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Economics Miscellaneous (Part – II)

📆 October 23, 2024

Total Questions: 50

21. Name the Indian Economist who won the Leontif Award 2009. Earlier this award had been won by persons such as J.K. Galbraith, Amartya Sen and others. [U.P.P.C.S. (Mains) 2007]

Correct Answer: (d) Bina Agarwal
Solution:Prof. Bina Agarwal is an Indian Economist who won the Leontif Award 2009.

The Leontief Award is an economics prize that recognizes individuals who have made significant contributions to the field, particularly in areas that combine theoretical and empirical research to promote a deeper understanding of social and environmental issues. It is named in honor of Nobel laureate Wassily Leontief, known for his work on input-output analysis. The award is presented by the Global Development and Environment Institute at Tufts University.

22. Which one of the following is not included in country's wealth? [U.P.P.C.S. (Spl.) (Mains) 2004]

Correct Answer: (c) Money supply
Solution:Among the given options, money supply is not included in country's wealth.

Money supply refers to the total amount of money in circulation within an economy at a specific point in time, while a country's wealth encompasses its total assets, including both tangible and intangible items.
Country's Wealth:
Encompasses a broader range of assets, including:

  • Physical Assets: Land, buildings, infrastructure, machinery, natural resources, etc.
  • Financial Assets: Stocks, bonds, investments, and other financial instruments.
    Human
  • Capital: The skills, knowledge, and experience of the population.
    Intellectual Property:
    Patents, copyrights, and other forms of intellectual property.
  • Net Foreign Assets: The difference between a country's assets held abroad and its liabilities to foreign entities.

23. Who is the author of the book 'The Accumulation of Capital'? [Uttarakhand P.C.S. (Pre) 2014]

Correct Answer: (a) Mrs. Joan Robinson
Solution:Mrs. Joan Robinson is the author of the book "The Accumulation of Capital'. It was first published in 1956. In this classic work Joan Robinson goes back to the beginning and works out the basic theory that is needed for a coherent treatment of the problems that present themselves in a developing economy. In this analysis, she described imperialism as the result of a dynamic capitalism's expansion into underdeveloped areas of the world.

24. The term 'Prisoner's Dilemma' is associated with which one of the following? [I.A.S. (Pre) 2008]

Correct Answer: (c) A situation under the game theory
Solution:The 'Prisoner's Dilemma' is a standard example of a game analyzed in game theory that shows why two completely rational individuals might not cooperate, even if it appears that it is in their best interest to do so. It is a situation where individual decision-makers always have an incentive to choose in a way that creates a less than optimal outcome for the individuals as a group. Game Theory is a concept of economics.

25. Who is the father of scientific management? [U.P.R.O/A.R.O. (Mains) 2017]

Correct Answer: (d) F.W. Taylor
Solution:F. W. Taylor is known as the father of scientific management, which also came to be known as 'Taylorism'. In 1911, Taylor summed up his efficiency techniques in his book "The Principles of Scientific Management', which is regarded as the most influential management book of the 20th century. Taylor believed that it was the role and responsibility of manufacturing plant managers to determine the best way for a worker to do a job, and to provide the proper tools and training.

26. One common agreement between Gandhism and Marxism is: [I.A.S. (Pre) 2020]

Correct Answer: (a) the final goal of a stateless society
Solution:There is a great similarity between Mahatma Gandhi and Karl Marx. When Marx spoke of the stateless communist society of the future, he did believe that it was a historical necessity and did not therefore depend on the ethical goodness of this individual or that, or this class or that. Somewhat similarly, when Gandhi speaks of Rama Rajya, a social order free from political bindings and consisting of self-governing individuals, he was really convinced that this is a destiny which mankind in its quest for perfection has been aiming at all the time. However, while the final aim of both of them is the establishment of a stateless and classless society, but their means for achieving this aim are different. Gandhi wanted to achieve this end through non-violent means but Marx wanted to achieve it through violent means.

