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036 Economy Previous Year Questions

Economy Previous Year Questions

Q1. Which of the following can be associated with ‘Gini Coefficient’?
1. National Income inequality.
2. Lorentz Curve.
3. Education system.
Select the correct answer using the codes given below:
(a) 1 only (b) 2 only
(c) 1 and 2 only (d) 1, 2 and 3
Ans: (b)

Q2. Minimum support prices for major agricultural products are announced each year which are fixed after taking into account the recommendations of the Commission for Agricultural Costs and Prices (CACP). The CACP, while recommending prices takes into account which of the following factors
1. Cost of Production
2. Changes in Input Prices
3. Input/Output Price Parity
4. Trends in Market Prices
5. Inter-crop Price Parity
Choose the correct code:
(a) 1, 2, 3, 4 only (b) 2, 3, 4, 5 only
(c) 1, 3, 4, 5 only (d) All of the above
Ans: (d)

Q3. Betterment levy is imposed by the government because
(a) Of the improvement in soil/land quality as a result of irrigational facilities provided by the government.
(b) Of improved industrial production due to various infrastructural facilities provided by the government.
(c) Of increased capacity utilisation due to electricity supplied by State Electricity Boards.
(d) Of increased raw material imports possible due to availability of foreign currency provided by the government.
Ans: (a)

Q4. Which of the following statements is/are correct regarding the Monetary Policy Committee (MPC)?
1. It decides the RBI’s benchmark interest rates.
2. It is a 12-member body including the Governor of RBI and is reconstituted every year.
3. It functions under the chairmanship of the Union Finance Minister.
Select the correct answer using the code given below:
(a) 1 only
(b) 1 and 2 only
(c) 3 only
(d) 2 and 3 only
Ans: (a)

Q5. Consider the following steps:
1. Banking Department gets currency from the Issue Department
2. Government puts the currency in circulation
3. Central Government incurs a deficit in its Budget
4. Government Sells Treasury Bills to Banking Department of RBI
Which among the following is the correct order of the above steps?
(a) 1 2 3 4 (b) 2 3 4 1
(c) 3 4 1 2 (d) 4 3 2 1
Ans: (c)

Q6. In which among the following forms, the Special Drawing Rights (SDR) are kept as currency of International Monetary Fund?
(a) Paper Currency
(b) Gold
(c) Book Keeping Entry
(d) A combination of all of three
Ans: (c)

Q7. ‘Travel and Tourism Competitiveness Report’ is published by which of the following organisation?
(a) World Economic Forum (WEF)
(b) United Nations World Tourism Organization (UNWTO)
(c) World Trade Organization (WTO)
(d) United Nations Educational, Scientific and Cultural Organization (UNESCO)
Ans: (a)

Q8. Consider the following statements in regards to presumptive taxation:
1. It is an indirect method of assessing tax liability of an organization.
2. India has discontinued the practice of Presumptive taxation.
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: (a)

Q9. When the Couple Protection Rate is going up
(a) birth rate must necessarily fall
(b) birth rate will fall only if couples are of younger age
(c) death rate must necessarily fall
(d) infant mortality rate must be falling
Ans: (a)

Q10. Human Development Index comprises literacy rates, life expectancy at birth and
(a) GDP per head in the US dollars.
(b) GDP per head at real purchasing power.
(c) GNP in US dollars
(d) National Income per head in US dollars.
Ans: (d)

Q11. Consider the following statement:
1. Increase in private expenditure
2. Increase in exports
3. Increase in taxation
4. Rapid growth of population
Choose the factor that does not cause an increase in demand of goods and services.
(a) 1 only (b) 2 only
(c) 3 only (d) 4 only
Ans: (c)

Q12. Match the following countries with its currencies:
Country Currency
I. US A. Yen
II. China B. Dollar
III. Japan C. Pound
IV. Britain D. Yuan
(a) I – b, II – d, III – a, IV – c
(b) I – a, II – d, III – b, IV – c
(c) I – b, II – c, III – a, IV – d
(d) I – a, II – c, III – b, IV – d
Ans: (a)

