EDUCATION CIRCLE

1. A situation where we have people whose level of income is not sufficient to meet the minimum consumption expenditure is considered as— (A) Absolute Poverty (B) Relative Poverty (C) Urban Poverty (D) Rural Poverty Ans. (A) 2. Full convertibility of a rupee means— (A) Purchase of foreign exchange for rupees freely (B) Payment for imports in terms of rupees (C) Repayment of loans in terms of rupees (D) Determination of rate of exchange between rupee and foreign currencies freely by the market forces of demand and supply Ans. (D) 3. India is called a mixed economy because of the existence of— 1. Public Sector 2. Private Sector 3. Joint Sector 4. Cooperative Sector (A) 1, 4 (C) 3, 4 (B) 1, 2 (D) 2, 4 Ans. (B) 4. Revealed Preference Theory was propounded by— (A) Adam Smith (B) Marshall (C) P.A. Samuelson (D) J.S. Mill Ans. (C) 5. Gross Domestic Product is defined as the value of all— (A) Goods produced in an economy in a year (B) Goods and services produced

1. Marginal utility is equal to average utility at that time when average utility is  1:Increasing 2:Maximum ✔ 3:Falling  4:Minimum 2. At point of satiety, marginal utility is:  A) Zero   B)Positive ✔ C) Maximum  D) Negative  3.Total utility of a commodity is measured by which price of that commodity?  A) Value in use ✔  B)Value in exchange  C) Both of above  D) None of above  4.According to Marshall, the basis of consumer surplus is:  A) Law of diminishing marginal utility ✔ B)Law of equi-marginal utility  C) Law of proportions  D) All of the above  5.Development means economic growth with: A) price stability  B)social change ✔ C) deflation  D) inflation  6.Which of the following is/are major develop-ment Issues in India?  1. low percapita income  2. substantial preportion of population below poverty line  3. problem of unemployment  4. imbalance in distribution and growing inequalities  5. huge expense on developmental programmes  Code: A) 1, 2 a

1. Autonomous Demand indicates that .......................... . (A) Commodity is used both for the export and direct domestic consumption (B) Commodity is used both for the direct domestic consumption and as an input to produce another commodity (C) Commodity is needed for direct use but not as an input to produce another commodity (D) Commodity is needed as an input to produce another commodity but not for the direct 2. Stay-out pricing approach .................. . (A) Helps the firm to ascertain the  maximum possible price it can  charge from its consumers (B) Helps the firm to ascertain the  minimum possible price it can  charge from its consumers (C) Helps the firm to ascertain the  maximum price it can pay to its  vendors (D) Helps the firm to ascertain the  minimum price it can pay to its  vendors 3. Profit maximising amount of inputs  occurs when .................. . (A) The slope of the Iso-profit line equals the slope of the production function (B)

1. Random sampling error A. is the difference between a survey that includes only those who responded and a survey that also includes those who failed to respond. B. does not occur in nonprobability samples. C. results from the nature of a study's design and the inappropriate or random administration of the sampling process. D. is a technical term that applies only to simple random sampling. E. is a function of sample size.    2. Which of the following is not a true statement? A. The availability of sampling frames varies in different countries. B. It is difficult for researchers to build sampling frames in Japan and Taiwan, since those governments do not release census information. C. Some nations do not conduct a census of population. D. In some countries, census information is available through the local Inhabitants' Register. E. All of the above are true.    3. Name a sampling procedure in which initial respondents are selected by probabilit