Economics and Business Quiz Prelims + Finals at LSR College Delhi 2020


Economics Business Quiz Prelims Question and Answers 2020

These are the Economics Business Quiz 2020  prelims and finals questions and answers held at LSR College Delhi.

Question 1

This entity made its New York Stock Exchange debut in October 2015, under the stock ticker symbol “RACE”. The ticker symbol alludes to this entity’s continued participation in racing and is one of the most successful teams in the same. What entity is this?

Answer- Ferrari

Question 2

The Golden Arches Theory of Conflict Prevention was put forward by Thomas L. Friedman in his book The Lexus and the Olive Tree: Understanding Globalization. It states that no two countries that both have X have never fought a war against each other. He supported that observation, as a theory, by stating that when a country has reached an economic development where it has a middle class strong enough to support an X network, it would become an ” X country”, and will not be interested in fighting wars anymore. ID X.

Answer- McDonald’s

Question 3

To commemorate King George III’s reign and the 75th anniversary of VE Day, the Royal Mint will release coins this year. The new collection will also mark two other milestones. What are they? (Images in the next slide)

Answer- 100th year of publication of Agatha Christie’s first novel; 2020 Tokyo Olympics 

Question 4

This was named after a table used to perform calculations for taxes and goods in the medieval period. The table was large, 10 feet by 5 feet with a raised edge or “lip” on all sides of about the height of four fingers to ensure that nothing fell off it, upon which counters were placed representing various values. The name referred to the resemblance of the table to a chessboard as it was covered by a black cloth bearing green stripes of about the breadth of a human hand. It was the name of a British government department originating in the Anglo-Saxon period of England and responsible for the collection and the management of taxes and revenues. What is being talked about here?

Answer- Exchequer

Question 5

The X is made using stainless steel, even though it was made from nickel or chrome alloy plated with silver initially. X is mounted on a spring-loaded mechanism designed to retract instantly into the radiator shell if struck from any direction. It was also created as a Fabergé egg. Since 2003, Polycast Limited, based in Southampton has been responsible for manufacturing X. ID X.

Answer- Spirit of Ecstasy

Question 6

Who is this Google doodle in honor of?

Image result for P. C. Mahalanobis google doodle

Answer- P. C. Mahalanobis

Question 7

This place is a municipality in the canton of Graubünden, Switzerland. It is located on the Landwasser River, in the Swiss Alps. At 1,560 m, it is the highest city in Europe. This town in the news every year because of an event held here. Which famous town is this?

Answer- Davos; the World Economic Forum is held here. 

Question 8

Economics Business Quiz 2020

Put funda.


Answer- Fukushima Daiichi nuclear disaster

Question 9

X is an ethical holiday rental website that offers travelers a chance to book in at city apartments that support community projects. The site aims to be a marketplace for “authentic, fair and conscious tourism” and promises to donate 50% of its commission to social projects selected by local residents. X is an ethical alternative to Y, which has been accused of its properties being managed by agencies with multiple staff. Unlike Y, where hosts can list multiple properties, X has a one-home per-host rule. X is a play on the name of Y. Give me X and Y

Answer- X- Fairbnb Y- AirBnB

Question 10

Previously known as Kapashi, Paytaan, Kachkadi, Bakkalnali, and Pukari, the names indicating the villages where they were made, the origin of X can be traced back to the 12th century. According to historical records, they were first worn in the thirteenth century. In the seventies, the Hippie movement X became very popular in the United States. The success faded out and recently came back influencing new models with minimalist designs, in contrast to the original intricate ethnic pattern characterizing it. ID X.

Answer- Kolhapuri Chappal

Question 11

He is considered one of the most successful investors in the world and has a net worth of US $88.9 billion as of December 2019, making him the fourth-wealthiest person in the world. Often nicknamed as the Oracle of Omaha, a famous quote attributed to him is- “Rule No. 1: Never Lose Money. Rule No.2: Never forget Rule No. 1.” Who is he?

Answer- Warren Buffett

Economics Business Quiz 2020

Question 12

The logo of brand X was carefully chosen. The elephant signifies strength and steadiness. Moreover, to many, the elephant has an auspicious significance. Keeping these values in mind, the elephant was chosen as X’s logo, hoping that it would bestow luck and spell success. The logo caught on. In the rural heartland of India, X is still known as the “hathiwala cream”.

