1.	The mixed economy is ?
	presence of subsistence and commercial farming
	co-existence of traditional and modern industries
	a market system of resource allocation, commerce, and trade in which free markets coexist with government intervention
	presence of domestic and foreign investments
	Answer: a market system of resource allocation, commerce, and trade in which free markets coexist with government intervention Explanation: A mixed economic system is a system that combines aspects of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims.
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2.	The concepts of wages, rent, interest and profit are studied under which branch of Economics ?
	Macroeconomics
	Microeconomics
	Econometrics
	Health economics
	Answer: Microeconomics Explanation: The concepts of wages, rent, interest and profit are studied under Microeconomics.
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3.	Which of the following activities is also referred to as ' Gold Collar' profession ?
	Secondary
	Quaternary
	Primary
	Quinary
	Answer: Quinary Explanation: tertiary activities are classified into quaternary and quinary activities. Quinary, also known as 'gold collar' professions which represents special and highly paid skills of senior business executives, government officials, research scientists, financial and legal consultants, etc.
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4.	What should be the investment of Micro enterprises in plant & machinery (Manufacturing Sector) ?
	Between twenty five lakh and fifty lakh
	More than fifty lakh
	Not more than twenty five lakh
	More than twenty five lakh
	Answer: Not more than twenty five lakh Explanation: A micro enterprise is an enterprise where investment in plant and machinery does not exceed Rs. 25 lakh.
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5.	Which of the following economic activities employs the maximum number of people in india ?
	Tourism
	Manufacturing
	Agriculture
	Mining
	Answer: Agriculture Explanation: In India maximum number of people are employed in the Agriculture sector which contributes to one-fifth of the total GDP and nearly half of the working population is employed in Agriculture. The share of IndiSol working in agriculture is declining, but still the maximum number of persons are employed in agriculture.
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6.	Who among the following is also known as the founder of macroeconomics as a separate discipline ?
	Adam Smith
	Fischer Black
	Robert Merton
	John Maynard Keynes
	Answer: John Maynard Keynes Explanation: J.M Keynes is the founder of macroeconomics. Macroeconomics is that branch of the economy which deals with the behaviour of the market at the large level.
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7.	Which of the following is an economic system in which capital goods are owned by private individuals or businesses and the production of goods and services is based on supply and demand in the general market ?
	Mixed Economy
	Capitalistic Economy
	State Economy
	Communist Economy
	Answer: Capitalistic Economy Explanation: In a Mixed economy, the private sector (Capitalism) and public sector (Socialism) exist side by side. In a Capitalistic economy, capital goods are owned by private individuals or businesses and the production of goods and services is based on supply and demand in the general market. In a communist economy, the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided.
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8.	The National Board for Micro, Small and Medium Enterprises meets once every ________ months in a year. ?
	2
	6
	3
	9
	Answer: 6 Explanation: The Ministry of Micro, Small and Medium Enterprises, meets once in every 6 month. This is a branch of the Government of India, to administer and formulate law for the micro, small and medium enterprises in India.
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9.	Which of the following come under the Quaternary sector ?
	Information Technology
	Mining
	Manufacturing
	Fisheries
	Answer: Information Technology Explanation: The three main sectors of the economy are: 1. Primary sector – deals with the extraction of raw materials – mining, fishing and agriculture. 2. Secondary / manufacturing sector – deals with producing finished goods, e.g. making toys, cars, food, and clothes. 3. Service / ‘tertiary’ sector – include both production and exchange. Tertiary sector = White collar jobs. 4. Quaternary jobs involve research and development e.g. IT.
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