EXAM No.

14
(Economics)
Model Answer Sheet
Exam conducted during : 07 January to 10 January 2020
Que. 1 First KVK in India established at ---
Pondicherry Hyderabad Jaipur Coimbatore
Que. 2 According to the law of diminishing utility ----
Increasing units Total utility will
Utility is at a
of consumption rise at a falling rate
maximum with None of these
increases the as more units are
the first unit
marginal utility consumed
Que. 3 Kisan credit card scheme started in the year --
1998 2000 1994 1991
Que. 4 GATT established in the year ---
1955 1965 19153 1948
Que. 5 WTO starts functioning on ---
01 Jan 1995 01 Jun 1990 15 Dec 1990 None of these
Que. 6 MSP that is minimum support price was recommended by ---
Union govt. NITI Ayog CACP None of these
Que. 7 When there is a few sellers in market, this condition is called as ?
Oligopoly Oligopsony Duopoly Monopsony
Que. 8 When there is a only one seller in market that market is called as ?
Oligopsony Duopoly Monopsony Monopoly
Que. 9 NABARD day celebrated on ---
12 June 12 August 12 July 19 June
Que. 10 Five RRBS are established on ---
1 June 1970 02 Oct. 1975 02 Oct. 1976 03 Oct. 1976
Que. 11 The loan obtained in immovable property for the different purpose is
called as
Mortgage loan Personal loan Chattel loan Collateral loan
Que. 12 Consumption is also called as ----
Consumer Elasticity of Destructive of
Human wants
surplus demand utility
Que. 13 The loan advanced to weaker section or community is called as ---
Individual Differential
Area approach None of these
approach interest rate
Que. 14 National co-operation development corporation is established in year
1967 1955 1971 1963
Que. 15 Larges sized Adivasi multipurpose society was founded on
1969 1970 1971 1972
Que. 16 Lead bank scheme was recommended by
Shrivaraman Nariman Gorwala
None of these
Committee Committee Committee
Que. 17 The contribution of central government, state government and
sponsored bank in regional rural banks capital is
50:15:35 50:35:15 35:50:15 50:50:00
Que. 18 ---- loan is granted for the period of 1 to 5 years
Short term loan Long term loan Medium term loan Crop loan
Que. 19 The loan having repayment period of 15 month to 5 years is called as
Term loan Crop loan Secure loan None of these
Que. 20 When you have to bring about permanent land improvement,
Reclaimination of land, you should have take --- loan from bank
Short term loan Crop loan Long term loan None of these
Que. 21 When borrower act as guarantor, the loan is called as
Personal security
Chattel loan Collateral loan Mortgage loan
loan
Que. 22 When the loan is obtained from brokers by pledging movable property
such as jewelry, utensils made by various metals
Mortgage loan Personal loan Chattel loan Collateral loan
Que. 23 --- is called as book of original entry
Ledger Journal Account None of these
Que. 24 All business transactions are first recommended in --- book
Account Ledger Journal None of these
Que. 25 --- is the chief book of account
Ledger Journal Account None of these
Que. 26 --- is the list of all physical property of business along with their values at
specific time
Ledger Journal Account Farm inventory
Que. 27 --- is considered as unproductive loan
Marketing loan Investment loan Consumption loan None of these
Que. 28 The repayment period of production loan is ---
18 month to 5
6-18 months 5 to 20 years None of these
years
Que. 29 --- loan is advanced to farmer to overcome the distress sale of produce
Consumption
Production loan Marketing loan None of these
loan
Que. 30 At least --- percent contribution of each enterprise is necessary in mixed
farming
10% 30% 40% 25%
Que. 31 Particular area, when rainfall occurs less than 750 mm per annum this
farming is called as
Peasant farming Rainfed farming Organic farming Dry farming
Que. 32 When particular region receives a rainfall greater than 750 mm but less
than 1150 mm per annum, this is called as
Peasant farming Rainfed farming Dry land farming Dry farming
Que. 33 If any region receives a rainfall greater than 1150 mm per annum this is
called as
Mixed farming Rainfed farming Dry land farming None of these
Que. 34 The procedure to find the present value of future sum is called as
Discounting Compounding Farm management None of these
Que. 35 The procedure to find the future value of present sum is called as
Production Farm
Discounting Compounding
economics management
Que. 36 Rent theory of profit given by ---
