1.	Which of the following activities can be classified as a part of secondary sector of an economy ?
	Legal consulting
	Tea plantation
	Farm equipment manufacturing
	Banking
	Answer: Farm equipment manufacturing Explanation: Secondary sector is also known as the manufacturing sector. Farm equipment manufacturing is a part of the secondary sector of an economy.
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2.	An industrial economy is best defined as an economy whose 50% or more produce value comes from the _______ sector ?
	banking
	secondary
	tertiary
	primary
	Answer: secondary Explanation: An industrial economy is best defined as an economy whose 50% or more produce value comes from the secondary sector.
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3.	An unexpected rise in sales of a product leads to _____ ?
	Planned accumulation of inventory
	Planned decumulation of inventory
	Unplanned decumulation of inventory
	Unplanned accumulation of inventory
	Answer: Unplanned decumulation of inventory Explanation: Unplanned accumulation of inventory refers to the unexpected increase in the stock of goods due to the fall in sales. Unplanned decumulation of inventory refers to the unexpected decrease in the stock of goods due to the rise in sales.
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4.	In which year was the first Industrial Policy based on the mixed economy principle announced in India? The policy clearly demarcated the areas of operation of the public and private sectors ?
	1959
	1948
	1950
	1962
	Answer: 1948 Explanation: On April 6,1948 the government of India announced the first industrial policy based on a mixed economy principle.this policy was proposed to the parliament by the industry minister of that time Dr.Shyama Prasad Mukharji.
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5.	Private ownership of the meSol of production is a feature of a _____ economy ?
	capitalist
	socialist
	mixed
	dual
	Answer: capitalist Explanation: Capitalism is an economic system based on private ownership. In this type of system private firms are the key players, they actually focus on their profit and the quality of service provided by them is also better.
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6.	_____ is defined as the study of behavior of individual decision-making units, such as consumers, resource owners and firms ?
	Microeconomics
	Macroeconomics
	Health economics
	Econometrics
	Answer: Microeconomics Explanation: Microeconomics is a branch of economics that studies the behaviour of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Macroeconomics is the branch of economics that studies the behaviour and performance of an economy as a whole. It focuses on the aggregate changes in the economy such as unemployment, growth rate, gross domestic product and inflation.
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7.	Which of the following best describes the nature of Indian economy ?
	Mixed Economy
	Socialist Economy
	Communist Economy
	Capitalistic Economy
	Answer: Mixed Economy Explanation: In India both the private and public sectors exist simultaneously which is a feature of mixed economy.
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8.	Which of the following is NOT a primary activity ?
	Agriculture
	Construction
	Mining
	Fishing
	Answer: Construction Explanation: The primary sector of the economy extracts or harvests products from the earth, such as raw materials and basic foods. Construction is an industry that is part of the secondary sector of the economy, not the primary sector.
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9.	Which of the following is NOT a capital good ?
	Tools
	Food and Clothing
	Machine
	Truck
	Answer: Food and Clothing Explanation: The physical Asset that a company uses in the production process and manufacturing process and services Capital goods mainly consist of buildings, machinery, equipment, vehicles, and tools. Food and Clothing is not a capital income.
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10.	John Maynard Keynes, best known for his economic theories (Keynesian theories), hailed from which country ?
	Sweden
	Denmark
	Australia
	England
	Answer: England Explanation: John Maynard Keynes, belongs to England. He is also known as the Father of Macroeconomics.
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