332 SSC CGL Economy previous year questions on Economics — options free on every question; 33 include the answer & explanation free, the rest unlock with PYQ Pass.
Q1 FREE PREVIEW
PYQ
One of the following is also called as World Bank.
aIMF
bIBRD
cWTO
dIDA
✓ Correct answer: b) IBRD
ExplanationThe term “World Bank” refers to a group of international financial institutions that provide loans and grants for development.Its main lending institution is the International Bank for Reconstruction and Development (IBRD), established in 1944. The World Bank today consists of IBRD + IDA (International Development Association), but the IBRD is most directly identified as the "World Bank." Other options: IMF (International Monetary Fund) → Manages global monetary cooperation and exchange rates.WTO (World Trade Organization) → Regulates global trade.IDA → Concessional lending arm of the World Bank Group, but not itself called “World Bank.” Hence, the correct answer is "IBRD".
Q2 FREE PREVIEW
PYQ
What will you call a system of taxation under which the poorer sections are taxed at higher rates than the richer sections?
aProgressive tax
bProportional tax
cRegressive tax
dDegressive tax
✓ Correct answer: c) Regressive tax
ExplanationIn a regressive tax system, poorer sections bear a higher tax burden compared to richer sections.The tax rate decreases as income increases, so the poor pay a larger share of their income.Example: Indirect taxes like GST or sales tax affect low-income groups more.This is opposite to a progressive tax, where the rich are taxed at higher rates.
Q3 FREE PREVIEW
PYQ
Which one of the following is not an instrument of Fiscal policy?
aOpen Market Operations
bTaxation
cPublic borrowing
dPublic expenditure
✓ Correct answer: a) Open Market Operations
ExplanationFiscal policy uses tools like taxation, public expenditure, and public borrowing to influence the economy.Open Market Operations (OMO) are a monetary policy tool used by the RBI to control money supply and interest rates, not part of fiscal policy.So, while taxation, borrowing, and expenditure are fiscal instruments, OMO is not.
Q4 FREE PREVIEW
PYQ
What is the name of portal launched by RBI recently to check illegal money collection?
aSahyog
bSahayata
cSampark
dSachet
✓ Correct answer: d) Sachet
ExplanationRBI launched the Sachet portal to check illegal money collection activities.It allows people to lodge complaints against unauthorised deposit schemes.The portal provides details of entities allowed to accept deposits.It promotes awareness and protection for depositors against fraud.
Q5 FREE PREVIEW
PYQ
When the demand for a good increases with an increase in income, such a good is called
aSuperior good
bGiffin good
cInferior good
dNormal good
✓ Correct answer: d) Normal good
ExplanationNormal Good → Demand increases when income increases.Inferior Good → Demand decreases when income increases (people shift to better alternatives).Superior Good (Luxury) → High-quality goods, demand rises more than proportionally with income.Giffen Good → Special case of inferior goods where demand increases even when price rises (rare).Hence, the correct answer is "Normal Good".
Q6 FREE PREVIEW
PYQ
Which of the following produces the most solid waste?
aAgriculture
bNuclear Power Plants
cManufacturing
dPackaging Industry
✓ Correct answer: c) Manufacturing
ExplanationManufacturing generates the most solid waste, especially in industrialized regions.This includes by-products, scrap materials, packaging waste, and chemical residues.Industries such as mining, metal production, and chemical manufacturing contribute heavily to this waste.Proper waste management and recycling are critical in minimizing environmental impacts.Hence, the correct answer is C) Manufacturing.
Q7 FREE PREVIEW
PYQ
The term 'Macro Economics' was used by __________ .
aJ.M. Keynes
bRagner Frisch
cRagner Nurkse
dProf. Knight
✓ Correct answer: b) Ragner Frisch
ExplanationMacro Economics studies the economy as a whole (total output, employment, inflation).The term was first used by Ragnar Frisch in 1933. It is different from Micro Economics, which studies individual units like households and firms.Key focus areas include GDP, national income, unemployment, and inflation.
Q8 FREE PREVIEW
PYQ
Disguised unemployment in India is mainly related to?
aAgricultural sector
bRural Area
cFactory sector
dUrban Area
✓ Correct answer: a) Agricultural sector
ExplanationDisguised unemployment means extra people are employed than actually required, so their removal doesn’t affect total output.In India, it is mainly found in the agricultural sector, especially in rural areas.Example: 5 people working on a farm where 3 can produce the same output, the extra 2 are disguisedly unemployed.It shows underemployment, not complete joblessness.Hence, the correct answer is “Agricultural sector”.
Q9 FREE PREVIEW
PYQ
What situation would result if Government expenditure exceeds the Government revenue on Current Account?
aDeficit budgeting
bZero-based budgeting
cPerformance-based budgeting
dSurplus budgeting
✓ Correct answer: a) Deficit budgeting
ExplanationGovernment expenditure > Government revenue on current account means spending is higher than income.This gap between income and expenditure creates a shortfall.Such a shortfall in the budget is termed as a deficit.Hence, the correct answer is "Deficit budgeting".
Q10 FREE PREVIEW
PYQ
IMF has predicted that the global economy would grow at _______% in 2017.
a5.5
b4.5
c3.5
d2.5
✓ Correct answer: c) 3.5
ExplanationIn April 2017, the International Monetary Fund (IMF) released a report.According to the report, IMF anticipated the global economy to expand by 3.5%.This projection was based on various economic indicators and trends analyzed by IMF experts.The forecast suggested moderate growth for the global economy amidst prevailing economic conditions.Factors such as trade dynamics, monetary policies, and geopolitical events were considered in making this prediction.IMF's forecast served as a reference point for policymakers, businesses, and investors worldwide.Hence, the correct answer is "3.5."
Q11 FREE PREVIEW
PYQ
Who gave the 'General Equilibrium Theory'?
aJ. M. Keynes
bLeon Walras
cDavid Ricardo
dAdam Smith
✓ Correct answer: b) Leon Walras
Explanation‘General Equilibrium Theory’ was formulated by Leon Walras.It is also known as Walrasian Theory.He discussed General Equilibrium Theory in his book ‘ Elements of Pure Economics’.It describes the workings of the macroeconomy as a whole in place of assets of individual market anomalies.It also explains that the interaction of demand and supply results in an overall general equilibrium.This theory assumes a gap between actual and equilibrium prices.Adam Smith is known as the Father of Economics. and he is famous for his book ‘Wealth of Nations’.Hence, the correct answer is “Leon Walras”.
Q12 FREE PREVIEW
PYQ
The ________ exchange rate is the relative price of foreign goods in terms of domestic goods.
aArtificial
bNominal
cFixed
dReal
✓ Correct answer: d) Real
ExplanationReal exchange rate is the ratio of price level abroad and domestic price level where foreign price level gets converted into domestic currency units through the current nominal exchange rate.It is the ratio of the foreign price level and domestic price level multiplied by the nominal exchange rate.Nominal exchange rate is the price of foreign currency in terms of the domestic currency.Fixed exchange rate is also known as a pegged exchange rate in which the value of a currency is fixed against the value of another currency.Hence, the correct answer is “Real”.
Q13 FREE PREVIEW
PYQ
Union Cabinet approves amendments in M- SIPS to attract investment in electronics manufacturing. What is the full form of M- SIPS?
aModified Sustainable Investment Package Scheme
bModified Special Information Package Scheme
cModified Special Incentive Package Scheme
dModern Socialist Incentive Package Scheme
✓ Correct answer: c) Modified Special Incentive Package Scheme
ExplanationThe M-SIPS stands for Modified Special Incentive Package Scheme.It's a government initiative aimed at attracting investments in the electronics manufacturing sector.The scheme provides financial incentives to offset disabilities faced by electronics manufacturing companies in India.These incentives are designed to promote the growth of the domestic electronics manufacturing ecosystem.The Union Cabinet's approval of amendments signifies a commitment to further enhancing investment attractiveness.The amendments are likely to streamline processes and make the scheme more responsive to industry needs.Hence, the correct answer is "Modified Special Incentive Package Scheme."
Q14 FREE PREVIEW
PYQ
_____ says that the marginal product of a factor input initially rises with its employment level. But after reaching a certain level of employment, it starts falling
aLaw of diminishing marginal product
bLaw of variable proportions
cThe Short Run
dThe Long Run
✓ Correct answer: b) Law of variable proportions
ExplanationThe law of variable proportions explains that when one factor of production is increased while others are held constant, the marginal product of that variable factor will initially increase.However, as more of the variable factor is employed, there comes a point where the marginal product begins to decline.This occurs due to factors such as limited space, equipment, or other fixed resources that can't be easily expanded.The law illustrates the idea that there's an optimal level of input usage beyond which efficiency decreases.This phenomenon is crucial for understanding production decisions and resource allocation in the short run.Hence, the correct answer is "Law of variable proportions."
Q15 FREE PREVIEW
PYQ
Which tax causes a burden on the poorer section of the society?
aDirect Tax
bIndirect Tax
cBoth Direct and Indirect Tax
dNone of these
✓ Correct answer: b) Indirect Tax
ExplanationMoney is essential to run a government and manage its affairs.For this, the government imposes a variety of taxes on the earnings of individuals and businesses.There are two types of taxes - direct taxes and indirect taxes.Direct taxes are imposed on individuals and companies by the country's supreme tax body.These taxes are directly paid by those on whom it is imposed.For instance, taxpayers directly pay income tax, tax on assets, and gifts to the government.Indirect taxes are imposed on goods and services and their final burden falls on the consumers.That is why it causes a burden on the poorer section of society.For eg - It doesn't matter how much you earn, you have to pay the same amount of tax on toothpaste as the other ones.Hence, the correct answer is “Indirect tax”
Q16 FREE PREVIEW
PYQ
The ________ balance is the sum of the balance of merchandise trade, services and net transfers received from the rest of the world.
aCurrent Account
bSavings Account
cCapital Account
dAsset Account
✓ Correct answer: a) Current Account
ExplanationThe current account reflects the balance of goods and services and net transfers received from the rest of the world.It includes transactions like the purchase of goods and machinery, as well as investments made.The capital account, on the other hand, includes capital transactions such as investments in assets.Together, the capital and current accounts constitute the Balance of Payments, which records a country's economic transactions with the rest of the world.Hence, the correct answer is "Current Account."