Answer- Boroline

Question 13

This company’s logo reflects the 1932 fusion of the company with Horch, DKW, Wanderer- four of the biggest players in the specific industry in Germany in that period. This logo is a symbol of protection and power. The current look of the symbol was presented in 2009, signifying the relentless efforts of the company to strengthen ties with their clients and ultimately increase efficiency, loyalty, and superiority of the brand. Identify the brand.

Answer- Audi

Question 14

X is a measure of purchasing power parity (PPP) comparing the cost of a Y in the local currency against the U.S. dollar in 16 countries. It was created by The Economist based on its original Big Mac index which was described as “a lighthearted guide to whether currencies are at their “correct” level.” Using this index, the purchasing power of each national currency can be reflected in the U.S.-dollar cost of a Y in that country. A Y costing significantly less in one country suggests an undervalued currency. The Wall Street Journal also publishes a similar index regularly. In Finder’s X, India ranked 44 out of 76 countries in 2019. ID X and Y.

Answer- X- Starbucks Index Y- Tall Latte

Question 15

An X is a privately held startup company valued at over $1 billion. The term was coined in 2013 by venture capitalist Aileen Lee, chosen to represent the statistical rarity of such successful ventures. In 2013, there were only thirty-nine companies that were considered X’s. As of March 2018, the number has increased to 279, Airbnb is one of the largest companies to be classified as such. Identify the term X.

Answer- Unicorn

Question 16

What event is this Amul advertisement about?

Image result for Abhijit Banerjee and Esther Duflo were among the recipients of the Nobel prize for economics in 2019.  amul ad

Answer- Abhijit Banerjee and Esther Duflo were among the recipients of the Nobel prize for economics in 2019.

Question 17

The origin of the name X is unknown, but there are many hypotheses, including derivations from the French word ‘or’, meaning gold, or from an Ancient Greek root meaning mountain. Others believe that it was named X simply because the name was short and easy to pronounce. Another theory, proposed by writer Stella Parks, is that the name derives from the Latin word for a genus of the laurel family. She observes that the original design of X includes a laurel wreath. ID X.

Answer- Oreo Cookie

Question 18

X, published by the Sameeksha Trust, is the only social science journal of its kind in the world, publishing analysis of contemporary affairs side by side with academic papers in the social sciences. First published in 1949, it occupies a special place in the intellectual history of independent India. X has remained a unique forum that has brought together academics, researchers, policymakers, independent thinkers, members of non-governmental organizations and political activists for debates straddling economics, politics, sociology, culture, the environment, and numerous other disciplines. In addition to Indians living in India and abroad, it regularly draws contributors from all across the globe. ID X.

Answer- Economic and Political Weekly

Economics Business Quiz 2020

Question 19

The lists of Merriam-Webster’s Words of the Year are ten-word lists published annually by the American dictionary-publishing company Merriam-Webster, Inc., which features the ten words of the year from the English language. These word lists started in 2003 and have been published at the end of each year. At first, MerriamWebster determined its contents by analyzing page hits and popular searches on its website. Since 2006, the list has been determined by an online poll and by suggestions from visitors to the website. What was the Merriam-Webster Word of the Year 2019?

Answer- They

Question 20

What economic concept is being explained here?


Answer- Trickle-down effect

The cut off from Prelims for Economics Business Quiz was 5.


Economics Business Quiz Finals Question and Answers 2020

Question 1

“Passengers put a quarter in the entrance turnstile, get a metal check with notches indicating the zone of origin to be inserted in an exit turnstile, which would, through electro-mechanical relays, deliver an appropriate number of nickels according to the origin and time of day,” This piece of technology invented by William Vickrey, an economist. In its simplest form, it’s an old idea. “Early Bird Specials” – offering a cheap deal to restaurant diners at quiet times- date back to the 1920s. What was this a precursor to?

Answer- Surge Pricing

Question 2

In December 2019, US officials removed _______ from the list of free trade partners of US. This country had been listed on the drop-down menu for the agriculture department’s foreign agricultural service’s tariff tracker along with Colombia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Peru. Amongst the commodities listed were “live asses”, “mules and hinnies” and several other farm animals. Potatoes and chestnuts were also reportedly listed. However, the country’s most famous product, a “mineral” was left out. FITB.

