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Economics Questions Answers
Which one of the following is not correctly matched ?
Policy cut Motion → Budget demand be reduced to ₹ 1
Economy cut Motion → Budget demand be reduced by a specified amount
Token cut Motion → Budget demand be reduced by rupees one hundred
Vote on Account → Parliamentary sanction of all budgetary demands for grants in a financial year
Vote on Account → Parliamentary sanction of all budgetary demands for grants in a financial year
Parliament is not able to vote the entire budget before the commencement of the new financial year, the necessity to keep enough finance at the disposal of Government in order to allow it to run the administration of the country remains. A special pro- vision is, therefore, made for 'Vote on Account' by which Government obtains the Vote of Parliament for a sum sufficient to incur expenditure on various items for a part of the year. Normally, the Vote on Account is taken for two months only. But during election year or when it is anticipated that the main Demands and Appropriation Bill will take longer time than two months, the Vote on Account may be for a period exceeding two months.
Which of the following bank has installed world's first ATM?
Sveriges Riksbank
Royal Bank of Scotland
Berenberg Bank
Barclays
Barclays
Which is called Gossen's second law?
Law of Equi-marginal Utility
Law of Diminishing Marginal Utility
Revealed Preference Theory
Indifference Curve Approach
Law of Equi-marginal Utility
Who explained importance of time element in price determination, for the first time?
Chamberlin
Stigler
Mrs. Joan Robinson
Marshall
Marshall
Law of diminishing returns begins to operate when—
Total product begins to rise
Total product begins to fall
Marginal product begins to rise
Marginal product begins to fall
Marginal product begins to fall
Among the following what causes market failure?
1. Externality
2. Asymmetry of information
3. Perfect competition
Choose the correct answer from the codes given below :
1, 2 and 3 are correct
Only 1 is correct
1 and 2 are correct
2 and 3 are correct
1 and 2 are correct
Assuming wage-price flexibility, the classical economists asserted that a decline in money wages and price would lead to—
Unemployment
Deflation
High level of employment and output
Unemployment and decline in output
High level of employment and output
The relative income hypothesis of Duesenberry suggests that as income increases, consumption function curve shifts above and therefore—
Average propensity to consume rises
Average propensity to consume falls
Average propensity to consume remains constant
Average propensity to consume is equal to 1
Average propensity to consume remains constant
Who among the following said, "Inflation is everywhere and always a monetary phenomenon"?
James Tobin
John M. Keynes
Milton Friedman
Anna J. Schwartz
Milton Friedman
Accelerator is most closely related to—
interest rate
inventories
idle capacity
induced investment
induced investment