Q17 FREE PREVIEW
PYQ
Which of the following is represented by 'The Lorenz Curve'?
aEmployment
bInflation
cDeflation
dIncome Distribution
✓ Correct answer: d) Income Distribution
ExplanationThe Lorenz curve is a graphical tool used to represent the distribution of income or wealth within a population.It was created by Max O. Lorenz in 1905 to show economic inequality.The curve plots the cumulative percentage of total income received against the cumulative percentage of recipients, starting from the poorest to the richest.A perfectly equal income distribution would be represented by a 45-degree line, known as the line of equality.The more the Lorenz curve bows away from the line of equality, the greater the inequality.Hence, the correct answer is "Income Distribution."
Q18 FREE PREVIEW
PYQ
Goods for which the quantity that a consumer chooses increases as the consumer's income increases and decreases as the income decreases are called?
aInferior goods
bNormal goods
cComplementary goods
dSubstitute goods
✓ Correct answer: b) Normal goods
ExplanationNormal goods are goods whose demand rises when consumer income increases.Conversely, their demand falls when consumer income decreases.Examples include clothing, electronics, and branded products.They are different from inferior goods, whose demand decreases as income rises.Hence, the correct answer is "Normal goods".
Q19 FREE PREVIEW
PYQ
Which one of the following is a component of Food Security System?
aBuffer stock
bMinimum support price
cFair price shops
dMid day meals
✓ Correct answer: a) Buffer stock
ExplanationBuffer stock is a measure of the Food Security System.It is the central stock maintained by the Government of India to meet the demand for various purposes of food security, such as taking care of emergency situations.Emergency situations can be crop failure due to climate change or stabilization of prices by way of market intervention.Minimum Support Price (MSP) is the assured price at which food grains are procured from farmers by the central and state governments and their agencies, for the central pool of foodgrains.Fair Price Shop means a shop which has been licensed to distribute essential commodities , to the ration card holders under the Targeted Public Distribution System.The term is defined in Section 2(4) of National Food Security Act, 2013. Mid-day meal (MDM) is a wholesome freshly-cooked lunch served to children in government and government-aided schools in India.Hence, the correct answer is "Buffer Stock".
Q20 FREE PREVIEW
PYQ
Citizen of which neighbouring country does not require a passport or visa to enter India?
aPakistan
bBangladesh
cNepal
dChina
✓ Correct answer: c) Nepal
ExplanationCitizens of Nepal can enter India without a passport or visa.They can use their driver’s license, voter’s ID card, or ration card as identity proof.Nepali citizens can stay and work in India indefinitely without the need for a visa.Similarly, Indians going to Nepal enjoy similar ease of travel.This relaxed border policy fosters strong cultural and economic ties between the two nations.Hence, the correct answer is "Nepal."
Q21 FREE PREVIEW
PYQ
In April 2017, the G20 Digital Ministerial Meeting on Digital Economy was held in which country?
aItaly
bGermany
cFrance
dUSA
✓ Correct answer: b) Germany
ExplanationThe G20 Digital Ministerial Meeting on Digital Economy took place in Dusseldorf, Germany.Ministers representing the digital economy from G20 nations participated in the event.The meeting resulted in the adoption of a declaration titled ‘Shaping Digitalisation for an Interconnected World’.Discussions revolved around various aspects of digitalization and its impact on global interconnectedness.The event aimed to foster collaboration and strategic planning among G20 countries in the digital sphere.Hence, the correct answer is "Germany."
Q22 FREE PREVIEW
PYQ
Movement along the supply curve is known as_______.
aContraction of supply
bExpansion of supply
cIncrease in supply
dExpansion and contraction of supply
✓ Correct answer: d) Expansion and contraction of supply
ExplanationThe movement along the supply curve takes place when all the factors affecting supply remain constant and only the price changes.Hence, when the price increases supply contracts, and when the price decreases supply expands.A rise or fall in the price of the commodity alone causes a movement along the supply curve.A movement along a supply curve represents a change in quantity supplied.It is caused by a change in the price of goods.There is a direct relationship between price and quantity supplied.Hence, The correct answer is "Expansion and contraction of supply".
Q23 FREE PREVIEW
PYQ
Medium-term loans are provided for a period of ______.
a1 year to 2 years
b15 months to 3 years
c15 months to 4 years
d1 year to 3 years
✓ Correct answer: d) 1 year to 3 years
ExplanationThe long-term loan can be cleared or repaid within a time limit of 20-30 years.Medium-term loans where settlements are made over a period between one and three years.The Short-term loan is basically for less than a year.Hence, the correct answer is “1 year to 3 years”.
Q24 FREE PREVIEW
PYQ
Which one of the following is not an instrument of credit control in India?
aRationing of credit
bDirect Action
cOpen Market operations
dVariable cost reserve ratios
✓ Correct answer: d) Variable cost reserve ratios
ExplanationInstrument of credit control refers to the instruments that are introduced by the RBI to control the money supply.These can be classified into Quantitative and Qualified instruments.Quantitative instruments include Bank rate, Repo rate, Reverse Repo rate, CRR, SLR and Open Market Operations while Qualitative instruments include Margin requirement, Rationing of credit, Direct Action and Moral Suasion.Rationing of credit is introduced when the supply of credit is to be checked by the RBI, particularly for speculative activities.Direct action is adopted when commercial banks do not cooperate with the RBI in controlling credit.Open Market Operations refer to the purchase and sale of securities in the open market by the RBI on behalf of the government.Hence, the correct answer is “Variable cost reserve ratios”.
Q25 FREE PREVIEW
PYQ
In a centrally planned economy, the ________ plans all the important activities in the economy.
aIndustrialists
bCitizens
cGovernment
dJudiciary
✓ Correct answer: c) Government
ExplanationCentrally planned economy is a system in which the government makes economic decisions rather than the interaction between businesses and consumers.Government of a centrally planned economy decides when and where production and investment will be directed.This economy is also known as a command economy as prices are controlled by a centrally managed government.This economy is different from a market economy in which market decisions are taken by businesses and consumers.Hence, the correct answer is “Government”.
Q26 FREE PREVIEW
PYQ
Which of the following is not true about a Demand Draft?
aIt is a negotiable instrument.
bIt is a banker's cheque.
cIt may be dishonored for lack of funds.
dIt is issued by a bank.
✓ Correct answer: c) It may be dishonored for lack of funds.
ExplanationDemand Draft cannot be dishonored by the Bank for the lack of funds.This is because Demand Draft guarantees the amount of money for which it is pledged and that money is taken before the draft is issued.Demand draft is a negotiable instrument that is similar to a bill of exchange.Bank issues a demand draft to its client, directing another bank or its branch to pay a certain sum to a specific party.Hence, the correct answer is “It may be dishonored for lack of funds”.
Q27 FREE PREVIEW
PYQ
When there is only one buyer and one seller of the product, it is called a ______ situation.
aPublic monopoly
bBilateral monopoly
cFranchised monopoly
dMonopsony
✓ Correct answer: b) Bilateral monopoly
ExplanationA bilateral monopoly involves a single buyer (monopsony) and a single seller (monopoly) of a product.It's like a tug-of-war between the buyer and seller, each having significant market power.Think of a labor union, which monopolizes labor supply, negotiating with a monopsonist, a single large employer in a town.The dynamics involve intense bargaining power struggles due to the limited options available.The buyer and seller have considerable influence over the price and quantity of the product or service.This scenario often leads to complex negotiations and sometimes even to inefficient outcomes.Hence, the correct answer is "Bilateral monopoly."
Q28 FREE PREVIEW
PYQ
_________says that if we keep increasing the employment of an input, with other inputs fixed, eventually a point will be reached after which the resulting addition to output (i.e., the marginal product of that input) will start falling.
aLaw of diminishing marginal product
bLaw of variable proportions
cThe Short Run
dThe Long Run
✓ Correct answer: a) Law of diminishing marginal product
ExplanationLaw of diminishing marginal product says that while increasing one input and keeping other inputs at the same level may initially increase output, further increases in that input will have a limited effect, and eventually negative or no effect on the output.Law of variable proportions says that ‘ an increase in some inputs relative to other fixed inputs will in a given state of technology cause output resulting from same additions of extra inputs will become less.In the short-run scenario, any one of the factors which are associated with production is fixed.In the long run, factors associated with production as well as associated costs are variable in nature.Hence, the correct answer is “Law of diminishing marginal product”.
Q29 FREE PREVIEW
PYQ
______ is the set of all possible combinations of the two inputs that yield the same maximum possible level of output.
aThe Short Run
bThe Long Run
cIsoquant
dAverage product
✓ Correct answer: c) Isoquant
ExplanationAn isoquant shows the possibilities of any two inputs that result in the same output level.A set of technically effective operations that produce the same result are expressed by an isoquant.It is a curve that depicts all conceivable resource combinations that can result in a specific level of output based on the substitutability of inputs.Hence the correct answer is "Isoquant".
