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Questions:

Multiple Choice Question

100 x 1 = 100

As per the Special Economic Zones Act of 2005, the number of zones so far notified by the Government is about_______________

(a)

300

(b)

400

(c)

500

(d)

600

The first known Economist to apply mathematical method to economic problems was____________.

(a)

J.M. Keynes

(b)

Adam Smith

(c)

JS.Mill

(d)

Giovanni Ceva

The Asia's largest eco-friendly paper mill is____________.

(a)

National Paper Mills

(b)

International Paper APPM Limited

(c)

Subbu Paper Mills

(d)

TNPL

The First Indianmodernised cotton cloth mill was established at Fort Gloaster, near Calcutta in __________

(a)

1810

(b)

1812

(c)

1816

(d)

1818

V.K.R.V. Rao founded the 'Institute for Social and Economic change' at __________

(a)

Delhi

(b)

Bangalore

(c)

Bombay

(d)

Chandigarh

The tendency of total product to increase at an increasing rate stops at a point and it begins to increase at a decreasing rate. This point is known as____________

(a)

Point of inflexion

(b)

Point of intersection

(c)

Point of inference

(d)

Point of survival

Standard of living determines___________.

(a)

Wages

(b)

Interest

(c)

Income

(d)

All of these

If X = -50 + 10P, then it is a _________ function

(a)

demand

(b)

supply

(c)

Identity

(d)

constant

The minimum payment made to a particular factor of production to retain in its present use is known as ___________.

(a)

Actual earnings

(b)

Transfer earnings

(c)

Surplus earnings

(d)

All the above

10.

Value Added Tax is ________ .

(a)

Multipoint tax

(b)

Single point tax

(c)

Direct tax

(d)

All the above

11.

Poverty is deepest among members of _____________ in the rural areas.

(a)

Scheduled castes and Tribes

(b)

Most Backward caste

(c)

Backward caste

(d)

All the above

12.

Degrees of Price Discrimination given by ________ .

(a)

A.C. Pigou

(b)

J.M. Keynes

(c)

Joan Robinson

(d)

Edward Chamberlin

13.

Tamil Nadu accounts for leather exports and production about ___________ in the country.

(a)

60%

(b)

80%

(c)

50%

(d)

70%

14.

___________ is the cloth market in South India for both retail and wholesale market.

(a)

Karur

(b)

Coimbatore

(c)

Erode

(d)

Trippur

15.

The major contribution of the Tertiary Sector GSDP in Tamil Nadu.

(a)

63.70%

(b)

61%

(c)

62.70%

(d)

70%

16.

Application of economic principles in rural areas known as__________economics.

(a)

Fiscal

(b)

Monetary

(c)

Rural

(d)

None

17.

_______________________five year plan aimed to double the per capita income of India.

(a)

second

(b)

Tenth

(c)

Elevanth

(d)

Sixth

18.

India is the____________________ largest country in the world in producing natural silk.

(a)

second

(b)

fourth

(c)

sixth

(d)

first

19.

Revenue means _________ revenue.

(a)

Marginal

(b)

Average

(c)

Sales

(d)

None

20.

Large scale production implies ____________ leads to specialization to increase production.

(a)

Division of Labour

(b)

Labourer

(c)

Labour

(d)

None

21.

The __________ is an important component in analysing producer's behaviour.

(a)

Iso-quant curve

(b)

Iso-cost line

(c)

Production function

(d)

Elasticity of supply

22.

____________has low density of population of only 17 persons.

(a)

West Bengal

(b)

Bihar

(c)

Kerala

(d)

Arunachala pradesh

23.

__________ are transferable and value in exchange.

(a)

Trade

(b)

Goods

(c)

Business

(d)

None

24.

Demand for a commodity is a function of _________ .

(a)

Wealth

(b)

Price

(c)

Both

(d)

Taste and preference

25.

The law of Diminishing Marginal utility called as

(a)

Gossen's first Law of Consumption

(b)

Law of Demand

(c)

Law of Substitution

(d)

The law of Maximum Satisfaction

26.

In the absence of consumption there can be no_________.

(a)

Consumption

(b)

Production

(c)

Service

(d)

None

27.

lCT stands for ______

(a)

Information and communication Technology

(b)

Indian council for Technology

(c)

International communication Technology

(d)

Information course for Technique

28.

Utility is a ____________ .

(a)

Social concept

(b)

Subjective / Psychological concept

(c)

Political concept

(d)

Scientific concept

29.

The paper industry in India is ranked among the ___ top global paper industries.

(a)

(b)

(c)

(d)

30.

Steel Authority of India Ltd (SAIL) was established in __

(a)

1864

(b)

1854

(c)

1818

(d)

1974

31.

