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048 Economy Previous Year Questions

Economy Previous Year Questions

Q1. Which of the following brings out the ‘Consumer Price Index Number for the Industrial Workers’?
(a) The Reserve Bank of India
(b) The Department of Economic Affairs
(c) The Labour Bureau
(d) The department of Personnel and Training
Ans: (c)

Q2. Consider the following statements with regard to Statutory Liquidity Ratio (SLR) :
1. To meet SLR, Commercial banks can use cash only.
2. SLR is maintained by the banks with themselves.
3. SLR restricts the banks leverage in pumping more money into the economy.
Which of the statements given above is/are correct?
(a) 1, 2 and 3 (b) 1 and 3
(c) 2 and 3 (d) only 2
Ans: (c)

Q3. The earnings of India from diamond export is quite high.
Which one of the following factors has contributed to it?
(a) pre-independene stock-piling of diamonds in the country which are now exported
(b) large production of industrial diamonds in the country
(c) expertise available for cutting and polishing of imported diamonds which are then exported
(d) as in the past, India produces huge quantity of gem diamonds which are exported
Ans: (c)

Q4. Consider the following features of the Integrated Energy Policy of India:
1. A National Energy Fund (NEF) to be set up to finance Research and Development in Energy sector.
2. Subsidy for electricity and clean fuels, kerosene or LPG to targeted households should be delivered through a system of debit card in phased manner.
3. Ensure energy security by substituting imported fuels with alternatives, and thus lessening the strategic stockpile of nuclear fuel to counter the risk of disruption of international fuel supply.
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: (a)

Q5. Which of the following institutions is not involved in the preparation of the budget of India?
(a) Ministry of Finance
(b) NITI Aayog
(c) Comptroller and Auditor General
(d) Ministries other than Finance
Ans: (b)

Q6. The average growth achieved during the Seventh Five-Year Plan in India (in terms of GDP at factor cost) was
(a) 3.5
(b) 4.2
(c) 5.1
(d) 5.6
Ans: (d)

Q7. What is/are the most likely advantages of implementing ‘Goods and Services Tax (GST)’?
1. It will replace multiple taxes collected by multiple authorities and will thus create a single market in India.
2. It will drastically reduce the ‘Current Account Deficit’ of India and will enable it to increase its foreign exchange reserves.
3. It will enormously increase the growth and size of economy of India and will enable it to overtake China in the near future.
Select the correct answer using the code given below:
(a) 1 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3
Ans: (a)

Q8. The Non-Votable charges or ‘Charged Expenditure’ included in the Union Budget include :
1. Salary and Allowances of the Presiding Officers of the houses of Parliament.
2. Salary and Allowances of the Judges of the Supreme Court and High Courts.
3. Salary and Allowances of the CAG.
4. Pension of the retired Judges of the Supreme Court.
5. Pension of the retired Judges of High Courts.
Select the option(s) which is/are correct?
(a) 1 and 2 (b) 1, 2 and 3
(c) 1, 2, 3 and 4 (d) All of them
Ans: (d)

Q9. Areas which are engines for economic growth supported by quality infrastructure and complemented by an attractive fiscal package are known as
(a) Export Processing Zones
(b) Duty Free Tariff Zones
(c) Special Economic Zones
(d) Technology Parks Statement Based MCQ
Ans: (c)

Q10. Blue economy stand for?
(a) River conservation
(b) Marine based economic development
(c) Economic development through Fisheries production
(d) Economic development through petroleum production
Ans: (b)

Q11. Consider the following statements in regard to the agriculture negotiations of World Trade Organisation (WTO) :
1. Subsidies falling under the Amber box do not distort trade and are not subject to reduction commitment.
2. Subsidies falling under the Green box distort the trade and are subject to reduction commitment.
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: (d)

Q12. Most-Favoured-Nations (MFN) clause under GATT implies
(a) most favour to some countries
(b) most favour to all countries
(c) no favour to any country
(d) no favour to some countries
Ans: (a)

Q13. Among the socio-economic factors responsible for the high birth rate in India we may include
1. large scale poverty
2. high mortality rate of children of poor parents
3. prevalence of child marriage
4. adverse sex ratio
Choose your answer from the following:
Codes:
(a) 1 and 2 (b) 1, 2 and 4
(c) 2, 3 and 4 (d) 1, 2 and 3
Ans: (a)

Q14. Which among the following is the type of organised sector of Indian money market?
1. Call money market
2. Treasury Bill Market
3. Commercial Bill Market
4. Collateral loan market
Choose the correct code.
(a) 1 and 2 (b) 3 and 4
(c) 1, 2, 3, 4 (d) None of the Above
Ans: (c)

Q15. What are the categories in which India export?
I. Agricultural and Allied Products
II. Mineral Fuel and Lubricants
III. Coal and petroleum
(a) Only II (b) I & II
(c) Only III (d) None of the above
Ans: (b)

Q16. The Biodiversity Finance Initiative – BIOFIN, a global partnership seeking to address the biodiversity finance challenge in a comprehensive manner is managed by:
(a) World Bank
(b) United Nations Development Programme (UNDP)
(c) IMF
(d) Global Environment Facility (GEF)
Ans: (b)

Q17. NABARD was established on the recommendation of—
(a) Public Accounts Committee
(b) Shivaraman Committee
(c) Narsimhan Committee
(d) None of these
Ans: (b)

Q18. Corporation tax
(a) is levied and appropriated by the States
(b) is levied by the Union and collected and appropriated by the States
(c) is levied by the Union and shared by the Union and the States
(d) is levied by the Union and belongs to it exclusively
Ans: (d)

Q19. Which among the following equation is correct
1. GDP=GNP+X-M
2. GNP = GDP + X – M
3. GNP = GDP + NFIA
4. NNP = GNP – Depreciation.
Select the correct answer using the codes given below.
(a) 1 and 2 (b) 1, 2 and 3
(c) 2, 3 and 4 (e) 1, 3 and 4
Ans: (c)

Q20. The National Pension System is structured in how many tiers?
(a) 1 (b) 2
(c) 3 (d) 4
Ans: (b)

Q21. Foreign exchange reserves of India comprise of which elements?
I. Gold
II. Special Drawing Rights (SDR)
III. Foreign currency assets
IV. Reserve Tranche Position (RTP) in the IMF
(a) I & II (b) II & III
(c) Only III (d) All the above
Ans: (d)

Q22. Consider the following statements regarding Real Effective Exchange Rate(REER) and Nominal Effective Exchange Rate
(NEER) in India:
1. NEER is calculated by Reserve Bank of India.
2. REER is calculated by Finance ministry.
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)

Q23. India is founding member/members of which of the following organizations?
(a) World Bank
(b) International Monetary Fund
(c) World Trade organizations
(d) All of the above
Ans: (d)

Q24. Human Development Index comprises literacy rates, life expectancy at birth and
(a) Gross Domestic Product per head in US dollars
(b) Gross Domestic Income per head at real purchasing power
(c) Gross National Product in US dollars
(d) National Income per head in US dollars
Ans: (b)

Q25. Human Poverty Index (HPI) measures the deprivation as a composite index of:
(a) longevity, nutrition and knowledge
(b) knowledge, basic needs and standard of living
(c) longevity, standard of living and sanitation
(d) longevity, knowledge, and standard of living
Ans: (d)

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