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067 Economy Previous Year Questions

Economy Previous Year Questions

Q1. Which of the broad categories of industries covers oil refineries and sugar mills?
(a) Primary (b) Secondary
(c) Tertiary (d) None of them
Ans: (b)

Q2. Consider the following statements about consumer goods and capital goods:
1. All consumption goods are non-durable goods.
2. All capital goods are durable goods.
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)

Q3. Which of the following statements regarding scheduled commercial banks in India is/are correct?
1. Any activity of the bank will not adversely affect the interests of depositors.
2. The paid up capital should not be less than Rs. 500 crore.
Which 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: (c)

Q4. Consider the following statements regarding GDRs (Global Depository Receipts):
1. A global depositary receipt (GDR) is a bank certificate issued in multiple countries for shares in a foreign company.
2. The shares of a GDR trade as domestic shares. They are offered for sale globally through various banks.
3. A GDR is a financial tool that is used by private markets to raise capital that is denominated in either American dollars or euros.
4. GDRs are called European depository receipts when private markets are trying to get euros.
Which of the above statements are correct?
(a) 1 and 2 only (b) 2, 3 and 4 only
(c) 1, 3 and 4 only (d) 1, 2, 3 and 4
Ans: (d)

Q5. Which one of the following regions of the world supplies the maximum of our imported commodities
(in terms of rupee value)?
(a) Africa
(b) America
(c) Asia and Oceania
(d) Europe
Ans: (d)

Q6. 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)

Q7. The Committee on Competition Policy and Law (Raghavan Committee) has recommended the replacement of which of the following institutions?
(a) Securities and Exchanges Board
(b) Disinvestment Commission
(c) Monopolies and Restrictive Trade Practices Commission
(d) Company Law Board
Ans: (c)

Q8. The proposed Goods and Services Tax sought to remove which of the following taxes?
1. Dual VAT
2. Dividend Distribution Tax
3. Service Tax
4. Fringe Benefit Tax
Select the correct answer using the codes given below:
(a) 1 and 2 only (b) 2 and 4 only
(c) 1 and 3 only (d) 3 and 4 only
Ans: (c)

Q9. What do you understand by ‘regressive taxation’?
(a) Taxation where the tax rate falls as taxable income rises.
(b) Taxation where the tax rate increases irrespective of fall or rise in taxable incomes.
(c) Taxation where the tax rate increase with the increase of taxable income
(d) None of above
Ans: (a)

Q10. Consider the following:
1. Overcoming poverty
2. Managing climate change As per the publication of Finance and Development of IMF, which of the given above is/are challenges of this century?
(a) 1 only (b) 2 only
(c) Both 1 and 2 (d) Neither 1 nor 2
Ans: (c)

Q11. Consider the following statements: Small-scale industries are, in most cases, not as efficient and competitive as the large-scale ones. Yet the Government provides preferential treatment and reservations in a range of products to the small firms because small- scale industries
1. provide higher employment on a per unit capital deployment basis.
2. promote a regional dispersion of industries and economic activities.
3. have performed better in export of manufactured products than the large scale ones.
4. provide jobs to low-skill workers, who otherwise may not find employment avenues elsewhere.
Which of the above statements are correct?
(a) 1 and 4
(b) 1 and 2
(c) 2 and 3
(d) 3 and 4
Ans: (c)

Q12. Which of the following is/are correct?
1. Bulk of unemployment in India is in rural areas.
2. The disguised unemployment in agricultural sector is perennial.
3. Industrialization has rendered several people jobless in India.
(a) 1 and 2 (b) 1, 2 and 3
(c) 1 only (d) 2 and 3
Ans: (b)

Q13. Consider the following statements:
1. Miniratna public sector enterprises can be a joint venture, set subsidiary company or overseas office but with certain conditions.
2. Till now there are less than 50 public sector enterprises which have been given Miniratna status by the Indian government.
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)

Q14. 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)

Q15. Arrange the following financial agencies in decreasing order of issuing credit to Agriculture and Allied Activities?
1. Commercial Banks.
2. Regional rural banks (RRBs),
3. Cooperative banks.
Which the correct answer using the codes given below:
(a) 1 > 2 > 3 (b) 1 > 3 > 2
(c) 2 > 1 > 3 (d) 3 > 1 > 2
Ans: (b)

Q16. The Green Growth Equity Fund, in the news has been established under:
(a) World Bank
(b) Global Environment Facility (GEF)
(c) Asian Development Bank (ADB)
(d) National Investment and Infrastructure Fund (NIIF)
Ans: (d)

Q17. Consider the following States:
I. Gujarat II. Karnataka
III. Maharashtra IV. Tamil Nadu The descending order of these States with reference to their level of Per Capita Net State Domestic Product is
(a) I, III, IV, II
(b) III, I, II, IV
(c) I, III, II, IV
(d) III, IV, I,II
Ans: (d)

Q18. With reference to ‘Financial Stability and Development Council’, consider the following statements :
1. It is an organ of NITI Aayog.
2. It is headed by the Union Finance Minister.
3. It monitors macroprudential supervision of the economy.
Which of the statements given above is/are correct?
(a) 1 and 2 only (b) 3 only
(c) 2 and 3 only (d) 1, 2 and 3
Ans: (c)

Q19. Match the following according to the contribution of cotton industries in different sectors:
Column I Column II
I. GDP A. 13.5%
II. Manufacturing Value B. 4%
III. Export earning c.14%
(a) I – b, II – c, III – a
(b) I – a, II – c, III – b
(c) I – b, II – a, III – c
(d) I – c, II – b, III – a
Ans: (a)

Q20. Which of the following feature is not universally observed in an under developed country?
(a) Low Per Capita Income
(b) High Density of Population
(c) High share of agriculture in GDP
(d) Low literacy rate
Ans: (b)

Q21. Consider the following statements regarding taxes:
1. Surcharge is an additional charge or levy on the existing tax liability
2. Cess is a tax on tax earmarked for a special purpose
Which of the above statements is/are correct?
(a) 1 only (b) 2 only
(c) Both 1 and 2 (d) Neither 1 nor 2
Ans: (c)

Q22. Indirect tax means
(a) There is no direct relationship between the tax payer and the government
(b) Direct relationship between the tax payer and the government
(c) Tax base is income
(d) The incidence and impact are on the same person on whom tax is imposed
Ans: (a)

Q23. Consider the following statements:
1. National Thermal Power Corporation has diversified into hydropower sector.
2. Power Grid Corporation of India has diversified into telecom sector.
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)

Q24. Which one of the following is the correct statement?
Service tax is a/an:
(a) direct tax levied by the Central Government.
(b) indirect tax levied by the Central Government.
(c) direct tax levied by the State Government.
(d) indirect tax levied by the State Government.
Ans: (b)

Q25. Which one of the following methods of soil conservation is most effective in arid areas?
(a) Mulching (b) Shelter belt
(c) Gully plugging (d) Terracing
Ans: (b)

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