Industries were classified into __ groups.

(a)

One

(b)

Two

(c)

Three

(d)

Four

32.

Mahalwari System was introduced in ______

(a)

1820

(b)

1800

(c)

1993

(d)

1793

33.

A new slide can be inserted by 'click' on icon new slide' or using short cut key ____

(a)

Ctrl + M

(b)

Ctrl + Z

(c)

Ctrl + S

(d)

Ctrl + C

34.

______ declared that he wanted to reduce political and economic matters in terms of number, weight and measure

(a)

Sir William Petty

(b)

G. Cramer

(c)

J.M. Keynes

(d)

Marshall

35.

The concept of consumer's surplus was introduced by ____

(a)

Alfred Marshall

(b)

J.R. Hicks

(c)

A.C. Pigon

(d)

J.K. Easthan

36.

India is the home to ____________ of the world's poor.

(a)

11%

(b)

22%

(c)

33%

(d)

10%

37.

Small Scale Industrial Units with a Capital investment of not more than Rs. ___________ Lakhs.

(a)

Rs.7.50 Lakhs

(b)

Rs.6.50 Lakhs

(c)

Rs.1 Lakh

(d)

Rs.2 Lakhs

38.

The _________ forces the farmers to borrow for consumption as well as for cultivation.

(a)

Poverty Line

(b)

Vicious Circle of Poverty

(c)

Unemployment

(d)

None of these

39.

___________ is one of the basic needs of every family

(a)

Gold

(b)

Silver

(c)

House

(d)

Diamond

40.

In case of relatively more elastic demand the shape of the curve is

(a)

Horizontal

(b)

Vertical

(c)

Steeper

(d)

Flatter

41.

The chief exponent of the cardinal utility approach was

(a)

J.R. Hicks

(b)

R.G.D. Allen

(c)

Marshall

(d)

Stigler

42.

Pick the odd one out

(a)

Luxuries

(b)

Comforts

(c)

Necessaries

(d)

Agricultural goods

43.

The American economist ____________ modified and gave a new theory called time preference theory.

(a)

Alfred Marshall

(b)

Irving Fisher

(c)

Prof. Knight

(d)

Bohm Bawerk

44.

In the first stage of law of variable proportions, total product increases at an _______________

(a)

Decreasing rate

(b)

Increasing rate

(c)

Constant rate

(d)

Both (a) and (b)

45.

SEZ covers

(a)

Agriculture

(b)

Industrial parks

(c)

Forestry

(d)

Industrial parks and high tech zones.

46.

_________ is the India's first biggest producer of rice.

(a)

Tamil Nadu

(b)

Kerala

(c)

West Bengal

(d)

Maharastra

47.

Group of the firm is known as _________

(a)

Firm

(b)

Industry

(c)

Market

(d)

None of these

48.

Micro Economics covers

(a)

Value theory

(b)

Theory of economic welfare

(c)

Both 'a' and 'b'

(d)

Income theory

49.

______means using up of goods and services

(a)

Production

(b)

Consumption

(c)

Distribution

(d)

Exchange

50.

EPZ indicates______.

(a)

Export Product Zone

(b)

Export Processing Zone

(c)

Export Price Zone

(d)

Export Zone

51.

The Chelliah Committee's report had suggested drastic reduction in______.

(a)

import duties

(b)

export duties

(c)

both (a) and (b)

(d)

none of the above

52.

The functional relationship between cost and output is expressed as _____.

(a)

Production function

(b)

Consumption function

(c)

Cost function

(d)

Distribution function

53.

Find total cost where TFC = 200 and TVC = 150

(a)

300

(b)

350

(c)

200

(d)

150

54.

Profit = ____.

(a)

Total Revenue - Total Cost

(b)

Total Revenue + Total Cost

(c)

Total Revenue x Total Cost

(d)

Total Revenue / Total Cost

55.

Human Development Index was developed by the Indian economist ______

(a)

Marshall

(b)

Mahbub ul Haq

(c)

J.M. Keynes

(d)

Amartya Sen

56.

The PQLI was developed by _________

(a)

Planning Commission

(b)

Nehru

(c)

Morris

(d)

Morris D. Morris

57.

In which year, Regional Rural Banks came into existence?

(a)

1965

(b)

1970

(c)

1975

(d)

1980

58.

Identify an example for rural industries?

(a)

Sugar factory

(b)

Mat making industry

(c)

Cement industry

(d)

Paper industry

59.

How do you term people employed in excess of the requirements?

(a)

Unemployment

(b)

Underemployment or Disguised Unemployment

(c)

Full employment

(d)

Self-employment

60.

