Tag: economic reconstruction

Quizzes (7) Questions (82)

Questions Related to economic reconstruction

Multiple choice economics economic reconstruction economics of planning objectives of economic planning in india major economic problems

The economy of Britain crumbled after the First World War. Identify the factor which did not contribute to the above.

  1. Strengthening of domestic markets in colonies.

  2. Industrialization of China.

  3. Stiff competition from Us, Germany, Japan.

  4. Huge wage structure in colonies.
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The British economy suffered due to competition from the US, Germany, and Japan, as well as the loss of markets. Industrialization of China was not a primary factor in the post-WWI British economic decline.

Multiple choice economics economic reconstruction economics of planning objectives of economic planning in india major economic problems

Assume there are four families in a country. The average per capita income of these families is Rs. 5000. If the income of three families is Rs. 4000, Rs. 7000 and Rs. 3000 respectively, what is the income of the fourth family?

  1. Rs. 7500

  2. Rs. 3000

  3. Rs. 2000

  4. Rs. 6000

  5. Rs. 9000
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Total income of four families $= 5000 * 4 = 20000$

Total income of three families $= 4000 + 7000 + 3000 = 14000$

Income of the fourth family $= 20000 – 14000 =  6000$

Multiple choice economics economic reconstruction economics of planning objectives of economic planning in india major economic problems

Which of the following is not considered production in Economics?

  1. Tilling of soil by farmers

  2. Singing a song before friends

  3. Construction of Canal by laborers

  4. Painting a picture for sale
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Production is a process of merging various material inputs and irrelevant inputs in order to make something for consumption. It is the action of creating output, a good or service which has the value and contribution to the beneficial of the individuals. Tiling of soil by friends, construction of canal by laborers, Painting a picture for sale are considered in the production of economics. 

Multiple choice economics economic reconstruction economics of planning objectives of economic planning in india major economic problems

A person who is not gainfully employed is called an unemployed person.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A person who is not gainfully employed, that is, a person who is not paid in monetary terms or in kind in return of his work, is known as an unemployed person since he cannot contribute in the GDP of a country.

Multiple choice economics economic reconstruction economics of planning objectives of economic planning in india major economic problems

The corruption creates ____________.

  1. Political inequality

  2. Social inequality

  3. Economic inequality

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

Economic inequality is the unequal distribution of income and opportunity between different groups in society. Corruption plays a very important role in creating economic inequality. Education, at all levels, enhancing skills, and training policies can be used alongside social assistance programs to help people out of poverty and to reduce inequality.

Multiple choice economics economic reconstruction economics of planning objectives of economic planning in india major economic problems

Poverty leaves a positive effect on the life and health of man.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Poverty brings a harmful effect on the standard of living of the citizen's of a country. People become unhealthy and malnourished due to lack of proper nutrition. Hence, the above mentioned statement is false. Poverty leaves a negative effect on the life and health of man.

Multiple choice economics economic reconstruction economics of planning objectives of economic planning in india major economic problems

Economic resources are ____________.

  1. Unlimited

  2. Limited in supply and use

  3. Limited in supply but have alternative uses

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

Resources which are used for economic activities are called as economic resources. Human life depends on the consumption of various materials which are made up of the resources available on earth. examples : soils, minerals, water ,etc.  These resources are finite in number. 

Multiple choice economics economic reconstruction economics of planning objectives of economic planning in india major economic problems

India has been witnessing high rate of inflation because __________.

  1. public expenditure and money supply both are continuously increasing.

  2. the agricultural and industrial sectors have not performed adequately.

  3. both agricultural and administered prices have been hiked.

  4. all of the above.
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation
Since last two decades, the money supply in India is increasing due to development in the economy which increases the purchasing power of an individual due to which aggregate demand increases which leads to increase in public expenditure on consumption of goods and services.
Multiple choice economics economic reconstruction economics of planning objectives of economic planning in india major economic problems

The central problems of an economy is ___________.

  1. what to produce

  2. how to produce

  3. for whom to produce

  4. all the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The central problems of an economy deals with the allocation of its scarce uses, having alternative uses, for production of goods. The central problems are outlined as:

  • What to produce? Consumer goods or capital goods?
  • How to produce? Using labour or capital intensive techniques?
  • For whom to produce? Rich people or poor people