Economy Quiz | Economy for UPSC 2024 (Pre & Mains) PDF Download

 Page 1


 
   
 
 
  Economy 
QUIZ (Day 1) 
 
 
 
 
 
 
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Page 2


 
   
 
 
  Economy 
QUIZ (Day 1) 
 
 
 
 
 
 
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Q.1) Which of the following is/are correctly matched: 
1. JM Keynes: Advocated against the use of fiscal and monetary policies to mitigate the 
adverse effects of economic recessions and depressions. 
2. Oskar Lange: Advocated the nationalization of major industries. 
Select the Correct Option 
A. 1 only 
B. 2 only 
C. Both are correct 
D. None is correct 
Answer: B 
Explanation: 
• Knowing a little more about both of these. 
• John Maynard Keynes is considered the founder of modern macroeconomics. During 
the Great Depression (1930s), Keynes challenged the ideas of neoclassical economics 
and advocated the use of fiscal and monetary policies to mitigate the adverse effects of 
economic recessions and depressions.  
• Almost all capitalist governments adopted Keynes's policy recommendations by the end 
of 1960s. 
• Oskar Lange is best known for advocating the use of market pricing tools in socialist 
systems and providing a model of market socialism. 
• He advocated the nationalization of major industries. 
 
Q.2) The Washington Consensus is called so because: 
A. It was proposed by first President of USA, George Washington 
B. It is an economic consensus held by Washington, D.C. head-quartered financial 
institutions such as IMF, World Bank and US Department of the Treasury 
C. It was signed by all the parties of UN in Washington after the global financial crisis of 
2008 
D. None of the above 
Answer: B 
 
Q.3) Which of the following is correct in context of India's GDP: 
1. Service sector provides employment to the greatest number of people in India. 
2. Agriculture continues to add maximum output to Indian GDP. 
Select the Correct Option 
A. 1 only 
B. 2 only 
Page 3


 
   
 
 
  Economy 
QUIZ (Day 1) 
 
 
 
 
 
 
Visit our website www.sleepyclasses.com or  
our YouTube channel for entire GS Course FREE of cost 
Also Available: Prelims Crash Course || Prelims Test Series
 
 
 www.YouTube.com/SleepyClasses 1 
 www.SleepyClasses.com 
  
Q.1) Which of the following is/are correctly matched: 
1. JM Keynes: Advocated against the use of fiscal and monetary policies to mitigate the 
adverse effects of economic recessions and depressions. 
2. Oskar Lange: Advocated the nationalization of major industries. 
Select the Correct Option 
A. 1 only 
B. 2 only 
C. Both are correct 
D. None is correct 
Answer: B 
Explanation: 
• Knowing a little more about both of these. 
• John Maynard Keynes is considered the founder of modern macroeconomics. During 
the Great Depression (1930s), Keynes challenged the ideas of neoclassical economics 
and advocated the use of fiscal and monetary policies to mitigate the adverse effects of 
economic recessions and depressions.  
• Almost all capitalist governments adopted Keynes's policy recommendations by the end 
of 1960s. 
• Oskar Lange is best known for advocating the use of market pricing tools in socialist 
systems and providing a model of market socialism. 
• He advocated the nationalization of major industries. 
 
Q.2) The Washington Consensus is called so because: 
A. It was proposed by first President of USA, George Washington 
B. It is an economic consensus held by Washington, D.C. head-quartered financial 
institutions such as IMF, World Bank and US Department of the Treasury 
C. It was signed by all the parties of UN in Washington after the global financial crisis of 
2008 
D. None of the above 
Answer: B 
 
Q.3) Which of the following is correct in context of India's GDP: 
1. Service sector provides employment to the greatest number of people in India. 
2. Agriculture continues to add maximum output to Indian GDP. 
Select the Correct Option 
A. 1 only 
B. 2 only 
 
 
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C. Both are correct 
D. None of the above is correct 
Answer: D 
Explanation: 
• In India, Services sector adds is the largest sector and adds maximum output. It 
accounts for 53.66% of total India's GVA. While Industry sector contributes 29.02%, 
Agriculture and allied sector add 17.32%. 
• In terms of employment, Services sector provides 29% of total India’s Employment. 
• Industry & Construction sector contribute 23%. And 48% of India's total workforce 
engaged in agriculture.