Planned economy is also known as _________.

(a)

Capitalist Economy

(b)

Socialist Economy

(c)

Mixed Economy

(d)

All the above

How the economy is divided based Nature of Functioning?

(a)

Static and Dynamic Economies

(b)

Developed and underdeveloped economies

(c)

Capitalist and Socialist economics

(d)

None of above

Assertion: Planning is an integral part of a Capitalist economy.
Reason: In socialist system, all decisions are undertaken by the central planning authority

(a)

Both (A) and (R) are true and (R) is the correct explanation of (A).

(b)

Both (A) and (R) are true, but (R) is not the correct explanation of (A)

(c)

(A) is true, but (R) is false

(d)

(A) is false, but (R) is true

Assertion: Economic System refers to the manner in which individuals and institutions are connected together to carry out economic activities in a particular area.
Reason: It is the methodology of doing economic activities to meet the needs of the society.

(a)

Both A and R are true and R is the correct explanation of A.

(b)

Both A and R are true but R is not the correct explanation of A.

(c)

A is true but R is false.

(d)

A is false but R is true.

With what kinds of topics does macroeconomics concern itself?

(a)

Economic activities of individual firms, households, and other organizations

(b)

Forces of supply and demand in a particular market

(c)

Consumer behavior and firms output decisions

(d)

Aggregate economic phenomena like the rate of unemployment and inflation

National Income provides a comprehensive measure of _________ activities of a nation.

(a)

Economic activity

(b)

Production activity

(c)

Consumption activity

(d)

Industrial activity

Output = ________ = Expenditure.

(a)

Output

(b)

Expenditure

(c)

Price

(d)

Income

According to the year 2001, Indian per capita income is _________ dollar.

(a)

520

(b)

460

(c)

240

(d)

900

Which of the following includes five types of final goods and services?

(a)

GNP

(b)

GDP

(c)

NDP

(d)

NNP

Assertion: Double counting is to be included under value added method.
Reason: Any commodity which is either raw material or intermediate good for the final production should not be included.

(a)

Both (A) and (R) are true and (R) is the correct explanation of (A).

(b)

Both (A) and (R) are true, but (R) is not the correct explanation of (A).

(c)

(A) is true, but (R) is false

(d)

(A) is false, but (R) is true

Assertion: Personal income is the total income received by the individuals of a country from all sources before payment of direct taxes in a year.
Reason: Personal income is never equal to the national income, because the former includes the transfer payments whereas they are not included in national income

(a)

Both A and R are true and R is the correct explanation of A

(b)

Both A and R are true but R is not the correct explanation of A.

(c)

A is true but R is false

(d)

A is false but R is true

'Rate of interest is a reward for parting with liquidity' - Its belongs to which theory.

(a)

Keynesianism

(b)

Socialism

(c)

Both 'a' and 'b'

(d)

Classicism

Which of the following economies largely structural unemployment which is due to slow rate of capital formation?

(a)

Developing economies

(b)

Underdeveloped economies

(c)

Developed economies

(d)

None of the above

In the classical theory, one of the following is an important assumption

(a)

Wages and prices are inflexible

(b)

There is full employment

(c)

Agents are price setters

(d)

Adjustment is through quantity

Mohan used to work as an autoworker, and due to the decline of the Indain auto industry, is now unemployed and thinking about retraining as a bicycle assembler. What type of unemployment is he experiencing?

(a)

frictional unemployment

(b)

structural unemployment

(c)

cyclical unemployment

(d)

natural unemployment

If the MPC = 0.6, find MPS

(a)

1

(b)

0.4

(c)

0.6

(d)

2

Marginal propensity to save is measured by ____________

(a)

ΔC/ΔY

(b)

ΔS/ΔY

(c)

C/Y

(d)

S/Y

What is relevant in the context of MEC?
I. The prospective yield from a capital asset.
II. The supply price of a capital asset.

(a)

I only relevant

(b)

II only relevant

(c)

Both I and II are relevant

(d)

Both are irrelevant

As the value of MPC increases, the value of multiplie

(a)

Decreases

(b)

Increases

(c)

Constant

(d)

Cannot say

In India, currency notes are issued by the_______

(a)

State Bank

(b)

RBI

(c)

World Bank

(d)

SBI

The new symbol of Rupee is an amalgamation of Devanagri ‘Ra’ and the ______ without the stem.

