Identify the correct formula of calculating of domestic income by Expenditure Method
1
GDPMP = PFCE + GFCE+NDCF - NE
2
GDPMP = PFCE - GFCE+ GDCF - NE
3
GDPMP = PFCE + GFCE + GDCF + NE
4
GDPMP= PFCE - GFCE - GDCF + NE
Official Solution
Correct Option: (3)
The Correct Option is (C): GDPMP = PFCE + GFCE + GDCF + NE
02
PYQ 2023
medium
economicsID: cuet-ug-
Identify the central problem of an economy which is concerned with distribution of output in the economy.
1
What to produce?
2
How to produce?
3
For whom to produce?
4
In what quantities economy needs to produce?
Official Solution
Correct Option: (3)
The correct option is (C): For whom to produce?
03
PYQ 2023
easy
economicsID: cuet-ug-
All those who are engaged in economic activities in whatever capacity-high or low are workers. In context of this, identify the correct statements A) Even if some of them temporarily abstain from work due to illness injury or other physical disability or religious functions, bad weather etc are also workers B) Workers don't include all those who help the main worker in these activities C) Those who are self employed are also workers D) Self employed are not workers E) Mother teaching her own son is an economic activity Choose the correct answer from the options given below:
Official Solution
Correct Option: (1)
04
PYQ 2023
medium
economicsID: cuet-ug-
“India should make a transition to the Knowledge Economy”. The above statement implies that strength of India lies in :
1
Strength in GDP
2
Strength in Human Capital Formation
3
Strength in Per Capita Income
4
Strength in Literacy Rate
Official Solution
Correct Option: (2)
The correct option is (B) :Strength in Human Capital Formation.
05
PYQ 2023
medium
economicsID: cuet-ug-
Identify the type of poverty represented by the following figure.
1
Always poor and occasionally poor
2
Visually poor and Churning poor
3
Occasionally poor and Never Poor
4
Churning poor and occasionally poor
Official Solution
Correct Option: (3)
The correct option is (C): Occasionally poor and Never Poor
06
PYQ 2023
medium
economicsID: cuet-ug-
A section of the big industrialists got together in 1944 and drafted a joint proposal for setting up a planned economy in the country it was called _________
1
Russian Plan
2
Global Plan
3
Bombay Plan
4
Swiss Plan
Official Solution
Correct Option: (3)
The correct option is (C):Bombay Plan.
07
PYQ 2023
medium
economicsID: cuet-ug-
Which of the following is not a central problem of an economy?
1
What to produce more?
2
How much of which resource to be used?
3
How to increase resources?
4
Distribution of final produce among the individuals.
Official Solution
Correct Option: (3)
The Correct Option is (C): How to increase resources?
08
PYQ 2023
medium
economicsID: cuet-ug-
Economic Activities are best defined as those activities that :
1
Contribute to Foreign Policy
2
Contribute to Gross National Product
3
Contribute to Esthetic Feeling
4
Contribute to Psychological Satisfaction
Official Solution
Correct Option: (2)
The correct option is (B) :Contribute to Gross National Product.
09
PYQ 2023
medium
economicsID: cuet-ug-
If autonomous receipts are less than autonomous payments, the balance of payments of an economy will be ____________
1
In surplus
2
In equilibrium
3
In deficit
4
Zero
Official Solution
Correct Option: (3)
The correct option is (C): In deficit
10
PYQ 2023
medium
economicsID: cuet-ug-
An economy where the workforce involved in Design, Development, Technology, Marketing, Sales and Services is known as
1
Knowledge economy
2
Development economy
3
Developing
4
Electronic economy
Official Solution
Correct Option: (1)
The correct option is (A): Knowledge economy
11
PYQ 2023
medium
economicsID: cuet-ug-
Arrange the following in chronological order of their enactment. (A) National Bank for Agriculture and Rural Credit (B) Right to Education Act (C) Task Force on Projections of Minimum Needs and Effective Consumption Demand (D) Nationalisation of Banks Choose the correct answer from the options given below :
1
(A), (B), (C), (D)
2
(B), (C), (A), (D)
3
(D), (C), (A), (B)
4
(C), (D), (B), (A)
Official Solution
Correct Option: (3)
The correct option is (C) :(D), (C), (A), (B).
12
PYQ 2024
medium
economicsID: cuet-ug-
______ is a market where economic agents can freely exchange their endowments with each other.
1
Market economy
2
Centrally planned economy
3
Aggregate demand-based economy
4
Aggregate supply-based economy
Official Solution
Correct Option: (1)
A market economy is a market where economic agents can freely exchange their endowments with each other. In this type of economic system, decisions regarding investment, production, and distribution are driven by the interactions between individuals and businesses in the marketplace. Prices and the distribution of goods and services are guided by the forces of supply and demand, without significant interference from the government. This contrasts with a centrally planned economy, where such decisions are made by a centralized authority, typically the government.
Option
Description
Correct?
Market economy
A system where decisions are driven by market forces.