NIOS Solved Papers: Economics (214) - Oct' 2017

October 2017
1. In the late 20th century economics is treated as:
a)         Science of welfare.
b)         Science of scarcity and choice.
c)          Science of growth in development.
d)         Science of sustainable development.
Ans.:- (d) Science of sustainable development.
2. Which of the following is a feature of a capitalist economy?
a)         Consumer’s Sovereignty prevails.
b)         Collective ownership of means of production.
c)          Reduction in inequalities of income and wealth.
d)         Co-existence of public and private sectors.
Ans.:- (a) Consumer’s Sovereignty prevails.

3. Problem of Allocation of Resources deals with:
a)         What goods and services shall be produced?
b)         How shall goods and services be produced?
c)          For whom shall goods and services be produced?
d)         All the above.
Ans.:- (d) All the above.
4. Maximum number of persons who can own partnership production units, is:
a)         10.
b)         20.               
c)          30.               
d)         40.
Ans.:- (b) 20.
5. Which is an example of ‘Collaboration’?
a)         Johnson and Johnson.        
b)         Airtel.
c)          Maruti-Suzuki Ltd.                
d)         Life Insurance Corporation.
Ans.:- (a) Johnson and Johnson.
6. The goods whose demand decreases when the income of the buyer increases are:
a)         Inferior goods.       
b)         Normal goods.
c)          Substitute goods.
d)         Complementary goods.
Ans.:- (a) Inferior goods.
7. Variable having a specific value, is called:
a)         Attribute.                 
b)         Continuous variable.
c)          Discrete variable.
d)         None of the above.
Ans.:- (a) Attribute.
8. Act which provides a consumer all the support and guidance is called:
a)         Standard of Weights and Measures Act, 1976.
b)         Prevention of Food Adulteration Act, 1954.
c)          Essential Commodities Act, 1955.
d)         Consumer Protection Act, 1986.
Ans.:- (d) Consumer Protection Act, 1986.
9. On the basis of your daily life experience give two examples of public goods being used by you.       2
Ans. Example of public goods are roads, and railways
10. What is meant by a developed economy and a developing economy?                            2
Ans.:- The countries are labelled developed or rich and developing or poor on the basis of real national and per capita income and standard of living of its population.
Developed economy:- Developed countries have higher national and per-capita income, high rate of capital formation i.e. high savings and investment.
Developing economy:- Developing countries are low on the ladder of development. They are sometimes also called underdeveloped, backward or poor countries.

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