(a)

Arial ‘R’

(b)

Roman ‘R’

(c)

Italian ‘R’

(d)

Greek Script ‘R’

Which is not a major anti-inflationary fiscal measures are the following

(a)

Reduction of Government Expenditure

(b)

Public Borrowing

(c)

Augmenting Foreign Investment

(d)

Enhancing taxation

Which of the following are costs of inflation?
I. Inflation weakens the creation of credit and capital markets.
II. Inflation distorts business behavior, especially investment behavior.
III. Inflation increases the prices of foreign goods relative to domestic goods.
IV. Inflation imposes a tax on the holders of money.

(a)

I and II only

(b)

III and IV only

(c)

I, II and IV only

(d)

I, II and III only

________ is the monetary authority of the country.

(a)

Central bank

(b)

RBI

(c)

SBI

(d)

Both 'a' and 'b'

The modern banks create deposits in two way, they are _____ deposit and ______ deposit.

(a)

primary, derived

(b)

secondary, derived

(c)

primary, divided

(d)

preventable, divided

Who is “Lender of Last Resort”?

(a)

World Bank

(b)

Government

(c)

RBI

(d)

Private Bank

The Paytm Payments Bank is a separate entity in which founder Vijay Shekhar Sharma will hold _______?

(a)

51% share

(b)

50% share

(c)

41% share

(d)

25% share

Assertion: Now-a-days, banks offer very attractive schemes to induce the people to save their money with them and bring the savings mobilized to the organized money market.
Reason: If the banks do not perform this function, savings either remains idle or used in creating other assets,(eg. gold) which are low in scale of plan priorities.

(a)

Both A and R are true and R is the correct explanation of A

(b)

Both A and R are true but R is not the correct explanation of A

(c)

A is true but R is false

(d)

A is false but R is true

_______ means value of exports is more than that of imports.

(a)

Unfavorable trade

(b)

International trade

(c)

Favorable trade

(d)

External trade

Which is of the following statement is modern theory of trade

(a)

It presents a one factor (labour) model

(b)

It attributes the differences in the comparative costs to differences in the productive efficiency of workers in the two countries

(c)

the phenomenon of international trade on the basis of labour theory of value

(d)

It presents a multi - factor (labour and capital) model

According to the classical theory of international trade:

(a)

Only countries with low wages will export

(b)

Only countries with high wages will import

(c)

Countries with high wages will have higher prices

(d)

All the above are false

Assertion: The classical theory argued that the basis for foreign trade was comparative cost difference and it considered only labour factor
Reason: But the modern theory of international trade explains the causes for such comparative cost difference

(a)

Both A and R are true and R is the correct explanation of A

(b)

Both A and R are true but R is not the correct explanation of A

(c)

A is true but R is false

(d)

A is false but R is true

Who are the "founding fathers" of both the world bank and the IMF?

(a)

John Maynard Keynes and Harry Dexter White

(b)

Adam smith and J.M. Keynes

(c)

Rudi Dorbush and Adam smith

(d)

Alfred Marshall and Adam smith

What was the initial term proposed for the coining of GATT?

(a)

OTP

(b)

ITP

(c)

SAF

(d)

SDR

India became a member of MIGA in ……………..?

(a)

1994

(b)

1995

(c)

1996

(d)

1997

Expand the term SAIC

(a)

American Information Centre

(b)

Agricultural Information Centre

(c)

Agrarian Information Centre

(d)

Agricultural Investment Centre

Unbalanced budget are of ____________ types

(a)

3

(b)

2

(c)

4

(d)

5

GST is of _____________ tax.

(a)

Direct tax

(b)

Indirect tax

(c)

Multiple tax

(d)

Single tax

The defence expenditure of the government was Rs.10,874 crores in ________ which increased significantly to Rs.2,95,511 crores in _________?

(a)

1950-51 and 2018-19

(b)

1990-91 and 2018-19

(c)

1980-81 and 2018-19

(d)

2000-01 and 2018-19

How do you measure Revenue Deficit?

(a)

When RE + RR > 0

(b)

When RE - RR > 0

(c)

When RE - RR < 0

(d)

When RE - RR = 0

Pick out the item which is not a part of non-tax revenue,

(a)

Interest Receipts

(b)

Dividends

(c)

Customs

(d)

Profits

_______________ means “all the conditions, circumstances, and influences surrounding and affecting the development of an organism or group of organisms”.