Answer- Wakanda

Question 3

In April 2019, the sales of the £38 black jumpsuit the London-based label Love skyrocketed. This was termed the _______ Effect, after the revelation that she wore the jumpsuit by the brand. The designer, Terri Sallas said, “_______ is the type of woman she sees wearing my clothes. It’s strong and makes a statement. I wanted to make something that covered everything up but was still sexy – and she looks fabulous in it.” FITB.

Answer- Fleabag

Economics Business Quiz 2020

Question 4

X was a literary scholar in the 18th century, who helped pioneer the academic study of English literature and lectured on the arts of writing and rhetoric. However, we know him today for his other achievements. It is through his study of English literature that he found one of the most overused phrases tied to markets and capitalism. In Act 3, Scene 2 of Macbeth,this phrase is used by the titular character. (Next slide) ID X. What phrase is this?

LADY MACBETH: What’s to be done?

MACBETH: Be innocent of the knowledge, dearest chuck, Till thou applaud the deed. Come, seeling night, Scarf up the tender eye of pitiful day; And with thy bloody and _________ ____ Cancel and tear to pieces that great bond Which keeps me pale!

Answer- Adam Smith; Invisible Hand 

Question 5

Both the X and Y variant of this item has a Geographical Indication (GI) tag. While the X variant got its tag in 2017, the Y variant got it last year. Two separate tags for the same item recognize the differences in taste and texture that are specific to each region. The X version traces its origin to 1845 and has more bite. The Y version finds mention in the 15th century Dandi Ramayana and is juicy and non-chewy. ID X&Y. What item?

Answer- X-West Bengal Y-Odisha Roshogolla/Rasagola

Question 6

Every year, Bloomberg columnist Cass R Sunstein announces Behavioural Economics Oscars or a Becon. This year, the best actor Becon went to X for his portrayal of Y. Y is bright-eyed and optimistic, full of hope and plans, only to be met with cruelty, viciousness, and sadism. He’s a puppy, approaching strangers with a wagging tail, but time and again he gets kicked in the teeth. Behavioral economists speak of “negative reciprocity.” If someone treats you badly, you are likely to respond in kind. Eventually, Y transformed into negative reciprocity incarnate. ID X and Y.

Answer- X- Joaquin Phoenix Y- Joker

Question 7

___ _______, ______ is a phrase coined by James Carville in 1992. Carville was a strategist in Bill Clinton’s successful election campaign against incumbent George H.W Bush. The message of the phrase was simple- voters cared first, second and third about their financial well being. Everything else was just noise. However, this phrase is usually misrendered as ___ ___ _______, ______. The phrase has become a snowclone repeated often in American pop culture, with commentators usually substituting the third word in the modified phrase.

Answer- The economy, stupid. It’s the economy, stupid. 

Question 8

Dorothea Lange was a photographer working for the Resettlement Commission, a New Deal agency tasked with helping poor families relocate in 1936. Lange one day found herself in Nipomo, California, at a campsite full of out-of-work pea pickers. She met Florence Thompson there, and Lange wrote: “We just existed,” Florence Thompson said. “We survived. Let’s put it that way.” I did not ask her name or her history. She told me her age, that she was 32. She said that [she and her children] had been living on frozen vegetables from the surrounding fields, and birds that the children killed. She had just sold the tires from her car to buy food. What transpired after this became the symbol of something. What?

Answer- Migrant Mother, the symbol of the Great Depression 

Economics Business Quiz 2020

Question 9

The earliest evidence of this phrase, applied in the context of retail, suggests that the term originated in Philadelphia, where it was used to describe the heavy and disruptive pedestrian and vehicle traffic that would occur on the day after Thanksgiving. This usage dates to at least 1961. More than twenty years later, as the phrase became more widespread, a popular explanation became that this day represented the point in the year when retailers begin to turn a profit, thus going from being “in the red” to being “in the _____”. This phrase has routinely been the busiest shopping day of the year in the USA since 2005. What phrase is this?

Answer- Black Friday

Question 10

In a paper titled “Super-Economics Man!”(Journal of Economics Teaching), the author Brian O’Roarke explains concepts in economics using superheroes. He explains a particular concept giving the following examples:

● Green Lantern quits the Green Lantern Corps because he can’t be near the woman he loves

● Clark Kent, Peter Parker, and Barry Allen are constantly at risk of losing their jobs because of disappearances at key moments.

