Economics General Knowledge Quiz Questions

When a country claims to be self reliant, it is said to be closed economy. In closed economy, country produces every thing within the country what their citizens need. It neither imports nor exports, that means it does not trade with any other nation.

Due to a mismatch in skills of the unemployed & skills needed for the available jobs Structural unemployment occurs. Structural unemployment is basically a type of long-term unemployment caused by shifts in the economy.

When the demand of a quantity does not change as a result of a change in the price of a commodity, the demand of that commodity is called a perfectly inelastic demand. In this case, the elasticity of demand is zero.

Industrial regions emerge when several industries locate close to each other and share the benefits of their closeness. Major industrial regions of the world are eastern North America, western and central Europe, eastern Europe and eastern Asia.

The terms “bull and bear” is related to the Stock market. They are a speculator who buys for the settlement with a view of selling at some future date at a higher price and gaining the difference.

The consumption function is an economic formula that measures the relationship between income and total consumption of goods and services in the economy. The consumption function was introduced by John Maynard Keynes.

The AGMARK is legally enforced in India by the Agricultural Produce (Grading and Marking) Act of 1937 (and ammended in 1986).

The correct answer is BSE. The BSE (Bombay stock exchange) is not only India's oldest stock exchange but it is the oldest stock exchange in Asia.

The human development concept was developed by economist Mahbub ul Haq. At the World Bank in the 1970s, and later as minister of finance in his own country, Pakistan, Dr. Haq argued that existing measures of human progress failed to account for the true purpose of development—to improve people's lives.