EconomicsOnline Test
Indian Economy Model Test 5 in English
Indian Economy Model Test Questions 5 in English
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Question 1 |
Primary market deals with
raw material | |
agricultural produce | |
long term securities | |
short term securities |
Question 2 |
Registration of partnership is
compulsory | |
not necessary | |
optional | |
all of these |
Question 3 |
The closing stock should be valued at
cost price | |
market price | |
cost price or market price whichever is lower | |
none of these |
Question 4 |
Which type of deposits is called Demand Deposits?
Fixed deposits | |
Current deposits | |
Recurring deposit | |
Cash certificates |
Question 5 |
Auditing is compulsory in the case of
Sole tradership | |
Partnership | |
Joint stock companies | |
all of these |
Question 6 |
In which year the first Industrial policy was announced?
1940 | |
1945 | |
1948 | |
1950 |
Question 7 |
Point out the Act which is not connected to consumer protection:
Sale of Goods Act | |
Prevention of Food Adulteration Act | |
Essential Commodities Act | |
Indian Contract Act |
Question 8 |
Transportation is described as
physical marketing | |
exchange marketing | |
facilitating marketing | |
none of these |
Question 9 |
If a cheque bears a date before the date of issue, it is
post dated | |
invalid cheque | |
defective cheque | |
anti dated cheque |
Question 10 |
Where was the first Co-operative Society in the country started?
Delhi | |
Bihar | |
Karnataka | |
Tamil Nadu |
Question 11 |
Land Ceiling refers to
fixing the limit for holding urban land | |
fixing the limit of land for irrigation purpose | |
fixing the minimum limit of land owned by a family | |
fixing the land holding for industrial purpose |
Question 12 |
The principal source of revenue for Tamil Nadu Government is
Sales Tax | |
State excise duty | |
Entertainment Tax | |
Land revenue |
Question 13 |
The tax which yields maximum revenue to the Government of India is
Income Tax | |
Customs Duties | |
Excise Duty | |
Gift Tax |
Question 14 |
The duty of the Finance Commission in India is
to advise the Finance Minister | |
to settle the financial disputes among the states | |
to mediate in international transactions | |
to make recommendations on Centre-State financial relationship |
Question 15 |
Inflation can benefit one of the following sections:
Consumers | |
Creditors | |
Debtors | |
Labourers |
Question 16 |
Total number of banks nationalised so far is
14 | |
20 | |
22 | |
10 |
Question 16 Explanation:
Note: 19 in 2010
Question 17 |
The General Agreement on Tariff and Trade (GATT) was replaced by the World Trade Organisation in
1994 | |
1995 | |
1996 | |
1997 |
Question 18 |
National Income in India is computed by
Planning Commission | |
Central Statistical Organisation | |
Finance Commission | |
Reserve Bank of India |
Question 19 |
The Ninth Five Year Plan elates to the period
1980-85 | |
1985-90 | |
1990-95 | |
1997-2002 |
Question 20 |
Which is not a labour as a factor of production?
Labour is inseparable from labourers | |
It has poor bargaining power | |
It is less mobile | |
It is the result of savings |
Question 21 |
Economic Order Quantity refers to
the maximum quantity | |
the minimum quantity | |
the average quantity | |
the order quantity that minimizes total inventory cost |
Question 22 |
A Bill of Exchange contains
an unconditional order | |
a promise | |
request to deliver goods | |
none of these |
Question 23 |
The principles of “one man-on vote” is followed in
Joint Stock Company | |
Co-operative Society | |
Partnership | |
none of these |
Question 24 |
Which of the following is not a feature of socialism?
Centralised planning | |
No right to own property | |
No role for price mechanism | |
Freedom to do any business |
Question 25 |
Which Organisation implements “Crop Insurance Scheme”?
Life Insurance Corporation | |
General Insurance Corporation | |
Unit Trust of India | |
None of these |
Question 26 |
Which Organisation implements the “Monetary policy”?
Government of India | |
Reserve Bank of India | |
State Bank of India | |
State Government |
Question 27 |
The maximum number of people in India work in
primary sector | |
secondary sector | |
tertiary sector | |
none of these |
Question 28 |
Land reforms refer to
abolition of intermediaries | |
tenancy reforms | |
ceilings on land holding | |
all of these |
Question 29 |
ISI refers to
industrial CO-operative | |
farmer’s Co-operative | |
banks | |
a quality assurance for industrial products |
Question 30 |
The meaning of the World “economic” is closely associated with the word
free | |
scarce | |
unlimited | |
unrestricted |
Question 31 |
Devaluation of money means
deliberate reduction in external value of domestic currency | |
reduction in the value of money | |
increase in the volume of money | |
none of these |
Question 32 |
Expansion of GATT is
Gross Agreement of Tariffs and Trade | |
General Agreement on Trade and Traffic | |
Great Association of Trade and Tigers | |
General Agreement on Trade and Tariff |
Question 33 |
The period of Nineth Five Year Plan is
1994-1999 | |
1995-2000 | |
1996-2001 | |
1997-2002 |
Question 34 |
How many banks were nationalised in 1969?
