The first computer made available for commercial use was :
(a) MANIAC
(b) ENIAC
(c) UNIVAC
(d) EDSAC
Solution: (c)
The UNIVAC computer was the first commercially available computer invented by John Presper Eckert and John Mauchly. As well as being the first American commercial computer, the UNIVAC I was the first American computer designed at the outset for business and administrative use (i.e., for the fast execution of large numbers of relatively simple arithmetic and data transport operations, as opposed to the complex numerical calculations required by scientific computers). As such the UNIVAC competed directly against punch-card machines (mainly made by IBM).
Economic development depends on:
(a) Natural resources
(b) Capital formation
(c) Size of the market
(d) All of the above
Solution: (d)
Economic development generally refers to the sustained, concerted actions of policymakers and communities that promote the standard of living and economic health of a specific area. Economic development can also be referred to as the quantitative and qualitative changes in the economy. Such actions can involve multiple areas including development of hu man capital, critical infrastructure, regional competitiveness, environmental sustainability, social inclusion, health, safety, literacy, and other initiatives.
The Great Depression occurred during
(a) 1914-18
(b) 1929-34
(c) 1939-45
(d) 1922-26
Solution: (b)
Depression is referred to a period of time during which economic activity is so low for such a long period of time that large numbers of people are permanently unemployed. The great Depression originated in the United States, after the fall in stock prices that began around September 4, 1929 and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday).
An economic theory is an
(a) Axion
(b) Proposition
(c) Hypothesis
(d) Tested hypothesis
Solution: (b)
A theory is an established explanation that accounts for known facts or phenomenon. Specifically, economic theories ate statements or propositions about patterns of economic behavior under certain circumstances. These theories help us sort out and understand the complexities of economic behavior (Exploring Economics by Robert L. Sexton, p 9).
‘Take-off stage’ in an economy means
(a) Steady growth begins.
(b) Economy is stagnant.
(c) Economy is about to collapse.
(d) All controls are removed.
Solution: (a)
Rostow’s ‘Stages of Economic Growth’ (1960) presented five stages through which all countries must pass to become developed: 1) traditional society, 2) preconditions to take-off, 3) take-off, 4) drive to maturity, and 5) age of high mass consumption. Take-off is the short period of intensive growth, in which industrialization begins to occur, and workers and institutions become concentrated around a new industry.
