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Indian Economy Model Test 7 in English

Indian Economy Model Test Questions 7 in English

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Question 1
Selling Creates
A
place utilities
B
time utilities
C
possession utilities
D
none of these
Question 2
The main objective of budgeting is
A
planning
B
co-ordination
C
control
D
all of these
Question 3
Consider the following statements
  1. Bank accepts deposits
  2. Bank issues loans and advances
  3. Bank is one of the financial institutions
  4. Banks are working under the direction of the RBI
Of the statements:
A
I alone is correct
B
I and II are correct
C
I, II and III are correct
D
All are correct
Question 4
Disguished unemployment exists in
A
Transport
B
Industry
C
Agriculture
D
Banking
Question 5
Coordination between public sector and private sector and private sector is seen in
A
Communism
B
Mixed economy
C
Marxism
D
Capitalism
Question 6
The Raj Committee (1972) probed into
A
Direct taxes
B
Indirect taxes
C
Agricultural holding tax
D
Non-tax revenue
Question 7
WTO refers to
A
World Traffic Organization
B
World Tax Organization
C
World Treaty Organization
D
World Trade Organization
Question 8
How many banks are nationalized in India till date
A
14
B
20
C
28
D
32
Question 9
Luxury goods will have
A
elastic demand
B
inelastic demand
C
unitary elastic demand
D
none of these
Question 10
Which of the following is considered production in economics?
A
Tilling of soil
B
Singing sing before friends
C
Preventing a fire accident
D
Painting a picture for pleasure
Question 11
In Monopoly, one can control
A
both price and output
B
either price or output
C
neither price nor output
D
none of these
Question 12
Match List I correctly with List II and select the correct answer by using the codes given below: List I                      List II
  1. Perfect competition 1. One seller
  2. Duopoly 2. Few seller
  3. Monopoly 3. Many sellers
  4. Oligopoly 4. Two sellers
A
3 4 1 2
B
4 3 2 1
C
2 1 3 4
D
1 2 4 3
Question 13
Narasimha committee report is about
A
Reforms in Banking sector
B
Reforms in Insurance sector
C
Reforms in Tax System
D
None of these
Question 14
SIDCO is for the development of a
A
Small Scale Industry
B
Tiny Industry
C
Large Scale Industry
D
Cottage Industry
Question 15
Storage creates
A
Place utilities
B
Time utilities
C
Form utilities
D
Ressession utilities
Question 16
Match List I correctly with List II and select your correct answer using the codes given below: List I                      List II
  1. Primary data 1. Data from newspaper
  2. Bivariate 2. 3600
  3. Secondary data 3. Direct observation
  4. Pie diagram 4. Two way frequency distribution
A
1 2 3 4
B
3 4 1 2
C
4 3 2 1
D
2 1 3 4
Question 17
Equity shareholders of a company are
A
owners of the company
B
creditors of the company
C
customers of the company
D
debtors of the company
Question 18
Market where goods are sold to the consumer is
A
whole sale market
B
terminal market
C
primary market
D
bartes system
Question 19
Which of the following is relevant to the Human Resource Development
A
Education development
B
Women and children development
C
Arts and cultural development
D
all of these
Question 20
Match List I correctly with List II and select your correct answer using the codes given below: List I                             List II
  1. BHEL 1. Joint Sector
  2. LIC 2. Public Limited Company
  3. Reliance Company Ltd 3. Statutory Company
  4. Indra Prastha Gas Ltd. 4. Public Sector
A
1 2 4 3
B
4 3 2 1
C
2 4 3 1
D
3 1 2 4
Question 21
Dumping is
A
a form of price discrimination at home
B
selling the product at a lower price in a foreign market
C
selling in the foreign market below cost
D
selling cheaper abroad and dearer at home
Question 22
Which of the following programme is not associated with rural areas?
A
IRDP
B
CRY
C
JRY
D
DWCRA
Question 23
Which of the following banks of India has initially introduced Kisan Credit Card?