What percentage of the total population live in rural area, as per 2011 census

(a)

(b)

(c)

(d)

61.

Which is considered as the basic unit for rural areas?

(a)

Panchayat

(b)

Village

(c)

Town

(d)

Municipality

62.

In the first five year plan, the top priority was given to ______ Sector.

(a)

Service

(b)

Industrial

(c)

Agriculture

(d)

Bank

63.

The father of Green Revolution in India was __________

(a)

M.S. Swaminathan

(b)

Gandhi

(c)

Visweswaraiah

(d)

N.R. Viswanathan

64.

The Headquarters of Southern Railway is at

(a)

Tiruchirappalli

(b)

Chennai

(c)

Madurai

(d)

Coimbatore

65.

Which district has the lowest child sex ratio?

(a)

Madurai

(b)

Theni

(c)

Ariyalur

(d)

Cuddalore

66.

In investment proposals filed by MSMEs, TN ranks

(a)

(b)

(c)

III

(d)

67.

The Goods and Services Tax Act came into effect on ______

(a)

1^st July 2017

(b)

1^st July 2016

(c)

1^st January 2017

(d)

1^st January 2016

68.

'The Hindu Rate of Growth' coined by Raj Krishna refers to

(a)

Low rate of economic growth

(b)

High proportion of Hindu population

(c)

Stable GDP

(d)

None

69.

The new economic policy is concerned with the following

(a)

Foreign investment

(b)

Foreign technology

(c)

Foreign trade

(d)

All the above

70.

Financial sector reforms mainly related to____

(a)

Insurance sector

(b)

Banking sector

(c)

Both a and b

(d)

Transport sector

71.

Integration is the reverse process of

(a)

Difference

(b)

Mixing

(c)

Amalgamation

(d)

Differentiation

72.

The first differentiation of Total Revenue function gives

(a)

Average Revenue

(b)

Profit

(c)

Marginal Revenue

(d)

Zero

73.

Fixed cost is the _____ term in cost function represented in mathematical form

(a)

Middle

(b)

Price

(c)

Quantity

(d)

Constant

74.

The average revenue curve under monopolistic competition will be ____________

(a)

Perfectly inelastic

(b)

Perfectly elastic

(c)

Relatively

(d)

Unitary elastic

75.

In monopolistic competition, the essential feature is ____________

(a)

Same product

(b)

Selling cost

(c)

Single seller

(d)

Single buyer

76.

Perfect competition assumes ____________

(a)

Luxury goods

(b)

Producer goods

(c)

Differentiated goods

(d)

Homogeneous goods

77.

In which type of market, AR and MR are equal _______

(a)

Duopoly

(b)

Perfect competition

(c)

Monopolistic competition

(d)

Oligopoly

78.

Identify the correct characteristics of utility

(a)

It is equivalent to 'usefulness'

(b)

It has moral significance

(c)

It is same as pleasure

(d)

It depends upon consumer's mental attitude

79.

Which one of the following is not a point in the Welfare Definition of Economics?

(a)

Study of an ordinary man

(b)

Economics does not focus on wealth alone

(c)

Economics is the study of material welfare

(d)

Economics deals with unlimited wants and limited means

80.

Loanable Funds Theory of Interest is called as

(a)

Classical Theory

(b)

Modern Theory

(c)

Traditional Theory

(d)

Neo-Classical Theory

81.

Largest area of land is used in the cultivation of

(a)

Paddy

(b)

Sugarcane

(c)

Groundnut

(d)

Coconut

82.

Which of the following cities does not have international airport?

(a)

Madurai

(b)

Tiruchirappalli

(c)

Paramakudi

(d)

Coimbatore

83.

Name the returns to scale when the output increases by more than 5%, for a 5% increase in the inputs,

(a)

Increasing returns to scale

(b)

Decreasing returns to scale

(c)

Constant returns to scale

(d)

All of the above

84.

The functional relationship between "inputs" and "outputs" is called as

(a)

Consumption Function

(b)

Production Function

(c)

Savings Function

(d)

Investment Function

85.

Which factor is called the changing agent of the Society

(a)

Labourer

(b)

Land

(c)

Organizer

(d)

Capital

86.

Revenue received from the sale of additional unit is termed as _____ revenue.

(a)

profit

(b)

average

(c)

marginal

(d)

total

87.

Wage is an example for _____ cost of the production.

(a)

fixed

(b)

variable

(c)

marginal

(d)

opportunity

88.

Agricultural Produce Market Committee is a _____.

(a)

Advisory body

(b)

Statutory body

(c)

Both a and b

(d)

None of these

89.

"Economics is a science" The basis of this statement is ______

(a)

Relation between cause and effect

(b)

Use of deductive method and inductive method for the formations of laws

(c)

Experiments

(d)

All of the above

90.

