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Indian Economy Model Test 10 in English

Indian Economy Model Test Questions 10 in English

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Question 1
The First Five Year Plan of India was launched in
A
1947
B
1951
C
1956
D
1961
Question 2
Which one of the following is not a function of the Reserve Bank of India?
A
Issue of currency notes of various denominations
B
It is the banker to the Government
C
It is bankers’ bank
D
Issues credit to individuals
Question 3
In the context of consumerism, the term ‘Aparigraha’ means
A
limiting our wants
B
satisfying with minimum needs
C
satisfying only what is necessary
D
all of these
Question 4
Among the following which is not related to Industrial Development and Finance?
A
TIDCO
B
SIPCOT
C
TIIC
D
ITC
Question 5
Which of the following oil companies is not a public sector company?
A
Chennai Petroleum Company
B
Mangalore Refineries & Petrochemicals
C
Hindustan Oil Companies Ltd
D
Reliance Petroleum Ltd
Question 6
Which of the following fund(s) is/are operated directly from the Prime Minister’s Office?
  1. The Prime Minister’s National Relief Fund (PMNRF)
  2. National Defence Fund (NDF)
A
I only
B
II only
C
Both I & II
D
Neither I nor II
Question 7
Among the following taxes which is not considered as a direct tax?
A
Income tax
B
Sales tax
C
Gift tax
D
Wealth tax
Question 8
Match List I with List II correctly and select your answer using the codes given below:
  • List I                                             List II
  1. Gold collar workers 1. Involved in quaternary activities
  2. White collar workers 2. Involved in secondary activities
  3. Red collar workers 3. Involved in quinary activities
  4. Blue collar workers 4. Involved in primary activities
A
4 2 1 3
B
1 3 2 4
C
3 1 4 2
D
3 1 2 4
Question 9
In which tax the incidence and impact is on one and the same person?
A
Income tax
B
Sales tax
C
Value added tax
D
Service tax
Question 10
Match List I with List II correctly and select your answer using the codes given beow:
  • List I                                             List II
  1. First Five Year Plan 1. Self-sufficiency
  2. Second Five Year Plan 2. Agriculture and Industrial development
  3. Third Five Year Plan 3. Agriculture development
  4. Fourth Five Year Plan 4. Heavy industries development
A
2 4 1 3
B
1 2 3 4
C
3 4 2 1
D
3 4 1 2
Question 11
Five Stages of Economic Growth is the view of
A
Malthus
B
Alfred Marshall
C
Rostow
D
Lionel Robbins
Question 12
Match the following
  • List I                                                         List II
  1. The National Population Policy 1. 1991
  2. New Agricultural Policy 2. 1950
  3. The New Industrial Policy 3.  Feb 2000
  4. The Planning Commission 4. July 2000
A
1 4 2 3
B
3 1 2 4
C
4 3 1 2
D
3 4 1 2
Question 13
Match List I with List II
  • List I                                             List II
  1. IMF 1. Lower Servicing Charge on loans
  2. WTO 2. Separate legal entity
  3. IFC 3. Resolving trade disputes
  4. IDA 4. Short term credit institution
A
2 3 1 4
B
1 2 4 3
C
4 3 2 1
D
3 4 1 2
Question 14
Find the odd term out:
A
Life Insurance Corporation of India (LIC)
B
Industrial Finance Corporation of India (IFCI)
C
Unit Trust of India(UTI)
D
General Insurance Corporation of India(GIC)
Question 15
  • Assertion (A): Since the introduction of economic reforms in 1991, there has been a qualitative change in our planning.
  • Reason(R): The central objective of planning in India is to raise the standard of living of the people.
A
(A) and (R) are correct
B
(A) is wrong, (R) is correct
C
(A) and (R) are wrong
D
(A) is correct, (R) is wrong
Question 16
Disposable income = Personal income ____________
A
Personal taxes
B
Depreciation
C
Indirect taxes
D
Corporate taxes
Question 17
Who is the present Governor of Reserve Bank?
