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043 Economy Previous Year Questions

Economy Previous Year Questions

Q1. Consider the following statements regarding Brown label ATMs:
1. Banks outsource the ATM operations to a third party.
2. Brown label ATMS do not have any Bank’s logo.
3. Companies operating Brown label ATMs have to separately get license/permission from RBI to run business.
Which of the statements given above is/are correct?
(a) 1 only (b) 1 and 2 only
(c) 2 and 3 only (d) 1, 2 and 3
Ans: (a)

Q2. What would be the impact on gross primary deficit in the case of reduced interest burden of government?
(a) It will increase
(b) It will decrease
(c) It will remain the same
(d) None of the above
Ans: (b)

Q3. Economic Survey in India is published officially, every year by the
(a) Reserve Bank of India
(b) Planning Commission of India
(c) Ministry of Finance, Government of India
(d) Ministry of Industries, Government of India
Ans: (c)

Q4. Socio-economic planning is a part of ____?
(a) Union List (b) State List
(c) Concurrent List (d) Reserved List
Ans: (c)

Q5. The sales tax you pay while purchasing a toothpaste is a
(a) tax imposed by the Central Government
(b) tax imposed by the Central Government but collected by the State Government
(c) tax imposed by the State Government but collected by the Central Government
(d) tax imposed and collected by the State Government
Ans: (d)

Q6. Consider the following statements in regards to the GDP of a country:
1. Real GDP is calculated by keeping inflation into consideration.
2. Nominal GDP is calculated on the basis of the prices of goods and services produced in the current year.
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)

Q7. Which one of the following is a transfer payment?
(a) Net factor income earned from abroad
(b) Interest on public debt paid by government
(c) Bonus to employees by the government or enterprise
(d) Employee’s contribution to contributory provident fund of employees
Ans: (c)

Q8. Which of the following form a part of the capital receipts of the budget of the government?
1. Disinvestment
2. Recovery of Loan from Union Territories (With Legislature)
3. State Provident Fund
4. Short Term Borrowings
5. Expenditure on acquisition of assets like roads, buildings, machinery, etc.
Which the correct answer using the code given below.
(a) 1, 2 and 5 only
(b) 1, 2, 3 and 4 only
(c) 1 and 3 only
(d) 1, 2, 3, 4 and 5
Ans: (b)

Q9. A rise in ‘SENSEX’ means
(a) a rise in prices of shares of all companies registered with Bombay Stock Exchange
(b) a rise in prices of shares of all companies registered with National Stock Exchange
(c) an overall rise in prices of shares of group of companies registered with Bombay Stock Exchange
(d) a rise in prices of shares of all companies belonging to a group of companies registered with Bombay Stock Exchange.
Ans: (c)

Q10. ‘Inclusive growth’ is a phrase used in India’s
1. 9th Plan 2. 10th Plan
3. 11th Plan 4. 12th Plan
Select the correct answer using the codes given below.
(a) 1, 2 and 3 (b) 2 and 4
(c) 3 and 4 (d) Only 4
Ans: (c)

Q11. What are the major points when India was declared as mixed economy?
I. Those industries completely owned by the Government e.g. ordinance, atomic energy, railways and any industry of national importance were to be the exclusive domain of the Central government.
II. A group of 18 specified industries (of medium category) were in control of the state governments in liaison with the central government.
III. The remaining industrial options which were not covered by either the centre or state lists, were left open to the private sector.
IV. This policy was to be reviewed after 5 years.
(a) I & II (b) I, II & III
(c) Only III (d) All the above
Ans: (d)

Q12. Consider the following statements:
1. Under the Preferential Trade Agreement, the member countries of Preferential Trade Agreement will eliminate all tariff and non tariff barriers for each other and thereby freeing trade completely of all restrictions.
2. Common market include all the features of custom union in addition the level of cooperation, would extend beyond trade to include free movement of capital and labour within the common market.
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)

Q13. Consider the following firms:
1. Goldman Sachs
2. MindTree
3. J.P. Morgan
4. BlackRock
Which of the given companies above are Financial/Investment Companies?
(a) 1, 2 and 3 only (b) 2, 3 and 4 only
(c) 1,3 and 4 only (d) 1, 2 3 and 4
Ans: (c)

Q14. The Liquidity Preference Theory of Interest was propounded by:
(a) Alfred Marshall (b) J.M. Keynes
(c) David Ricardo (d) Adam Smith
Ans: (b)

Q15. Consider the following statements:
1. The maximum limit of shareholding of Indian promoters in private sector banks in India is 49 percent of the paid up capital.
2. Foreign Direct Investment upto 49 percent from all sources is permitted in private sector banks in India under the automatic route.
Which of these statements is/are correct?
(a) Only 1
(b) Only 2
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans: (b)

Q16. Current account in the Balance of Payment comprise is ___?
(a) difference of total exports and imports in one year
(b) invisible account like tourism, shipping, insurance, etc.
(c) transactions like net external assistance, NRI deposits, etc.
(d) trade balance plus invisible balance
Ans: (d)

Q17. Which one of the following agencies assigns the Agricultural Income Tax to states in India?
(a) Inter – State council
(b) National Development Council
(c) Agriculture Finance Corporation
(d) Finance commission
Ans: (d)

Q18. Which of the following capitalism’s central idea is money as the ultimate equalizer, as a way of obliterating the disadvantages imposed by caste?
(a) Turbo capitalism (b) Responsible capitalism
(c) Dalit Capitalism (d) Popular capitalism
Ans: (c)

Q19. Which one of the following issues the “World Development Report” periodically?
(a) The International Monetary Fund
(b) The World Economic Forum
(c) The World Bank
(d) The Asian Development Bank
Ans: (c)

Q20. The policy through which RBI eases the money supply by decreasing interest rates in the country is called
(a) Repo Rate
(b) Tight Money Policy
(c) Dear Money Policy
(d) Cheap Money Policy
Ans: (d)

Q21. The construction of Marmugao port has been fast in recent years because of
(a) Increased Imports
(b) Exporting iron ore from hinterland
(c) Decreasing the congestion caused due to heavy traffic at the Bombay port
(d) All factors listed above
Ans: (d)

Q22. Basel II relates to which one of the following?
(a) International standards for safety in civil aviation
(b) measures against cyber crimes
(c) Measures against drug abuse by sports persons
(d) International standards for measuring the adequacy of a bank’s capital
Ans: (d)

Q23. Which of the following are included in the category of direct tax in India?
1. Corporation tax 2. Tax on income
3. Wealth tax 4. Customs duty
5. Excise duty
Select the correct answer using the codes given below
(a) 1, 2 and 3 (b) 1, 2, 4 and 5
(c) 2 and 3 (d) 1, 3, 4 and 5
Ans: (a)

Q24. Which of the following are features of Indian agriculture?
1. Disguised unemployment
2. High productivity
3. Majority of large farmers
4. Dependent on monsoon
(a) 1 and 2 (b) 2 and 3
(c) 2 and 4 (d) 1 and 4
Ans: (d)

Q25. Which of the following statements is/are correct regarding National Skill Development Fund?
1. It has been set up by the Government of India for raising funds from both Government and Non-Government sectors for skill development in the country.
2. It is to enhance, stimulate and develop the skills of Indian farmers by various sector specific programs.
Select the correct answer using the codes given below:
(a) 1 only (b) 2 only
(c) Both 1 and 2 (d) Neither 1 nor 2
Ans: (a)

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