Economics · General Awareness

Economic Principles

1,087 Questions

Economic principles form the foundation of how societies allocate resources and produce goods. This topic covers factors of production, types of capital, and demand classifications. It is a vital component of the economics syllabus in many civil services and banking exams.

Factors of productionCapital typesDemand classificationsEconomic activities

Economic Principles Questions

Multiple choice organization of commerce and management ownership structures - cooperative society features, merits and demerits, formation and management of a cooperative society meaning and features of cooperative society cooperative organisation

_____________ are formed by small producers and manufacturers who find it difficult to sell their products individually.

  1. Producers Co-operative Societies

  2. Co-operative Marketing Societies

  3. Housing Co-operative Societies

  4. Consumers Co-operative Societies
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Producers Cooperative Societies are specifically designed to help small producers pool resources and sell their products collectively, overcoming individual limitations.

Multiple choice organization of commerce and management ownership structures - cooperative society features, merits and demerits, formation and management of a cooperative society meaning and features of cooperative society cooperative organisation

_____________ are formed to protect the interest of small producers by making available items of their need for production like raw materials, tools and equipments, machinery, etc.

  1. Producers' co-operative societies

  2. Co-operative marking societies

  3. Housing co-operative societies

  4. Consumers co-operative societies
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Producers co-operative societies are formed to protect the interest of small producers by making available items of their need for production like raw materials, tools and equipments, machinery, etc. Handloom societies like APPCO, Bayanika, Haryana handloom, etc are examples of producer's cooperative.

Multiple choice organization of commerce and management ownership structures - cooperative society features, merits and demerits, formation and management of a cooperative society meaning and features of cooperative society cooperative organisation

____________ are formed by small producers and manufacturers who find it difficult to sell their products individually.

  1. Producers' co-operative societies

  2. Co-operative marking societies

  3. Housing co-operative societies

  4. Consumers co-operative societies
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Cooperative marketing societies are formed by small producers and manufacturers who find it difficult to sell their products individually. The society collects the products from the individual members and takes the responsibility of selling those products in the market.

Multiple choice civics migration of families raju's father transferred migration and its effects no place for us?

The _____ gave money to the farmers for next week's expenses.

  1. Agent

  2. Mukadam

  3. Factory owner

  4. None of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Mukadam is a person who lends money as loan for the expenses of villagers and explains to the villagers in which areas they would go for the next six months and people just earn enough money to keep them going through these months. to manage the remaining six months, when there is no rain, and no work in the fields everyone borrows money from the mukadam. To pay back this money people work for Mukadam. Mukadam is an agent for sugarcane factories. He helps them to find work in sugarcane fields.

Multiple choice history the industrial revolution from capitalism to imperialism industrial revolution and inventions industrial revolution and its effects

The large scale factories began to develop ______ capital.

  1. Mercantile

  2. Social

  3. Natural

  4. Manufactured
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Mercantilism refers to the economic policy wherein the trade and accumulation of goods were maximized by obtaining the cheap raw material from the colonies. The development of large scale factories in Europe during the Industrial Revolution required the raw material of cotton, jute etc. that lead to spread if mercantile capital.

Multiple choice history the industrial revolution from capitalism to imperialism industrial revolution and inventions industrial revolution and its effects

Whom did the industrialists find more profitable to employ in their factories?
This question has multiple answers.

  1. Men

  2. Women

  3. Children

  4. All the above
Reveal answer Fill a bubble to check yourself
B,C Correct answer
Explanation

It was profitable to employ the women and children in the factories because they were paid almost one-tenth of what was given to men. Also, the resistance was negligible from them because they hardly became a part of strikes organised by the workers' union. They could be made to perform menial jobs repeatedly.

Multiple choice social science poverty : challenge facing india meaning and measurement of poverty poverty as a challenge poverty: an economic challenge for india

Agricultural productivity refers to _______________.

  1. Capacity of labour to produce

  2. Productivity of labour

  3. Capacity of land to produce

  4. Capacity of capital to produce
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Agricultural productivity is defined as the output produced per unit of land area. It measures the efficiency of land use in agricultural production.

Multiple choice organization of commerce and management markets and marketing meaning, nature and importance of services introduction to services nature and types of services

The simultaneous activity of production and consumption of services is called _____________.

  1. Inventory

  2. Inconsistency

  3. Inseparability

  4. Intangibility
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

They are inseparable as well which means that the production and consumption of service cannot be separated unlike a tangible product.

Multiple choice geography food security in india components of food security government measures for food security important index numbers

The base year for consumer price index has now been revised from 1982 to _____.

  1. 1990

  2. 1991

  3. 1996

  4. 2001
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Government is always set to modify index and base year to calculate DA. The last revision in the base year was in 2006 by the Sixth Central Pay Commission from 1982 to 2001. 

Multiple choice commercial studies waste generation and management e-waste management e-wastes waste generation

Quantity of solid waste produced, depends on living standard of

  1. Housing

  2. Consumption

  3. Populations

  4. All of above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The quantity of solid waste produced is directly linked to the consumption habits and living standards of the population. Higher living standards typically correlate with higher per capita waste generation.

Multiple choice geography human occupations primary economic activities population of india population

______ is an example of tertiary activity.

  1. Trade

  2. Grazing

  3. Medicine

  4. Fishing
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Tertiary activities include both production and exchange. The production involves the 'provision' of services that are 'consumed. The exchange involves trade, transport and communication facilities that are used to overcome distance.

Multiple choice geography human occupations primary economic activities population of india population

According to the stage of evolution, economic activities are grouped into _____ main types.

  1. 3

  2. 4

  3. 5

  4. 6
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

According to the stage of evolution, economic activities are grouped into 5 main types, they are-

1.primary sector activity  which includes agriculture, mining and other natural resource industries
2.secondary sector activity covering manufacturing, engineering, and construction
3.tertiary sector activity for the service industries
4.quaternary sector activity for intellectual activities involving education and research 
5.quinary sector activity reserved for high-level decision-makers in government and industry

Multiple choice geography human occupations primary economic activities population of india population

_____ promotes industrial activities.

  1. Grazing

  2. Transport

  3. Hunting

  4. Mining
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
  • Transportation links factors of production together in a web of relationships between producers and consumers to create a more efficient division of production, leverage geographical comparative advantage, and provide the means to expand economies of scale and scope. 
Multiple choice geography human occupations primary economic activities population of india population

_____ is an example of secondary activity.

  1. Trade

  2. Education

  3. Grazing

  4. Production of sugar from sugarcane
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

  • Secondary activities add value to natural resources by transforming raw materials into valuable products.
  •  Secondary activities, therefore, are concerned with manufacturing, processing and construction (infrastructure) industries.
  • Therefore  manufacturing sugar from sugarcane is a secondary activity.