A
Mr. Y.V. Reddy
B
Mr. Rangarajan
C
Mr. M.K. Narayanan
D
Mr. D. Subbarao
Question 18
Select the answer from the given options:
  1. The Indian economy is characterized by
  2. Predominance of agriculture
  3. Predominance of industry
  4. Low percapita income
  5. Massive unemployment
A
1 and 2 only
B
1, 2 & 3 only
C
2, 3 & 4 only
D
1, 3 & 4 only
Question 19
Match List I with List II
  • List I                                                                     List II
  1. Nehru Yojgar Yojana 1. Micro financing to poor women
  2. Rashtriya Mahila Kosh 2. Poverty alleviation programme
  3. Indira Mahila Yojaana 3. Social assistance programme for women
  4. National maternity benefit scheme 4. Social empowerment of women
A
4 1 2 3
B
2 1 4 3
C
2 4 3 1
D
1 3 4 2
Question 20
Ninth plan targeted a growth rate of _____ for industry.
A
9%
B
8%
C
7%
D
5%
Question 21
Reason for privatization are
A
inefficiency indifference and corruption
B
indifference and corruption
C
inefficiency and indifference
D
inefficiency, indifference, irresponsibility and corruption
Question 22
Given the total invest expenditure an increase in the propensity to save will lead to a
A
fall in the rate of interest
B
fall in income
C
rise in the rate of interest
D
rise in income
Question 23
Which among the following is a socio-economic problem in India?
  1. Economic disparity
  2.  Maoist menace
  3.  Cinema screening
  4. Cricket match
A
I and II
B
III and II
C
IV and I
D
III and IV
Question 24
Gross Domestic Product at factor cost plus net factor income from abroad is known as
A
Net National Product at factor income
B
National Product – Depreciation
C
Gross National Product at factor cost
D
None of these
Question 25
The Mahalanobis strategy of planning was essentially
A
to achieve self-sustained long-term growth via investment in heavy sector
B
to achieve short-term , growth via investment in small scale industries
C
to achieve quick growth in services sector
D
none of these
Question 26
The basic objective of Gandhian model was
A
to raise the educational standard
B
to raise the social standard
C
to raise the material as well as cultural level
D
none of these
Question 27
  • Assertion(A): During the financial year 2011-2012 the Central Government is not likely to achieve the target of raising 40,000 crores through disinvestment policy.
  • Reason(R): Policy of increased  public borrowings to bridge the fiscal gap is justified.
In the context of the above two statements which one is correct from the given?
A
Both (A) and (R) are correct but (R) is not the correct explanation of (A)
B
Both (A) and (R) are correct and (R) is the correct explanation of (A)
C
(R) is correct but (A) is incorrect
D
(A) is correct but (R) is incorrect
Question 28
Consider the following and select the false ones:
  1. India’s food problem is concerned with demand and supply of food grains.
  2. India’s food problem is concerned with quality, distribution and economic reasons.
  3. India’s food problem is concerned with procurement of food grains.
  4. India’s food problem is concerned with improper distribution.
A
I and II false
B
IV alone false
C
III and IV false
D
I and III false
Question 29
Consider the following table:
  • Year                                  :  1973-74        1987-88                       1993-94                       1999-2000
  • Number of Poor
  • In India (in million)           : 321                    307                          320                              260
  • The year in which number of poor in India a sharp increase over that of the proceeding year is
A
1973 – 74
B
1987 - 88
C
1993 – 94
D
1999 – 2000
Question 30
Consider the following statements:
  • Assertion (A): After this completion of the third five year plan ‘Plan Holiday’ was given.
  • Reason(R): The third five year plan was affected by India-Chine war and India – Pakistan wars.
Select your answer according to the coding scheme given below:
A
Both (A) and (R) are false
B
(A) is false and (R) is true
C
(A) is true and (R) is false
D
Both (A) and (R) are true
Question 31
Who frames the monetary policy of India?