27. The theory of trusteeship of business assets was pronounced by: [U.P.P.C.S. (Mains) 2009]

Correct Answer: (b) Mahatma Gandhi
Solution:The theory of trusteeship of business assets was pronounced by Mahatma Gandhi. It deals with corporate governance. This is the Gandhism path between Capitalism and Marxism. According to this, all assets of the firm must be held by a 'trust' and must be used for the welfare of the society.
  • Gandhi's concept of trusteeship has influenced various social and economic movements, including those advocating for worker's rights and sustainable development.
  • Some contemporary business leaders, like Bill Gates and Warren Buffett, have been noted for practicing elements of trusteeship by donating a significant portion of their wealth to philanthropic causes.
  • The concept is also relevant in discussions about Corporate Social Responsibility and the role of businesses in addressing social and environmental challenges.

28. The Gandhian economy is based on the principle of: [U.P.P.C.S.(Pre) 2013]

Correct Answer: (b) Trusteeship
Solution:The Gandhian economy is based on the principle of trustee- ship. Gandhi's doctrine of trusteeship is a social and economic philosophy aiming to bring justice in the society. It provides a means by which the wealthy people would be the trustees of the trust that looked after the welfare of the people in general.

Core Principles:

  • Stewardship, not ownership: Individuals holding wealth or assets are considered trustees, not absolute owners, holding the resources for the benefit of society.
  • Social responsibility: Businesses have a responsibility to their stakeholders, including employees, customers, and the broader community, to act ethically and contribute to their welfare.
  • Equitable distribution: Trusteeship aims to reduce economic disparities by ensuring that wealth is used for the benefit of all, not just a select few.
  • Non-violent means: Gandhi's philosophy emphasizes non-violent approaches to social and economic transformation, including persuasion and voluntary action.

29. Who among the following had propounded the concept of Trusteeship'? [U.P.P.C.S. (Mains) 2012]

Correct Answer: (c) Mahatma Gandhi
Solution:The Gandhian economy is based on the principle of trustee- ship. Gandhi's doctrine of trusteeship is a social and economic philosophy aiming to bring justice in the society. It provides a means by which the wealthy people would be the trustees of the trust that looked after the welfare of the people in general.

Core Principles:

  • Stewardship, not ownership: Individuals holding wealth or assets are considered trustees, not absolute owners, holding the resources for the benefit of society.
  • Social responsibility: Businesses have a responsibility to their stakeholders, including employees, customers, and the broader community, to act ethically and contribute to their welfare.
  • Equitable distribution: Trusteeship aims to reduce economic disparities by ensuring that wealth is used for the benefit of all, not just a select few.
  • Non-violent means: Gandhi's philosophy emphasizes non-violent approaches to social and economic transformation, including persuasion and voluntary action.

30. Consider the following statements: [U.P. Lower Sub. (Pre) 2013]

1. The Gandhian Economy is based on the principle of trusteeship.

2. The Uttar Pradesh Zamindari Abolition and Land Reforms Act, 1950 is included in Ninth Schedule.

3. The 60th Constitutional Amendment reduced the voting age of citizens in India from 21 years to 18 years.

4. In 1982, 'Shetkari Sangthan' was organized by Medha Patekar.

Of these statements:

Correct Answer: (a) Only 1 and 2 are correct.
Solution:The Gandhian Economy is based on the principle of Trusteeship. The Uttar Pradesh Zamindari Abolition and Land Reforms Act, 1950 is included in Ninth Schedule. The Ninth Schedule of the Constitution contains a list of Central and State laws which cannot be challenged in courts. The 61 Constitutional Amendment Act, 1988 lowered the voting age of elections to the Lok Sabha and Legislative Assemblies of States from 21 years to 18 years. 'Shetkari Sangthan' was organized by Sharad Joshi in 1979. Hence, statement 3 and 4 are incorrect.
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