A
State Bank of India
B
Union Bank of India
C
Bank of Baroda
D
The Federal Bank Ltd
Question 24
Match List I correctly with List II and select your correct answer using the codes given below: List I                      List II
  1. SAIL 1. Nationalised in 1969
  2. Agriculture 2. Silk Textile Industry
  3. NTC 3. Dr. M.S. Swaminathan
  4. Bank of Baroda 4. Iron and Steel Industry
A
3 2 1 4
B
4 3 2 1
C
1 2 4 3
D
2 1 3 4
Question 25
India’s balance of trade has been unfavourable
A
due to poor foreign export
B
because import exceeds export
C
due to poor export promotion
D
due to poor quality of expert goods
Question 26
The finance commission deals with
A
the sources of raising Central Government
B
the measures to be taken for controlling public expenditure
C
Centre-state financial relation
D
all are correct
Question 27
Recently it is proposed by Central Government to encourage private ownership in the field of
A
communication
B
electricity
C
insurance
D
all of these
Question 28
Globalization means
A
promoting co-operation among all countries
B
extending the size of market beyond geographical territory of a country
C
increasing the total productivity of world
D
none of these
Question 29
Economic development can be measured in terms of changes in
A
real per capital income
B
average cost of living pf the working class
C
GNP
D
none of these
Question 30
MRTP Act applies to
A
only private sector
B
only the public sector
C
only the multinationals
D
both public and private sectors
Question 31
The source of single largest revenue in India is
A
Direct taxes
B
Indirect taxes
C
Sales Tax
D
Excise duty
Question 32
Which of the following steps may be taken by a government to check inflation temporarily
A
Taxes should be reduced
B
Wages of workers should be increases
C
Money supply should be reduced
D
Money supply should be increased
Question 33
Monetary policy aims at
A
increase in the circulation of money
B
creation of credit by commercial banks
C
stability of prices
D
increase in per capital income
Question 34
The economist who warned against population explosion is
A
Adam Smith
B
Malthus
C
Karl Marx
D
J.M. Keynes
Question 35
Which of the following states leads in commerce and industry?
A
Maharastra
B
Tamil Nadu
C
Uttar Pradesh
D
West Bengal
Question 36
Pick out the correct order of the following on the basis of their employment potentials:
  1. Railways
  2.  Agriculture
  3. Road transport
  4.   Export trade
Of the statements
A
II, I, III, IV
B
I, II, IV, III
C
II, III, IV, I
D
IV, I, III, II
Question 37
Consider the following statements:
  • Assertion(A): Disgusted unemployment is generally found in Indian Agricultural sector
  • Reason(R): More and more people in rural areas are becoming literate
A
Both (A) and (R) are true and (R) is the correct explanation of (A)
B
Both (A) and (R) are correct 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 38
Expands MRTS
A
Mass Road Transport System
B
Madras Road Transport System
C
Mass Rapid Transport System
D
Madras Round Trip System
Question 39
IRBI means
A
Industrial Rural Bank of India
B
Investment Rural Bank of India
C
Industrial Reconstruction Bank of India
D
None of these
Question 40
Consider the following statements:
  1. Green Revolution means growing more and more day lands into wet lands
  2. Green Revolution means converting more and more dry lands into wet lands
  3. Green Revolution means promoting the sale of green colour paint
  4. Green Revolution means increasing the productivity of agriculture by using high yielding varieties of seeds.
Of the statements
A
I and II are correct
B
II and III are correct
C
I is correct
D
IV is correct
Question 41
Which is not a feature of labour as a factor of production?
A
Labour is inseparable from labourers
B
it has poor bargaining power
C
it is less mobile
D
it is result of savings
Question 42
Economic order quantity refers to
A
the maximum quantity
B
the minimum quantity
C
the average quantity
D
the order quantity that minimizes total inventory lost
Question 43
The  most important cause of Industrial sickness is
A
faulty planning
B
defective management
C
inefficient financial management
D
inefficient labourers
Question 44
Which of the following are in direct touch with the farmers?
A
State co-operative Banks
B
Central co-operative Banks
C
Primary Agricultural credit societies
D
both (A) and (B)
Question 45
Which one of the following is not an objective of India’s economic planning?
A
Population growth
B
Industrial growth
C
Self-reliance
D
Employment generation
Question 46
Inflation implies
A
loss to the debtors
B
loss to the creditors
C
loss to both (A) and (B)
D
none of these
Question 47
Land Development Banks provide credit to farmers of
A
short-term needs
B
medium –term needs
C
long-term needs
D
none of these
Question 48
What is the most important aim for advertising a product?
