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061 Economy Previous Year Questions

Economy Previous Year Questions

Q1. Which of the following is/are not released by World Bank?
(a) International Debt Statistics (b) FDI Restrictiveness Index
(c) Global Economic Prospects (d) All of Above
Ans: (b)

Q2. Which of the following statements are correct regarding the Unified Payments System?
1. It will help in instantaneous transfer of funds from one bank to the other.
2. It will work on mobile only.
3. It will facilitate micro-payments and person to person payment.
Choose the correct answer using codes given below:
(a) 1 and 2 only (b) 1 and 3 only
(c) 1, 2 and 3 (d) 2 and 3 only
Ans: (c)

Q3. National Income is the
(a) Net National Product at market price
(b) Net National Product at factor cost
(c) Net Domestic Product at market price
(d) Net Domestic Product at factor cost
Ans: (b)

Q4. Which Indian plan ensured high growth rate as compared with targeted growth rate ?
(a) Fifth Plan (b) Fourth Plan
(c) Second Plan (d) Eighth Plan
Ans: (d)

Q5. The Eastern Dedicated Freight Corridor being built by Indian Railway will connect
(a) Panipat and Allahabad
(b) Rajkot and Bhubaneswar
(c) Jawaharlal Nehru Port and Tuglakabad
(d) Ludhiana and Sonnagar
Ans: (d)

Q6. Regarding the establishment of “Port Trust of India”, consider the following statements:
1. It manages and protects the ports.
2. It does not provide any civil amenities.
3. It consists of both elected and nominated members.
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)

Q7. Consider the following statements in regard to ‘RESIDEX’:
1. The index is prepared to track the prices of residential properties in India on the basis of actual transactions prices.
2. The index is prepared from the secondary data available from various sources like housing finance companies and banks.
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)

Q8. The Economy of China is facing slowdown. How it can be beneficial for Indian economy?
1. The cost of Import can lower down.
2. The inflation in whole sale price index will increase.
3. The investors can invest more in Indian economy.
4. The rate of growth of manufacturing sector can increase.
Which the correct answer using the codes given below:
(a) 1, 2 and 3 only (b) 2, 3 and 4 only
(c) 1, 3 and 4 only (d) 1, 2 and4 only
Ans: (c)

Q9. Tourism industry in India is quite small compared to many other countries in terms of India’s potential and size. Which one of the following statements is correct in this regard?
(a) Distances in India are too far apart and its luxury hotels are too expensive for western tourists
(b) For most of the months India is too hot for western tourists to feel comfortable
(c) Most of the picturesque resorts in India such as in the North-East and Kashmir are, for all practical purposes, out of bounds
(d) In India, the infrastructure required for attracting tourists is inadequate
Ans: (d)

Q10. ‘SWAYAM’, an initiative of the Government of India, aims at
(a) promoting the Self Help Groups in rural areas
(b) providing financial and technical assistance to young start-up entrepreneurs
(c) promoting the education and health of adolescent girls
(d) providing affordable and quality education to the citizens for free Statement Based MCQ
Ans: (d)

Q11. SEZs were established with the objective of ____ .
1. attracting foreign investment directly.
2. protect domestic market from competition from multinationals.
3. providing more capital to agricultural and allied activities.
(a) 1 only (b) 2 only
(c) 3 only (d) All of the above
Ans: (d)

Q12. Which of the following is NOT the direct advantage of FDI in Multi-Brand Retail?
(a) It will cut intermediaries between farmers and the retailers, thereby helping them get more money for their produce.
(b) It will create more employment opportunities.
(c) Small and medium enterprises will have a bigger market, along with better technology and branding.
(d) It will help increase the Forex reserve of the country.
Ans: (d)

Q13. Which of the following will not be the part of ‘financial inclusion’?
1. Opening educational centres.
2. Opening wealth management centres by Citibank.
3. Eradication of poverty.
4. Report of Khan Commission on financial inclusion.
Which the correct answer using the codes given below:
(a) 1, 2 and 3 only (b) 1, 2 and 4 only
(c) 1, 3 and 4 only (d) 1, 2, 3 and 4
Ans: (a)

Q14. Which of the following reports is NOT published by World Bank Group?
(a) International Debt Statistics
(b) Global Financial Development Report
(c) World Development Indicators
(d) World Economic Outlook
Ans: (d)

Q15. The term National Income represents
(a) Gross National Product at market prices minus depreciation
(b) Gross National Product at market prices minus depreciation net factor income from abroad
(c) Gross National Product at market prices minus depreciation and indirect taxes subsidies
(d) Gross National Product at market prices minus net factor income from abroad
Ans: (c)

Q16. Which of the two employment programmes are being merged in newly introduced Prime Minister’s Employment Generation Programme?
1. PMRY 2. NREP
3. REGP 4. RLEGP
Choose the right option
(a) 1 only (b) 1 and 2
(c) 1 and 3 (d) 2 and 4
Ans: (c)

Q17. Consider the statements:
I. Small industrial units employ wage earning labour and production is done by the use of modern techniques.
II. Capital investment is also present in small industries
Which among the above statement is correct regarding small industries?
(a) Only I (b) Only II
(c) Both I & II (d) None of the above
Ans: (c)

Q18. Which of the following pairs are correctly matched?
1. Lorenz Curve : Represents the size distribution of income and wealth.
2. Kuznet Curve : Represents relationship between various indicators of environmental degradation and income per capita.
3. Laffer Curve : Represents relationship between government revenue raised by taxation and all possible rates of taxation.
Correct code:
(a) 1 and 2 only (b) 2 and 3 only
(c) 1 and 3 only (d) All of the above
Ans: (d)

Q19. Which of the following is not assigned weightage in the Consumer Price Index – Rural but is assigned weightage in the Consumer Price Index – Urban?
(a) Fuel and Light
(b) Clothing and Footwear
(c) Housing
(d) Pan, Tobacco and intoxicants
Ans: (c)

Q20. The measure of a worker’s real wage rate is
(a) The change in his productivity over a given time
(b) His earnings after deduction at source
(c) His early earnings
(d) The purchasing power of his earnings
Ans: (d)

Q21. Consider the following statements:
1. The National Housing Bank, the apex institution of housing finance in India, was set up as a wholly owned subsidiary of the Reserve Bank of India.
2. The Small Industries Development Bank of India was established as a wholly-owned subsidiary of the Industrial Development Bank of India.
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)

Q22. If a government budgets for a surplus and there is an unexpected increase in the level of economic activity, which of the following is likely to occur?
(a) There will be an increase in tax revenues and an increase in the budget surplus
(b) There will be an increase in tax revenues and a decrease in the budget
(c) There will be a decrease in tax revenues and an increase in the budget surplus
(d) There will be a decrease in tax revenues and a decrease in the budget surplus
Ans: (a)

Q23. The head office of the National Bank for Agriculture and Rural Development (NABARD) located in
(a) Lucknow (b) Hyderabad
(c) New Delhi (d) Mumbai
Ans: (d)

Q24. Consider the following statements:
1. Hot money has the tendency to escape in adverse circumstances.
2. Hard currency is the one which is not easily convertible.
3. Portfolio investment is made in financial securities.
4. Greenfield investment is made in an existing project/facility.
Which of the statements given above are correct?
(a) 1, 2, and 3 only (b) 2 and 3 only
(c) 1 and 3 only (d) 1, 2, 3 and 4
Ans: (c)

Q25. The main objective of Mudra Bank is:
(a) To provide loan to corporates
(b) To provide loan to small and medium enterprises
(c) To refinance to micro financial units
(d) To provide loan to farmers
Ans: (c)

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