Economics—An Introduction

Economics and social development

1. Who is called father of Modern Economics?
(A) Adam Smith
(B) Marshal
(D) Robins
(C) Keynes

2. Paul Krugaman is a/an
(A) Scientist
(B) Sportsman
(C) Banker
(D) Economist

3. For the existence of a market which is indispensable?
(A) Banks
(B) Economic laws
(C) Prices
(D) Trade unions

4. Indian Economy is characterised as
(A) backward economy
(B) developed economy
(C) developing economy
(D) underdeveloped economy

5. The Gandhian economy is based on the principle of —————
(A) Competition
(B) Trusteeship
(C) State control
(D) None of the above

6. Who among the following had propounded the concept of ‘Trusteeship’?
(A) M.N. Roy
(B) Aurobindo Ghosh
(C) Mahatma Gandhi
(D) G.K. Gokhale

7. Which one of the following is the major feature of the Indian Economy?
(A) A capitalist economy
(B) A socialist economy
(C) Amixed economy
(D) None of the above

8. The Indian Economy is a——
(A) Liberal economy
(B) Socialist economy
(C) Mixed economy
(D) None of the above

9. Mixed economy in India means——
(A) Co-existence of large and small scale industries
(B) Foreign collaboration in economic development
(C) Co-existence of public and private sector
(D) None of the above

10. The credit of developing the concept of modern economic growth goes to——
(A) Arthur Lewis
(B) Michael P. Todaro
(C) Gunnar Myrdal
(D) Simon Kuznet

11. ‘Underdeveloped countries are the slums of world economy’ the statement is given by—
(A) Ragnar Nurkse
(B) A.N. Cairncross
(C) Colin Clark
(D) Jagdish Bhagwati

12. Which among the following is a characteristic of underdevelopment?
   (A) Vicious circle of poverty
   (B) Raising mass consumption
   (C) Growth of industries
   (D) Highrate of urbanisation

13. Economically, one of the results of the British rule in India in the 19th century was the—
   (A) increase in the export of Indian handicrafts.
   (B) growth in the number of Indian owned factories.
   (C) commercialisation of Indian agriculture.
   (D) rapid increase in the urban population.