Economy: An Introduction
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Question No. 1
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Which of the following best defines 'economy'?
A.
The total value of government spending
B.
The system of production, distribution, and consumption of goods and services
C.
The amount of money in circulation
D.
The number of employed persons in a country
Question No. 2
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Gross Domestic Product (GDP) measures:
A.
The total income earned by a country’s residents, including abroad
B.
The total market value of all final goods and services produced within a country in a year
C.
The sum of exports minus imports
D.
The government budget deficit
Question No. 3
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Which sector is NOT part of the primary economic sector?
A.
Agriculture
B.
Mining
C.
Fishing
D.
Manufacturing
Question No. 4
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Economic development differs from economic growth because development:
A.
Only measures increases in GDP
B.
Includes improvements in living standards and welfare
C.
Excludes structural changes in the economy
D.
Is measured only by capital accumulation
Question No. 5
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Human capital refers to:
A.
Physical assets like machinery
B.
The health, education, and skills of workers
C.
Financial assets held by individuals
D.
Natural resources owned by a country
Question No. 6
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The Human Development Index (HDI) includes all EXCEPT:
A.
Life expectancy at birth
B.
Mean years of schooling
C.
Per capita income
D.
Fiscal deficit percentage
Question No. 7
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Which is a key indicator of sustainable development?
A.
Short-term GDP increase
B.
Exhaustion of resources
C.
Maintaining ecological balance
D.
Higher budget deficit
Question No. 8
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The Kuznets curve illustrates the relationship between:
A.
Education and income
B.
Government spending and inflation
C.
Economic growth and income inequality
D.
Export growth and currency value
Question No. 9
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Lewis dual-sector model focuses on:
A.
Open economy dynamics
B.
Interaction between urban and rural sectors
C.
Trade-offs in monetary policy
D.
Fiscal federalism
Question No. 10
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Which is NOT a component of aggregate demand?
A.
Consumption
B.
Investment
C.
Government spending
D.
Technology level
Question No. 11
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Sustainable development was popularized by the report:
A.
Our Planet, Our Health
B.
Limits to Growth
C.
Our Common Future
D.
Silent Spring
Question No. 12
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The main purpose of development economics is to:
A.
Analyze business cycle fluctuations
B.
Understand causes and remedies of poverty and inequality
C.
Forecast short-term market trends
D.
Study monetary policy instruments
Question No. 13
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In Solow growth model, long-run growth is driven by:
A.
Increase in labor force and technological progress
B.
Higher government borrowing
C.
Trade surpluses
D.
Reduction in consumption
Question No. 14
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Which policy directly enhances human capital?
A.
Restricting imports
B.
Investing in public healthcare and education
C.
Lowering corporate taxes
D.
Increasing tariffs
Question No. 15
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Which of the following is a non-renewable resource?
A.
Solar energy
B.
Wind energy
C.
Coal
D.
Biomass
Question No. 16
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The 'demographic dividend' refers to:
A.
A sudden population decline
B.
Economic growth from a high dependency ratio
C.
Growth potential from a large working-age population
D.
Costs of aging population
Question No. 17
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Environmental Kuznets Curve hypothesizes that pollution initially:
A.
Decreases and then increases with income
B.
Increases and then decreases with income
C.
Remains constant regardless of income
D.
Is unrelated to income levels
Question No. 18
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Which indicator measures poverty based on a dollar-a-day threshold?
A.
GINI coefficient
B.
Multidimensional Poverty Index
C.
Headcount ratio in extreme poverty
D.
Consumer Price Index
Question No. 19
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The concept of 'inclusive growth' emphasizes:
A.
Growth that benefits all segments of society
B.
Maximizing export volume
C.
Maintaining budget surpluses
D.
Focus on capital-intensive industries
Question No. 20
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Which is considered a human development outcome?
A.
Increase in export earnings
B.
Literacy rate improvement
C.
Budget deficit reduction
D.
Trade balance surplus
Question No. 21
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The Genuine Progress Indicator (GPI) adjusts GDP by:
A.
Excluding government spending
B.
Adding leisure and environmental costs
C.
Removing investment figures
D.
Including stock market performance
Question No. 22
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Sustainable Development Goals (SDGs) include how many goals?
A.
12
B.
17
C.
20
D.
22
Question No. 23
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Which is an example of human development index limitation?
A.
It ignores income disparities within countries
B.
It includes education measures
C.
It uses life expectancy data
D.
It uses per capita GDP
Question No. 24
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Structural transformation in development refers to:
A.
Shift from agriculture to industry and services
B.
Change in tax structures
C.
Fluctuations in business cycle
D.
Trade policy adjustments
Question No. 25
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Which agency publishes the Human Development Report?
A.
World Bank
B.
International Monetary Fund
C.
United Nations Development Programme
D.
Organisation for Economic Co-operation and Development
Question No. 26
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Which of these is NOT a pillar of sustainable development?
A.
Economic growth
B.
Social inclusion
C.
Environmental protection
D.
Monetary tightening
Question No. 27
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'Amartya Sen' is best known for contributions to:
A.
Monetary economics
B.
Capability approach and human development
C.
International trade theory
D.
Environmental economics
Question No. 28
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Which term describes the process where human capital gains spread across generations?
A.
Education externalities
B.
Capital deepening
C.
Financial intermediation
D.
Trade liberalization
Question No. 29
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A high GINI coefficient indicates:
A.
Perfect income equality
B.
Complete poverty
C.
High income inequality
D.
Stable economic growth
Question No. 30
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Which factor is central to sustainable urban development?
A.
Expansion of impervious surfaces
B.
Integrated public transport and green spaces
C.
Exclusive car-oriented design
D.
High-rise commercial skyscrapers only
Question No. 31
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The term 'multidimensional poverty' accounts for:
A.
Only income deprivation
B.
Health, education, and living standards
C.
Trade deficits and surpluses
D.
Interest rates
Question No. 32
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Which model emphasizes the role of technical progress in driving growth?
A.
Malthusian model
B.
Ramsey-Cass-Koopmans model
C.
Harrod-Domar model
D.
Ricardian model
Question No. 33
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What does the 'dependency ratio' measure?
A.
Number of dependents per 100 working-age people
B.
Proportion of government debt to GDP
C.
Ratio of exports to imports
D.
Share of agriculture in GDP
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