Fundamentals of Macroeconomics - MCQs with answers - Part III

Fundamentals of Macroeconomics - MCQs with answers - Part III


1) Which Indian state has the highest GDP for 2012-13?

a) Gujarat
b) Uttar Pradesh
c) Madhya Pradesh
d) Maharashtra

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ANSWER: d) Maharashtra

GDP of Maharashtra is around 1,372,644 crore for 2012-2013. Lakshwadeep has the lowest GDP at around 60 million dollars



2) What is the global rank of India in terms of its nominal GDP?

a) 3rd
b) 5th
c) 10th
d) 17th

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ANSWER: c) 10th

USA ranks first in the first in the world in terms of its nominal GDP



3) What is the global rank of India in terms of its Purchasing Power Parity?

a) 3rd
b) 5th
c) 10th
d) 17th

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ANSWER: a) 3rd

PPP refers to the relative values of currencies



4) Which Indian city is known as its trade and financial capital?

a) Mumbai
b) Delhi
c) Bangalore
d) Gurgaon

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ANSWER: a) Mumbai



5) What is India's growth rate for the 2013 - 14 fiscal year?

a) 5.7%
b) 6.7 %
c) 2.6%
d) 4.7 %

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ANSWER: d) 4.7 %



6) A market in which there is only one seller of a good is known as:

a) monopoly
b) monopsony
c) duopoly
d) perfectly competitive

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ANSWER: a) monopoly



7) A market in which there are only 2 sellers of a good is known as:

a) monopoly
b) monopsony
c) duopoly
d) perfectly competitive

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ANSWER: c) duopoly



8) Das Kapital, published in German in 1867, was authored by:

a) Karl Marx
b) John Maynard Keynes
c) F. Hayek
d) Samuelson

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ANSWER: a) Karl Marx



9) Which economist is famous for his theory of comparative advantage?

a) Karl Marx
b) John Maynard Keynes
c) F. Hayek
d) David Ricardo

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ANSWER: d) David Ricardo

David Ricardo was a British political economist and his most famous theory was that of comparative advantage. Comparative advantage refers to the doctrine that any nation should use its resources solely in industries where it has the most international competitiveness



10) What is India's rank in ease of doing business index for 2014, as developed by the World Bank Group?

a) 3rd
b) 52nd
c) 134th
d) 178th

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ANSWER: c) 134th

A higher rank in 'Ease of doing business index' means a that there are lesser regulations for a company that might hinder its growth and also strong property rights




11) Laissez-faire economics refers to:

a) a term denoting economic transactions carried out by the State/government
b) economic transactions in private parties where there is no intervention by the State/government
c) a branch of socialism focusing on welfare economics
d) None of the above

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ANSWER: b) economic transactions in private parties where there is no intervention by the State/government


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