Quiz 243: Economic Awareness for All Examinations
First Published: October 22, 2009 | Last Updated:February 11, 2018
1.
Dunkel Proposals are related to which of the following rounds of GATT?
[A] Geneva Round
[B] Uruguay Round
[C] Kennedy Round
[D] Dillon Round
Show Answer
Correct Answer: B [Uruguay Round]
2.
Which among the following ratios correctly denotes Money Multiplier?
[A] M3: M0
[B] M1: M3
[C] M3: M1
[D] M1: M0
Show Answer
Correct Answer: A [M3: M0]
3.
Which among the following is a term for which alternate word” Buyer’s Monopoly” is used?
[A] Oligopoly
[B] Inverse monopoly
[C] Monopsony
[D] Duopoly
Show Answer
Correct Answer: C [Monopsony]
4.
Generally, the acid test ratio should be 1:1 or better for a company in sound economic position.. This is a ratio of which of the following ?
[A] Current Assets : Current liabilities
[B] Current liabilities : Current Assets
[C] Total Assets : Current liabilitie
[D] Total liabilities : Current Assets
Show Answer
Correct Answer: A [Current Assets : Current liabilities]
5.
Which among the following can be called a Balanced Budget ?
[A] Total Revenue of the Government Exceeding Total Expenditure
[B] Total Expenditure of the Government Exceeding Total Revenue
[C] Total Revenue of the Government exactly equal to total Expenditure
[D] Total Expenditure of the Government exceeding or equal to Total Revenue
Show Answer
Correct Answer: C [Total Revenue of the Government exactly equal to total Expenditure]
6.
Which among the following is an anti-inflationary measure?
[A] Stagflation
[B] Hyper inflation
[C] Disinflation
[D] Deflation
Show Answer
Correct Answer: C [Disinflation]
7.
Gender Empowerment Measure (GEM) is one of the five indicators used by the United Nations Development Programme in its annual Human Development Report. It includes which of the following ?
[A] political participation and decision making
[B] economic participation and decision making
[C] power over economic resources
[D] All the above
Show Answer
Correct Answer: D [All the above]
8.
Lockout” is term used for a work stoppage in industry for which of the following ?
[A] Employees refuse to work
[B] Employer prevents employees from working
[C] Trade unions prevent the employees to work
[D] Employer close the work premises permanently
Show Answer
Correct Answer: B [Employer prevents employees from working]
9.
Which among the following imposes a greater burden (relative to resources) on the poor than on the rich ?
[A] Progressive tax
[B] Regressive Tax
[C] Lump Sum tax
[D] Proportional tax
Show Answer
Correct Answer: B [Regressive Tax]
Notes:
A regressive tax is the one in which tax rate decreases as the amount subject to taxation increases; and the tax rate progresses from high to low. The lowest amount is subject to higher taxation and this leads to individuals with low income bear the highest burden of regressive taxes. Such tax does not take into account the ability to pay.
10.
Which among the following imposes a greater burden (relative to resources) on the poor than on the rich ?
[A] Progressive tax
[B] Regressive Tax
[C] Lump Sum tax
[D] Proportional tax
Show Answer
Correct Answer: B [Regressive Tax]
Notes:
A regressive tax is the one in which tax rate decreases as the amount subject to taxation increases; and the tax rate progresses from high to low. The lowest amount is subject to higher taxation and this leads to individuals with low income bear the highest burden of regressive taxes. Such tax does not take into account the ability to pay.
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