A
Finance Minister of India
B
Reserve Bank of India
C
Prime Minister of India
D
International Monetary Fund
Question 32
Match the following:
  1. Tax on income 1. Non tax revenue of State Government
  2. Sales Tax 2. Tax revenue of Central Government
  3. Interest receipts from railways 3. Non tax revenue of Central Government
  4. Court fees 4. Tax revenue of State Government
A
2 4 3 1
B
1 3 2 4
C
1 2 4 3
D
4 3 1 2
Question 33
Which among the following sectors has the largest contribution to the Gross Domestic Savings in India?
A
Public sector
B
Private sector
C
Unorganised sector
D
Household sector
Question 34
Indian Rupee symbol ‘₹’ was designed in 2010 by
A
D. Udaya Kumar
B
D. Arun Kumar
C
D. Udaya Sankar
D
D. Vijaya Kumar
Question 35
Which South Asian Country has adopted Gross  National Happiness as an index of well-being of its citizens?
A
Bangladesh
B
Bhutan
C
SriLanka
D
Myanmar
Question 36
Auditing the Governmental expenditure is vested with the
  1. The Finance Minister
  2. The Prime Minister
  3. The Finance Secretary
  4. Comptroller and Auditor General
A
I only
B
II only
C
II and III only
D
IV only
Question 37
Match List I with List II
  • List I                                             List II
  1. MGNREGA 1. To upgrade housing for BPL, SC/ST
  2. SGSY 2. For benefit of rural women
  3. IAY 3. Guaranteed wage employments for t least 100 days
  4. IMY 4. For improving the family income of rural poor
A
1 2 3 4
B
3 2 4 1
C
3 4 1 2
D
3 1 2 4
Question 38
Demographic dividend refers to
A
a greater proportion in the working age group of 15 – 64
B
a higher percentage share of dependents to working age population
C
getting more employment opportunities for the youth
D
a stable and balanced population
Question 39
Match List I with List II
  • List I                                                                                 List II
  1. Agriculture, Forestry and Fishery                                                                       1. Unorganized sector
  2. Mining, Manufacturing, Electricity Gas   and Water Supply                                                 2. Service sector
  1. Trade, Transport and Communication                                                               3. Secondary sector
  2. Unincorporated Enterprises and Household   industries                                                               4. Primary sector
A
1 2 3 4
B
4 3 2 1
C
2 4 1 3
D
3 4 1 2
Question 40
Which of the following is/are not included in the calculation of national income?
  1. Income earned through illegal activities
  2. Income from productive activity
  3. Capital gains or losses
  4. Unemployment allowance
A
I, III and IV
B
II and IV
C
I and IV
D
I, II and III
Question 41
India is a
A
developing economy
B
low income developing economy
C
middle income developing economy
D
underdeveloped economy
Question 42
The Second Five Year Plan strategy was to achieve the objective of self-sustained long-term growth via investment in the
A
heavy industries
B
machines
C
lighter industries
D
agriculture
Question 43
Which of the following statements about ‘India’s External Debt’, as on September 2012 end, is TRUE?
  1. India’s External debt stood at $ 365.3 billion
  2. It is up by $ 20 billion over the level of March 2012
A
I is true but II is false
B
II alone true
C
I alone true
D
I and II are true
Question 44
Match the following
  1. Reliance Group 1. World’s largest employer
  2. Indian Railways 2. The largest natural gas marketing Co.
  3. GAIL 3. Maximum number of branches
  4. State Bank of India 4. Maximum number of share holders in the world
A
4 1 2 3
B
1 2 3 4
C
2 3 4 1
D
3 4 1 2
Question 45
The target for average GDP per year in the Eleventh Five Year Plan was
A
6 percent
B
7 percent
C
8 percentage
D
9 percentage
Question 46
When was targeted Public Distribution System introduced?
A
1977
B
1987
C
1997
D
2007
Question 47
In India, in 2008, active population engaged in agriculture was
A
45 percent
B
47 percent
C
58 percent
D
88 percent
Question 48
Hydroponics is otherwise called as
  1. Soil-less agriculture
  2. Tank farming
  3. Chemical gardening
  4. All the above
A
1 and 2 only
B
1 only
C
2 and 3 only
D
4 only
Question 49
No. of banks nationalized in the years 1969 and 1980
A
14 and 18
B
6 and 12
C
14 and 6
D
8 and 12
Question 50
Consider the following:
  1. It is generally agreed that education is both consumption and investment.
  2. Human capital can be increased by investing in education, health and migration.
  3. The Indian education system is marked by equalities.
  4. In the year 1976 National policy on education was formulated.
Select which is not correct.
