Multi-choice 3 Question 1. Development is impossible without- Answers Option 1 Incentive to profit Option 2 Domestic savings Option 3 Foreign aid Option 4 Inflation Feedback Wrong choice Correct option Incorrect selection Wrong choice Solution Wrong (Feedback) Correct Option (Feedback) Wrong (Feedback) Wrong (Feedback) Question 2. The famous article “Economic Development with Unlimited Supplies of Labour” published in the Manchester School in 1954 is due to- Answers Option 1 WA. Lewis Option 2 W.W. Rostow Option 3 J.H. Boeke Option 4 R. Nurkse Feedback Correct option Wrong choice Incorrect selection Wrong choice Solution Correct Option (Feedback) Wrong (Feedback) Wrong (Feedback) Wrong (Feedback) Question 3. Goods and Services Tax, as passed by the Parliament contains an anti-profiteering clause. Prior to this which country was the first to incorporate this clause into its GST laws Answers Option 1 Increase in the level of education Option 2 Improvement in the medical facilities Increase in the level of education Option 3 Increase in the per capita income Option 4 Increase in the people’s concern for their life. Feedback Wrong choice Correct option Wrong choice Incorrect selection Solution Wrong (Feedback) Correct Option (Feedback) Wrong (Feedback) Wrong (Feedback) Question 4. According to Lewis the subsistence sector is that part of the economy which- Answers Option 1 Employs labour for wages in mines, factories, and plantations for earning profits Option 2 None of these. Option 3 Makes use of reproducible capital Option 4 Does not make use of reproducible capital Feedback Wrong choice Incorrect selection Wrong choice Correct option Solution Wrong (Feedback) Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Question 5. Surplus labour theory assumes that- Answers Option 1 Labour contributes nothing to output in less developed countries Option 2 The marginal product of labour is close to zero in less developed countries Option 3 There is too much unemployment in less developed countries Option 4 Less developed countries are overpopulated Feedback Wrong choice Correct option Incorrect selection Wrong choice Solution Wrong (Feedback) Correct Option (Feedback) Wrong (Feedback) Wrong (Feedback) Question 6. Which one of the following statements is incorrect about average age in various countries by 2020? Answers Option 1 The average age in Europe is expected to be 46 years Option 2 The average age in Japan is expected to be 47 Option 3 The average age in China is expected to be 42 years Option 4 The average age in USA is expected to be 40 years Feedback Wrong choice Incorrect selection Correct option Wrong choice Solution Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Wrong (Feedback) Question 7. India will be world’s youngest country by the year …….. with an average age 29 years. Answers Option 1 2023 Option 2 2020 Option 3 2030 Option 4 2028 Feedback Wrong choice Correct option Wrong choice Incorrect selection Solution Wrong (Feedback) Correct Option (Feedback) Wrong (Feedback) Wrong (Feedback) Question 8. Who among the following is not associated with the balanced growth theory ? Answers Option 1 Nurkse Option 2 Rodan Option 3 Lewis Option 4 P. Streeten Feedback Wrong choice Incorrect selection Wrong choice Correct option Solution Wrong (Feedback) Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Question 9. Assertion (A): To Marx, it is surplus labour that lead to capital accumulation. Reason (R): The difference between actual labour and subsistence labour that a labourer puts in for which he receives nothing is surplus labour. Answers Option 1 Both (A) and (R) are incorrect Option 2 (A) is correct and (R) is incorrect Option 3 (A) is correct, but (R) is not the correct reason for (A) Option 4 Both (A) and (R) are correct Feedback Wrong choice Incorrect selection Wrong choice Correct option Solution Wrong (Feedback) Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Question 10. A capitalist economy adheres to the technique of planning by Answers Option 1 Inducement Option 2 Direction Option 3 Central authority Option 4 None of these Feedback Correct option Wrong choice Incorrect selection Wrong choice Solution Correct Option (Feedback) Wrong (Feedback) Wrong (Feedback) Wrong (Feedback)
