Economics (Part – X) - Mock Test 365

Total Questions: 50

1. What is another name for the tertiary sector? [S.S.C. Online Constable GD 14.02.2019 (Shift-I)]

(a) Public Sector
(b) productive area
(c) Service Sector
(d) Primary Sector

Correct Answer: (c) Service Sector

Solution:The tertiary sector of the economy, generally known as the service sector, is the third of the three economic sectors in the three-sector model (also known as the economic cycle).

2. Which of the following economic activities come under the primary sector? [S.S.C. Online MTS (T-I) 19.09.2017 (Shift-I)]

I. Fishing

II. dairy

III. agriculture

(a) I only
(b) Il only
(c) I, II and III
(d) Both I and II

Correct Answer: (c) I, II and III

Solution:Fishing, dairy, agriculture and mining etc. activities come under the primary sector. In developed countries the share of the primary sector in the economy is less. The share of the primary sector in the Indian economy has steadily declined since independence.

3. Which of the following comes under the tertiary sector in the Indian economy? [S.S.C. Online C.P.O.S.L. (F-I) 7.07.2017 (Shift-I)]

(a) Textile Industry
(b) Transport of goods
(c) Dairy
(d) Sugar Industry

Correct Answer: (b) Transport of goods

Solution:In the given options 'transport of goods' comes under the tertiary sector in the Indian economy.

4. Under which sector does real estate come? [S.S.C. Online C.P.O.S.I. (T-I) 3.07.2017 (Shift-II)]

(a) Primary
(b) Tertiary
(c) Secondary
(d) Both secondary and tertiary

Correct Answer: (b) Tertiary

Solution:The tertiary sector of the economy is also called the 'service sector. It includes trade, transport, communication, finance, real estate, tourism, hospitality, culture, entertainment, public administration and public service, information, justice, health, education etc.

5. Which one of the following options is correct about the nature of the Indian economy? [S.S.C. Online Stenographer, 13.09.2017 (Shift-II)]

(a) Mixed economy
(b) Socialist economy
(c) Communist economy
(d) Capitalist economy

Correct Answer: (a) Mixed economy

Solution:The Indian economy is an example of a mixed economy. In a mixed economy, both the public and private sectors co-exist.

6. Which of the following is correct regarding globalization? [S.S.C. Online CPO SI (T-I) 10.11.2022 (Shift-II)]

I. It involves creation of networks and activities transcending economic, social and geographical boundaries.

II. Outsourcing is one of the important outcomes of the globalisation process.

(a) Both I and II
(b) Only I
(c) Only II
(d) Neither I nor II

Correct Answer: (a) Both I and II

Solution:Globalization involves the creation of networks. and activities that transcend economic, social, and geographical boundaries. This includes increased cross-border trade, investment, and the movement of people. Outsourcing, which is the practice of hiring companies or individuals outside of a company to perform services or create products that would tra-ditionally be done in-house, is one of the important outcomes of the globalization process.

Hence, option (a) is correct.

7. Which of the following sectors contributes the largest share to National Income in India? [S.S.C. Online Stenographer, 13.09.2017 (Shift-II)]

(a) Banking sector
(b) Business sector
(c) Manufacturing sector
(d) Agricultural sector

Correct Answer: (c) Manufacturing sector

Solution:Manufacturing has emerged as one of the high growth sectors in India. The manufacturing GVA at current prices was estimated at US$ 77.47 billion in the third quarter of FY22. India has the potential to become a global manufacturing hub and by 2030, it can add more than US$ 500 billion annually to the global economy.

8. Which among the following constitutes money in the modern economy? [S.S.C. Online MTS (T-I) 10.10.2017 (Shift-I)]

(a) currency-paper notes and coins only
(b) Demand deposit only
(c) Both currency-paper notes and coins and demand deposits
(d) none of these

Correct Answer: (c) Both currency-paper notes and coins and demand deposits

Solution:Money is a medium of exchange, a measure of value and a standard of deferred payments. The most important function of money is that it acts as a medium of exchange. Money is accepted freely in exchange for all other goods and services. The money supply of a country consists of currency (banknotes and coins) and demand deposits.

9. Which of the following sectors have some formal processes and procedures? [S.S.C. Online MTS (T-I) 15.10.2017 (Shift-II)]

(a) Unorganised sector
(b) Organised sector
(c) Both organised and unorganised sector
(d) Neither organized nor unorganised sector

Correct Answer: (b) Organised sector

Solution:Organized sector follows the formal processes and procedures of the Labor Act, Companies Act etc.

10. Which of the following sectors of economic activity helps in the development of primary and secondary sectors. [S.S.C. Online MTS (T-I) 19.09.2017 (Shift-III)]

(a) Tertiary sector mon
(b) Quaternary sector
(c) both tertiary and quaternary sectors
(d) none of these

Correct Answer: (a) Tertiary sector mon

Solution:The economic activity of the tertiary sector or the service sector helps in the development of the primary and secondary sectors. Tertiary sector activities do not produce goods by themselves but contribute to the production process. Such as distribution of goods produced by the primary and secondary sectors in different parts of the country through transport.

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Economics (Part – X)