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062 Economy Previous Year Questions

Economy Previous Year Questions

Q1. ‘Personal Income’ equals
(a) The household sector’s income
(b) Private income minus savings of the corporate sector minus corporation tax
(c) Personal disposable income plus miscellaneous receipts of Government
(d) All of the above
Ans: (c)

Q2. To ensure the efficiency, economic condition; etc.
there are Control Boards for each major project except one for which a statutory corporation has been set
up. That project is
(a) Farakka Project
(b) Bhakra Nahgal Project
(c) Damodar Valley Project
(d) Ramganga Project
Ans: (d)

Q3. How is the United Nations Monetary and financial Conference wherein the agreements were signed to set up IBRD, GATT and IMF, commonly known?
(a) Bandung Conference
(b) Bretton Woods Conference
(c) Versailles Conference
(d) Yalta Conference
Ans: (b)

Q4. Which of the following statements is incorrect in regards to Black money?
1. Hawala market has deep roots with this black money
2. It is unaccounted money which is concealed from tax authorities
3. All legal economic activities are dealt with this Black Money
4. It puts an adverse pressure on equitable distribution of wealth and income in the economy
(a) 1 only (b) 1 and 2
(c) 3 only (d) 1, 2 and 4
Ans: (c)

Q5. Which of the following are the objectives of the Commission for Agricultural Costs and Prices (CACP)?
1. To stabilize agricultural prices
2. To ensure meaningful real income levels to the farmers
3. To protect the interest of the consumers by providing essential agricultural commodities at reasonable rates through public distribution system.
4. To ensure maximum price for the farmer
(a) 1, 2 and 3 (b) 1, 2 and 4
(c) 1, 3 and 4 (d) 2, 3 and 4
Ans: (a)

Q6. Which of the following sectors are included in the service sector of the economy?
1. Education 2. Agriculture
3. Mines and Minerals 4. Tourism
Select the correct answer using the codes given below:
(a) 1, 2 and 3 only (b) 2 and 3 only
(c) 1, and 4 only (d) 1, 2, 3 and 4
Ans: (c)

Q7. Consider the following statements regarding Bharat QR code:
1. It is a quick response (QR) code to enable digital payments without card swiping machines
2. It has been developed by National Payments Corporation of India (NPCI), Mastercard, and Visa
3. QR code or Quick Response code is a three-dimensional machine-readable code made up of black and white squares
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)

Q8. Which of the following measures should be taken when an economy is going through in inflationary pressures?
1. The direct taxes should be increased.
2. The interest rate should be reduced.
3. The public spending should be increased.
Select the correct answer using the codes given below
(a) Only 1 (b) Only 2
(c) 2 and 3 (d) 1 and 2
Ans: (a)

Q9. Consider the following statements :
1. Removal of poverty
2. Rehabilitation of economy
3. Heavy industrialisation
4. Import substitution Arrange them in correct priority order in different Five-Year Plans
(a) 1, 2, 3, 4
(b) 2, 1, 3, 4
(c) 1, 2, 4, 3
(d) 2, 1, 4, 3
Ans: (c)

Q10. In India, taxes on transactions in Stock Exchanges and Futures Markets are
1. levied by the Union
2. collected by the States
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)

Q11. Which of the following has been introduced as a very important component of Direct Tax code with the objective of preventing such deals and transactions?
1. General Avoidance Rules
2. General Anti Affect Rules
3. General Anti Avoidance Rules
4. General Arm Affect Rules
(a) 1 only (b) 2 only
(c) 3 only (d) 1, 2 and 4
Ans: (c)

Q12. What are long term loans?
I. These are provided for a period of less than 15 months to meet out expenses of routine farming and domestic consumptions
II. These are provided for a period of 15 months to 5 years to purchase agricultural equipments, animals and for land improvements.
III. These are provided for a period of more than 5 years.
(a) Only II (b) Only I
(c) Only III (d) None of the above
Ans: (c)