Q30 FREE PREVIEW
PYQ
Which of the following is not a component of monetary policy in India?
aRepo Rate
bMoral suasion
cCredit Rationing
dPublic Debt
✓ Correct answer: d) Public Debt
ExplanationPublic Debt (Government Debt) is the debt owed by the government, whereas monetary policy is framed and implemented by the RBI.Monetary policy tools include Repo Rate, Moral Suasion, and Credit Rationing, which are directly controlled and employed by the Reserve Bank of India (RBI).Public Debt does not fall within the ambit of RBI's monetary policy measures and is managed separately by the government.Public debt includes the total liabilities of the Union government that have to be paid from the Consolidated Fund of India, and it is a key indicator of the government's financial health.Almost a fourth of the government expenditure goes into interest payment, highlighting the significant impact of public debt on government finances.Hence, the correct answer is "Public Debt."
Q31 FREE PREVIEW
PYQ
..................of an input is defined as the change in output per unit of change in the input when all other inputs are held constant.
aMarginal product
bProduction function
cTotal product
dAverage product
✓ Correct answer: a) Marginal product
ExplanationMarginal product of input or factor of production is a change in output resulting from employing one more unit of a particular input.Example, change in output when a firm's labor is increased from five to six units, assuming that quantities of other inputs are kept constant.Hence, the correct answer is “Marginal product”.
Q32 FREE PREVIEW
PYQ
The closest example of a centrally planned economy is the ____ for the major part of the 20th Century.
aUSA
bIndia
cSoviet Union
dJapan
✓ Correct answer: c) Soviet Union
ExplanationThe closest example of a centrally planned economy is the Soviet Union for the major part of the 20th Century.A centrally planned economy, also known as a command economy, is an economic system where a government body makes economic decisions regarding the production and distribution of goods.The economy of the Soviet Union was based on a system of state ownership of the means of production, collective farming, and industrial manufacturing.The main character of the command economy is centralized administrative planning.Hence the correct answer is “ Soviet Union.”
Q33 FREE PREVIEW
PYQ
Who takes the decision regarding the savings and loan activities in a Self Help Group (SHG)?
aReserve Bank of India
bMembers of group
cPrivate bank
dNon-government organizations
✓ Correct answer: b) Members of group
ExplanationSelf-help groups are informal groups of people who come together to address their common problems.While self-help might imply a focus on the individual, one important characteristic of self-help groups is the idea of mutual support – people helping each other. .The Reserve Bank of India(RBI) was established following the Reserve Bank of India Act of 1934. It was nationalized in 1949. It is the central bank of India.A nongovernmental organization (NGO) is an organization independent of the government whose primary mission is not commercial and that focuses on social, cultural, environmental, educational, and other issues.Private sector banks are those whose stock is primarily owned by private companies or individuals.Hence, the correct answer is “Members of group”.
Q34
PYQ
In which market form, a market or an industry is dominated by a single seller?
aOligopoly
bMonopoly
cDuopoly
dMonopolistic Competition
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Q35
PYQ
Which among the following is an example of the micro-economic variable?
aNational Income
bAggregate Supply
cEmployment
dConsumer's Equilibrium
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Q36
PYQ
From which of the following, is the GDP of a country not derived from?
aAgricultural sector
bIndustrial sector
cInternational sector
dService sector
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Q37
PYQ
Which of the following rates is charged by banks to their most creditworthy customers?
aPrime Lending Rate
bStatutory Liquidity Rate
cBank Rate
dRepo Rate
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Q38
PYQ
After which five-year plan, 'The Rolling Plan' was implemented?
aThird Plan
bFifth Plan
cSeventh Plan
dNinth Plan
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Q39
PYQ
Short run marginal cost curve cuts the average variable cost curve from ____________at the minimum point of average variable cost.
atop
bbelow
cright
dleft
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Q40
PYQ
'Neo-Malthusian Theory' is associated with which of the following?
aEmployment
bPoverty
cResource scarcity
dIncome
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Q41
PYQ
Which country was India's largest overseas investment destination in the year 2015-16?
aMauritius
bSwitzerland
cSaudi Arabia
dAustralia
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Q42
PYQ
Which of the following is called GDP Deflator?
aRatio of nominal to real GDP
bRatio of nominal to real GNP
cRatio of nominal to real CPI
dRatio of real to nominal GNP
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Q43
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_________is defined as the output per unit of variable input
aMarginal product
bProduction function
cTotal product
dAverage product
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Q44
PYQ
The relation between the consumer’s optimal choice of the quantity of a good and its price is very important and this relation is called the ________ function.
aPrice
bSubstitution
cSupply
dDemand
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Q45
PYQ
Which among the following is not an account under Balance of Payment?
aCurrent Account
bCapital Account
cOfficial Reserves Account
dUnilateral Payments Account
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Q46
PYQ
For a price-taking firm, average revenue is_______ market price.
ahalf of
bequal to
cdouble of
dless than
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Q47
PYQ
Which company acquired Linkedln For $ 26.2 Billion?
aApple
bFacebook
cMicrosoft
dIBM
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Q48
PYQ
Which among the following sponsors are Regional Rural Banks (RRB)?
aReserve Bank of India
bForeign Banks
cNational Commercial Banks
dCo-Operative Banks
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Q49
PYQ
_________ is the relationship between the variable input and output, keeping all other inputs are held constant.
aTotal product
bAverage product
cIsoquant
dThe Long Run
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Q50
PYQ
Which one of the following is also regarded as Disguised unemployment?
aUnderemployment
bFrictional unemployment
cSeasonal unemployment
dCyclical unemployment
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Q51
PYQ
What is the accepted average Calorie requirement for rural areas in India?
a2100
b2200
c2300
d2400
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Q52
PYQ
Which organisation monitors the banks in actually maintaining cash balance?
aState Bank of India
bReserve Bank of India
cGrameen Bank of India
dNone of these
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Q53
PYQ
In which market form, a market or industry is dominated by a few firms?
aPerfect Competition
bMonopoly
cOligopoly
dMonopolistic
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Q54
PYQ
In which of the following market forms, a firm does not exercise control over price?
aMonopoly
bPerfect competition
cOligopoly
dMonopolistic competition
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Q55
PYQ
The study of individual markets of demand and supply in which the 'players', or the decision-makers, were also individuals (buyers or sellers, even companies) who were seen as trying to maximize their profits (as producers or sellers) and their personal satisfaction or welfare levels (as consumers) is called?
aMacroeconomics
bEconometrics
cMicroeconomics
dHeterodox Economics
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Q56
PYQ
A commodity market has a _________ structure, if there is one seller of the commodity, the commodity has no substitute, and entry into the industry by another firm is prevented.
aPerfect Competition
bMonopoly
cOligopoly
dMonopolistic Competition
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Q57
PYQ
India recently notified the Third Protocol to amend the Double Taxation Avoidance Agreement with which of the following countries?
aChina
bVietnam
cSingapore
dMalaysia
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Q58
PYQ
The demand for a normal good increases with________ in the consumer's income.
aincrease
bdecrease
cconstant
ddouble
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Q59
PYQ
The demand for an inferior good increases with ________ in the consumer's income.
aincrease
bdecrease
cconstant
ddouble
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Q60
PYQ
If at a price, market supply is greater than market demand, we say that there is _________in the market at that price.
aEquilibrium
bExcess Demand
cExcess Supply
dMarginal Revenue
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Q61
PYQ
If the ______ firm has zero costs or only has fixed cost, the quantity supplied in equilibrium is given by the point where the average revenue is zero.
aPerfect competition
bMonopoly
cOligopoly
dMonopolistic Competition
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Q62
PYQ
The _____ curve represents the demand of all consumers in the market taken together at different levels of the price of the good.
amonotonic
bindifferent
cmarket demand
ddiminishing
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Q63
PYQ
A ___________ deficit is financed by net capital flows from the rest of the world, thus by a capital account surplus.
aCurrent Account
bSavings Account
cCapital Account
dAsset Account
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Q64
PYQ
In which of the following case, the law of demand fails?
aGiffen goods
bNormal goods
cInferior goods
dBoth Giffen and Inferior goods
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Q65
PYQ
In a market system, the central problems regarding how much and what to produce are solved through the coordination of economic activities brought about by _____ signals.
aSupply
bDemand
cPrice
dStock Market
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Q66
PYQ
Which nation is not a part of the South Asian Free Trade Area?
aChina
bSri Lanka
cBhutan
dINDIA
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Q67
PYQ
Goods for which demand moves in the opposite direction of the income of the consumer are called?
aInferior goods
bNormal goods
cComplementary goods
dSubstitute goods
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Q68
PYQ
The__________ exchange rate is the price of one unit of foreign currency in terms of the domestic currency.
aArtificial
bNominal
cFixed
dReal
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Q69
PYQ
What would happen to the demand curve when there is an increase in the price of substitute products?
aOutward shift
bRemains constant
cInitially inward and then after a period outward shift
dInward shift
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Q70
PYQ
What is the value of all tangible resources such as raw materials and labour that are used in the production process called?
aReal Cost
bVariable Cost
cOpportunity Cost
dFixed Cost
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Q71
PYQ
In economic terms what do we mean by 'intermediate goods'?
aGoods sold between industries for the resale or production of other goods
bGoods in transit before reaching the consumers
cPrice of goods without GST
dFixed assets used by manufacturers
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Q72
PYQ
In which year was the term 'Gross Happiness Index' coined by the fourth king of Bhutan, Jigme Singye Wangchuck?
