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071 Economy Previous Year Questions

Economy Previous Year Questions

Q1. In India, which of the following has the highest share in the disbursement of credit to agriculture and allied activities?
(a) Commercial Banks
(b) Co-operative Banks
(c) Regional Rural Banks
(d) Microfinance Institutions
Ans: (a)

Q2. Consider the following:
1. Food and Agriculture Organization
2. International Monetary Fund
3. International Atomic Energy Agency
4. Universal Postal Union
Which of the given above are Specialized organizations and agencies of the United Nations Organization?
(a) 1, 2 and 3 only (b) 2 and 3 only
(c) 1, 3 and 4 only (d) 1, 2, 3 and 4
Ans: (d)

Q3. Fiscal deficit is equal to:
(a) Budget deficit –
(b) Total income receipt- Total expenditure
(c) Total revenue receipt – Total revenue expenditure
(d) Total income- Total expenditure
Ans: (a)

Q4. The demand for which of the following commodity will not rise in spite of a fall in its price?
(a) Television (b) Refrigerator
(c) Salt (d) Meat
Ans: (c)

Q5. Mixed economy means
(a) Coexistence of private and public sectors
(b) Coexistence of small and large scale industries
(c) Industries completely owned by the Government
(d) Control of means of production by the Government
Ans: (a)

Q6. With which one of the following has the B.K.
Chaturvedi Committee dealt?
(a) Review of Centre-state relations
(b) Review of Delimitation Act
(c) Tax reforms and measures to increase revenues
(d) Price reform in the oil sector
Ans: (d)

Q7. With reference to ‘Central excise duty’, which of the following statements is/are correct?
1. Commodities on which state governments impose excise duties are exempted from the central excise duty
2. In recent years large number of goods has come under excise duty. Moreover, the rates of these duties have also been increasing
3. Commodities which are produced within the country levied by central excise duty
(a) 1 only (b) 1 and 2
(c) 3 only (d) 1, 2 and 3
Ans: (d)

Q8. Which statements regarding wheat production is/ are incorrect?
1. Maximum area under wheat is in Uttar Pradesh
2. Maximum production is in Uttar Pradesh
3. Highest productivity is in Haryana
(a) 1 and 3 (b) 2 only
(c) 1 and 2 (d) 3 only
Ans: (d)

Q9. The divergence between the statutory tax rate and effective tax rate can be explained by:
(a) the presence of cess and surcharges.
(b) the tax expenditure of the government.
(c) tax evasion and money laundering.
(d) narrow tax base of India.
Ans: (b)

Q10. “Basel III” is a comprehensive set of reform measures, developed by the Basel Committee. These measures aim to:
1. Improve the banking sector’s ability to absorb shocks arising from financial and economic stress, whatever the source.
2. Improve risk management and governance.
3. Strengthen banks’ transparency and disclosures.
Which of the above statements is/are correct?
(a) 1 only
(b) 1 and 2 only
(c) 2 and 3 only
(d) 1, 2 and 3
Ans: (d)

Q11. Which of the following occupations are included under secondary sector as per the national income accounts ?
1. Manufacturing
2. Construction
3. Gas and water supply
4. Mining and quarrying
Select the correct answer using the codes given below
(a) 1, 2, 3 and 4 (b) 1, 2 and 4
(c) 1, 2 and 3 (d) 3 and 4
Ans: (c)

Q12. The tendency of lower caste people to improve their living standard and status by imitating the upper class people is known as
(a) Assimilation
(b) Sanskritisation
(c) Urbanisation
(d) Acculturisation
Ans: (d)

Q13. In terms of economy, the visit by foreign nationals to witness the XIX common wealth games in India amounted to
(a) Exports
(b) Imports
(c) Production
(d) Consumption
Ans: (a)

Q14. Which of the following may lead to a pressure on the government for an upward revision in salaries of government employees?
1. Internal Borrowings
2. External aid and borrowings
3. Counting Currency
4. Printing currency
(a) 1 only (b) 1 and 2
(c) 3 only (d) 4 only
Ans: (d)

Q15. Which is correct with respect to second green revolution?
I. It seeks to minimize post-harvest wastage
II. Improve storage and help Indian farmers meet the phyto-sanitary conditions so that they can participate productively in the global agricultural trade.
III. It is assisted by research undertaken by public institutions such as Universities.
IV. It is directed by proprietary research and governed by Intellectual Property Rights.
(a) I & II (b) I, II & III
(c) I, II & IV (d) All the above
Ans: (c)

Q16. The “Fiscal Monitor” report is prepared twice in a year by:
(a) United Nations Organization
(b) World Bank
(c) International Monetary Fund
(d) World Economic Forum
Ans: (c)

Q17. Consider the following statement in regards to Foreign Investments in India:
1. Foreign Direct Investment (FDI) inflows has been increasing every year in India from past one decade.
2. India does not allow FDI in manufacture of cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes.
Which of the statements given above is/are correct?
(a) 1 only (b) 2 only
(c) Both1 and 2 (d) Neither 1 nor 2
Ans: (b)

Q18. The effect of a government surplus upon the equilibrium level of NNP is substantially the same as
(a) an increase in investment
(b) an increase in consumption
(c) an increase in saving
(d) a decrease in saving
Ans: (b)

Q19. India earns maximum foreign exchange from the export of
(a) Gems and jewellery
(b) Non-ferrous base metals
(c) Textile fabrics including cotton and man-made fibres
(d) Tea
Ans: (a)

Q20. The Reserve Bank of India regulates the commercial banks in matters of
1. liquidity of assets 2. branch expansion
3. merger of banks 4. winding-up of banks
Select the correct answer using the codes given below.
(a) 1 and 4 only
(b) 2, 3 and 4 only
(c) 1, 2 and 3 only
(d) 1, 2, 3 and 4
Ans: (d)

Q21. The International Development Association, a lending agency, is administered by the:
(a) International Bank for Reconstruction and Development
(b) International Fund for Agricultural Development
(c) United Nations Development Programme.
(d) United Nations Industrial Development Organization
Ans: (a)

Q22. Match the following states with Land Tenure System:
States Land Tenure System
I. Bengal, Bihar A. Ryotwari System
II. North India B. Zamindari system
III. Madras, Bombay C. Mahalwari system
(a) I – b, II – c, III – a (b) I – a, II – b, III – c
(c) I – c, II – b, III – a (d) None of the above
Ans: (a)

Q23. The main determinant of real wage is
(a) extra earning
(b) nature of work
(c) promotion prospect
(d) purchasing power of money
Ans: (d)

Q24. Basel Convention deals with:
(a) Persistent organic pollutants.
(b) Land degradation problem.
(c) Trans boundary movement of hazardous waste.
(d) Promotion of organic farming practices.
Ans: (c)

Q25. What is meant by price discrimination?
(a) Increase in price of a commodity over time
(b) A situation where the same product is sold to different consumers for different prices
(c) Subsidization of a product by the Government to sell it at a lower price
(d) General decrease in price of a commodity over time
Ans: (b)

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