A
II only
B
I and II
C
III only
D
III and IV
Question 51
One Rupee Note, One Rupee Coin and other subsidiary coins are issued by
A
Reserve Bank of India
B
Finance Minister of India
C
Governor of Reserve Bank of India
D
Department of Finance, Government of India
Question 52
One of the major objective of land reform is
A
to improve agricultural marketing
B
to provide raw materials for industries
C
to facilitate the land based development of rural poor
D
to provide food grains for the entire population
Question 53
A
A
B
B
C
C
D
D
Question 54
A company director is acting as ___________
A
Agent of the company
B
Trustee of the company
C
Executive officer of the company
D
All of these
Question 55
The Government of India has set up the B.B. Maharajan Committee to study the development and growth of
A
Jute industry
B
Sugar industry
C
Iron and Steel Industry
D
Cotton textile industry
Question 56
PQLI refers to
A
Physical Quality of Life Index
B
Physical Quantity of Life Indicator
C
Primary Quantity of Living Indicator
D
All the above
Question 57
Consider the following statements:
  1. National Commission on farmers emphasized its need to increase productivity
  2. National Commission on farmers was silent on land reforms.
  3. National Commission on farmers has not given action plan for the revival of agricultural
A
(A) alone is correct
B
(A) and (B) are correct
C
(A), (B) and (C) are correct
D
(B) and (C) are correct
Question 58
Which of the following statements is/are true?
  1. Investment and capacity addition are critical for sustained industrial growth.
  2. Industrial growth measured in terms of Index of Industrial production shows fluctuating trends between 2007-08 and 2010 11.
A
I only
B
III only
C
I and II
D
I, II and III
Question 59
In the context of Indian economy:
  • The growth rate of GDP has steadily increased in the last five years.
  • The growth rate in per capita income has steadily increased in the last five years.
Which of the statements given above is/are correct?
A
1 only
B
2 only
C
Both 1 and 2
D
Neither 1 and 2
Question 60
Consider the following statements
  1. Consumption of chemical fertilizers has steadily increased between 2006-07 and 2010-11.
  2. The Nutrient based subsidy policy for fertilizers was implemented in 2010.
A
(A) alone is correct
B
(B) alone is correct
C
Both are correct
D
Both are wrong
Question 61
Match List I with List II
  • List I                                                         List II
  1. Satyam Committee 1. Petro chemicals
  2. Kapur Committee 2. Sugar industry
  3. S.P. Gupta Study Group 3. Textile industry
  4. B.B. Mahajan Committee 4. Small enterprises
A
3 1 4 2
B
3 4 1 2
C
2 4 3 1
D
2 1 3 4
Question 62
Human Development Index (HDI) is constructed with reference to
  1. Life expectancy at birth, real GDP per capita, gross enrollment ratio adult literacy.
  2. Life expectancy at birth, real GDP percapita, combined gross enrollment ratio, adult literacy ratio.
  3. Life expectancy, GDP percapita, infant mortality rate, literacy rate.
  4. GDP percapita, infant morality rate, literacy rate.
A
A and C
B
A and B
C
A, B, C
D
C only
Question 63
Who has not yet been appointed as the chairman of finance commission among the following.
A
Amrish Bagchi
B
Mahaveer Tyagi
C
N.K.P. Salve
D
Brah Manad Reddy
Question 64
Arrange the following rural development programme in ascending order according to their implementation by government of India.
