On account of the disruption in education due to the corona pandemic, we're opening up our platform for teachers, free of cost. Know More →

UPSC > Economic and Social Development

Explore popular questions from Economic and Social Development for UPSC. This collection covers Economic and Social Development previous year UPSC questions hand picked by experienced teachers.

Q 1.

Correct2

Incorrect-0.667

One of the essential conditions of perfect competition is : —

A

product differentiation

B

multiplicity of prices for identical products at any one time.

C

many sellers and a few buyers.

Only one price for identical goods at any one time.

Q 2.

Correct2

Incorrect-0.667

The theory of distribution relates to which —

A

The distribution of assets

B

The distribution of income

C

The distribution of factor payments

Equality in the distribution of the income and wealth

Q 3.

Correct2

Incorrect-0.667

If an industry is characterised by economies of scale then —

A

barriers to entry are not very large

long run unit costs of production decreases as the quantity the firm produces increases

C

capital requirement are small due to the efficiency of the large scale operation

D

the costs of entry into the market are likely to be substantial

Q 4.

Correct2

Incorrect-0.667

Movement along the same demand curve is know as —

A

Extension and Contraction of Demand

Increase and Decrease of Demand

C

Contraction of supply

D

Increase of supply

Q 5.

Correct2

Incorrect-0.667

When there is a change in demand leading to a shift of the Demand Curve to the right, at the same price as before, the quantity demanded will —

A

decrease

increase

C

remain the same

D

contract

Q 6.

Correct2

Incorrect-0.667

The income elasticity of demand being greater than one, the commodity must be —

A

a necessity

a luxury

C

an inferior good

D

None of these

Q 7.

Correct2

Incorrect-0.667

When there is one buyer and many sellers then that situation is called —

A

Monopoly

Single buyer right

C

Down right

D

Double buyers right

Q 8.

Correct2

Incorrect-0.667

The measure of a worker’s real wage is —

A

The change in his productivity over a given time

B

His earnings after deduction at source

C

His daily earnings

The purchasing power of his earnings

Q 9.

Correct2

Incorrect-0.667

Average Revenue means —

the revenue per unit of commodity sold

B

the revenue from all commodities sold

C

the profit realised from the marginal unit sold

D

the profit realised by sale of all commodities

Q 10.

Correct2

Incorrect-0.667

If the price of an inferior good falls, its demand —

rises

B

falls

C

remains constant

D

can be any of the above

Q 11.

Correct2

Incorrect-0.667

Equilibrium is a condition that can —

A

never change

B

change only if some outside factor changes

change only if some internal factor changes

D

change only if government policies change

Q 12.

Correct2

Incorrect-0.667

Enterpreneurial ability is a special kind of labour that —

A

is hired out to firms at high wages

organizes the process of production

C

produces new capital goods to earn interest

D

manages to avoid losses by continual innovation

Q 13.

Correct2

Incorrect-0.667

Transfer earning or alternative cost is otherwise known as —

A

Variable cost

B

Implicit cost

C

Explicit cost

Opportunity cost

Q 14.

Correct2

Incorrect-0.667

Demand of commodity mainly depends upon— —

A

Purchasing will

Purchasing power

C

Tax policy

D

Advertisement

Q 15.

Correct2

Incorrect-0.667

Equilibrium price means —

Price determined by demand and supply

B

Price determined by Cost and Profit

C

Price determined by Cost of production

D

Price determined to maximise profit

Q 16.

Correct2

Incorrect-0.667

Operating Surplus arises in the —

Government Sector

B

Production for selfconsumption

C

Subsistence farming

D

Enterprise Sector

Q 17.

Correct2

Incorrect-0.667

The fixed cost on such factors of production which are neither hired nor bought by the firm is called —

social cost

B

opportunity cost

C

economic cost

D

surcharged cost

Q 18.

Correct2

Incorrect-0.667

One of the essential conditions of Monopolistic competition is —

A

Many buyers but one seller

B

Price discrimination

Product differentiation

D

Homogeneous product

Q 19.

Correct2

Incorrect-0.667

In the law of demand, the statement “Other things remain constant” means —

A

income of consumer should not change

B

price of other goods should not change

C

taste of consumer should not change

All of the above

Q 20.

Correct2

Incorrect-0.667

Given the money wages, if the price level in an economy increases, then the real wages will —

A

increase

decrease

C

remain constant

D

become flexible

Q 21.

Correct2

Incorrect-0.667

Purchasing Power Parity theory is related with —

A

Interest rate

B

Bank rate

C

Wage rate

Exchange rate

Q 22.

Correct2

Incorrect-0.667

When the total product rises at an increasing rate, the —

A

marginal product is zero

marginal product is rising

C

marginal product is falling

D

marginal product remains constant

Q 23.

Correct2

Incorrect-0.667

The main determinant of real wage is —

A

extra earning

B

nature of work

C

promotion prospect

purchasing power of money

Q 24.

Correct2

Incorrect-0.667

A refrigerator operating in a chemist’s shop is an example of —

A

free good

final good

C

producers good

D

consumer’s good

Q 25.

Correct2

Incorrect-0.667

When average cost production (AC) falls, marginal cost of production must be. —

A

rising

B

Falling

C

Greater than the average cost

Less than the average cost