16 | |
14 | |
13 | |
10 |
Question 35 |
Whose signature appears on ten rupee currency?
Minister of Finance | |
Governor Reserve Bank of India | |
Secretary, Ministry of Finance | |
None of these |
Question 36 |
The one rupee note bears the signature of
Secretary, Ministry of Finance | |
Governor, Reserve Bank of India | |
Finance Minister | |
None of these |
Question 37 |
The main aim of community Development programme is
setting up of co-operative societies | |
setting up of cottage industries | |
setting up agro-based industries | |
increasing the living standard of the rural people |
Question 38 |
The major advantage of setting up industries at the village level is the use of
modern technology | |
self-employment and family labour | |
skilled labour force | |
none of these |
Question 39 |
India devalued the rupee first in the year
1946 | |
1966 | |
1956 | |
1976 |
Question 39 Explanation:
Note: 1st time in 2001 – 9%, 2nd time in 2001 – 11%
Question 40 |
Which country accounts for the largest share of Indian exports?
U.S.A | |
U.K | |
Canada | |
Japan |
Question 41 |
The maximum number of people in India works in the
primary sector | |
secondary sector | |
tertiary sector service factor | |
none of these |
Question 42 |
Omkar Goswami Committee is associated with study of the issue of
industrial sickness | |
industrial disputes | |
industrial finance | |
industrial insurance |
Question 43 |
Graicunas propounded the theory of
span of control | |
supervision and guidance | |
departmentation | |
decentralisation of authority |
Question 44 |
Per capita income is
National income X population | |
Population/(National Income) | |
(National Income)/Population | |
all of these |
Question 45 |
Break even point occurs when
marginal revenue equates marginal cost | |
total revenue equates total cost | |
marginal revenue equates total cost | |
total revenue exceeds total cost |
Question 46 |
Which of the following banks act as lead banks?
Co-operative banks | |
Public sector banks | |
Private banks | |
Foreign banks |
Question 47 |
Per capita income of development countries is how many times higher than that of India?
5 times | |
15 times | |
20 times | |
50 times |
Question 48 |
Which of the following is not a direct tax?
income tax | |
wealth tax | |
sales tax | |
estate duty |
Question 49 |
‘Self Interest promotes general Welfare’ – whose statements is this?
Karl Marx | |
Periyar | |
sales tax | |
Ambedkar |
Question 50 |
Theory of population was given by
Adam Smith | |
Malthus | |
Ricardo | |
Keynes |
Question 51 |
The New Industrial policy of 1991 emphasized the expansion of
private sector | |
public sector | |
co-operative sector | |
joint sector |
Question 52 |
Minimum Wages Act was passed in the year
1947 | |
1948 | |
1949 | |
1950 |
Question 53 |
Planning is mixed economy implies
sharing of the means production between the state and private sector | |
sharing of the means of production between one state to another | |
sharing of the means of production between one city to another | |
sharing of the means of production from the country to another |
Question 54 |
Sectoral Composition of national income consists of
two sectors | |
three sectors | |
four sectors | |
five sectors |
Question 55 |
GDP , Gross Domestic Product means
income generated by the factors of production during a year within the country | |
Income from the factors of production + income from abroad | |
Income from factors of production – Depreciation | |
Income from factors of production –Taxes |
Question 56 |
The number of families benefited by Jawahar Rozgar – Yojana programme is
440 lakhs | |
460 lakhs | |
470lakhs | |
490 lakhs |
Question 57 |
TANSTIA is an association of
large scale industries | |
medium scale industries | |
small and tiny industries | |
small scale industries |
Question 58 |
The father of economics is
Alfred Marshall | |
Adam Smith | |
Ricardo | |
Karl Marx |
Question 59 |
Human capital formation refers to
increase in population | |
increase in capital goods | |
increase in the knowledge and skills of the people | |
increase in youth population |
Question 60 |
Bank Rate means
the interest rate at which Commercial Bank advance loans | |
the interest rate at which the banks settle their mutual loans | |
the interest rate at which Commercial Banks end to co-operative Banks | |
the interest rate at which the Central Bank rediscounts bills of exchanges |
Question 61 |
District Industries centres were set up under the policy of
1956 | |
1973 | |
1977 | |
1980 |
Question 62 |
The concept of joint sector was announced in the policy of
1956 | |
1970 | |
1973 | |
1980 |
Question 63 |
At present each bank branch serves on an average population of
12,000 | |
8,500 | |
15,000 | |
64,000 |
Question 64 |
The title of the book written by Karl Marx is
Wealth of Nations | |
Das Kapital | |
Personnel Management | |
Principles of Economics |
Question 65 |
The state which has the lowest percentages of persons below the poverty line to
Kerala | |
Maharastra | |
Punjab | |
Gujarat |
Question 66 |
Of the following which is the most important factor in economic growth?
Growth of capital formation | |
Growth of Technology | |
Growth of Agriculture | |
Foreign entrepreneurship |
Question 67 |
NABARD was established in the year
1981 | |
1982 | |
1983 | |
1984 |
Question 68 |
Which if the following is related to Urban areas?