Taussing Hawley Walker Clark
Que. 37 When a single enterprise contributes more than 50 % of income this
farming is called as
Specialist Diversified
Mixed farming Peasant farming
farming farming
Que. 38 Two or more enterprises contribute more than 50% income, it is called
as ---
Specialist Diversified
Mixed farming None of these
farming farming
Que. 39 --- is called as general farming
Specialist Diversified
Mixed farming None of these
farming farming
Que. 40 Crop production is combined with livestock management in --- farming
Mixed farming Rainfed farming Dry land farming None of these
Que. 41 --- is concerned with resource combination and substitution
Factor product Factor-factor Product-product
None of these
relation relationship relationship
Que. 42 The objective of factor product relationship is ---
Profit Cost Optimization of
None of these
maximization minimization resource
Que. 43 Co-operative movement in India started in the year ----
1910 1904 1947 1955
Que. 44 Consumption means the stratification of wants by the use of commodities
and services
TRUE FALSE
Que. 45 Resource allocations have prime importance in case of ---
Factor
Factor-factor Product-product
production None of these
relationship relationship
relation
Que. 46 The objective of factor -factor relationship is
Optimization of Cost Profit
None of these
resource minimization minimization
Que. 47 At the end of second stage, when total product reaches at maximum
level, then marginal product --
Increases Decreases Remains constant Becomes zero
Que. 48 Elasticity of production is found to be less than zero in --- stage
first stage second stage third stage None of these
Que. 49 When quantity of one production increases, the quantity of another
product also increases, it is called as --
Complementary Supplementary
Joint product None of these
product product
Que. 50 First Five year plan started on ---
1 June 1950 1 June 1960 1 April 1951 1 Mach 1965
Que. 51 When quantity of one product increases without affecting the quantity of
another product, it is known as ---
Complementary Supplementary
Joint product None of these
product product
Que. 52 --- is concerned with resource use efficiency
factor-factor factor-product Product-product
None of these
relationship relationship relationship
Que. 53 In the first stage of production, marginal production reaches at
maximum level at ---
Starting point End point Inflation point None of these
Que. 54 At the end of first stage elasticity of production becomes ---
Greater than one Equal to one Less than one None of these
Que. 55 --- are the factors of production
Land Labour Capital All of these
Que. 56 Theory of population is given by ---
Karl marx Thomas malthus J.M. Mills J.M.Kenyes
Que. 57 According to Karl Marx ---- is the crystalized labour
Land Labour Capital Organization
Que. 58 The actual area used by farmer for crop cultivation is called as
Economic Operational
Agril. Holding Family holding
holding holding
Que. 59 The size of optimum holding is considered to be adequate when it is --
Three times less Three time Two times less
than family higher than than family None of these
holding family holding holding
Que. 60 The cost which changes with every stage of production is ---
Variable cost Prime cost Operating cost All of these
Que. 61 When value is expressed in terms of money, it is called as ---
Wealth Price Utility None of these
Que. 62 --- activity helps to transform a set of inputs into goods or services
Exchange Consumption Production Distribution
Que. 63 The difference between what willing to pay and what is actually pay is
called as ---
Producers Consumer
Customer surplus None of these
surplus surplus
Que. 64 The difference between market prices and minimum variable cost per
unit of output is called as
Consumer
Producer surplus Customer surplus None of these
surplus
Que. 65 --- is the capacity of goods to satisfy human wants
Service Utility Wealth None of these
Que. 66 --- is the capacity of goods to command other things in exchange
Price Value Utility Wealth
Que. 67 --- is the rate of exchangeability
Price Value Utility Wealth
Que. 68 --- is the use of wealth to satisfy innumerable wants
Production Consumption Exchange Distribution
Que. 69 --- means the destruction of utility
Production Consumption Exchange Distribution
Que. 70 Income tax is
Direct tax Indirect tax Both a & b None of these
Que. 71 Who define economic as Science of wealth ?