  1. Food for work programme
  2. Community development programme
  3. TRYSEM
  4. IRDP
A
1, 2, 4, 3
B
1, 2, 3 and 4
C
2, 1, 4 and 3
D
2, 1, 3 and 4
Question 65
The eleventh five year plan (2007-12) fixed its target of annual growth per annum in GDP in agriculture and allied sectors as
A
6%
B
5.5 %
C
4%
D
7%
Question 66
The first five year plan began in the year
A
1947
B
1950
C
1951
D
1952
Question 67
primary employment providing sector in India is
A
Agriculture
B
Industry
C
Commodity
D
Service
Question 68
11th five year plan document titled as
A
Modern Document
B
Towards faster and more inclusive growth
C
Entire population becomes driving force of growth
D
Growth with stability
Question 69
Which of the following are associated with agricultural research?
  1.  ICAR
  2. DARE
  3. NAARM
  4. SIDO
A
III and IV
B
II and III
C
I, II and III
D
I, II and IV
Question 70
When was Kisan Credit Card introduced
A
1968-69
B
1978-79
C
1988-89
D
1998-99
Question 71
Trade mark (Amendment) bill was passed in the year
A
2009
B
2000
C
2010
D
None of these
Question 72
As of 2004-05, the planning commission estimated ____ percentages of population in Tami Nadu were below poverty line.
A
22.5
B
5.4
C
8.4
D
10.0
Question 73
With references to the meaning of index number in statistics consider the following statements:
  1. An index number is a statistical tool used to measure changes over time and to interpret economic fingures.
  2. Index numbers are values expressed as a percentage of single base figures.
Which of the statements given above  is / are correct?
A
I statement only
B
II statement only
C
Both I and II statements
D
Neither I nor II statement
Question 74
Inflation denotes the following situation
A
price level rises – money value falls
B
price level rises – money value rises
C
price level falls - money value falls
D
Price level falls – money value rises
Question 75
Consider the following statements and identify which one is not correct?
  • Inflation can be checked by some of the following measures : Select the incorrect measure:
A
increased taxation
B
increasing government expenditure
C
restrictions on imports
D
rationing
Question 76
Every bank has to keep certain minimum cash balance with RBI is called
A
Variable Reserve Ratio
B
Cash Reserve Ratio
C
Cash Discount Ratio
D
Trade Discount Ratio
Question 77
Match:
  1. First Five Year Plan 1. Eradication and Social poverty
  2. Second Five Year Plan 2. Equality and Social Justice
  3. Fifth Five Year Plan 3. Industrial Development
  4. Tenth Five Year Plan 4. Agriculture
A
4 3 2 1
B
2 1 3 4
C
1 3 4 2
D
2 4 1 3
Question 78
Which is the Public Sector Industry?
A
BHEL
B
Reliance
C
TATA
D
Ashok Leyland
Question 79
From the following, point out the statement not related to recommendation of Jean Dreze  Committee Report
A
The wages under MGNREGS should be linked to inflation
B
Wage rate should be revised upwards every three months in line with Consumer Price Index for Agricultural Labourers (CPIAL)
C
Wages should be consistent with Minimum Wages Act, 1948
D
Working hours under the scheme should be reduced from nine hours to seven hours a day
Question 80
Zero interest  EMI schemes was banned in 2013 by which of the following body?
A
Central Government
B
Securities Exchange Board of India
C
Reserve Bank of India
D
Planning Commission
Question 81
Which one of the following is not used to estimate national income?
A
Product Method
B
Investment Method
C
Expenditure Method
D
Income Method
Question 82
The ‘Food For Work’ programme was restructured and renamed as
A
Integrated Rural Development Programme (IRDP)
B
Drought Prone Area Programme(DPAP)
C
Rural Landless Employment Guarantee Programme(RLEP)
D
National Rural Employment Programme(NREP)
Question 83
Fiscal deficit =
A
Budget deficit + Market borrowings and liabilities
B
Primary deficit + Interest payments
C
Total receipts – Total expenditure
D
None of the above
Question 84
Consider the following statements with regard to the Adivasi Mahila Sashaktikaran Yojana (AMSY) and find out the correct answer:
  1. It is an exclusive scheme for the economic development of scheduled tribes women.
  2. A maximum interest rate of 6 percent per annum is charged from them for the loan.
A
1 only
B
2 only
C
Both 1 and 2 are true
D
Both 1 and 2 are false
Question 85
The average annual growth rate of Industrial sector during the 10th five year plan was
A
2.44 per cent
B
4.29 per cent
C
8.90 per cent
D
12.10 per cent
Question 86
Which of the following are the objectives of higher education in the Eleventh Five Year Plan?
