31. How do we define Gross National Product at Market Price?
a] It is the market value of final goods and services produced in the domestic territory of a country by normal residents during an accounting year including net factor income from abroad b] It is defined as the market value of output of final goods and services produced by normal residents of an economy in its domestic territory during an accounting year exclusive of depreciation and inclusive of net factor income from abroad c] It is defined as the market value of final goods and services produced in the domestic territory for a country by its normal residents and non residents during an accounting year less of depreciation. d] None of these.
32. Arc elasticity of demand can be defined as follows:
a] Price elasticity at a single point on the demand curve b] Price elasticity of demand between two points on the demand curve c] Both [a] and [b] d] None of these
34. Which principle of Financial Inclusion has been adopted in the 2008-09 Budget?
a] Commercial Banks to include at least 250 rural households b] To include retired bank officials, ex-service men to act as Business Correspondents c] Both [a] and [b] d] None of these
35. An example of double counting in national income would be:
a] Wages of bus and train driver b] Cotton output and cotton cloth output c] Electricity output and solar output d] Tax receipts and earning of Inland Revenue officials
36. TRIPs means:
a] Trade related intellectual properties b] Trade related investment properties c] Trade related Indian properties d] Trade related international Payments
37. Which theory of Consumer Behavior explains the Giffen Paradox?
a] Marshall's Theory b] Hick's Theory c] Both [a] and [b] d] None of these
38. ‘Market Period’ refers to:
a] The period in which the producers of a good cannot change the quantity produced in response to a change in price b] The period in which the producers of a good can change the costs of the quantity produced in response to a change in price c] The time it takes for the market to attain equilibrium d] The time it takes for the consumers to respond to change in the price
39. What is the approximate length of the National Highways of India?
a] 66,590 km b] 24,268 km c] 42,344 km d] 12,468 km
40. The LAC curve:
a] falls when the LMC curve falls b] rises when the LMC curve rises c] passes through the lowest point of the LMC curve d] falls when LMC <> LAC
41. What is Phillips Curve?
a] A tradeoff between the rate of unemployment and the rate of inflation in an economy. b] A tradeoff between the rate of money supply growth and GDP growth in an economy. c] A tradeoff between the rate of unemployment and the rate of literacy in the economy. d] A tradeoff between the rate of GDP growth and the rate of inflation in the economy.
42. M1 in the money stock refers to:
a] Post office saving deposits b] Currency plus demand deposits plus other deposits with RBI c] Time Deposits with Banks d] National Savings certificates
43. Adam Smith's concept of invisible hand postulates the following:
a] Putting in place a system of government regulations and control is most conducive to promoting the interests of the society b] An individual pursuing his own self-interest tends to promote the good of his community as well. c] Having a system of public enterprises side by side with private enterprises is most conducive to promoting the interests of society d] By perusing the interests of marginalized sections of the population it is possible to promote the good of the society
44. Mahalanobis model stressed upon the establishment of:
a] Consumer goods industries b] Export oriented industries c] Agro based industries d] Capital and basic goods industries
45. When is an allocation said to be Pareto Efficient?
a] There is no other allocation in which some other individual is better off and no individual is worse off b] The disadvantaged sections of the society are better off. c] The administrative cost involved is minimum d] The tax burden is equitable distributed.