Suppose determinant of a matrix Δ = 0, then the solution

(a)

Exists

(b)

Does not exist

(c)

is infinity

(d)

is zero

91.

A statement of equality between two quantities is called

(a)

Inequality

(b)

Equality

(c)

Equations

(d)

Functions

92.

According to the Loanable Funds Theory, supply of loanable funds is equal to

(a)

S + BC + DH + DI

(b)

I + DS + DH + BM

(c)

S + DS + BM + DI

(d)

S + BM + DH + DS

93.

The problem studied by Ambedkar in the context of Indian Economy is ______________

(a)

Small land holdings and their remedies

(b)

Problem of Indian Currency

(c)

Economics of socialism

(d)

All of them

94.

The cost incurred by producing one more unit of output is _____ cost.

(a)

variable

(b)

fixed

(c)

marginal

(d)

total

95.

The costs of self-owned resources are termed as ____ cost.

(a)

real

(b)

explicit

(c)

money

(d)

implicit

96.

Density of population =

(a)

Land area / Total Population

(b)

Land area / Employment

(c)

Total Population / Land area of the region

(d)

Total Population / Employment

97.

A scientific study of the characteristics of population is _____

(a)

Topography

(b)

Demography

(c)

Geography

(d)

Philosophy

98.

The measure of economic growth of a country is indicated by ____________.

(a)

GNP

(b)

GDP

(c)

NNP

(d)

Per capita income

99.

Theory of distribution is popularly known as,

(a)

Theory of product-pricing

(b)

Theory of factor-pricing

(c)

Theory of wages

(d)

Theory of interest

100.

In Economics, distribution of income is among the

(a)

factors of production

(b)

Individual

(c)

firms

(d)

traders

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Answers Key:

Multiple Choice Question

100 x 1 = 100

(b)
400

(d)
Giovanni Ceva

(d)
TNPL

(d)
1818

(b)
Bangalore

(a)
Point of inflexion

(a)
Wages

(b)
supply

(b)
Transfer earnings

10.

(a)
Multipoint tax

11.

(a)
Scheduled castes and Tribes

12.

(a)
A.C. Pigou

13.

(d)
70%

14.

15.

(a)
63.70%

16.

17.

(b)
Tenth

18.

(a)
second

19.

20.

(a)
Division of Labour

21.

(b)
Iso-cost line

22.

(d)
Arunachala pradesh

23.

(b)
Goods

24.

(b)
Price

25.

(a)
Gossen's first Law of Consumption

26.

(b)
Production

27.

(a)
Information and communication Technology

28.

(b)
Subjective / Psychological concept

29.

(b)
15

30.

(d)
1974

31.

(d)
Four

32.

(d)
1793

33.

(a)
Ctrl + M

34.

(a)
Sir William Petty

35.

(a)
Alfred Marshall

36.

(b)
22%

37.

(a)
Rs.7.50 Lakhs

38.

(b)
Vicious Circle of Poverty

39.

40.

(d)
Flatter

41.

42.

(d)
Agricultural goods

43.

(b)
Irving Fisher

44.

(b)
Increasing rate

45.

(d)
Industrial parks and high tech zones.

46.

47.

(b)
Industry

48.

49.

(b)
Consumption

50.

(b)
Export Processing Zone

51.

52.

53.

(b)
350

54.

(a)
Total Revenue - Total Cost

55.

(d)
Amartya Sen

56.

57.

58.

(b)
Mat making industry

59.

(b)
Underemployment or Disguised Unemployment

60.

61.

(b)
Village

62.

63.

(a)
M.S. Swaminathan

64.

(b)
Chennai

65.

66.

(a)
I

67.

(a)
1^st July 2017

68.

(a)
Low rate of economic growth

69.

(d)
All the above

70.

71.

(d)
Differentiation

72.

73.

(d)
Constant

74.

75.

(b)
Selling cost

76.

(d)
Homogeneous goods

77.

(b)
Perfect competition

78.

(d)
It depends upon consumer's mental attitude

79.

(d)
Economics deals with unlimited wants and limited means

80.

(d)
Neo-Classical Theory

81.

(a)
Paddy

82.

83.

(a)
Increasing returns to scale

84.

(b)
Production Function

85.

86.

87.

(b)
variable

88.

(b)
Statutory body

89.

(d)
All of the above

90.

(b)
Does not exist

91.

92.

(a)
S + BC + DH + DI

93.

(b)
Problem of Indian Currency

94.

95.

(d)
implicit

96.

97.

(b)
Demography

98.

(b)
GDP

99.

(b)
Theory of factor-pricing

100.

(a)
factors of production

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