Dr. Alfred
Adam smith Robbin Keynes
Marshall
Que. 72 Which of the following is active factor of production ?
Labour Capital Machinery All of these
Que. 73 Change in demand for one commodity owing to change in the price of
another commodity is called as --
Price elasticity Income elasticity Cross elasticity None of these
Que. 74 Single commodity consumption mode is ----
Law of
Production Law of equi-
Law of supply diminishing
possibility curve marginal utility
marginal utility
Que. 75 Land , Buildings are --- assets.
Fixed Working Current None of these
Que. 76 What are the objectives of farm management ?
Minimizing the Maximizing Minimizing
All of these
farm cost farm profit unemployment
Que. 77 Law of equimarginal return is also known as----
Law of
Law of Law of
maximum Both a & b
Substitution opportunity cost
satisfaction
Que. 78 Who is the current Governor of the RBI
Shri. Shaktikanta Dr. Raghuram
Dr. Urjit R. Patel None of these
Das Rajan
Que. 79 Which is the basically a decision making science ?
Farm Macro
Micro economics None of these
management economics
Que. 80 Profit is equal to
Gross income - Gross income - Gross income - Total cost - Gross
Fixed cost variable cost Total cost income
Que. 81 Study of economics as a whole is ---
Macro
Microeconomics Both a & b None of these
economics
Que. 82 Wants satisfying quality or power of goods is called as--
Wealth Utility Price All of these
Que. 83 Consumption goods are called --- order goods.
First Second Third Fourth
Que. 84 Who take the title of product with a view to make profit on it ?
Commission Speculative Facultative
Brokers
agent middleman middleman
Que. 85 Loans given on security of jewelry are termed as
Collateral
Personal Security Chattel Security Mortgage
Security
Que. 86 Line passing through the least cost points in the iso-quant map is called
as
Ridge line Expansion path Iso cost line Iso quant line
Que. 87 Menu costs in relation to inflation refer to ----
Costs of Costs of finding
Costs of altering Costs of money
revaluing the better rates of
price lists increasing its value
currency return
Que. 88 Variable cost is also known as
Implicit cost Fixed cost Prime cost Marginal cost
Que. 89 Authorized share capital of RRB is fixed at Rupees --
1 crore 2 crore 3 crore 4 crore
Que. 90 The word of Economics is derived from --- word
Latin Greek French Spanish
Que. 91 --- is considered as price theory
Production
Micro economics Macroeconomics Agril. economics
economics
Que. 92 --- is known as father of economics
J.M.Kenes Alfred Marshall Adam smith None of these
Que. 93 The definition of economics as wealth of nation is given by
J.M.Kenes Alfred marshall Adam smith J.S.Mill
Que. 94 Welfare definition of economics was putforth by
Alfred marshall Adam smith J.S.Mill J.M.Kenes
Que. 95 Scarcity definition of economics was given by
Adam smith J.S.Mill J.M.Kenes Lionel Robbins
Que. 96 Processing of wheat into flour indicates
Place utility Time utility Form utility possession utility
Que. 97 According to central land reforms committee, the economic holding size
for a family is ---- ha for irrigated land
1 3 4 10
Que. 98 Demand for necessary commodities is ----
Elastic Inelastic Both a & b None of these
Que. 99 Food and Agricultural Organisation (FAO) is located at ----
France Germany Holland Rome
Que. 100 Farmer follow the agriculture practice in their own way and farmer
himself is manager such type of farming is called as ----
Joint farming State farming Corporate farming Peasant farming
Que. 101 AGMARK is an indicator of ---
