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035 Economy Previous Year Questions

Economy Previous Year Questions

Q1. Multinational means
(a) A person having passports and visas of many countries
(b) A person having property in many countries
(c) A person holding citizenship of many countries
(d) A company operating in more than one country
Ans: (d)

Q2. Sustainable development is described as the development that meets the needs of the present without compromising the ability of future generations to meet their own needs. In this perspective, inherently the concept of sustainable development is intertwined with which of the following concepts?
(a) Social justice and empowerment
(b) Inclusive Growth
(c) Globalization
(d) Carrying capacity
Ans: (d)

Q3. Which of the following is a type of the Public expenditure in India?
1. Plan 2. Non-plan
(a) 1 only (b) 2 only
(c) 1 and 2 (d) Neither 1 nor 2
Ans: (c)

Q4. Consider the following statements:
1. Both Coffee and Tea prefer slightly acidic Soil
2. Both Coffee and Tea show winter dormancy
Which among the above statements is / are correct?
(a) Only 1 is correct
(b) Only 2 is correct
(c) Both 1 and 2 are correct
(d) Neither 1 nor 2 is / are correct
Ans: (a)

Q5. Consider the following statements regarding bitcoin:
1. A blockchain is a public ledger of all Bitcoin transactions that have ever been executed.
2. Japan has officially recognized bitcoin and digital currencies as legal money
3. It is also called a “cryptocurrency” since it is decentralized and uses cryptography to prevent double-spending
Which of the statements given above are correct?
(a) 1 and 2 only (b 2 and 3 only
(c) 1 and 3 only (d) 1, 2 and 3
Ans: (d)

Q6. Consider the following statements about millennium development goals:
1. These are ten in number.
2. One of the goals is to ensure environmental sustainability.
Which of the statements given above is/are correct?
(a) 1 only (b) 2 only
(c) Both 1 and 2 (d) Neither 1 nor 2
Ans: (b)

Q7. The average fixed cost curve will always be
(a) a rectangular hyperbola
(b) a downward sloping convex to the origin curve
(c) a downward sloping straight line
(d) a U-shaped curve
Ans: (a)

Q8. Match the following :
A. HAL : 1. Coal
B. BHEL : 2. Aeronautical goods
C. SAIL : 3. Electrical goods
D. CIL : 4. Steel
Select the correct answer from the codes below:
(a) 2 3 4 1
(b) 3 2 1 4
(c) 1 2 3 4
(d) 4 3 2 1
Ans: (a)

Q9. A “closed economy’’ is an economy in which
(a) The money supply is fully controlled
(b) Deficit financing takes place.
(c) Only exports take place.
(d) Neither exports nor imports take place
Ans: (d)

Q10. Among the supply side measures to contain inflation is:
(a) postponing public expenditure
(b) mopping up excess liquidity through taxation
(c) credit control measures of RBI
(d) maintaining price levels through an effective PDS
Ans: (d)

Q11. What is NABARD?
I. They are apex institution for providing credit facility to agricultural and rural areas.
II. These are the most important source of rural credit.
III. They provide finance rural credit directly through Regional Rural Banks (RRBs).
(a) I & II (b) Only I
(c) Only II (d) None of the above
Ans: (b)

Q12. The difference between the GNP and the NNP is equal to the
(a) Consumer expenditure on durable goods
(b) Direct tax revenue
(c) Indirect tax revenue
(d) capital depreciation
Ans: (d)

Q13. Consider the following statements regarding the objectives of International Monetary Fund (IMF):
1. To promote international monetary co-operation.
2. To ensure balanced international trade.
3. To ensure exchange rate stability.
4. To develop resources and production facilities in underdeveloped countries.
Which of the statements given above are correct?
(a) 1, 2 and 3 only
(b) 1, 2 and 4 only
(c) 2, 3 and 4 only
(d) 1, 2, 3 and 4
Ans: (a)

Q14. National product at factor cost is equal to
(a) Domestic product + Net factor income from abroad
(b) National product at market prices – indirect taxes + subsidies
(c) Gross domestic-product – depreciation
(d) National product at market prices + Indirect taxes + subsidies
Ans: (a)

Q15. Which of the following statements is not correct for economically underdeveloped countries?
(a) Involvement of a very little proportion of labour in primary occupations
(b) Lower percentage of literacy
(c) Mass unemployment
(d) High birth rate
Ans: (a)

Q16. Economic growth in country X will necessarily have to occur if
(a) there is technical progress in the world economy
(b) there is population growth in X
(c) there is capital formation in X
(d) the volume of trade grows in the world economy
Ans: (c)

Q17. Open market Operation by RBI are the part of its :
(a) Fiscal Policy (b) Credit Policy
(c) Income Policy (d) Monetary Policy
Ans: (d)

Q18. Which bank has launched India’s first Artificial Intelligence (AI)-based banking chatbot “Electronic Virtual Assistant (EVA) for customer service?
(a) ICICI Bank (b) HDFC Bank
(c) Axis Bank (d) SBI
Ans: (b)

Q19. A short-term government security paper is called
(a) Share (b) Debenture
(c) Mutual fund (d) Treasury bill
Ans: (d)

Q20. Consider the following statements regarding Employee Provident Fund (EPF) and Public Provident Fund (PPF) in India:
1. EPF is available to the people who are self-employed or are from unorganized sectors.
2. Any Indian citizen can invest in PPF.
3. In case of PPF, the deposited amount can be withdrawn on maturity period of 15 years.
4. EPF is a fund to which both the employee and employer contribute 12 per cent of the employee’s basic salary amount each month and this percentage is pre-set by the government.
Which of the statements given above are correct?
(a) 1, 2 and 3 only (b) 1, 2 and 4 only
(c) 2, 3 and 4 only (d) 1, 2, 3 and 4
Ans: (c)

Q21. Which of the following is / are the example (s) of Transfer Payment(s)?
1. Unemployment Allowance
2. Payment of salary
3. Social Security Payment
4. Old age Pension
Select the correct answer using the code given below :
(a) 1 and 3 only (b) 1, 2 and 3 only
(c) 1, 3 and 4 only (d) None of the above
Ans: (c)

Q22. Which one of the following commodities has the highest production in India?
(a) Rice
(b) Wheat
(c) Tobacco
(d) Gram
Ans: (a)

Q23. In the Index of Eight Core Industries, which one of the following is given the highest weight?
(a) Coal Production
(b) Electricity generation
(c) Fertilizer Production
(d) Steel Production
Ans: (b)

Q24. The most active segment of the Money Market in India is which one of the following?
(a) Call Money / Notice Money Market
(b) Repo / Reverse Repo
(c) Commercial Paper (CP)
(d) Certificate of Deposit (CD)
Ans: (a)

Q25. Which of the following organisation provides guarantee to exporters?
(a) EXIM Bank
(b) Export Loan Guarantee Corporation
(c) RBI
(d) Commerce Ministry
Ans: (b)

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