Q13. Which of the following agricultural products is generally not exported from India?
(a) Wheat (b) Rice
(c) Potato (d) Pulses
Ans: (d)

Q14. “Internet escrow” is a term most commonly related to which of the following?
(a) E-Commerce
(b) Software Development
(c) Privacy Security
(d) Database Management
Ans: (a)

Q15. Which one of the following Five-Year Plans recognised human development as the core of all developmental efforts?
(a) The Third Five-Year Plan
(b) The Fifth Five-Year Plan
(c) The Sixth Five-Year Plan
(d) The Eighth Five-Year Plan
Ans: (d)

Q16. Consider the following:
1. Mehbub ul Haq 2. Inge Kaul
3. David Hilton The team which developed HDI was led which of the above
(a) 1 and 2 (b) 2 and 3
(c) 1 and 3 (d) 1, 2, 3
Ans: (b)

Q17. With reference to ‘IFC Masala Bonds’, sometimes seen in the news, which of the statements given below is/are correct?
1. The International Finance Corporation, which offers these bonds, is an arm of the World Bank.
2. They are the rupee-denominated bonds and are a source of debt financing for the public and private sector.
Select the correct answer using the code given below.
(a) 1 only (b) 2 only
(c) Both 1 and 2 (d) Neither 1 nor 2
Ans: (c)

Q18. Match the area with the state where there are EPIPs in India:
Column I Column II
I. Rajasthan A. Amingaon
II. Maharashtra B. Sitapura
III. Kerala C. Ambarnath
IV. Assam D. Kakkinad
(a) I-b, II-c, III-d, IV-a (b) I-a, II-c, III-d, IV-b
(c) I-d, II-c, III-b, IV-a (d) I-c, II-b, III-a, IV-d
Ans: (a)

Q19. Consider the following statements regarding the components of current account in balance of payments:
1. The balance of exports and imports of goods and services is called trade balance.
2. Trade in services only come under trade in invisibles.
Which of the statements given above is/are incorrect?
(a) 1 only (b) 2 only
(c) Both 1 and 2 (d) Neither 1 nor 2
Ans: (a)

Q20. Which of the following divisions is/are part of the Department of Economic Affairs, Ministry of Finance?
1. Budget Division
2. Capital Market Division
3. Economic Division
4. Multilateral Institutions Division
Choose the correct answer using code given below:
(a) 3 only
(b) 1 and 3 only
(c) 1 only
(d) 1, 2, 3 and 4
Ans: (d)

Q21. Which one of the following sets of commodities are exported to India by arid and semi-arid countries in the Middle East?
(a) Raw wool and carpets
(b) Fruits and palm oil
(c) Precious stones and pearls
(d) Perfume and coffee
Ans: (b)

Q22. Chronic unemployment is measured using:
(a) US data (b) CWS data
(c) None of the two (d) Both (a) and (b)
Ans: (d)

Q23. Consider the following statement.
(i) Paid up share capital which doesn’t exceed 50 lakh rupees or such higher amount as may be prescribed which shall not be more than 5 crore rupees.
(ii) Paid up share which extends upto 50 lakh rupess or higher amount as may be prescribed which shall extends more than 5 crore.
Which of the following statements is/are correct?
(a) Only I (b) Only II
(c) Both I and II (d) None of the Above
Ans: (a)

Q24. Consider the following statements regarding Key Infrastructures Sectors or KEY sectors in India:
1. Power generation, ports, tele-communications are among the Key sectors in India.
2. Performance of the key infrastructure sectors is monitored by the Ministry of Statistics and Programme Imple-mentation.
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: (c)

Q25. Consider the following statements regarding Special Drawing Rights (SDRs):
1. SDR is neither a currency nor a claim on IMF.
2. SDRs carry no interest.
3. Under proposed environmental finance, IMF has to issue special drawing rights directly to member countries to pay for climate harm prevention.
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: (c)

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