Multi-choice 3 Question 1. Development is impossible without- Answers Option 1 Incentive to profit Option 2 Domestic savings Option 3 Foreign aid Option 4 Inflation Feedback Wrong choice Correct option Incorrect selection Wrong choice Solution Wrong (Feedback) Correct Option (Feedback) Wrong (Feedback) Wrong (Feedback) Question 2. The famous article “Economic Development with Unlimited Supplies of Labour” published in the Manchester School in 1954 is due to- Answers Option 1 WA. Lewis Option 2 W.W. Rostow Option 3 J.H. Boeke Option 4 R. Nurkse Feedback Correct option Wrong choice Incorrect selection Wrong choice Solution Correct Option (Feedback) Wrong (Feedback) Wrong (Feedback) Wrong (Feedback) Question 3. Goods and Services Tax, as passed by the Parliament contains an anti-profiteering clause. Prior to this which country was the first to incorporate this clause into its GST laws Answers Option 1 Increase in the level of education Option 2 Improvement in the medical facilities Increase in the level of education Option 3 Increase in the per capita income Option 4 Increase in the people’s concern for their life. Feedback Wrong choice Correct option Wrong choice Incorrect selection Solution Wrong (Feedback) Correct Option (Feedback) Wrong (Feedback) Wrong (Feedback) Question 4. According to Lewis the subsistence sector is that part of the economy which- Answers Option 1 Employs labour for wages in mines, factories, and plantations for earning profits Option 2 None of these. Option 3 Makes use of reproducible capital Option 4 Does not make use of reproducible capital Feedback Wrong choice Incorrect selection Wrong choice Correct option Solution Wrong (Feedback) Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Question 5. Surplus labour theory assumes that- Answers Option 1 Labour contributes nothing to output in less developed countries Option 2 The marginal product of labour is close to zero in less developed countries Option 3 There is too much unemployment in less developed countries Option 4 Less developed countries are overpopulated Feedback Wrong choice Correct option Incorrect selection Wrong choice Solution Wrong (Feedback) Correct Option (Feedback) Wrong (Feedback) Wrong (Feedback) Question 6. Which one of the following statements is incorrect about average age in various countries by 2020? Answers Option 1 The average age in Europe is expected to be 46 years Option 2 The average age in Japan is expected to be 47 Option 3 The average age in China is expected to be 42 years Option 4 The average age in USA is expected to be 40 years Feedback Wrong choice Incorrect selection Correct option Wrong choice Solution Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Wrong (Feedback) Question 7. India will be world’s youngest country by the year …….. with an average age 29 years. Answers Option 1 2023 Option 2 2020 Option 3 2030 Option 4 2028 Feedback Wrong choice Correct option Wrong choice Incorrect selection Solution Wrong (Feedback) Correct Option (Feedback) Wrong (Feedback) Wrong (Feedback) Question 8. Who among the following is not associated with the balanced growth theory ? Answers Option 1 Nurkse Option 2 Rodan Option 3 Lewis Option 4 P. Streeten Feedback Wrong choice Incorrect selection Wrong choice Correct option Solution Wrong (Feedback) Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Question 9. Assertion (A): To Marx, it is surplus labour that lead to capital accumulation. Reason (R): The difference between actual labour and subsistence labour that a labourer puts in for which he receives nothing is surplus labour. Answers Option 1 Both (A) and (R) are incorrect Option 2 (A) is correct and (R) is incorrect Option 3 (A) is correct, but (R) is not the correct reason for (A) Option 4 Both (A) and (R) are correct Feedback Wrong choice Incorrect selection Wrong choice Correct option Solution Wrong (Feedback) Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Question 10. A capitalist economy adheres to the technique of planning by Answers Option 1 Inducement Option 2 Direction Option 3 Central authority Option 4 None of these Feedback Correct option Wrong choice Incorrect selection Wrong choice Solution Correct Option (Feedback) Wrong (Feedback) Wrong (Feedback) Wrong (Feedback)
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