is a non-farm activity?

economics how does production take place? land land,labour, capital and entrepreneur production mechanism

  1. Multiple cropping

  2. Crop rotation

  3. Dairy farming

  4. Modern farming

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Correct Option: C
Explanation:

Dairy farming is a non-farm activity.