Demand of
Brand Purity None of these
product
Que. 102 Agriculture census is taken after every ---- years
5 10 12 15
Que. 103 Risk bearing ability depends on -----
Gestation period Working capital Market Net worth
Que. 104 When marginal utility is zero, total utility is ----
Minimum Maximum Constant Negative
Que. 105 Finance is provided by land development bank is known as ---
Short term loan Long term loan Term loan Mortgage loan
Que. 106 The technique which protect the traders from extreme falls in price is
known as
Open suction
Variable cost Fixed cost Hedging
system
Que. 107 Those farmers are landless and having no any landed property is called
as ----
Marginal Agriculture
Small Farmers None of these
Farmers Labours
Que. 108 Agriculture year starts from ----
1 June 1 January 1 July 1 March
Que. 109 The highest per capita income of farmers is in --- state of India
Maharashtra Gujarat Punjab Uttar Pradesh
Que. 110 When MPP = ---, Then TPP is Highest
0 1 50 100
Que. 111 Unitary (Unit) elastic demand is presented by ----
Ep = 0 Ep = 1 Ep = <1 Ep = >1
Que. 112 Labour is an ----- factor in production
Passive Active Positivie Negative
Que. 113 A marginal farmer should have land between
1-3 ha 5-10 ha 0.0021 to 1.00 ha 2.5 ha - 3.00 ha
Que. 114 National Institute of Agriculture Marketing (NIAM) started in the year -
1985 1996 1988 1981
Que. 115 In economics cash is ----
Net worth Capital Working capital Marketing cost
Que. 116 --- when proportionate change in quantity demanded is more than
proportionate price change.
Relatively Completely
Unit Elasticity Elastic Demand
Inelastic demand Inelastic Demand
Que. 117 The national centre for agricultural economics and policy research
(NIAP) is located at ----
Mumbai New Delhi Chennai Hyderabad
Que. 118 Minimum degree of freedom for error in ANOVA is
12 24 36 48
Que. 119 Probability of impossible event is always -
Zero One Two Three
Que. 120 Theory of inflation given by
A.P.Lerner Thomas malthus J.M. Mills J.M.Kenyes
Que. 121 --- is concerned with resource use efficiency
factor-factor factor-product Product-product
None of these
relationship relationship relationship
Que. 122 The correlation coefficient lies between ---- range
1 to 1 2 to 1 -1 to +1 +1 to 2
Que. 123 --- is the capacity of goods to command other things in exchange
Price Value Utility Wealth
Que. 124 --- is the rate of exchangeability
Price Value Utility Wealth
Que. 125 --- is the use of wealth to satisfy innumerable wants
Production Consumption Exchange Distribution
Que. 126 Agri business was coined first time by ----
John Davis &
Malthus Adam Smith A. Walker
Ray Goldberg
Que. 127 The student ‘t’ test was discovered by ----
A. Walker Malthus W.S. Gosset Adam Smith
Que. 128 Net capital ratio measure by
Total assets / Working assets / Total assets / Total Working assets +
Current assets Current assets Liabilities Current assets
Que. 129 14 major commercial bank was nationalized in the year ----
1675 1968 1969 1965
Que. 130 To get the maximum profit keep adding the variable resources in the
production process till ----
MR = MC MR - MC MR > MC None of these
Que. 131 World bank located at ----
USA Switzerland England Washington D.C.
Que. 132 B : C ration =
Total cost / Total Cost - Gross return / Total income /
Gross return Gross return Total cost Total cost
Que. 133 If market price fall then ---- increases
Consumer Extension of
Marginal utility Local market
surplus demand
Que. 134 How many stages involved in the law of diminishing returns.
