171. What is the minimum base rate fixed by RBI?

1. 8.30 %
2. 8.25 %
3. 8.70 %
4. 10 %

Option “C” is correct
Base Rate is the minimum rate of interest the banks are permitted to charge their customers. The new Base Rate as fixed by RBI is 8.70% to 9.45% p.a.
172. Who among the following gave the ‘Gandhian Plan’ in 1944?

1. D. D. Dhar
2. S. N. Aggarwal
3. M. N. Roy
4. J. P. Narayan

Option “B” is correct
Gandhian Plan was put forward by Shriman Narayan Aggarwal in 1944 who was principal of Wardha Commercial College.
173. Which one of the following is true about mixed economy?

1. Existence of both developed and underdeveloped sectors
2. Equal importance to agriculture and industry
3. Existence of both public and private sectors in national economy
4. Equal partnership of central and states in economic planning and development

Option “C” is correct
A mixed economy allows private ownership of business, while government controls the sector such as power, healthcare etc. which are beneficial for citizens. In this economy both public and private sectors exist.
174. Which among the following is the most appropriate measure of an economic growth of a country?

1. Net Domestic Product
2. Gross Domestic Product
3. Per Capita Income
4. Net National Product

Option “C” is correct
Per Capita Income is a measure of the amount of money earned per person in a certain area. It is the most appropriate measure of an economic growth.
175. Which among the following is used to measure slope of indifference curve?

1. Marginal Rate of Transformation
2. Marginal Rate of Substitution
3. Marginal Rate of Technical Substitution
4. None of these

Option “B” is correct
The slope of an indifference curve (in absolute value), known by economists as the marginal rate of substitution, shows the rate at which consumers are willing to give up one good in exchange for more of the other good.
176. In a Laissez-faire economy

1. The customers take all the decision regarding production of all the commodities
2. The Government does not interfere in the free functioning of demand and supply forces in the market
3. The private-sector takes all the decisions for price-determination of various commodities produced
4. The Government controls the allocation of all the factors of production

Option “B” is correct
Laissez-faire is an economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs and subsidies.
177. In calculating National Income which of the following is included?

1. Services of housewives
2. Pensions
3. Income of smugglers
4. Income of watchmen

Option “D” is correct
The total amount of income accruing to a country from economic activities in a year’s time is known as national income.
178. Who propounded the market law?

1. Adam Smith
2. J. B. Say
3. T. R. Malthus
4. David Recardo

Option “B” is correct
Say’s law of markets is a classical economic theory that says that production is the source of demand. According to Say’s law, the ability to demand something is financed by supplying a different good.
179. In perfect competition a firm maximizes profit by _____.

1. setting price such that price is equal to or greater than its marginal costs
2. setting output such that price equals average total costs
3. setting output such that marginal revenue is equals to marginal costs
4. setting price so that it is greater than marginal cost

Option “C” is correct
In perfect competition a firm maximizes profit by setting output such that marginal revenue is equals to marginal costs.
180. Find point elasticity of demand, if quantity demanded falls from 1000 to 950 when price of the item is increased from Rs. 240 to Rs. 280?

1. 0.33
2. 0.3
3. ­-0.3
4. -0.31

Option “D” is correct
Elasticity=(% change in quantity)/(%change in the price)
=(950-1000)/(950)×(280-240)/(240)
=0.31.
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