● In the case of Wonder Woman, she leaves “man’s world” and returns to Paradise Island. Iron Man (a.k.a. Tony Stark) is worried about his health and quits.

● In some situations, their decisions create unintended consequences. The district attorney saved by Batman becomes the villain Two-Face and blames Batman for the death of Rachel.

What concept is he talking about?

Answer- Opportunity cost

Question 11

X is considered to have had a profound effect on global development. Widely regarded as one of the most articulate and persuasive spokesmen for the developing world”, The Economist calls them a “visionary of international development”. In their capacity as Special Advisor to UNDP Administrator, Haq initiated the concept of Human Development, and contributed, along with other economists like Amartya Sen, to devising the Human Development Index, which has been used by UNDP to prepare Human Development Reports since 1990. He is also credited with tax reforms in Y and deregulation of the economy, along with establishing the Human Development Center in Y in 1996.

ID X and Y.

Answer- X- Mahbub ul Haq Y- Pakistan

Question 12

Cedar Fair, L.P., doing business as the Cedar Fair Entertainment Company, is a publicly-traded master limited partnership headquartered at its Cedar Point amusement park in Sandusky, Ohio. The company owns and operates twelve amusement parks, four outdoor water parks, one indoor water park, and five hotels in the US and Canada. Cedar Fair also manages Gilroy Gardens under contract with the city of Gilroy, California. Give me the New York Stock Exchange (NYSE) ticker of Cedar Fair.

Answer- FUN

Question 13

Pantone has named the color of the year for more than two decades. In 1963, the company created the Pantone Matching System, a proprietary system used in a variety of industries such as printing, graphic design, and fashion design to manage colors. For 2020, The Pantone Color Institute, which selects the Color of the Year, said it recognized similar feelings of instability gripping the world today, from the United States to the United Kingdom, Hong Kong, Syria and across the globe. It settled on a shade that offers the reassurance, confidence, and connection that people may be searching for in an uncertain global milieu. “It’s a color that anticipates what’s going to happen next,” said Laurie Pressman, the vice president of the Pantone Color Institute. “What’s the future going to bring as we move into the evening hours?” What specific shade are we talking about?

Answer- Classic Blue

Question 14

The South Sea Company was a British joint-stock company founded in 1711, created as a public-private partnership to consolidate and reduce the cost of the national debt. With time, the company stock rose greatly in value as it expanded its operations dealing in government debt, and peaked in 1720 before suddenly collapsing to little above its original flotation price, which ruined thousands of investors. This was one of the earliest modern financial crises and marks the origin of the usage of a particular term in an economic context. What term are we talking about?

Answer- Economic Bubble

Question 15

A __________ economy is a simple framework used to study some fundamental issues in economics. It assumes an economy with one consumer, one producer, and two goods. The title is a reference to a classic novel of the same name. As a thought experiment in economics, many international trade economists have found this simplified and idealized version important due to its ability to simplify the complexities of the real world. The implicit assumption is that the study of a one agent economy will provide useful insights into the functioning of a real-world economy with many economic agents.

Answer- Robinson Crusoe Economy

Question 16

Jerome Alan West, popularly known as Jerry West, is an American basketball executive and former player. During his active career West played professionally for the Los Angeles Lakers of the National Basketball Association. His nicknames included Mr. Clutch, for his ability to make a big play in a clutch situation, such as his famous buzzer-beating 60-foot shot. West was an all-around combo guard who could take the playmaking roles of a point guard and score like a shooting guard, while being equally strong on offense and on defense. He retired from professional basketball in 1974. He has been immortalized in the world of basketball in a very special way. What is it?

Answer- His silhouette appears in the NBA logo designed by Alan Siegel in 1969. 

Question 17

When Marlboro was launched in 1924, its debut tagline was “Mild as May.” The brand sold filtered cigarettes which were seen as universally feminine. Marlboro’s early ads featured women mostly, and a certain ‘ivory tip’, which addressed a crucial problem that female smokers faced. At a time when marketing cigarettes to women was still pretty unheard of, this was a stroke of genius which did the company a lot of good. What was the function of this specific feature?

Answer- It prevented lipstick from rubbing off on the cigarette, thus avoiding ‘unattractive’ stains. 

Question 18

The following slide contains one of the most iconic advertising campaigns of this particular product from Cadbury, from the year 1937. Identify the product and why this particular ad is unique.