a1982
b1964
c1989
d1972
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Q73
PYQ
What is the name given to the graph that shows all the combinations of two commodities that a consumer can afford at given market prices and within the particular income level in economic terms?
aDemand Curve
bIsocost Line
cSupply Curve
dBudget Line
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Q74
PYQ
What is India's rank in 2024 World Happiness Report?
a130th
b126th
c150th
d160th
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Q75
PYQ
What effect will a decrease in demand and an increase in supply have on equilibrium price?
aEquilibrium price will fall
bEquilibrium price will rise
cEquilibrium price will be constant
dSometimes price will rise and sometimes it will fall
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Q76
PYQ
When the output is equal to zero, the variable cost is ______.
aconstant
bzero
cminimum
dmaximum
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Q77
PYQ
An economic condition when there is one buyer and many sellers is called ______.
aOligopoly
bMonopoly
cPerfect Competition
dMonopsony
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Q78
PYQ
A substantial increase in capital expenditure or revenue deficit leads to ______.
aBudgetary Deficit
bFiscal Deficit
cPrimary Deficit
dRevenue Deficit
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Q79
PYQ
A situation where the expenditure of the government exceeds its revenue is called ______.
aDefault Financing
bDeficit Revenue
cBudget Deficit
dDefault Revenue
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Q80
PYQ
The demand for a commodity or service which is a consequence of the demand for something else is called ______.
aIncome Demand
bDirect Demand
cComposite Demand
dDerived Demand
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Q81
PYQ
The interest rate charged by banks on short- term loans to their largest, most secure, and most creditworthy customers is called ______.
aPrime Lending Rate
bAmortised Rate
cDiscount Rate
dVariable Rate
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Q82
PYQ
The Micro, Small and Medium Enterprises Development Act was passed in the year______
a2006
b2004
c2008
d2002
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Q83
PYQ
Cash Reserve Ratio (CRR) is calculated as a percentage of each bank's _____.
arate of inflation
bnet demand and time liabilities
ccredit growth
dsavings of customers
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Q84
PYQ
A sustained rise in the general price level in an economy is called_________.
aDisinflation
bDeflation
cInflation
dStagflation
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Q85
PYQ
Which of the following economic activities employs the maximum number of people in India?
aTourism
bManufacturing
cAgriculture
dMining
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Q86
PYQ
___ is not constrained by prior work.
ajoint venture
bfranchise
cstrategic alliance
dgreenfield project
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Q87
PYQ
Minimum Support Price (MSP) is recommended by _____.
aThe Commission for Weights and Measures
bThe Food Safety and Standards Authority of India
cThe Farmers' Welfare Society
dThe Commission for Agricultural Costs and Prices
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Q88
PYQ
Which of the following was the most important characteristic of India's trade throughout the colonial period?
aImport surplus
bImport deficiency
cExport deficiency
dExport surplus
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Q89
PYQ
As per Mankiw's Principles of Economics, the standard of living of a country depends on the country's ______.
agovernment policy
bnominal wages
caverage wages
dability to produce goods and services
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Q90
PYQ
Which of the following Public Sector Undertakings was accorded the Maharatna status in February 2013?
aBHEL
bONGC
cOIL
dClL
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Q91
PYQ
When the fiscal deficit is high, what happens to prices?
aPrices decrease
bThere is no direct impact on prices
cPrices remain stable
dPrices increase
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Q92
PYQ
The Banking Regulation Act was passed in India in _____.
a1949
b1974
c1965
d1951
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Q93
PYQ
The Indian Passport was ranked _____ in the 'Global Passport Index Report 2019'.
a65th
b77th
c67th
d56th
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Q94
PYQ
Which economist gave the theory of Opportunity Cost?
aMilton Friedman
bAdam Smith
cJohn Keynes
dGottfried Haberler
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Q95
PYQ
If there is a lack of money supply in comparison to the supply of goods and services, then the possible consequence would be _______.
aHyperinflation
bDeflation
cDevaluation
dInflation
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Q96
PYQ
What is the economic impact of increase in productivity of firms?
aDecrease in Gross Domestic Product
bNo change in Gross Domestic Product
cThe impact may vary among nations and their economic conditions
dIncrease in Gross Domestic Product
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Q97
PYQ
A marketplace in which a final good or service is bought and sold is called___
aEquity Market
bFactor Market
cCommodity Market
dProduct Market
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Q98
PYQ
What was India's rank among 156 countries in the Global Happiness Index 2019?
a140th
b124th
c132nd
d137th
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Q99
PYQ
What does the Lorenz Curve indicate?
aRelationship between the price of a certain commodity and its demand
bIncome distribution
cRate of employment
dTaxable income elasticity
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Q100
PYQ
A ____________occurs when a government's total expenditures exceed the revenue that it generates, excluding money from borrowings.
aCurrent Account Deficit
bBudgetary Deficit
cRevenue Deficit
dFiscal Deficit
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Q101
PYQ
Which of the following come under the Quarternary sector?
aInformation Technology
bMining
cManufacturing
dFisheries
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Q102
PYQ
Which theory in economics proposes that countries export what they can most efficiently and plentifully produce?
aSolow-Swan Model
bHeckscher-Ohlin Model
cInput-Output Model
dCournot Competition
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Q103
PYQ
Which theory is used to make long-run predictions about exchange rates in a flexible exchange rate system?
aPurchasing Power Parity Theory
bBalance of Payment Theory
cInterest Rate Approach
dPortfolio Balance Approach
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Q104
PYQ
A situation where the expenditure of the government exceeds its revenue is known as_______.
aMorbidity
bDevaluation
cDefault
dDeficit Financing
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Q105
PYQ
John Maynard Keynes, best known for his economic theories (Keynesian economics), hailed from which country?
aSweden
bDenmark
cAustralia
dEngland
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Q106
PYQ
What is the uniform GST rate that has been fixed up for lottery prizes by the GST Council?
a18 %
b32 %
c28 %
d10 %
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Q107
PYQ
Who among the following publishes the Economic Survey of India?
aNational Development Council
bMinistry of Finance
cInstitute of finance
dIndian Statistical Institute
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Q108
PYQ
Depreciation is an annual allowance for the wear and tear of _____.
awork in progress
bland
cfinished goods
dcapital goods
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Q109
PYQ
Name the company that has acquired an online travel portal Yatra Online Inc., for an enterprise value of $ 337.8 million, in an all- stock transaction.
aMake my trip.com
bTrivago
cEbix Inc.
dTrip Advisor
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Q110
PYQ
Private ownership of the means of production is a feature of a ________economy.
acapitalist
bsocialist
cmixed
ddual
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Q111
PYQ
Which organisation launched the Agricultural Marketing and Farmer Friendly Reforms Index (AMFFRI) in 2016?
aNational Institute of Public Finance and Policy (NIPFP)
bReserve Bank of India
cIndian Institute of Public Administration
dNITI Aayog
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Q112
PYQ
Which of the following is NOT a nationalised bank?
aUnited Bank of India
bState Bank of India
cPunjab National Bank
dPunjab and Sind Bank
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Q113
PYQ
What is the rank of India in the Global Peace Index 2019?
a144
b141
c143
d142
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Q114
PYQ
'Industry 4.0' is a complex cyber-physical system which synergies production with digital technologies. The Ministry of Railways and the Department of Science and Technology have joined hands in partnership with which institution for taking up a unique project on 'Industry 4.0'?
aIIT Bombay
bIIT Kanpur
cIIT Delhi
dIIT Madras
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Q115
PYQ
Which is the first Indian company to hit the ₹10 lakh crore mark in market capitalisation?
aTata Consultancy Services
bHDFC Bank
cReliance Industries
dICICI Bank
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Q116
PYQ
What is the ranking of India in the World Economic Forums (WEF)'s World Travel, Tourism Competitiveness Index for the year 2019?
a31
b37
c39
d34
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Q117
PYQ
The SDG India index is developed by _____.
aMinistry of Home Affairs
bWorld Bank
cMinistry of Environmental, Forests and Climate Change
dNITI Aayog
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Q118
PYQ
Which International organisation released the 'World Energy Outlook 2019' Report?
aUnited Nations
bInternational Energy Agency
cWorld Trade Organisation
dUNESCO
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Q119
PYQ
If the inflation in an economy is rising steadily, the Central Bank might _____.
akeep the repo rate unchanged
bdecrease the repo rate
cincrease the repo rate
ddecrease the reverse repo rate
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Q120
PYQ
Which US based Indian topped the Forbes India's ' 20 people to watch in the 2020 s' list?
aHasan Minhaj
bDushyant Chautala
cPrashant Kishor
dMahua Moitra
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Q121
PYQ
What was India's position in the Brand Finance Nation ranking of 2019?
aSeventh
bFifth
cThird
dSixth
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Q122
PYQ
In ________economies, all productive resources are owned and controlled by the government.
adual
bsocialist
cmixed
dcapitalist
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Q123
PYQ
Who among the following is the head of the standing committee on economic statistics set up by Ministry of Statistics and Programme Implementation (MOSPI)?
aKrishnamurthy Subramanian
bManmohan Singh
cPronab Sen
dRaghuram Rajan
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Q124
PYQ
Which is the first Indian company to hit the lakh crore mark in market capitalisation?
aTata Consultancy Services
bReliance Industries
cHDFC Bank
dICICI Bank
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Q125
PYQ
The aggregate value of goods and services produced in an economy can be calculated by three methods: income method, expenditure method and _____ method.
aproduct / value added
bspending
cdeposit
dlending
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Q126
PYQ
Merchant discount rate refers to _____.