Q13. Which of the following categories are included under the Priority Sector?
1. Micro, Small and Medium Enterprises
2. Export Credit
3. Social Infrastructure
4. Renewable Energy
Select the correct answer using the code given below:
(a) 2, 3 and 4 only (b) 1, 3 and 4 only
(c) 1 and 3 only (d) 1, 2, 3 and 4
Ans: (d)

Q14. Which of the following factors is/are the part of pillars of Agreement on Agriculture (WTO Agreement)?
1. Domestic Support 2. Market Access
3. Patent protection
Select the correct answer using the codes given below:
(a) 1 only (b) 1 and 2 only
(c) 2 and 3 only (d) 1 and 3 only
Ans: (b)

Q15. In India, mergers and acquisition of firms are regulated by
(a) National Manufacturing Competitiveness Council
(b) Competition Commission of India
(c) Security and Exchange Board of India
(d) Department of Industrial Policy and Promotion
Ans: (b)

Q16. Uttar Pradesh tops the list of sugarcane producing States in India. Which of the following States occupies the second position in this regard?
(a) Maharashtra
(b) Bihar
(c) Karnataka
(d) Madhya Pradesh
Ans: (a)

Q17. Consider the following specific stages of demographic transition associated with economic development:
1. Low birth rate with low death rate
2. High birth rate with high death rate
3. High birth rate with low death rate
Select the correct answer using the codes given below
(a) 1, 2, 3
(b) 3, 2, 1
(c) 2, 3, 1
(d) 3, 2, 1
Ans: (c)

Q18. Which one of the following is not a feature of “Value Added Tax” ?
(a) It is multi-point destination-based system of taxation.
(b) It is a tax levied on value addition at each stage of transaction in the production distribution chain.
(c) It is a tax on the final consumption of goods or services and must ultimately be borne by the consumer.
(d) It is basically a subject of the central government and the state governments are only a facilitator for its successful implementation.
Ans: (d)

Q19. What is an AmberBox subsidy?
I. There include direct payments to farmers to limit production and certain government assistance to encourage agriculture and rural development in developing countries.
II. These include government policies of Minimum support Prices (MSP) for agricultural products or any help directly related to production quantities
(for eg. power, fertiliser, seeds, pesticides, irrigation etc.).
III. There include amounts spent on research, disease control, infrastructure and food security.
(a) I & III (b) Only I
(c) Only II (d) III & II
Ans: (c)

Q20. The permission given to a bank customer to draw cheques in excess of his current account balance is called
(a) a personal load
(b) an ordinary loan
(c) discounting a bill of exchange
(d) an overdraft
Ans: (d)

Q21. The term Bilateral Trade and Investment Agreement appears in the news with regard to which of the following countries?
(a) India – Japan (b) India – Sri Lanka
(c) India – European Union (d) India – Singapore
Ans: (c)

Q22. Which one of the following is not correct in the context of industrial clusters development in India?
(a) Industrial clusters play an important role for the MSME participants in their inclusiveness, technology absorption and efficiency improvement
(b) Industrial clusters are visible in traditional handloom, handicrafts and modern SME
(c) Industrial cluster programmes in India are administered by various ministries
(d) Industrial clusters lead to promotion of monopoly in the market
Ans: (c)

Q23. In the Sixth Five-Year Plan, priority was given to
(a) Strengthen the infrastructure for agriculture and industry both.
(b) Removal of poverty and attainment of economic self reliance
(c) Socialist pattern of society
(d) Petroleum production
Ans: (b)

Q24. The main objective of the 12th Five-Year Plan is
(a) inclusive growth and poverty reductions
(b) inclusive and sustainable growth
(c) sustainable and inclusive growth to reduce unemployment
(d) faster, sustainable and more inclusive growth.
Ans: (d)

Q25. Which among the following is NOT Tier I Capital?
(a) Paid up Capital
(b) Statutory Reserves
(c) Revaluation Reserves
(d) Investment Fluctuation Reserves
Ans: (c)

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