Economics Practice Quiz 84

Q1.What was the approximate percentage fall in the price of raw jute as gunny exports collapsed during the depression?

A. Less than 20 per cent B. Around 40 per cent C. More than 60 per cent D. Exactly 50 per cent

Q2.Which precious metal did India notably become an exporter of during the depression years, as peasants sold their assets?

A. Silver B. Platinum C. Copper D. Gold

Q3.How did the economic depression of 1928-1934 generally affect urban India, particularly those with fixed incomes?

A. It led to widespread unemployment and poverty. B. It proved less grim, with some fixed-income groups finding themselves better off. C. It caused a complete collapse of industrial investment. D. It resulted in a sharp increase in rents and salaries.

Q4.What factor contributed to the growth of industrial investment in urban India during the depression years?

A. Decrease in tariff protection for industries. B. Increased foreign competition. C. Government extending tariff protection to industries. D. Withdrawal of nationalist pressure on the government.

Q5.According to the Bengal jute growers' lament mentioned in the text, who primarily profited from jute cultivation despite the low prices paid to farmers?

A. Colonial government officials B. Factory workers processing jute C. Traders sitting at home D. International buyers

Q6.According to economists and politicians, what is necessary to sustain an industrial society based on mass production?

A. High tariffs B. Mass consumption C. Limited government intervention D. Agricultural self-sufficiency

Q7.What did economists and politicians conclude was necessary to ensure mass consumption, based on inter-war economic experiences?

A. Low wages B. High and stable incomes C. Reduced government spending D. Increased exports

Q8.What role did economists and politicians believe governments should play regarding employment, based on inter-war economic experiences?

A. Governments should avoid intervention in markets. B. Governments should step in to minimise fluctuations and ensure full employment. C. Governments should solely rely on market forces. D. Governments should reduce public sector jobs.

Q9.The framework for the post-war international economic system was agreed upon at the United Nations Monetary and Financial Conference held in which year?

A. 1942 B. 1944 C. 1946 D. 1948

Q10.The United Nations Monetary and Financial Conference, which established the framework for the post-war international economic system, was held in which location?

A. Geneva, Switzerland B. Washington D.C., USA C. Bretton Woods, New Hampshire, USA D. London, UK

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Economics Practice Quiz 84