A
To increase the sales of the product
B
To build a good business image
C
To maintain brand loyalty
D
To open opportunities for sales personnel
Question 49
The most important reason for unemployment is
A
growth of population
B
high birth rate in rural areas
C
the defective man power planning
D
none of these
Question 50
Which of the following is the most important reason for the unpopularity in digenous bankers in India
A
They have diversified their business from banking
B
Political consciousness and awareness of the people
C
They charge high rates of interest
D
They face competition from commercial banks
Question 51
Consider the following Indirect taxes are
  1. Customs duty
  2. . Excise duty
  3. III. Sales Tax
  4.  Income Tax
Of these
A
I, II, III and IV are true
B
II, III and IV are true
C
I, II and III are true
D
I, II and IV are true
Question 52
The main reason for slow growth of national income of India is
A
growth of population
B
too much dependence on agriculture
C
low productivity of labour
D
unemployment problems
Question 53
Disguised unemployment id due to
A
rapidly rising population on the one hand an slowly expanding opportunities in non-agricultural sectors
B
fall in agricultural production
C
illiteracy of the masses
D
none of these
Question 54
B.S. Minah’s study is connected with
A
rural development
B
education
C
employment
D
poverty
Question 55
ICICI is the name of
A
Financial Institution
B
Chemical Industry
C
Cotton Industry
D
Chamber of Commerce and Industry
Question 56
SFDA is meant for
A
fish development
B
farmer development
C
fine arts development
D
finance development
Question 57
Consider the following statements:
  1. MNC means an international bank
  2. MNC means an international aiding agency
  3. MNC means an internation airways
  4. MNC means company doing business in many countries
Of these statement
A
only I is correct
B
I, II and III are correct
C
Only IV is correct
D
All are correct
Question 58
Match List I correctly with List II and select your correct answer using the codes given below: List I               List II
  1. TANCEM 1. 1961
  2. SIDCO 2. 1970
  3. TAMIN 3. 1976
  4. TIDCO 4. 1965
A
2 3 1 4
B
1 2 3 4
C
4 3 2 1
D
1 4 2 3
Question 59
Consider the following statements:
  • Assertion(A): Agricultural productivity of India is very low
  • Reason(R): Rural farmers are born in credit and die in credit
  • Now select your answer according to the coding scheme given below:
A
Both (A) and (R) are true and (R) is the correct explanation of (A)
B
Both (A) and (R) are true and (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 60
Favourable balance of trade refers to
A
more imports
B
more exports
C
balanced imports and exports
D
none of these
Question 61
Per capita income of India during 2001 – 2002 is
A
Rs. 16, 500
B
Rs. 16,707
C
Rs. 17,500
D
Rs. 17,977
Question 62
The National Stock Exchange functions from
A
New Delhi
B
Mumbai
C
Nagpur
D
Kolkata
Question 63
The Reserve Bank of India was established in the year
A
1930
B
1935
C
1949
D
1950
Question 64
The transport, education , health and housing are considered as
A
services
B
landscapes
C
cultures
D
industries
Question 65
“Mein Kampf” is a book written by
A
Adolf Hitler
B
Alexander
C
Lenin
D
Karl Marx
Question 66
Which of the following is a progressive tax?
A
Income tax
B
Sales tax
C
Excise tax
D
Customs duty
Question 67
Match List I with List II correctly and select your answer using the codes given below: List I                                           List II
  1. Central Bank of our country 1. Bank of Madura Ltd.
  2. Apex Bank for industrial finance institutions 2. NABARD
  3. Apex institution for agricultural banks 3. IDBI
  4. Private Sector Bank 4. Reserve Bank of India
A
4 3 2 1
B
1 2 3 4
C
2 1 4 3
D
4 3 2 1
Question 68
SEBI is a name of
A
Financial Institution
B
Regulatory Authority for Stock Exchanges
C
State Export Bank
D
None of these
Question 69
The small scale industries producing Machinery spare parts are located largely in the following districts of TamilNadu
A
Coimbatore, Thiruvallur, Chennai
B
Coimbatore, Salem, Namakkal
C
Coimbatore, Salem
D
Coimbatore, Virudhunagar, Chennai
Question 70
The one rupee notes bears the signature of
A
Secretary, Ministry of Finance
B
Governor, RBI
C
Finance Minister
D
None of them
Question 71
In which year was the SDR, the international asset created by IMF?
A
1969
B
1970
C
1980
D
1985
Question 72
The institution which regulates the unorganized financial sectors in India is
A
SEBI
B
ICICI
C
GIC
D
IDBI
Question 73
Find out the percentage of expenditure of Education in GNP in India?
A
2%
B
5%
C
10%
D
15%
Question 74
What kind of planning controls being exercised by the free market economies?
