Economics Test: Identify The Image! Quiz

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| By Shrisupraja

Shrisupraja

Community Contributor

Quizzes Created: 1 | Total Attempts: 856

Questions: 10 | Attempts: 856 | Updated: Mar 21, 2023

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Questions and Answers

1.

Which of the following option best signifies this image?
- A.
  
  Globalisation
- B.
  
  Privatization
- C.
  
  Deglobalisation
- D.
  
  Liberalisation
Correct Answer
C. Deglobalisation

Explanation
The image is likely to represent deglobalisation because it shows a reduction in interconnectedness and integration among countries. This can be inferred from the fact that the image is related to the concept of globalisation, but it is not promoting or indicating increased global connections. Therefore, the best option that signifies the image is deglobalisation.

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2.

Which of the following option best signifies this image?
- A.
  
  Disinvestment
- B.
  
  Devaluation of Rupees
- C.
  
  Foreign exchange
- D.
  
  Foreign Direct Investment
Correct Answer
B. Devaluation of Rupees

Explanation
The image most likely represents the concept of "Devaluation of Rupees". Devaluation refers to a deliberate decrease in the value of a currency relative to other currencies, usually done by a country's central bank. This can be depicted through visual representations such as graphs or charts showing a decline in the value of a currency. Without the image itself, it is difficult to provide a more specific explanation.

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3.

Which of the following option best signifies this image?
- A.
  
  Privatization
- B.
  
  Liberalisation
- C.
  
  Outsourcing
- D.
  
  Globalisation
Correct Answer
C. Outsourcing

Explanation
The image most likely represents outsourcing because it is a process where a company hires external resources or services to perform specific tasks or functions, usually to reduce costs or improve efficiency. This option is the best fit among the given choices as privatization refers to the transfer of ownership from the public to the private sector, liberalization is the removal of government restrictions and regulations, and globalization refers to the integration and interdependence of economies on a global scale.

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4.

Which of the following option best signifies this image?
- A.
  
  Log of WTO
- B.
  
  Logo of WHO
- C.
  
  Logo of RBI
- D.
  
  Logo of IMF
Correct Answer
A. Log of WTO

Explanation
The image is most likely a log or a piece of wood, and it does not represent any of the organizations mentioned in the options. Therefore, the answer is not available.

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5.

Who is the person given in the image? Hint - He was the RBI governor at the time of demonetization.
- A.
  
  Shakthi kanta Das
- B.
  
  Raghu Ram Rajan
- C.
  
  Vimal Jalan
- D.
  
  Urjit Patel
Correct Answer
D. Urjit Patel

Explanation
Urjit Patel is the correct answer for the person in the image. He was the RBI governor at the time of demonetization.

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6.

What was to focus on demonetization?
- A.
  
  Payment through debit card
- B.
  
  Cashless and Digital economy
- C.
  
  Payment through Swipe machine
- D.
  
  Goods and Services Tax
Correct Answer
B. Cashless and Digital economy

Explanation
The focus of demonetization was to promote a cashless and digital economy. This means encouraging people to make payments through electronic means such as debit cards, online transfers, and mobile wallets, instead of using physical cash. The aim was to reduce the circulation of black money, curb corruption, and promote transparency in financial transactions. Demonetization also aimed to encourage the use of digital payment methods such as swipe machines and online platforms, making transactions more convenient and efficient.

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7.

Which of the following option best signifies this image?
- A.
  
  United Nations Organizaion
- B.
  
  International Monetary Fund
- C.
  
  World Health Organisation
- D.
  
  World Trade Organisation
Correct Answer
A. United Nations Organizaion

Explanation
The image most likely represents the United Nations Organization because it is a widely recognized symbol associated with the UN. The UN logo consists of a world map surrounded by olive branches, and the image in question seems to depict this symbol. The other options, such as the International Monetary Fund, World Health Organization, and World Trade Organization, do not have such a distinct and recognizable logo.

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8.

Which of the following option best signifies this image?
- A.
  
  Liberalisation
- B.
  
  Disinvestment
- C.
  
  Outsourcing
- D.
  
  Globalisation
Correct Answer
B. Disinvestment
9.

New Economic Policy implemented int he year _______
- A.
  
  1990
- B.
  
  1991
- C.
  
  1992
- D.
  
  1989
Correct Answer
B. 1991

Explanation
The New Economic Policy was implemented in the year 1991. This policy was a set of economic reforms introduced by the Government of India to liberalize and open up the Indian economy. It aimed to shift from a socialist, centrally planned economy to a market-oriented economy. The policy included measures such as liberalization of trade and investment, deregulation, privatization of state-owned enterprises, and fiscal reforms. These reforms played a significant role in transforming India's economy and attracting foreign investment, leading to increased economic growth and globalization.

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1
0
10.

Which of the following option best signifies this image?
- A.
  
  Excess inventory
- B.
  
  Deficit inventory
- C.
  
  Inflation
- D.
  
  Deflation
Correct Answer
A. Excess inventory

Explanation
The image most likely represents excess inventory because it shows an abundance of products or goods that are not being sold or utilized. This can be inferred from the fact that the other options, such as deficit inventory, inflation, and deflation, do not accurately describe the image.

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