RRB NTPC Economics quiz for Stage-I
Railway/SSC JE Civics quiz for (Phase I), RRB NTPC, SSC various exams and other competitive exams.
Q1. Which one of the following countries is not a member of the “BRICS” group?
(a) Brazil
(b) Russia
(c) China
(d) Indonesia
Q2. Which one of the following is not a scheme or project ?
(a) AMRUT
(b) Swachh Bharat
(c) AYUSH
(d) Jan Dhan Yojana
Q3. The major objective of monetary policy is to?
(a) Increase government’s tax revenue
(b) Revamp the Public Distribution System
(c) Promote economic growth with price stability
(d) Weed out corruption in the economy
Q4. Trickle down theory ignores the impact of economic growth on –
(a) Investment
(b) Savings
(c) Income distribution
(d) Consumption
Q5.A manufacturer faces price elasticity of demand of a -2 for its product. If it lowers its price by 5%, the increase in quantity sold will be –
(a) 3%
(b) 10%
(c) 2.50%
(d) 7%
Q6.If cash reserve ratio decreases, credit creation will _______.
(a) Increase
(b) Decrease
(c) Does not change
(d) First decreases than increases
Q7. In which market form, a market or an industry is dominated by a single seller?
(a) Oligopoly
(b) Monopoly
(c) Duopoly
(d)Competitive
Q8. Which one of the following is also regarded as Disguised unemployment?
(a) Underemployment
(b) Frictional unemployment
(c) Seasonal unemployment
(d) Cyclical unemployment
Q9.Courier service comes under which sector?
(a) Primary
(b) Secondary
(c) Tertiary
(d) Both Secondary and Tertiary
Q10.Which among the following is not a direct tax?
(a) Income tax
(b) Wealth tax
(c) Corporate tax
(d) None of these
Answer Key
Ans.1.(d)
Exp.BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. Indonesia is not a member of BRICS group.
Ans.2.(c)
Exp. Department of Indian Systems of Medicine and Homoeopathy (ISM&H) was established in 1995 and renamed as Department of Ayurveda, Yoga & Naturopathy, Siddha, Unani and Homoeopathy (AYUSH) in November, 2003. It is not a scheme/project of present Government.
Ans.3.(c)
Exp. Monetary policy is designed as to maintain the price stability in the economy. Thus, its main objective is to promote economic growth with Price stability.Monetary policy is the macroeconomic policy laid down by central bank.
Ans.4.(c)
Exp. Trickle-down economics, or “trickle-down theory,” states that tax breaks and benefits for corporations and the wealthy will trickle down to everyone else. It argues for income and capital gains tax breaks or other financial benefits to large businesses, investors and entrepreneurs to stimulate economic growth.It ignores the impact of economic growth on income distribution.
Ans.5.(b)
Exp. Elasticity =( % Change in Quantity) /( % Change in Price).
Ans.6.(a)
Exp.When the Federal Reserve lowers the reserve ratio, it lowers the amount of cash banks are required to hold in reserves and allows them to make more loans to consumers and businesses. This increases the money supply and expands the economy.
Ans.7.(b)
Exp. Monopoly refers to a company that is a single seller of a product or service in the market. A monopoly basically holds the entire market, controls prices and supplies and puts an end to any competition or it doesn’t even let competition get a start because of high market entry costs and legal
Ans.8.(a)
Exp. In certain circumstances, people doing part-time work may qualify if they desire to obtain, and are capable of performing, full-time work. It also includes those accepting employment well behind their skill set. In these cases, disguised unemployment may also be referred to as the underemployed, covering those who are working in some capacity but not at their full capacity.
Ans.9.(c)
Exp.Courier service comes under Tertiary Sector also known as Service Sector
Ans.10.(d)
Exp.A direct tax is paid directly by an individual or organization to an imposing entity. A taxpayer, for example, pays direct taxes to the government for different purposes e.g. income tax, corporation tax, wealth tax etc.
For More Economics Quizzes Click Here
Mail us at : ambitiousbaba1@gmail.com
Telegram Group:- Click Here
