201. What does GDP mean ?

1. The total value of all goods and services produced in the country during a period of 1 year
2. The total value of all stocks and shares in the country during a period of 1 year
3. The total value of all capital goods produced in the country during a period of 1 year
4. The total value of all consumer goods produced in the country during a period of 1 year

Option “A” is correct
National Income is one of the basic concepts in macro economics. National Income means the total income of the nation.The aggregate economic performance of the whole economy is measured by the National Income data. National Income refers to the total value of all final goods and services produced in the country during a period of 1 year.
202. Subsidies are payment by government to

1. Consuming units
2. Producing units
3. Both (A) & (B)
4. Retired persons

Option “C” is correct
A subsidy is an amount of money given directly to firms by the government to encourage production and consumption.
203. Special Economic Zone (SEZ) concept was first introduced in

1. China
2. Japan
3. India
4. Pakistan

Option “A” is correct
Special Economic Zone (SEZ) concept was first introduced in China in the 1980s. The most successful SEZ in China, Sherizhen, has developed from a small village into a city with a population over 10 million within 20 years. Commerce Minister Mr Maran Had introduced SEZ concept in year 1997 for first times in India.
204. “Interest is a reward for parting with liquidity” is according to

1. Keynes
2. Marshall
3. Haberler
4. Ohlin

Option “A” is correct
This theory has been given by JM Keynes.
205. According to the Classical System, saving is a function of

1. income
2. the interest rate
3. the real wage
4. the price level

Option “A” is correct
Saving function is a mathematical relation between saving and income by the household sector, according to classical theory, saving is a function of the level of income.
206. Who propounded the market law?

1. Adam Smith
2. JB Say
3. TR Malthus
4. David Recardo

Option “B” is correct
The JB Say’s law of market has been given J B Say. Which stated as “supply creates its own demand.”
207. If demand curve for trekking boots is D = 67500 – 18P and supply curve is S = 22500 + 12P, find the equilibrium Price?

1. 1500
2. 750
3. 2250
4. 500

Option “A” is correct
At Equilibrium, Demand=Supply
Thus, 67500-18P=22500+12P
P=45000/30
Equilibrium Price P =1500.
208. As per the National Manufacturing Policy, the land area of a National Investment and Manufacturing Zone is to be minimum ____?

1. 1000 Hectares
2. 2000 Hectares
3. 3000 Hectares
4. 5000 Hectares

Option “D” is correct
209. A hand made paper workshop can hire 8 craftsmen by paying them Rs 400 per person per day. The 9th craftsman demands Rs 450 per day. If this craftsman is hired then all other craftsmen must be paid Rs 450. The marginal resource (labour) cost of the 9th craftsman is –

1. Rs 50
2. Rs 850
3. Rs 800
4. Rs 100

Option “B” is correct
Marginal cost is the change in the opportunity cost that arises when the quantity produced is incremented by one unit, that is, it is the cost of producing one more unit of a good.
Total amount paid to 8 craftsman before demand of 9th craftsman = 8 ×400
=3200
Total amount paid to 9 craftsman after demand of 9th craftsman =9×450
=4050
Marginal cost=4050-3200
=850
210. Unemployment resulting from industrial reorganization, typically due to technological change, rather than fluctuations in supply or demand is called

1. Structural unemployment
2. Frictional unemployment
3. Seasonal unemployment
4. Cyclical unemployment

Option “A” is correct
Unemployment resulting from industrial reorganization, typically due to technological change, rather than fluctuations in supply or demand is called Structural unemployment.
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