Economic and Social Development - Online Test

Q1. Which of the following statements regarding utility is not true?
Answer : Option D
Explaination / Solution:

Utility is a subjective concept and varies from person to person, at different times and at different places. There cannot be a standardised measure for utility. Therefore, the point that utility always measurable is not true.

Q2. Marginal revenue in any competitive situation is?
Answer : Option C
Explaination / Solution:
No Explaination.


Q3. Central Bank is an
Answer : Option C
Explaination / Solution:

It is the highest banking authority in an economy. Therefore, it is also known as apex body in banking sector.

Q4. The base year of IIP is
Answer : Option A
Explaination / Solution:

IIP is calculated by the Central Statistical Organisation (CSO). CSO takes the base year as 2004-05.

Q5. The stock of skill, ability, expertise, education and knowledge in a nation at a point of time known as
Answer : Option D
Explaination / Solution:

This definition states what human capital means. Human capital refers to the skills, knowledge and experience of an individual or a population at large.

Q6. ________ of the data refers to the arrangement of figures in such a form that comparison of the mass of similar data may be facilitated and further analysis may be possible
Answer : Option A
Explaination / Solution:

The data information collected through different sources should be organized. The information arranged in an ascending order is known as the array of data. The set of information related to specific entity is called the field.

Q7. ___________ is a situation of persistent and appreciable rise in prices, leading to fall in purchasing power of money
Answer : Option C
Explaination / Solution:

Inflation is the rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of currency is falling.

Q8. In a two sector economy Aggregate Demand equals
Answer : Option C
Explaination / Solution:
No Explaination.


Q9. Which of the following economist estimated per capita income during colonial period
Answer : Option D
Explaination / Solution:

India’s per capita income during colonial period was estimated by some individual. Among the notable estimators — Dadabhai Naoroji, William Digby, Findlay Shirras.

Q10. ___________ means exhibition of data in such a clear and attractive manner that these are easily understood and analyzed
Answer : Option A
Explaination / Solution:

Presentation of data involves presenting raw facts and figures in the form of tables, charts and diagrams which is easy to understand for the users of data.