A
Reduction of Regional imbalances
B
Setting up of equal opportunity offices in all universities
C
Reduction of disparity in rural and urban health care
D
Support to economically weaker section students with special scholarships
Question 87
Consider the following statements
  • Assertion(A): Govt. of India by land reforms decided to take over  the lands belonging landlords beyond a certain specified limit by the state and allot them to landless.
  • Reason(R): The supply of land is the most limited and the claimants for its possession are extremely just distribution of lands.
Now select your answer according to the codes given below:
A
(A) and (R) are true and (R) is the correct explanation of (A)
B
(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
Question 88
In India the 12th Five Year Plan covers the Period
A
2007-2012
B
2012-2017
C
2011-2016
D
2013-2018
Question 89
Choose the right answer:
  • Which among the following banks collaborated with the Department for International Development (DFID) U.K. for a new affordable housing scheme for low-income households in urban areas of India?
A
National Housing Bank
B
Housing and Urban Development Corporation
C
State Bank of India
D
Reserve Bank of India
Question 90
Consider the following statements:
  • Assertion(A): After the completion of the third five year plan holiday was given.
  • Reason(R): The third five year plan was affected by India-China war and India-Pakistan war.
Decide which one is true?
A
Both (A) and (R) are false
B
(A) is false and ® is true
C
(A) is true and (R) is false
D
Both (A) and (R) are true
Question 91
In the Union budget 2013-14, Rs. 1,000 crores has been allocated for funding women empowerment and safety. The name of the fund is called
A
Abhaya fund
B
Nirbhaya fund
C
Soubagya fund
D
Sumangali fund
Question 92
Privatization is supported for the following reasons, point out which of the following statement is / are correct.
  • To improves efficiency
  • To reduce government interferences.
  • To increase freedom and speed of decision making.
  • To disown the responsibility of the growth government.
  • To promote private sector culture by introducing competition.
A
I, II and IV are correct
B
I, II , III and IV are correct
C
I, III, IV and V are correct
D
I, III and IV are correct
Question 93
In 2007, the percapita consumption of energy in India was _______ Kilogram of oil equivalent.
A
529
B
592
C
295
D
925
Question 94
According to 2013-14 budget of India, what is the percentage of current revenue expenditure meant for payment of interest?
A
16 percent
B
26 percent
C
28 percent
D
32 percent
Question 95
Which district in Tamil Nadu secures first rank in percapita Income in 2009-10?
A
Chennai
B
Tiruvallore
C
Coimbatore
D
Kanniyakumari
Question 96
The main thrust of the Industrial Policy Statement 1977 was to
A
Promote large scale industries
B
Develop basic industries
C
Encourage small scale and cottage industries
D
Encourage agriculture and allied activities
Question 97
RBI launched the Market Stabilisation Scheme (MSS) in 2004
A
for the sale and purchase of Indian Currency
B
as an additional channel to mop up liquidity
C
to fix the rate of interest at the lower level
D
to control the general price level
Question 98
The Expert Group to review the methodology for the estimation of poverty in India in the year 2009 was headed by
A
V.M. Dandekar
B
L.R. Jain
C
Martin Ravillion
D
S.D. Tendulakar
Question 99
Expenditure tax in India was introduced by
A
T.T. Krishnamachari
B
C. Rajagopalachari
C
Yashwant Sinha
D
R. Venkatraman
Question 100
Consider the following statements:
  • Assertion(A): According to the New Economic Policy Globalisation is considered as an instrument of growth.
  • Reason(R): Globalisation increase the cost of transport and communication.
Which is the correct answer?
A
(A) is correct but (R) is wrong
B
(A) is wrong but (R) is correct
C
Both (A) and (R) are wrong
D
(A) and (R) are correct and (R) is not the correct explanation of (A)
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