The Planning Commission of India was established by the Government of India on 15th March 1950. Option A (1947) is the year of independence, C (1948) is when the Industrial Policy Resolution was passed, and D (1951) marks the commencement of the First Five-Year Plan.
Q2mcq1 mark
Favourable trade means value of exports are __________ than that of Imports.
a.
more or less equal
b.
more
Correct Answer
c.
equal
d.
less
Step-by-Step AI Explanation
Verified Method
Favourable balance of trade exists when the value of exports exceeds the value of imports (Exports > Imports). If imports exceed exports, it is an unfavourable balance of trade (trade deficit).
Q3mcq1 mark
Mild Inflation is also known as __________.
a.
Creeping Inflation
Correct Answer
b.
Walking Inflation
c.
Galloping Inflation
d.
Running Inflation
Step-by-Step AI Explanation
Verified Method
Mild inflation, where prices rise very slowly (usually less than 3% per year), is termed Creeping Inflation. Walking, Running, and Galloping inflations represent progressively higher and faster rates of price increases.
Q4mcq1 mark
The RBI Headquarters is located at :
a.
Mumbai
Correct Answer
b.
Delhi
c.
Bengaluru
d.
Chennai
Step-by-Step AI Explanation
Verified Method
The Reserve Bank of India (RBI) was established in 1935, and its central office is located in Mumbai, Maharashtra.
Q5mcq1 mark
Indicate the contribution of J.M. Keynes to Economics :
a.
Capital
b.
Wealth of Nations
c.
Public Finance
d.
General Theory
Correct Answer
Step-by-Step AI Explanation
Verified Method
John Maynard Keynes published 'The General Theory of Employment, Interest and Money' in 1936, which is his most significant contribution that laid the foundation for modern Macroeconomics. 'Wealth of Nations' is by Adam Smith, and 'Capital' is by Karl Marx.
Q6mcq1 mark
The Average Propensity to consume is measured by :
a.
Y/C
b.
C/Y
Correct Answer
c.
C1Y
d.
C×Y
Step-by-Step AI Explanation
Verified Method
Average Propensity to Consume (APC) is defined as the ratio of total consumption expenditure ($C$) to the total income ($Y$). Mathematically, $APC = C/Y$.
Q7mcq1 mark
Sources of Secondary data are __________.
a.
Published sources
b.
Unpublished sources
c.
Neither published nor unpublished sources
d.
Both (a) and (b)
Correct Answer
Step-by-Step AI Explanation
Verified Method
Secondary data is data that has already been collected by others. It can be found in published sources (like government reports, journals, newspapers) or unpublished sources (like records of firms or individuals), so both (a) and (b) are correct.
Q8mcq1 mark
J.B. Say is a __________.
a.
Modern Economist
b.
Neo Classical Economist
c.
New Economist
d.
Classical Economist
Correct Answer
Step-by-Step AI Explanation
Verified Method
Jean-Baptiste Say was a famous French economist belonging to the Classical school of economic thought, best known for 'Say's Law of Markets', which states that 'supply creates its own demand'.
Q9mcq1 mark
Acid rain is one of the consequences of __________.
a.
Land pollution
b.
Air pollution
Correct Answer
c.
Noise pollution
d.
Water pollution
Step-by-Step AI Explanation
Verified Method
Acid rain is primarily caused by the emission of sulfur dioxide and nitrogen oxides into the atmosphere, which react with water vapor. This is a direct consequence of air pollution. Land, noise, and water pollution do not lead to acid rain.
Q10mcq1 mark
The term MEC was introduced by :
a.
Ricardo
b.
Adam Smith
c.
Malthus
d.
J.M. Keynes
Correct Answer
Step-by-Step AI Explanation
Verified Method
MEC (Marginal Efficiency of Capital) is a key concept in Keynesian economics. J.M. Keynes introduced this term in his 'General Theory of Employment, Interest and Money' to explain investment behavior. Ricardo, Smith, and Malthus belong to the Classical school, which did not utilize this specific concept.
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