Question 1

Inflation implies:
A)rise in budget deficit
B)rise in moneysupply
C)rise in general price index
D)rise in prices of consumer goods

Accepted Answer

Inflation is defined as a sustained increase in the general price level of goods and services in an economy over a period of time, which is measured by the general price index.

Question 2

Who is the originator of Green Revolution in India?
A)norman e. borlaug
B)m.s. swaminathan
C)garry backer
D)none of these

Accepted Answer

A

Question 3

Which of the following is the apex bank of India?
A)sbi
B)sbt
C)rbi
D)icici

Accepted Answer

A

Question 4

Which one of the following institution formulates monetary policy?
A)rbi
B)finance ministry
C)sebi
D)planning commission

Accepted Answer

The Reserve Bank of India (RBI) is responsible for formulating monetary policy in India. This includes decisions on interest rates and managing liquidity in the economy to ensure price stability and economic growth.

Question 5

National income estimation in India is the responsibility of
A)nsso
B)cso
C)finance ministry
D)national income committee

Accepted Answer

The Central Statistics Office (CSO) is responsible for the estimation of national income in India.

Question 6

As per the CSO classification, which of the following does not fall under industrial sector?
A)electricity
B)gas and water supply
C)transport and communication
D)manufacturing

Accepted Answer

Transport and communication are classified under the services sector, not the industrial sector. The industrial sector typically includes activities related to manufacturing, construction, electricity, gas, and water supply.

Question 7

Which one of the following brings out the publication called 'Energy Statistics' from time to time"
A)central power research institute
B)planning commission
C)pfcl
D)central statistical organization

Accepted Answer

The Central Statistical Organization (CSO) is responsible for bringing out the publication called 'Energy Statistics' from time to time. This publication provides comprehensive data on various aspects of energy production, consumption, and other related statistics in the country.

Question 8

The headquarters of UNFCCC is located at:
A)geneva
B)berlin
C)tokyo
D)bonn

Accepted Answer

The headquarters of the United Nations Framework Convention on Climate Change (UNFCCC) is located in Bonn, Germany.

Question 9

Which of the following brings out wholesale Price Index (WPI)
A)the reserve bank of india
B)the department of economic affairs
C)the labour bureau
D)ministry of industry

Accepted Answer

The Ministry of Industry, specifically the Office of the Economic Adviser under the Department for Promotion of Industry and Internal Trade, is responsible for compiling and releasing the Wholesale Price Index (WPI) in India.

Question 10

Economic depression is usually coupled with:
A)deflation
B)inflation
C)stagflation
D)hyperinflation

Accepted Answer

Economic depression is typically associated with deflation, which is a decrease in the general price level of goods and services, often because demand is significantly lower than supply.

Question 11

The phenomena of increasing prices but declining output and employment indicates:
A)disinflation
B)stagflation
C)reflation
D)open inflation

Accepted Answer

Stagflation is characterized by the combination of stagnant economic growth, high unemployment, and high inflation, which matches the description of increasing prices but declining output and employment.

Question 12

Which of the following is not a measure to control inflation adopted by the RBI and the Government?
A)monetary policy
B)financial inclusion
C)variation in margin requirements
D)changes in taxation

Accepted Answer

Financial inclusion is aimed at making financial services accessible at affordable costs to all individuals and businesses, irrespective of their net worth and size. It is not a direct measure to control inflation. Measures like monetary policy, variation in margin requirements, and changes in taxation are directly aimed at controlling inflation by influencing the overall demand and supply of money in the economy.

Question 13

Which of the authority is entrusted to retain the foreign exchange reserve of the country?
A)sebi
B)central government
C)rbi
D)exim bank

Accepted Answer

The Reserve Bank of India (RBI) is the authority responsible for managing the foreign exchange reserves of the country. This includes overseeing the buying and selling of foreign currencies to maintain the health of India's financial system.

Question 14

This is the rate at which RBI borrows money from commercial banks:
A)open market operations
B)slr
C)repo rate
D)reverse repo rate

Accepted Answer

The reverse repo rate is the rate at which the Reserve Bank of India (RBI) borrows money from commercial banks within the country.

Question 15

The basic objective of MUDRA bank is to:
A)give priority to sc/st enterprises
B)funding the unfunded areas
C)ensuring financial inclusion
D)all of the above

Accepted Answer

The basic objective of MUDRA (Micro Units Development and Refinance Agency) Bank is to fund the non-funded small businesses, ensure financial inclusion, and also give priority to SC/ST enterprises among others, making all of the options correct.

Question 16

In India deficit financing is used for raising resources for:
A)economic development
B)redemption of public debt
C)adjustment the balance of payments
D)reducing the foreign debt

Accepted Answer

Deficit financing in India is primarily used for economic development. It involves the government spending more money than it has in its revenues, which is often directed towards projects and initiatives aimed at boosting economic growth.

Question 17

Which of the following contributes largest share in the tax revenue of India?
A)service tax
B)wealth tax
C)income tax
D)securities transaction tax

Accepted Answer

Income tax is the largest contributor to tax revenue in India, primarily because it is levied on the broad base of individual and corporate income, making it a significant source of revenue for the government.

Question 18

Which one of the following state introduced 'fat tax' for the first time in India?
A)gujarat
B)kerala
C)karnataka
D)haryana

Accepted Answer

Kerala introduced the 'fat tax' for the first time in India, targeting fast food to combat obesity and encourage healthier eating habits.

Question 19

Demonetisation has the potential to generate long term benefits in terms of:
A)reduced corruption
B)greater digitalization of the economy
C)increased flaws of financial savings
D)all of the above

Accepted Answer

Demonetisation can lead to reduced corruption by making it harder to hold and transact in illicit cash. It can also encourage greater digitalization of the economy as people shift to electronic modes of payment. Additionally, it can increase the flow of financial savings into formal financial institutions as people deposit their cash holdings. Thus, all of the options listed are potential long-term benefits of demonetisation.

Question 20

What is the level of sex ratio in India as per the Census Report of 2011?
A)930
B)935
C)940
D)945

Accepted Answer

The sex ratio in India as per the Census Report of 2011 is 940 females per 1000 males.

Quiz 2: Economics and Development

Inflation implies:

Who is the originator of Green Revolution in India?

Which of the following is the apex bank of India?

Which one of the following institution formulates monetary policy?

National income estimation in India is the responsibility of

As per the CSO classification, which of the following does not fall under industrial sector?

Which one of the following brings out the publication called 'Energy Statistics' from time to time"

The headquarters of UNFCCC is located at:

Which of the following brings out wholesale Price Index (WPI)

Economic depression is usually coupled with:

The phenomena of increasing prices but declining output and employment indicates:

Which of the following is not a measure to control inflation adopted by the RBI and the Government?

Which of the authority is entrusted to retain the foreign exchange reserve of the country?

This is the rate at which RBI borrows money from commercial banks:

The basic objective of MUDRA bank is to:

In India deficit financing is used for raising resources for:

Which of the following contributes largest share in the tax revenue of India?

Which one of the following state introduced 'fat tax' for the first time in India?

Demonetisation has the potential to generate long term benefits in terms of:

What is the level of sex ratio in India as per the Census Report of 2011?