athe total discount a bank offers to the merchant for promoting online transactions
bthe rate charged to a merchant for payment processing services on debit and credit card transactions
cthe total discount a merchant offers on online transactions
donly taxes that a digital payment entails
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Q127
PYQ
Which of these institutions fixes the Repo Rate and the Reverse Repo Rate in India?
aMinistry of Finance
bState Bank of India
cComptroller and Auditor General of India
dReserve Bank of India
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Q128
PYQ
As per the government rules, how much percentage of advance tax needs to be paid by 15 th June by an individual who is liable to pay advance tax?
a15 %
b10 %
c25 %
d30 %
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Q129
PYQ
UN Women propose to partner with _____ in South Asia. gender park with an aim to secure gender parity
aKerala's
bRajasthan's
cPunjab's
dHaryana's
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Q130
PYQ
Which of the following became the first Indian state to give electricity subsidies to farmers through Direct Benefit Transfer in January 2021?
aManipur
bUttarakhand
cSikkim
dMadhya Pradesh
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Q131
PYQ
According to the World Bank's annual report on the Ease of Doing Business (EODB), 'Doing Business 2020: Comparing Business Regulations in 190 Economies', India ranks _______out of 190 countries.
a47th
b54th
c63rd
d78th
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Q132
PYQ
What are the two variables whose relationship is given by the environmental Kuznets curve?
aInequality and tax revenue
bInequality and per capita income
cEnvironmental degradation and tax revenue
dEnvironmental degradation and per capita income
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Q133
PYQ
What do you call the amount of monetary or other returns, either earned or unearned, accruing over a period of time?
aServices
bIncome
cPrice
dValue
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Q134
PYQ
Which of the following is NOT a feature of food security?
aAvailability
bAccessibility
cAcceptability
dAffordability
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Q135
PYQ
As per the Union Budget of 2021-22, how many regional national institutes of virology will be set up?
aFour
bTwo
cSix
dThree
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Q136
PYQ
All monetary transfers or kinds sent by migrants to their place of origin are called
apayments
bbils
cremittances
ddrafts
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Q137
PYQ
Which of the following is a characteristic of human wants in terms of economics?
aWants are limited
bWants do not become habits.
cWants are satiable.
dWants are not competitive.
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Q138
PYQ
Which of the following companies announced the launch of India's first virtual academy programme Esports Academy?
aDell
bJio
cSamsung
dAsus
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Q139
PYQ
The _______ rate measures rising prices in everything except food and energy.
acore inflation
bwage inflation
cdeflation
dstagflation
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Q140
PYQ
The problem of choice between relatively scarce commodities due to limited productive resources with the society can be illustrated with the help of a _______.
ademand curve
bbudget line
cproduction possibility curve
dmarginal utility curve
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Q141
PYQ
Bombay Stock Exchange became the first stock exchange in India to launch commodity derivatives contracts in gold and ______.
asilver
bplatinum
cdiamond
dequity
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Q142
PYQ
Payment made to others for the purchase of factors of production is known as _______.
areal cost
bexplicit cost
cimplicit cost
dmoney cost
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Q143
PYQ
______ is an alphanumeric code that uniquely identifies a bank branch participating in the NEFT system.
aSFMS
bIFSC
cSTP
dRTGS
🔒
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Q144
PYQ
Which of the following states ranked first in the Export Preparedness Index 2020 released by Niti Aayog?
aAndhra Pradesh
bMaharashtra
cTelangana
dGujarat
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Q145
PYQ
Who among the following economists formulated the Law of Diminishing Marginal Utility (DMU)?
aMilton Friedman
bDavid Ricardo
cHH Gossen
dAdam Smith
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Q146
PYQ
Who has been re-appointed as the MD and CEO of the RBL Bank in January 2021 for three years?
aDeepak Ruiya
bRajeev Ahuja
cVishwavir Ahuja
dRajeev Arora
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Q147
PYQ
Which of the following is a private good?
aNon-rival in consumption and non- excludable
bA good that is consumed by a single person or household
cSpillover benefits
dA good that is available to everyone to consume, regardless of who pays for it and who does not.
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Q148
PYQ
An economy in which both, the private sector and the government are involved is known as a/an _______ economy.
amixed
bblended
camalgam
dparallel
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Q149
PYQ
Which of the following is one of the three 'Domestic Systemically Important Banks' in India?
aState Bank of India (SBI)
bFederal Bank
cRBL Bank
dAxis Bank
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Q150
PYQ
The 'Ecowrap report' was published in May 2020 by which of the following banks?
aIClCl
bSBI
cHDFC Bank
dRBI
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Q151
PYQ
Which of the following organizations releases the Global Innovation Index?
aINSEAD, Cornell University, WIPO
bUNDP
cWEF
dWTO
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Q152
PYQ
________is an economic scenario where a peculiar combination of low growth and rising inflation leads to high unemployment.
aRecession
bDeflation
cDepreciation
dStagflation
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Q153
PYQ
Who among the following economists coined the terminology 'Hindu Rate of Growth'?
aBimal Jalan
bRaj Krishna
cVjay Kelkar
dAmiya Kumar Bagchi
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Q154
PYQ
SHG promotes thrift in small proportion by a minimum contribution from each member of the group. What does 'H' stand for in SHG?
aHarvest
bHeavy
cHelp
dHabitat
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Q155
PYQ
The rupee symbol, which was introduced in India in 2010, is an amalgamation of the Devanagari ‘Ra’ and the ________ ‘R’ without the stem.
aBrahmi
bCyrillic
cRoman
dOl Chiki
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Q156
PYQ
Who among the following was appointed as the Managing Director and Chief Executive Officer of SBI Cards and Payment Services Ltd. in January 2021?
aSwaminathan Janakiraman
bRajnish Kumar
cAshwini Kumar Tewari
dRama Mohan Rao Amara
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Q157
PYQ
Industrial Policy Resolution (IPR) 1956 formed the basis of the _______ Five Year Plan of India.
aFourth
bThird
cFirst
dSecond
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Q158
PYQ
Unique Transaction Reference number is a _______character code used to uniquely identify a transaction in the RTGS system.
a45
b22
c34
d17
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Q159
PYQ
Which of the following Indian banks launched contactless wearable payment devices called 'Wear N Pay' in March 2021?
aHDFC Bank
bICICI Bank
cAxis Bank
dIndusInd Bank
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Q160
PYQ
Which of the following statements is related to positive economics?
aInequalities in the distribution of wealth and incomes should be reduced.
bMore production of luxury goods is not good for a less developed country.
cInflation is better than deflation.
dAn increase in money supply implies a price rise in an economy.
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Q161
PYQ
Reserve Bank of India became the first central bank in the world to have more than one million followers on _______in November 2020.
aTwitter
bFacebook
cSnapchat
dInstagram
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Q162
PYQ
What do you call a proportionate saving in costs gained by an increased level of production?
aIsoquant
bEconomies of scale
cIsocost
dProduction function
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Q163
PYQ
Savings deposits with Post Office savings banks are included in which measure of money supply?
aM1
bM4
cM2
dM3
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Q164
PYQ
The _____ and _____determine the corridor for the daily movement in the weighted average call money rate.
aReverse repo, discount rate
bMarginal standing facility, Reverse repo rate
cLiquidity adjustment facility, repo rate
dBank rate, repo rate
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Q165
PYQ
Which Five Year Plan was based on Gadgil Formula?
aThird
bFourth
cFifth
dFirst
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Q166
PYQ
Choose the correct pair from the following options.
aThird Five-year Plan – Rapid industrialisation and basic industries
bFourth Five-year Plan - Family planning programme
cFirst Five-year Plan – Mahalanobis model
dSecond Five-year Plan – Focus on agriculture
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Q167
PYQ
The value of the Gross Domestic Product (GDP) of India is published by PIB in
aUS Dollar
bYen
cYuan
dIndian Rupee
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Q168
PYQ
________is a record of assets and liabilities of any firm.
aBill file
bBalance of payment
cBalance sheet
dBank bailout
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Q169
PYQ
Which Indian budget introduced a statement highlighting the gender sensitivities of the budgetary allocations?
a2008-09
b2010-11
c2005-06
d2001-02
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Q170
PYQ
What is the currency of Canada?
aRupee
bPeso
cCanadian Dollar
dEuro
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Q171
PYQ
In which year had India's ratio of public debt to GDP gone up to a record 84.2 %?
a1991
b1999
c2003
d2001
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Q172
PYQ
What is the projected growth rate of Gross Domestic Product (GDP) for India in 2021 as given by The International Monetary Fund (IMF) in April 2021?
a13.7 %
b10.2 %
c11.6 %
d12.5 %
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Q173
PYQ
The Regional Rural Banks were established on the recommendations of _____ the on Rural Credit.
aRekhi Committee
bKelkar Committee
cTandon Committee
dNarsimham Committee
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Q174
PYQ
As announced by the Ministry of Finance in January 2021, external debt as a ratio to GDP stood at ______ at the end of September 2020.
a21.6%
b18.2%
c16.9%
d12.4%
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Q175
PYQ
In Union Budget 2021-22, there is a proposal to provide liquid waste management in AMRUT cities under Jal Jeevan Mission (Urban).
a150
b400
c500
d350
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Q176
PYQ
As per an estimate by the ‘Food Waste Index Report 2021’, released by the United Nations Environment Programme (UNEP) in March 2021, India wastes approximately ______ kg of food per person per year.
a25
b100
c50
d20
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Q177
PYQ
The poverty ratio has declined to __________ in 2011-12 in Urban India.
a21.4 percent
b26.4 percent
c23.4 percent
d28.4 percent
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Q178
PYQ
The GDP deflator is also called:.