1 2 3 4
Que. 135 The effects if inflation on the price competitiveness of a country products
may be offset by ----
A revaluation of An appreciation A depreciation of Lower inflation
the currency of the currency the currency abroad
Que. 136 Total utility is maximum when the marginal utility is -------
1 0 10 100
Que. 137 Large number of sellers deal in heterogeneous and differentiated form of
a commodity such type of situation is called as ----
Oligopoly Monopolistic
Duopoly Market Monopoly Market
Market competition
Que. 138 Relationship is directly proportionate in -------
Competition Supplementary Complementary
Joint production
relationship production production
Que. 139 Who define economics as Science of choice or Science of Scarcity
Dr. Alfred
Keynes Robbins Adam Smith
Marshall
Que. 140 To adjust from Gross National Product to Net National Product ----
Deduct Indirect Deduct
Deduct subsidies Add Inflation
taxes depreciation
Que. 141 ---- means a change in demand in response to a change in the consumers
income
Price elasticity Income elasticity Cross elasticity None of these
Que. 142 Anything which has value is called as -----
Income Saving Investment Wealth
Que. 143 Capital is a fund while income is a stock
TRUE FALSE
Que. 144 First mortgage bank was established in --- year
1930 1925 1920 1947
Que. 145 The first crop loan was given to ---- crop in Maharashtra
Sugarcane Wheat Cotton Soybean
Que. 146 National Agricultural Insurance Scheme (NIAS) was announced in and
by----
1999 by Atal 2016 by 2005 by
None of these
Bihari Bajpayee Narendra Modi Manmohan Singh
Que. 147 The land which receives less than or equal to 50 cm annual rainfall there
---- type of farming is profitable
Ranching Specialised
Mixed farming Dry farming
farming farming
Que. 148 ---- was the first Governor of RBI
Osborne Smith C.D. Deshmukh Benegal Rama Rao Laxmikant Jha
Que. 149 Employment Guarantee Scheme was started in --- state
Gujarat Karnataka Maharashtra Uttar Pradesh
Que. 150 Operating ratios defined as ---
Operating Operating
Fixed Expenses / Gross Income /
Expenses / Total Expenses / Gross
Gross Income Fixed Expenses
Expenses Income
Que. 151 Chattel loan given on security of ----
Intellectual
Land Building Jewellery
property
Que. 152 Agriculture price commission came into existence in ----
1955 1965 1975 1985
Que. 153 Current ratio is also called as ----
Working capital
Net capital ratio Debt equity ratio Acid test ration
ratio
Que. 154 Land Improvement Loan Act was passed in ---
1985 1983 1990 1992
Que. 155 The concept of linear programming was given by ----
Myrdal J.B.Say J.M.Clark Dantzig
Que. 156 ---- directly influences the risk in farm business
Leverage ratio B:C ratio Fiduciary issue Stagflation
Que. 157 The law of diminishing marginal utility applies to ----
Every activity that
Most activities,
Every good and Everything consumers engage
goods and
service consumers do in and every good
services
and service
Que. 158 Partial payment is also called as ----plan
Part payment Credit Balloon repayment Closing of loan
Que. 159 The law of minimum was given by Liebig in the year
1840 1875 1880 1862
Que. 160 Consumer Education and Research Centre located at
Hyderabad Ahmedabad Aurangabad Mumbai
Que. 161 NABARD was established in the year ----
1982 1981 1988 1990
Que. 162 ---- are the starting points of all economic activity
Capital Goods Wants Pricing
Que. 163 ---- is the homeland or origin of cooperative store movement
USA Holland Britain China
Que. 164 FSS stand for
Financial Service Farmer Service Finance Society
None of these
Scheme Society for Students
Que. 165 ---- are the last link between producer and consumer
Commission
Brokers Whole seller Retailers
agent
Que. 166 Which is following assets is called as Current Assets
Farm Machinery,
Seed, Fertilizer Land Building None of these
Equipment’s
Que. 167 Debt-equity ratio is ----
Net worth /
Current assets / Total Cost - Deferred liabilities
Deferred
Current liabilities Gross return / Net worth
liabilities
Que. 168 Creation or addition of value or wealth is called as ----
Production Consumption Investment Utility
Que. 169 Sensitiveness of supply to change in ----is called as elasticity of supply