(a)

atmosphere

(b)

environmental economy

(c)

ecosystem

(d)

Environment

Expand the following term NIHL.

(a)

Noise Induced Hearing Loss

(b)

Natural Induced Hearing Loss

(c)

Nitrogen Induced Hearing Loss

(d)

Neutron Induced Hearing Loss

Consider the following statements:
Assertion: Forests are a renewable resource.
Reason: They enhance the quality of the environment.
Select the correct answer from the codes given below:

(a)

Both A and R are true and R is the correct explanation of A

(b)

Both A and R are true but R is not the correct explanation of A

(c)

A is true but R is false

(d)

A is false but R is true

Assertion: Organic production is a holistic system designed to optimize the productivity and fitness of diverse communities within the agro-ecosystem, including soil organisms, plants, livestock, and people.
Reason: The principal goal of organic production is to develop enterprises that are sustainable and harmonious with the environment.

(a)

Both A and R are true and R is the correct explanation of A

(b)

Both A and R are true but R is not the correct explanation of A

(c)

A is true but R is false

(d)

A is false but R is true

The period of Eighth plan was

(a)

1978-83

(b)

1985-90

(c)

1992-97

(d)

1990-95

Associate the following conditions to a suitable type of economy.
“Low per capita income, widespread poverty, wide inequality in distribution of income and wealth, overpopulation, low rate of capital formation, high rate of unemployment, technological backwardness, dualism, etc.”

(a)

developed economy

(b)

Underdeveloped economy

(c)

mixed economy

(d)

advanced economy

Find the meaning of the following statement “If People spend larger proportion of their income and time on entertainment liquor and other illegal activities, productive activities may suffer”

(a)

crony capitalism

(b)

capitalism

(c)

socialism

(d)

casino capitalism

Jawaharlal Nehru was the first Chairman of ________________ Government of India.

(a)

Planning Commission

(b)

Finance Commission

(c)

Economic Advisory Council

(d)

Constitutional

Consider the following statement with regards to planning commission.
1. It is a central body for making planning in India.
2. Planning commission was constituted on 15th March, 1950.
3. Finance minister is ex-officio chairman of this commission.
4. Final clearance to planning is given by ‘National Development Council’
Select the correct answer from the given codes below:

(a)

1 and 2

(b)

3 and 4

(c)

1, 2 and 4

(d)

1, 2, 3 and 4

Find the meaning of the following statement “If People spend larger propotion of their income and time on entertainment liquor and other illegal activities, productive activities may suffer”

(a)

Hayek

(b)

Joseph Waker

(c)

Lipsey

(d)

Thomas Piketty

The growth of an economy is indicated by an

(a)

Increase in savings

(b)

Increase in investment

(c)

Increase in general prices

(d)

Increase in national income

There are two major types of statistics named as _________ and __________ based on nature.

(a)

new statistics and old statistics

(b)

descriptive statistics and inferential statistics

(c)

numerical statistics and inferential statistics

(d)

none of the above

Who introduced the concept of standard deviation in 1893?

(a)

Relative measure

(b)

Absolute measure

(c)

Real measure

(d)

Nominal measure

Which is not a method of studying correlation?

(a)

Scatter diagram Method

(b)

Graphic Method

(c)

Karl Pearson’s Co - efficient of correlation and

(d)

Analysis of variance method

Econometrics may be considered as the integration of _________.

(a)

economics, statistics and mathematics

(b)

econometrics, statistics and mathematics

(c)

economics, applied statistics and mathematics

(d)

econometrics, statistics and applied mathematics

A scatter plot of number of teachers and number of people with commerce degrees for cities in India reveals a positive association. The most likely explanation for this positive association is:

(a)

Teachers encourage people to get college degrees, so an increase in the number of teachers is causing an increase in the number of people with college degrees.

(b)

Larger cities tend to have both more teachers and more people with college degrees, so the association is explained by a third variable, the size of the city

(c)

Teaching is a common profession for people with college degrees, so an increase in the number of people with college degrees causes an increase in the number of teachers.

(d)

Cities with higher incomes tend to have more teachers and more people going to college, so income is a confounding variable, making causation between number of teachers and number of people with college degrees difficult to prove.

R 2 is the notation for:

(a)

the coefficient of correlation.

(b)

the coefficient of determination.

(c)

the coefficient of variation.

(d)

the coefficient of regression