aimplicit inflation index
bexplicit inflation index
cimplicit price deflator
dexplicit price deflator
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Q179
PYQ
The government of India initiated the comprehensive family planning programme in the year ______.
a1960
b1991
c1972
d1982
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Q180
PYQ
Which of the following does NOT come under the category of Public Goods?
aGovernment administration
bFood items
cNational defence
dRoads
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Q181
PYQ
Which of the following statements is/are correct? I.Only marketed goods are considered while estimating Gross Domestic Product (GDP). II. The work done by a woman at her home is outside the purview of Gross Domestic Product. III. In estimating GDP, only final goods and services are considered.
aOnly II and III
bI, II and III
cOnly I and III
dOnly II
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Q182
PYQ
Which of the following is India's first Paperless Budget?
aUnion Budget 2018-19
bUnion Budget 2020-21
cUnion Budget 2019-20
dUnion Budget 2021-22
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Q183
PYQ
Who among the following was the first Indian Governor of Reserve Bank of India?
aC.D. Deshmukh
bH.V.R. Lengar
cP.C. Bhattacharya
dL.K. Jha
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Q184
PYQ
The subject of the Study of Macro Economics is based on which principle?
aThe principle of National Income
bThe principle of Consumer
cThe principle of Producer
dThe principle of Investment
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Q185
PYQ
Which sector was given the main emphasis in the second Five-Year Plan?
aTransport
bAgriculture
cTrade
dIndustry
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Q186
PYQ
Joint Liability Group is usually an informal group that consists of individuals who seek loans against mutual guarantee.
a(1-3)
b(15-20)
c(4-10)
d(20-30)
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Q187
PYQ
As per the Union Budget 2021-22, Mission Poshan 2.0 is proposed to be launched to improve nutritional outcomes across _____ aspirational districts.
a95
b101
c119
d112
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Q188
PYQ
In which Five-Year Plan, was the Mahalanobis Model started?
aSecond
bFourth
cThird
dFirst
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Q189
PYQ
Who among the following first argued that in the face of high deficits, people save more?
aAmartya Sen
bEsther Duflo
cAdam Smith
dDavid Ricardo
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Q190
PYQ
Money multiplier can be expressed as ______.
aStatutory liquidity ratio / Cash Reserve Ratio
b1/ Statutory liquidity ratio
cCash reserve ratio – Statutory liquidity ratio
d1/ Cash Reserve Ratio
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Q191
PYQ
At a Regional Rural Bank, the share of the Government of India is ______.
a40%
b60%
c50%
d20%
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Q192
PYQ
Where does the headquarters of the Indian Council of Agricultural Research Institute located?
aAmritsar
bSurat
cLucknow
dNew Delhi
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Q193
PYQ
Which of the following states was allocated the highest budget for highway projects in Union Budget 2021-22?
aKerala
bWest Bengal
cTamil Nadu
dAssam
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Q194
PYQ
Which of the given sectors is largely driven by considerations of social welfare?
aForeign
bCo-operative
cPublic
dPrivate
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Q195
PYQ
Which of the following is NOT a part of the institutional structure of rural banking?
aMoneylenders
bRegional rural banks
cCommercial banks
dCooperative and land development banks
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Q196
PYQ
Effect of The Industrial Policy, 1956 on industries was __________.
aindustries started to get diversified
bIndia become self-sufficient in industrial goods
cimports of those goods which could be produced in India itself was avoided
dindustries share fell in the GDP during 1991
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Q197
PYQ
In India initially HYVP was implemented in about how much area?
a5 million hectares
b3 million hectares
c4 million hectares
d2 million hectares
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Q198
PYQ
As per World Justice Project 2020, what is India's rank in Regulatory Enforcement as cited in Economic Survey of India 2021?
a56
b79
c62
d74
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Q199
PYQ
The Cabinet Committee on Economic Affairs (CCEA) approved an increase in the Minimum Support Prices (MSPs) for all mandated Rabi crops for the marketing season 2021–22 in line with the recommendations of the ______ Commission.
aKothari
bNanavati
cSwaminathan
dMukherjee
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Q200
PYQ
Who among the following Presidents of India was also the deputy chairman of Planning Commission?
aV. V. Giri
bK. R. Narayanan
cRamaswamy Venkataraman
dPranab Mukherjee
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Q201
PYQ
According to the Union Budget 2020-2021, the bank credit growth as of January 1, 2021, stood at ______%
a5.9
b6.7
c5.2
d7.1
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Q202
PYQ
As per the Economic Survey 2021, in which of the following states did the proportion of households that had health insurance decrease by 12% from 2015-16 to 2019-20?
aWest Bengal
bAssam
cBihar
dSikkim
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Q203
PYQ
As per Union Budget 2021-22, Fiscal deficit is estimated at ______ per cent of GDP in 2021-22.
a5.1
b6.8
c7.6
d7.2
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Q204
PYQ
The National Rail Plan announced in the Union Budget of 2021-22 aims to create a future ready railway system by which of the following years?
a2024
b2030
c2025
d2029
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Q205
PYQ
Which of the following functions of government budget is associated with distribution of income? I. Allocation function II.Redistribution function
aOnly I
bNeither I nor II
cBoth I and II
dOnly II
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Q206
PYQ
As per the Union Budget 2021-22, the government plans to continue on the path of fiscal consolidation, achieving a fiscal deficit level below 4.5% of GDP by ______.
a2023-24
b2022-23
c2024-25
d2025-26
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Q207
PYQ
The interest rate at which the Reserve Bank of India provides overnight liquidity to banks is called ______.
aReverse repo rate
bMarginal standing facility rate
cRepo rate
dLeverage rate
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Q208
PYQ
The allocation towards health and well-being was increased by_______over the previous year in Union Budget 2021-22.
a125%
b100%
c140%
d137%
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Q209
PYQ
The Economic Survey of 2020-21 mentions that India’s fiscal policy should reflect ______ sentiment of ‘a mind without fear’.
aJawaharlal Nehru's
bGurudev Rabindranath Tagore's
cMahatma Gandhi's
dShyama Prasad Mukherjee's
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Q210
PYQ
As per the Economic Survey of India 2021, SENSEX and NIFTY resulted in India's market- cap to GDP ratio crossing for the first time since October 2010.
a100%
b80%
c50%
d75%
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Q211
PYQ
Which of the following facts is NOT associated with PC Mahalanobis who contributed to the formulation of India’s Five Year Plans?
aHe established the Indian Statistical Institute.
bHe started the journal Sankhya.
cHe is known as the architect of Indian planning.
dMahalanobis was born in 1983 in Calcutta
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Q212
PYQ
What is the emigration of a significant proportion of a country's highly skilled, highly educated professional population to other countries offering better economic and social opportunities called?
aCarrying capacity
bBrain Drain
cDemographic transition
dClosed population
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Q213
PYQ
What is the repo rate given by the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) as on 7 April 2021?
a2 %
b4 %
c3 %
d5 %
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Q214
PYQ
The official enumeration of population done periodically is called _______.
aCensus
bdemographic count
cEstimation
dRecord
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Q215
PYQ
As per Economic Survey 2020-21, India entered the top 50 innovating countries for the first time in ______ since the inception of the Global Innovation Index in 2007.
a2019
b2018
c2020
d2017
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Q216
PYQ
According to the Economic Survey 2020-2021, India’s real GDP is projected to record ______ growth in the Fiscal Year 2021-22.
a10.8%
b12.3%
c11%
d13.5%
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Q217
PYQ
If we deduct depreciation from GNP the measure of aggregate income that we obtain is called ______.
aGross Domestic Product at market prices
bGross Domestic Product
cNet National Product
dPersonal income
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Q218
PYQ
The Balance of Payment Account of an economy is related to the __________.
aagriculture sector
bexternal sector
cgovernment sector
dprivate sector
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Q219
PYQ
What is the purpose of the Licensing Policy in India?
aTo promote benefits to a particular group
bTo maintain the identity of an area
cTo show power of the government
dTo promote regional equality
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Q220
PYQ
__________ is a tax system that collects a greater share of income from those with high incomes than from those with lower incomes.
aProportional tax
bRegressive tax
cPayroll tax
dProgressive tax
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Q221
PYQ
Which of the following is NOT the function of the central bank of the country?
aIt controls money supply of the country.
bIt acts as a banker to the government.
cIt accepts deposits from the public.
dIt issues the currency of the country.
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Q222
PYQ
With which bank have Dena Bank and Vijaya Bank been merged?
aPunjab National Bank
bUnited Bank of India
cCorporation Bank
dBank of Baroda
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Q223
PYQ
Achievement of self-reliance and removal of poverty were twin objectives of which five-year plan?
aThird
bFifth
cFourth
dSecond
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Q224
PYQ
Gross primary deficit is the difference between ______.
arevenue deficit and interest receipts
bgross fiscal deficit and interest receipts
crevenue deficit and interest payments
dgross fiscal deficit and net interest liabilities
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Q225
PYQ
What is the currency of Australia?
aDollar
bPeso
cRand
dLira
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Q226
PYQ
Which company set up a factory on the banks of River Hugli in 1651?
aDanish
bPortuguese
cEnglish
dFrench
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Q227
PYQ
With respect to India’s foreign trade, which year is referred to as the year of divide?
a2010
b1991
c1981
d1996
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Q228
PYQ
What is the currency of South Africa?
aRand
bRial
cEuro
dPeso
🔒
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Q229
PYQ
Which of the following statements is true? A) Wage bill of the government is a capital expenditure. B) Disinvestment by the government in a company is a capital receipt.
aOnly A
bNeither A nor B
cBoth A and B
dOnly B
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Q230
PYQ
The GDP estimation method measuring the aggregate value of goods and services produced by the firms is called ____ .
aexpenditure method
bconsumption method
cincome method
dproduct method
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Q231
PYQ
As per Economic Survey 2020-2021, during the first half of the financial year 2020-21, the services sector contracted by almost _____.
a21%
b16%
c3.6%
d11%
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Q232
PYQ
Which of the following is added in the national income to obtain personal income of the households?
aNet interest payments
bTransfer payments from government and firms
cUndistributed profits
dCorporate tax
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Q233
PYQ
What is the currency of Brazil?
aPeso
bReal
cSol
dRupiah
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Q234
PYQ
Which of the following is a feature of public goods?
aThese goods are more competitive.
bThese goods are limited in supply.
cConsumption of one person does not affect the consumption of another person.
dOnly tax payers can get the benefit of public goods.