JRY | |
NRY | |
NREP | |
TRYSEM |
Question 69 |
IRDP stands for
Indian Rural Development Programme | |
Integrated Rural Development Programme | |
Indian Rural Development Policy | |
None of these |
Question 70 |
The major advantage of a capitalistic economy is the
absence of trade cycles | |
equality of income and employment opportunities | |
end to unemployment | |
incentives to private enterprise |
Question 71 |
Interest on National Debt is includes in
Net National product | |
Gross National product | |
Personal Income | |
National Income |
Question 72 |
Khadi and village Industries commission was setup during
IInd plan | |
IIIrd plan | |
IVth plan | |
Vth plan |
Question 73 |
The object of factories Act is to deal with
Health and welfare | |
Working hours | |
Annual leave | |
All these |
Question 74 |
Mixed economy refers to
public sector | |
private sector | |
combination of public and private sector | |
None of these |
Question 75 |
“Bank Rate Policy” is refer to
rate of interest of commercial banks on their loans given | |
rate of interest of co-operative banks in their loans given | |
rate of interest of Reserve Bank on its advances to Commercial Banks | |
None of these |
Question 76 |
Petty cash book is used to record
expenses on purchase of asset | |
expenses of entertainment | |
salary paid | |
small amount spent regularly |
Question 77 |
The first directors of a company are usually appointed by
Shareholders | |
Board of Directors | |
Creditors | |
Promoters |
Question 78 |
The famous book “General and Industrial Management” was written by
Henry Fayol | |
F. W. Taylor | |
Elton Mayo | |
Peter Drucker |
Question 79 |
What is the rate of interest charged for the loans given under the Differential Rate of Interest Scheme?
10% | |
15% | |
6% | |
4% |
Question 80 |
The basic characteristic of an undeveloped country like India is
Underutilisation of resource | |
exploitation of labour | |
misuse of capital | |
lack of entrepreneurship |
Question 81 |
Blank money refers to
money accumulated by black market transactions | |
money accumulated by the evasion of taxes | |
money accumulated by monopoly trade | |
all of these |
Question 82 |
Adverse balance of trade refers to a situation where
Exports are more than imports | |
Imports are more than exports | |
Exports are equal to Imports | |
None of these |
Question 83 |
Progressive taxation refers to
Increase of rate of tax with increase of income | |
decrease of rate of tax with increase of income | |
constant rate of tax with increase on income | |
None of these |
Question 84 |
Deficit financing is
excess of expenditure by public sector enterprises over the income | |
excess of expenditure incurred by a Government over its receipt | |
excess of advance made by the Central Government to state Government | |
all of these |
Question 85 |
In 1998 the Nobel Prize winner of Economic is
Raja Chelliah | |
Manmohan Singh | |
Bimal Jalan | |
Amartya sen |
Question 86 |
During inflation prices, will
rise | |
fail | |
stagnate | |
not change soon |
Question 87 |
The farmer name of the State Bank of India was
United Bank of India | |
People’s Bank of India | |
Imperial Bank of India | |
Indian Bank |
Question 88 |
Pandiayn GramaBank operating in Tamil Nadu is a
Rural Development Bank | |
Co-operative Bank | |
Private Sector Bank | |
Regional rural Bank |
Question 89 |
The Head Office of Reserve Bank of India is at
New Delhi | |
Mumbai | |
Kolkata | |
Chandigarh |
Question 90 |
A debenture ears
dividend | |
commission | |
discount | |
interest |
Question 91 |
Federal Finance deals with
Central Government’s Finance | |
State Government’s Finance | |
Local Bodies Finance | |
Centre-states Finance relationship |
Question 92 |
The first Five-year plane gave top priority to
Agriculture and Irrigation | |
Large scale Industry | |
Unemployment and Poverty | |
Communication and Education |
Question 93 |
Dual economy refers to
co-existence of agriculture and industry | |
co-existence of large and small scale industries | |
co-existence of private and public sectors | |
co-existence of modern and backward segments |
Question 94 |
The Eighth Five-Year has been mainly designed to
development of heavy industries | |
removed of poverty | |
eradicate unemployment | |
eradicate unemployment and poverty |
Question 95 |
The per capita income of a country of a country is calculated by dividing the following by the population
National Income | |
Total money supply | |
Total tax revenue of the Government | |
Total bank credit |
Question 96 |
One of the following industries is not an agro-based one. Indentify it
Sugar | |
Cotton textile | |
Cement | |
Jute |
Question 97 |
According to the least estimates the percentage of population in India which lives below the poverty line is
51% | |
38% | |
24% | |
15% |
Question 98 |
Deficit financing results in
inflation | |
deflation | |
depression | |
none of these |
Question 99 |
The main contribution of Nobel prize winning economist Amartya Sen is in
Rural economics | |
Industrial Economics | |
Welfare economics | |
Econometrics |
Question 100 |
Filling is an important aspect of
Record-Keeping | |
Book-Keeping | |
House-Keeping | |
Time-Keeping |
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