GS Economics Easy

Right Mark: 1 Negative Mark: 0.25

Q1: Economics is primarily concerned with

(A) Money (B) Production and distribution of goods and services (C) Banking (D) Accounting

Q2: Who is regarded as the "Father of Economics"?

(A) Karl Marx (B) Adam Smith (C) Alfred Marshall (D) Keynes

Q3: Which book was written by Adam Smith?

(A) Das Kapital (B) Wealth of Nations (C) General Theory (D) Principles of Economics

Q4: The basic problem of economics is

(A) Inflation (B) Poverty (C) Scarcity of resources (D) Unemployment

Q5: Microeconomics deals with:

(A) Individuals (B) National economy (C) International trade (D) Public finance

Q6: Macroeconomics deals with:

(A) Households (B) National income (C) Market price (D) Firms

Q7: The opportunity cost of a factor is:

(A) Money cost (B) Cost of next best alternative forgone (C) Cost of production (D) None

Q8: Demand means:

(A) Desire (B) Desire + Purchasing power (C) Purchasing power (D) None

Q9: Which of the following is a consumer good?

(A) Machine (B) Rice (C) Tractor (D) Cotton

Q10: Inflation means:

(A) Rise in prices (B) Fall in prices (C) Stable prices (C) Stable prices

Q11: The main function of money is:

(A) Loans (B) Medium of exchange (C) Source of income (D) Wealth measure

Q12: Which bank is the "Bank of Banks"?

(A) SBI (B) RBI (C) PNB (D) ICICI

Q13: RBI was established in:

Q14: Who issues one-rupee notes?

(A) RBI (B) Finance Ministry (C) SBI (D) President

Q15: "Lender of Last Resort" is:

(A) SBI (B) NABARD (C) RBI (D) World Bank

Q16: Fiat money is:

(A) Commodity money (B) Fiduciary money (C) Government-declared money (D) Gold money

Q17: Inflation is controlled by:

(A) Printing more money (B) Fiscal and monetary policy (C) Tax cuts (D) Subsidies

Q18: RBI HQ is in:

(A) Delhi (B) Mumbai (C) Kolkata (D) Hyderabad

Q19: Banks were nationalized in:

Q20: A qualitative credit control measure of RBI is:

(A) CRR (B) Bank rate (C) Credit rationing (D) Repo rate

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