Value Price Scarcity Wealth
Que. 170 The Bhakra dam is --- wealth
Government Social Private Public
Que. 171 The demand for common salt is elastic
TRUE FALSE
Que. 172 Basic unit of rural society is ---
Family Society Village None of these
Que. 173 Financial year ends on ----
31 March 31 December 1 April 28 February
Que. 174 Which of the following is correct ? Inflation ----

Impedes Reduces the

financial markets purchasing Generally
is most costly
in their role of power of the increases after tax
when anticipated
allocating average real interest ratios
resources. consumer
Que. 175 When the price level rises ----

Interest rates Interest rates

interest rates fall, Interest rates fall,
rise, so firms rise, so firms
so firms increases so firms decrease
increases decreases
investment investment
investment investment
Que. 176 Demand pull inflation may be caused by
Reduction in An outward shift
Reduction in An increase in
government in aggregate
interest rate costs
spending supply
Que. 177 Inflation means ----
Reduce the Reduce the
Reduce the cost Reduce the price
standard of purchasing power
of living of products
living of a pound
Que. 178 An increase in cost will ---
Reduce the natural Increase the
Shift aggregate Shift aggregate
rate of productivity of
demand supply
unemployment employees
Que. 179 GDP plus net property income from abroad equals to ----
NNP GNP Depreciation Real GDP
Que. 180 To adjust GDP from market prices to factor cost ----
Deduct Indirect Deduct indirect
Substract Add indirect
taxes and add taxes and
subsidies taxes
subsidies subsidies
Que. 181 A higher GDP per capita may not mean that the quality of life has really
improved because ----
It does not
It measures It measures It is only
measure the
wealth not Gross Domestic measured every
quality of the
income Product five years
items produced
Que. 182 GNP depreciation is ----
NNP GDP Profit equal None of these
Que. 183 Cost push inflation is caused by world scarcity of basic raw material is --
TRUE FALSE
Que. 184 The basic economics problems will not be solved by -----
A mixture of
The creation of
Government government
Market forces unlimited
intervention intervention and
resources
the free market
Que. 185 Resources in an economy
Can never Always increase Are limited at any
Are always fixed
decreases over time moment in time
Que. 186 Micro economics deals with ----
Firm Industry Economy World
Que. 187 Utility of the first unit is called as -----
Equi-marginal
Marginal Utility Initial Utility None of these
utility
Que. 188 If marginal utility is zero ----
An additional
An additional unit
unit of
Total utility is of consumption Total utility is
consumption
zero will increases total maximised
will decreases
utility
total utility
Que. 189 To whom do you attribute the earliest exposition of the law of
diminishing marginal utility ?
J.S. Mill David Ricardo H.H.Gossen None of these
Que. 190 The consumers problem is to maximize ?
Profit Trade Utility Consumption
Que. 191 Which of the following is not a determinant of the amount of a product a
consumer buys ?
Preferences Price of the good Wealth None of these
Que. 192 A fall in price ----
Will cause an Will cause an
May be caused by
inward shift of outward shift of None of these
a fall in demand
demand supply
Que. 193 When excess demand occurs in an unregulated market, there is a
tendency for ----
Quantity
Quantity supplied
demanded to Price to fall Price to rise
to decrease
increase
Que. 194 International finance corporation found in year ----
1950 1956 1965 1970
Que. 195 Agricultural and Processed Food products Export Development
authority (APEDA) started in -----
1986 1980 1996 1990
Que. 196 The ratio between mental age and chronicle age is known as
Personality IQ PN None of these
Que. 197 Dietary requirements of fruit is ---gm./ Capita / day
80 100 120 140
Que. 198 Consumer or flexible type packaging material is
Shrink film Mesh bags Plastic film bags All of these
Que. 199 When C:N ratio is ---- it indicates advance stage of decomposition
High Medium Low Zero
Que. 200 GST is --- type of tax ?
Direct Indirect Both a & b None of these