A
Direct control
B
Indirect control
C
Physical control
D
Other controls
Question 75
‘Negotiable Instruments Act’ was passed in
A
1884
B
1881
C
1883
D
1885
Question 76
Which of the following relates to General Insurance?
A
Life Insurance
B
Life Assurance
C
Marine Insurance
D
None of these
Question 77
When was the IDBI (Industrial Development Bank of India) Instituted?
A
1981
B
1972
C
1952
D
1964
Question 78
What is the purpose for which the treasury bills are issued?
A
Very short term liability of the Government
B
Short term liability of the Government
C
Mid-term liability of the Government
D
The commercial paper market
Question 79
The ICICI promotes
A
privates sector
B
public sector
C
joint sector
D
co-operative sector
Question 80
IDBI is a subsidiary of
A
Reserve Bank of India
B
State Bank of India
C
National Bank for Agriculture and Rural Development
D
None of these
Question 81
Which type of Bank rate is followed in India?
A
Discount rate
B
Penal rate
C
Accommodate rate
D
None of these
Question 82
Statutory meeting relates to
A
Private Company
B
Foreign Company
C
Public Company
D
Chartered Company
Question 83
Globalisation means
A
increasing production
B
earning more foreign exchange
C
concentration on sale
D
extending the market beyond the geographical territory
Question 84
Open Economy is a type of economy that has
A
trade relations with two countries
B
trade relations with many countries
C
trade relations with capitalist countries
D
trade relations with socialist countries
Question 85
Tamil Nadu’s share in India’s total export for the year 1997-98 was
A
17 percent
B
20 percent
C
21 percent
D
22 percent
Question 86
F.E.M.A. stands for
A
Films Entertainment Monopoly Act
B
Foreign Educational Management Agency
C
Foreign Exchange Management Act
D
none of these
Question 87
Central Government’s scheme, Indira Mahila Yojana is
  1. Providing credit to women
  2. Raising of resources
  3. Information sharing
  4. Preparation of sub-plan for women
A
I and II are true
B
II and IV are true
C
I, II and III are true
D
All are true
Question 88
Mid-day meal scheme  in India at present is
A
run by Tamil Nadu Govt. only
B
also a Central Government Scheme
C
run by all State Government
D
none of these
Question 89
Agriculture is a source of
A
employment
B
food
C
food
D
all of these
Question 90
Green Revolution signifies
A
ceiling on land holdings
B
increase in agricultural production by use of scientific methods
C
new programmes
D
more water
Question 91
Land ceiling is a ceiling imposed by the Government on
A
limiting the quality of property to be held
B
restricting ownership
C
ceiling on poor people
D
none of these
Question 92
Agricultural development can be measured in terms of
A
economic growth
B
productivity
C
number of crops
D
irrigation
Question 93
ICICI is the name of a
A
Chemical Industry
B
Cotton Industry
C
Chamber of Commerce and Industry
D
Financial Institution
Question 94
Self-employment programme for urban poor was launched on (in)
A
September 1, 1986
B
April, 1989
C
October, 1989
D
August 15, 1983
Question 95
Jawahar Rozgar Yojana scheme includes
A
NREP
B
RLEGP
C
NREP & RLEGP
D
none of these
Question 96
What is the approximate value of British Pound sterling at present?
A
Rs. 77
B
Rs. 69
C
Rs. 80
D
Rs. 45
Question 97
The approximate value of one American Dollar is equal to
A
Rs. 60
B
Rs.43
C
Rs. 50
D
Rs. 49
Question 98
Consider the following statements:
  • Assertion(A): The burden of tax incidence is more on the lower and middle income groups.
  • Reason(R): The tax structure is such that taxes on commodities is predominant.
Now select your answer according to the coding scheme given below:
A
Both (A) and (R) are true and (R) is the correct explanation of (A)
B
Both (A) and (R) are true and (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 99
Consider the following statements:
  • Assertion(A): International trade along the lines of comparative cost advantage improves allocative efficiency of existing resources.
  • Reason(R): International trade is an engine of growth.
Now select your answer according to the coding scheme given below:
A
Both (A) and (R) are true and (R) is the correct explanation of (A)
B
Both (A) and (R) are true and (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 100
In which period of planning did our parliament members raise the slogan “Garibi Hatao” and “Growth with justice”?
A
Second plan period
B
Third plan period
C
Fourth plan period
D
Sixth plan period
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