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Q235
PYQ
NIP related to India's budget, which was announced in December 2019 by the Union Finance Minister of India stands for:
aNational Indigenous Project
bNational Infrastructure Pipeline
cNeutral Interventions on Payments
dNegotiable Instrument Protocol
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Q236
PYQ
According to the Economic Survey 2020-21, imports are expected to decline by in the second half of FY21.
a8.2%
b11.3%
c6.3%
d11.4%
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Q237
PYQ
Decadal growth rate of population between 2001-2011 is approx______.
a18.70 percent
b15.70 percent
c17.70 percent
d16.70 percent
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Q238
PYQ
Which of the following is NOT a feature of National Income?
aIt is a macroeconomic concept.
bIt is a flow concept.
cIt is always expressed with reference to the financial year.
dIt is included only in intermediate goods.
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Q239
PYQ
__________ are known as narrow money.
aM1 and M2
bM2 and M4
cM3 and M2
dM1 and M4
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Q240
PYQ
The system of MSP (Minimum Support Price) was first introduced for ______ in 1966-67 and later expanded to include other essential food crops.
aJowar
bBajra
cWheat
dRagi
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Q241
PYQ
The value of GDP at the current prevailing prices is called.
anominal GDP
bcurrent GDP
cdomestic GDP
dreal GDP
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Q242
PYQ
Who has been appointed as NITI Aayog’s new Vice Chairman in May 2022?
aS Somnath
bSuman Bery
cTarun Kapoor
dManoj Pande
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Q243
PYQ
What is the currency of India?
aBaht
bYen
cRupiah
dRupee
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Q244
PYQ
For Rabi marketing season 2021-22, the Cabinet Committee on Economic Affairs (CCEA) announced highest increase in Minimum Support Price (MSP) for ______.
alentil
bgram
cbarley
dwheat
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Q245
PYQ
_____ are those where a monthly instalment is deposited in the accounts every
asavings bank deposits
breinvestment deposits
cfixed deposits
drecurring deposits
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Q246
PYQ
Which of the following is NOT an indirect tax?
aExcise tax
bGoods and Services tax
cCustoms duty
dWealth tax
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Q247
PYQ
Total deposits with Post Office savings organisations are included in which money supply aggregate?
aM1
bM3
cM4
dM2
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Q248
PYQ
When expenditure exceeds revenue, the budget is said to be in __________.
adeficit
bsurplus
creserve
ddebt
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Q249
PYQ
Which of the following is NOT an advantage of E-Commerce?
aCost saving and price reduction
bLate response to customer needs
cWider choice
dImproved customer services
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Q250
PYQ
Goods and services tax (GST) became operational from ______.
a1 July 2017
b1 May 2016
c1 April 2016
d1 April 2017
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Q251
PYQ
Which Five-Year Plan in India was mainly focussed on Garibi Hatao, creation of employment opportunities and agricultural production amongst other objectives?
aFifth
bFourth
cThird
dSecond
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Q252
PYQ
What do you call the rate of formation of new organic matter by consumers?
aTertiary productivity
bPrimary productivity
cNet productivity
dSecondary productivity
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Q253
PYQ
Which of the following is one of the Open Market Operations by the Reserve Bank of India?
aBuying and selling of bonds issued by the Government in the open market
bBuying and selling of bonds issued by commercial banks in the open market
cOnly buying of bonds issued by the Government in the open market
dOnly selling of bonds issued by the Government in the open market
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Q254
PYQ
Which bank is referred to as ‘The lender of last resort’?
aCentral Bank
bState Bank
cDena Bank
dWorld Bank
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Q255
PYQ
Unemployment arising due to mismatch between Job availability in the market and skills of available worker is called?
aSeasonal
bStructural
cEconomical
dFrictional
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Q256
PYQ
Which of the following is an Indirect Tax in India?
aGoods and Services Tax
bIncome Tax
cCorporation Tax
dCapital Gains Tax
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Q257
PYQ
Which of the following was the first development bank in India?
aNational Housing Bank
bExport Import Bank of India
cIndustrial Finance Corporation of India
dIndustrial Development Bank of India
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Q258
PYQ
Plan revenue expenditure relates to _______. I. Five-year plans II. Salaries and pensions
aOnly I
bNeither I nor II
cBoth I and II
dOnly II
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Q259
PYQ
Which of the following is NOT one of the methods of national income estimation?
aBanking method
bProduct method
cIncome method
dExpenditure method
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Q260
PYQ
As per the Economic Survey 2020–21, net FPI (Foreign Portfolio Investment) recorded an all- time monthly high of US$9.8 billion in ______.
aOctober 2020
bDecember 2020
cSeptember 2020
dNovember 2020
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Q261
PYQ
In India, which of the following statements is true about the National Investment Fund? Statements: I. It was created in 2005. II. 75% of its annual income was to be used for schemes promoting health, education and employment. III. It was dissolved in 2018.
aOnly statement I
bOnly statement II
cOnly statements I and III
dOnly statements I and II
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Q262
PYQ
In India, which of the following is NOT an objective of the National Manufacturing Policy?
aTo increase the sectoral share of manufacturing in GOP to at least 25% by 2022.
bTo double the exports of manufacturing goods by 2022.
cTo increase the rate of job creation so as to create 100 million additional jobs by 2022.
dTo enhance global competitiveness, domestic value addition, technological depth and environmental sustainability of growth.
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Q263
PYQ
Goods and Service Tax is an example of _______.
acompensation to employees
bdirect tax
ctransfer payment
dindirect tax
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Q264
PYQ
Why is PC Mahalanobis' name talked about in the context of Five-Year Plans?
aHe was the chairman of the Planning Commission.
bHe established the Institute of Economic Growth.
cHe conceptualised the framework for the Second Five-Year Plan.
dHe was the finance minister during the First Five-Year Plan period.
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Q265
PYQ
Hindustan Copper Limited (HCL) was incorporated in the year ....... .
a1963
b1981
c1967
d1972
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Q266
PYQ
In which Five-Year-Plan was the process of economic reforms was introduced in India?
aTenth
bFifth
cEighth
dSixth
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Q267
PYQ
What is the currency of Russia?
aRuble
bRinggit
cFranc
dLira
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Q268
PYQ
The Second Five-Year Plan (1956-61) had a major goal of achieving which of the following targets?
aSelf-reliant and self-generating economy
bGrowth with stability
cRapid industrialisation with focus on heavy industries
dGrowth with social justice
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Q269
PYQ
Which of the following is a possible criticism of privatisation?
aExpansion of bureaucracy and efficiency in public enterprises
bExcessive government interference into private businesses
cLimited access to essential services for marginalised populations
dReduced competition and innovation in the market
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Q270
PYQ
The national poverty line for 2011-12 was estimated at ________ per capita per month for urban areas of India.
a3,000
b1,000
c2,000
d1,500
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Q271
PYQ
Under Statutory liquidity ratio, commercial banks are required to keep a fraction of in form of _____ liquid assets.
acurrent deposits
btotal demand and term deposits
cterm deposits
dsaving deposits
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Q272
PYQ
Non-Tax revenue is part of __________.
aRevenue Expenditure
bRevenue Receipts
cCapital Expenditure
dCapital Receipts
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Q273
PYQ
Which of the following institutions was set up in 1982 in order to streamline credit facilities to farmers at a national level?
aNEDFI
bNABARD
cIFCI
dSIDBI
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Q274
PYQ
Agriculture sector is a part of the:
atertiary sector
bsecondary sector
cprimary sector
dquaternary sector
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Q275
PYQ
Which of the following is an institutional source of credit in India?
aMoney lenders
bCommission agents
cTraders
dCommercial banks
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Q276
PYQ
In Five year plans, Plan a Holiday was from ______.
a1966-1969
b1974-1979
c1961-1966
d1969-1974
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Q277
PYQ
The Pradhan Mantri Rojgar Yojana was started during the _________.
aNinth Five-Year Plan
bEighth Five-Year Plan
cSeventh Five-Year Plan
dTenth Five-Year Plan
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Q278
PYQ
________ emerged as the poorest state as per the first-ever Multi-dimensional Poverty Index (MPI) prepared by Niti Aayog and launched in November 2021.
aBihar
bMadhya Pradesh
cUttar Pradesh
dMizoram
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Q279
PYQ
If the interest rate goes up, the demand for money will______.
aFirst rise and then falls
brise
cremain the same
dfall
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Q280
PYQ
The Reserve Bank of India introduced a comprehensive regulatory framework for NBFC-MFI on __________.
a10 December 2015
b2 December 2011
c8 December 2013
d5 December 2012
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Q281
PYQ
Identify the INCORRECT statement in the context of Microfinance Institutions in India.
aA microfinance loan is given to a household having annual household income up to ₹ 3,00,000.
bA microfinance loan is a collateral-free loan.
cWhen giving a microloan, a household means an individual family unit, i.e., husband, wife, and unmarried children.
dA microfinance loan should be linked with a lien on the deposit account of the borrower.