Answer- Rabindranath Tagore endorsed Cadbury Bournvita with the line, “Have benefitted from consuming Bournvita”. 

Question 19

On 25th September 2017, the American Association of University Women (AAUW) launched a Chrome extension called Lady Dollars, which is essentially an exchange rate tool that adds 20% to product prices on e-commerce websites like Amazon and Walmart. Users don’t have to pay these prices, it’s just an illustration that seeks to raise awareness about something very specific. What is the issue in question?

Answer- Pay Inequality (women are typically paid 20% less than men according to global statistics). The campaign targets people where they spend money to raise awareness about what it costs to be a woman.

Economics Business Quiz 2020

Question 20

Credito Emiliano is a regional bank in the Emilia Romagna region of Northern Italy. The region is a highly developed cattle breeding and dairy industry in Italy. It is also famous for its gastronomic and wine-making traditions. The bank is known locally as Credem, and since 1953 it has accepted something peculiar as collateral for small business loans, especially to dairy farmers. This collateral saves the farmers operating costs and the bank gains some expertise about a risky industry. The collateral is in possession of the bank the entirety of the duration of the loan. This ensures that there are no problems with it and the bank is constantly aware of its worth. What is this unique, risk-free collateral?

Answer- Parmigiano-Reggiano cheese

LONG CONNECT Economics Business Quiz 2020


● Written round – can attempt at grand connect multiple times, but each pounce will have a negative marking of 10 for the wrong answer

● If one takes up the Grand Connect after the first question, they will be awarded 50 points.

● After the second, 40; after the third, 30; and so on.

● Once you have attempted the Grand Connect, you can not re-attempt it, if you guess incorrectly.

● No hints, no negative marking for the individual questions

Question 1

 X was acquired in 2005 by Indian businessman Sanjiv Mehta, who has turned it into a consumer brand focused on luxury foodstuffs. He has relaunched X in London 135 years after it was dissolved. Mr. Mehta’s shop in London is stocked with 350 luxury products, including 100 varieties of tea, chocolates, spices, and mustards developed by the company from across the world. X’s early business activities focused on cotton, silk, and tea.


Answer- East India Company

Question 2

The concepts of X and Y are well known in the world of economics. However, along with X & Y, the concepts of “uskoreniye” and “expansion of khozraschyot (commercialization)” were also talked about. One of the final steps taken towards the implementation of X & Y was the publication of a report titled “On Reorganization and the Party’s Personnel Policy”. This report was in such high demand in Prague and Berlin that many people could not get a copy.

ID X and Y

Answer- Glasnost and Perestroika

Question 3

X was an Indian soft drink brand. It was manufactured and marketed by Modern Food Industries, a government-owned company. It was primarily brought in to fill the void created after Coca-Cola quit the Indian market in 1977 due to restrictive government policies. Coca-Cola was asked to hand over the controlling stake of its Indian operation to Indian investors as per the provisions of the Foreign Exchange Regulation Act, which it refused to do, and was therefore asked to cease operations in India. After a lapse of 16 years, Coca-Cola entered the market again in 1993, owing to a certain shift in policies.


Answer- X- Double 7

Question 4

A non-exhaustive list of?









Answer- Government disinvestment in Public Sector Undertakings

Question 5


Answer- New Economic Policy being implemented under pressure from IMF.

Overall Connect?

Theme- Liberalisation, Privatisation, Globalisation

Tie-breaker Question of Economics Business Quiz



This is one of the earliest variants of what?


Answer- “Coupon” bonds


The term X is derived from the Italian words meaning broken bench. Businessmen in Northern Italy would break the bench that they worked on to signify that they were no longer in business. ID the phrase X which is used commonly in the world of money.

Answer- Bankrupt ( Banquo rotta)


Initially, X’s were named Model 40, Model 80 and Model 247. But after WW2, X was restructured and each department was given a three-digit number. The company’s engineering department divided the model numbers into blocks of 100 for each of the new product areas. For example, 300s and 400s represented aircraft, 500s were used on turbine engines, 600s for rockets and missiles. But they decided not to go with Model 700 for a particular category as it was not catchy.

What are we talking about?

Answer- Boeing aircraft being named 707, 727, 737 and 747.

Economics Business Quiz 2020

QuizMasters of Economics Business Quiz – Nanditha N. Menon Debapriya Chanda

Held at – LSR College Delhi


Fest – ECONVISTA ‘20



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