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Q282
PYQ
'BFSI' stands for Banking, Financial Services and ____ in India. It is a broad term for industries that offer financial products and services,
aInflation
bInvestment
cInsurance
dIndex Fund
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Q283
PYQ
The national poverty line for 2011-12 was estimated at _____ per capita per month for rural areas of India.
a₹1,206
b₹760
c₹816
d₹900
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Q284
PYQ
Which of the following is NOT included in capital receipts?
aBorrowings
bRecovery of loans
cTaxes
dForeign aid
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Q285
PYQ
An annual statement of the estimated receipts and expenditure of the government over the fiscal year is known as:
aIncome sheet
bPlan
cAccount
dBudget
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Q286
PYQ
Who among the following was the first person to discuss the poverty line in pre-independent India?
aDadabhai Naoroji
bMahalanobis
cDr. BR Ambedkar
dRK Shanmukham Chetty
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Q287
PYQ
Which of the followings is NOT an example of factor payment?
aInterest
bWages
cRent
dPension
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Q288
PYQ
Fisher's quantity theory is explained by his famous equation given as_______.
aMP = VT
bMV = PT
cMT = PV
dPV = MV
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Q289
PYQ
Micro credit or micro finance is a novel approach to bank with poor. In this approach bank credit is extended to the poor through ......... .
aco-operative credit societies
bRBI
cself-help groups
danganwadees
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Q290
PYQ
'A Plan of Economic Development for India' is also known as _______ .
aDelhi Plan
bGujarat Plan
cSurat Plan
dBombay Plan
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Q291
PYQ
What was the prime target of the first five-year plan of India?
aDevelopment of agriculture
bDevelopment of industries
cDevelopment of ports
dDevelopment of infrastructure
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Q292
PYQ
In 2021, which financial institution entered into a collaboration with Google India Pvt Ltd (GIPL) for piloting a social impact lending programme with financial assistance up to ₹1 crore at subsidised interest rates?
aIFCI
bNABARD
cIIFCL
dSIDBI
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Q293
PYQ
In which industrial policy was the investment limit for tiny industry/unit increased to ₹2 lakh?
a1977
b1991
c1980
d1956
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Q294
PYQ
In which union budget was India's first sovereign wealth fund named 'National Investment and Infrastructure Fund (NIIF)' announced?
a2015-16
b2021-22
c2017-18
d2019-20
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Q295
PYQ
In India, according to the Insolvency and Bankruptcy Code, 2016, the process of insolvency resolution for companies should be completed in how many days?
a180
b150
c170
d120
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Q296
PYQ
Before the rise of the modern industrial system, Indian exports consisted chiefly of manufactures like?
aelectricals
bchemicals
clight machinery
dcotton and silk fabrics
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Q297
PYQ
Which of the following Acts was introduced to regulate Foreign Exchange in India in 1973?
aFERA
bFEMA
cFRBM
dSARFESI
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Q298
PYQ
The country can improve its balance of payments by devaluation when the sum of elasticity of demand for exports and imports is ____?
aless than unity
bequal to unity
cgreater than unity
dzero
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Q299
PYQ
In the self-help group, the loan and saving decisions are taken by the _______
agroup members
bnon-government organisation
cbank
dgovernment
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Q300
PYQ
Which of the following is NOT a function of money?
aMedium of exchange
bProblem in storage
cMeasure of value
dStandard of deferred payments
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Q301
PYQ
In India, what type of unemployment is created due to a lack of employable skills among the educated youths in India?
aStructural unemployment
bEducated unemployment
cCyclical unemployment
dTechnological unemployment
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Q302
PYQ
Who is the regulator of Micro Finance Institutions in India?
aSEBI
bRBI
cNABARD
dSBI
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Q303
PYQ
In December 2022, India's Pension Fund Regulatory and Development Authority (PFRDA) has recommended the federal government to introduce a pension scheme like UK pension scheme for the country's ....... .
aparamedics
bfarmers
cgig workers
dtextile workers
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Q304
PYQ
Which of the following is considered a capital expense?
aPension
bPayment of salaries
cSubsidies
dConstruction of school buildings
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Q305
PYQ
Harrod-Domar growth model is known for highlighting the role of savings and investments. Which Five-Year Plan in India was based on this model?
aFirst
bSecond
cFourth
dThird
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Q306
PYQ
Which of the following is an indirect tax?
aCapital gains tax
bGoods and services tax
cWealth tax
dGift tax
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Q307
PYQ
Assume that exchange rate between the US Dollar and Indian Rupee is 1 = ₹60, then in this case the Indian Rupee has ____ in comparison to the US dollar.
adepreciated
bappreciated
cDemonetised
dovervalued
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Q308
PYQ
Net Investment plus Depreciation gives an estimate of which of the following?
aGross Domestic Product
bPersonal income
cGross investment
dPrivate investment
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Q309
PYQ
Which of the following options represents the total income earned by individuals from all the sources before deduction of personal income taxes?
aDisposable income
bPersonal income
cGross income
dNational income
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Q310
PYQ
_________ was the chairman of the planning commission when the first five year plan was formulated in India.
aDr Rajendra Prasad
bSubhash Chandra Bose
cLal Bahadur Shastri
dJawaharlal Nehru
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Q311
PYQ
Which of the following is NOT included in domestic income?
aIncome earned by the residents of the country
bIncome earned by the non-residents outside the country
cIncome earned by all the employees of the country
dProfit of all the industries of the country
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Q312
PYQ
Small scale units are differentiated from large scale units on the basis of:
athe size of unit area
bthe volume of sales
cthe volume of output
dthe amount of investment
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Q313
PYQ
Which of the following is also known as the 'lender of the last resort'?
aSEBI
bRRBs
cRBI
dSBI
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Q314
PYQ
Consider the following statements about unemployment in India: a) Seasonal unemployment is mainly found in urban areas. b) Educated unemployed people are mainly found in rural areas of India. c) Higher cropping intensity is desirable for reducing unemployment in the rural economy. Which of the given statements is/are correct?
aOnly c
bOnly b and c
cOnly a and b
dOnly a
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Q315
PYQ
The intervention of the government, whether to expand demand or reduce it, constitutes the ___________.
aspeculative function
bredistribution function
cstabilisation function
dtransaction function
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Q316
PYQ
Which of the following is an example of revenue receipt of the government?
aReceipts from sale of shares of public sector companies
bRecovery of loans
cGST collected by the government
dBorrowings from public
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Q317
PYQ
Which five-year plan emphasised on the development of industries and industrial base in India?
aSecond
bFourth
cThird
dFirst
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Q318
PYQ
Machines, tools and implements, and buildings are examples of which type of goods?
aConsumer good
bInferior goods
cIntermediate goods
dCapital goods
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Q319
PYQ
In December 2021, the ________ approved a $500 million loan to the Government of India to help improve the quality of the country’s school education and mitigate the impact of the COVID-19 pandemic on the students’ learning.
aCentral Bank of Bahrain
bEuropean Central Bank
cAsian Development Bank
dNational Development Bank
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Q320
PYQ
Which of the following is NOT one of the scheduled public sector banks in India?
aCanara Bank
bUCO Bank
cIndian Overseas Bank
dBandhan Bank
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Q321
PYQ
The term of trade refers to ________.
athe excess of import expenditures over export earnings
bthe trade agreements
cthe terms and conditions on which a country is offered loan
dthe ratio between export prices and import prices
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Q322
PYQ
Which of the following is NOT one of the characteristics of the new agricultural strategy?
aUse of chemical fertilisers
bUse of hybrid seeds
cExtensive irrigation
dUse of organic manures
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Q323
PYQ
Which five-year plan aimed to increase the rapid growth in food grains production?
aSeventh Five-Year Plan
bEighth Five-Year Plan
cSixth Five-Year Plan
dFifth Five-Year Plan
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Q324
PYQ
Which of the following can be referred to in the estimation of poverty?
aAverage Marginal Utility
bMaximum Support Value
cMinimum Support Price
dMonthly Per Capita Expenditure
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Q325
PYQ
India has been ranked _________ in the Medical Tourism Index (MTI) for 2020-21 out of 46 destinations by the Medical Tourism Association.
a10th
b15th
c20th
d5th
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Q326
PYQ
The National Multidimensional Poverty Index 2021 (MPI) was released by which of the following?
aWorld Bank
bMinistry of Finance
cNITI Aayog
dMinistry of Social Justice and Empowerment
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Q327
PYQ
What is the currency of the United Kingdom?
aPound
bEuro
cKrona
dFranc
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Q328
PYQ
The concept of 'Vicious Circle of Poverty' is related to:
aKarl Marx
bNurkse
cAdam Smith
dNone of the above
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Q329
PYQ
What is the currency of China?
aYuan
bYen
cWon
dBaht
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Q330
PYQ
Transport, Communication, and Commerce come under the:
aPrimary activities
bSecondary activities
cRural activities
dTertiary activities
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Q331
PYQ
An underdeveloped economy is generally characterized by: I Low per capita income II. Low rate of capital formation III. Low dependency ratio IV. Work force largely in the tertiary sector Select the correct answer from the codes given below:
aI and II
bII and III
cIII and IV
dI and IV
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Q332
PYQ
The basis of poverty estimates in India is :
aPer capita income
bPer capita expenditure
cHousehold consumption expenditure
dNone of the above
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