1. General Budget in India is generally presented to the Parliament:
1) 1st February
2) 28th February
3) 31st March
4) 1st April
2. An example of indirect tax in India is:
1) House tax
2) Income tax
3) Service tax
4) Wealth tax
3. An example of direct tax in India is:
1) Excise duty
2) Sales tax
3) Professional tax
4) Service tax
4. Most inelastic source of revenue to the Government in India is:
1) Sales tax
2) Excise duty
3) Land revenue
4) Corporate tax
5. In 1991, Tax Reform Committee was constituted under the Chairmanship of:
1) Chellaiah
2) Hanumanth Rao
3) Rangarajan
4) I.G. Patel
6. Divisible tax revenue is shared by Centre and the State on the basis of recommendation of:
1) Finance Commission
2) Fiscal Commission
3) Planning Commission
4) R.B.I.
7. During post-independence period, the balance of trade of India is:
1) always surplus
2) generally surplus
3) generally deficit
4) always deficit
8. The share of gross irrigated area in gross sown area in Andhra Pradesh during last five decades has:
1) declined
2) remained constant
3) nearly doubled
4) nearly trebled
9. Presently yield of rice per acre in A.P. is about:
1) 1 tonne
2) 2 tonnes
3) 3 tonnes
4) 4 tonnes
10. Presently per capita annual income at current prices in A.P. is around:
1) Rs. 15,000
2) Rs. 20,000
3) Rs. 30,000
4) Rs. 40,000
11. Major source of power generation in A.P. in recent years is:
1) Gas
2) Hydel
3) Nuclear
4) Thermal
12. Jawaharlal Nehru Pharmacity is being established in:
1) Hyderabad
2) Medak District
3) Tirupati
4) Vishakhapatnam District
13. Major contribution to state's own tax revenue is:
1) Motor Vehicle Tax
2) State Excise Duty
3) Sales Tax
4) Stamp and Registration
14. In recent years poverty in A.P. in rural areas compared to urban area is:
1) Lower
2) Same
3) Higher
4) Sometimes lower and sometimes higher
15. In recent years poverty in A.P. compared to all India is:
1) Lower
2) Same
3) Higher
4) Sometimes lower and sometimes higher
16. According to 2001 census the percentage of S.T. population is the highest in:
1) Adilabad District
2) Khammam District
3) Vishakhapatnam District
4) Vizainagaram District
17. In 1968, a committee to identify backward areas was constituted under the
chairmanship of:
1) Dutt
2) Hazare
3) Panda
4) Wanchoo
18. In 1975, a committee was constituted to suggest development of backward areas under the chairmanship of:
1) Hazare
2) Nayak
3) Narasimham
4) Wanchoo
19. One of the criteria generally used to identify backward area is:
1) Number of telephone connections
2) Length of surface roads
3) Per capita electricity consumption
4) Production of food grains
20. The central government grants given under six point formula for rapid development of backward areas in A.P. was to be shared by Telangana, Rayalasema and Coastal A.P. in the ratio of:
1) 5 : 3 : 2
2) 5 : 2 : 1
3) 5 : 3 : 1
4) 5 : 1 : 1
21. Adverse balance of payment under Gold standard system was corrected by:
1) Reducing money supply
2) Increasing money supply
3) Importing gold
4) None of the above
22. The concept of vicious circle of poverty is generally associated with the name of:
1) Lewis
2) Leibenstien
3) Nurkse
4) Rostow
23. Big-push theory was developed by:
1) Hirschman
2) Rodan
3) Schumpeter
4) Lewis
24. Only few decades back it was found that the important source of economic growth is:
1) growth of labour
2) growth of capital
3) growth of entrepreneurs
4) technical progress
25. Usually economic growth is measured in terms of:
1) Per capita income
2) Per capita wealth
3) Quality of life
4) None of the above
26. Economic development is:
1) growth in per capita income
2) balanced growth
3) growth with structural change
4) growth of heavy industry
27. One of the major limitations of per capita income as an indicator of a economic development is:
1) Errors in price data
2) Errors in production data
3) Errors in collection of data
4) Neglect of quality of life
28. An under developed country is characterised by:
1) Low rate of capital formation
2) High share of primary sector
3) Low literacy rate
4) All the above
29. The concept of dual economy in the literature on economic development refers to:
1) Co-existence of C-Good and K-Good sectors
2) Co-existence of public and private sectors
3) Co-existence of modern and traditional sectors
4) None of the above
30. Bank rate is rate at which:
1) RBI lends loan to commercial banks
2) Commercial banks lend to people
3) Commercial banks lend to industry
4) Commercial banks lend to agricultural Sector
31. Agricultural Holding Tax was recommended by:
1) Boothlingam Committee
2) Chellaiah Committee
3) Wanchoo Committee
4) Raj Committee
32. Difference in factor endowment is considered as important cause for international trade by:
1) Adam Smith
2) David Ricardo
3) Heckscher-Ohlin
4) Samuelson
33. Production possibility curves is also called:
1) Iso-quant
2) Production function curves
3) Production locus curves
4) Transformation curves
34. The slope of production possibility curve representing two economic good is:
1) always negative
2) sometimes negative
3) always positive
4) generally positive
35. According to Kuznet during the process of economic growth inequalities in income:
1) continuously decrease
2) continuously increase
3) first decrease and then increase
4) first increase and then decrease
36. The inequalities in income can be graphically depicted by:
1) Engel curve
2) Lorenz curve
3) Pie-diagram
4) Ogive curve
37. Under-developed countries are characterised by:
1) lack of natural resources
2) frictional unemployment
3) large stock of inventories
4) none of the above
38. SME means:
1) Small and Marginal Entrepreneurs
2) Small and Medium Entrepreneurs
3) Small and Medium Enterprises
4) Small and Marginal Enterprises
39. Classical theory of International Trade is based on:
1) Labour theory of value
2) Labour and capital
3) Imperfect market condition
4) None of the above
40. In India, functions of Central Bank of a country is performed by:
1) Bank of India
2) Central Bank of India
3) Reserve Bank of India
4) State Bank of India
41. Demand for money for transaction purpose is function of:
1) income
2) rate of interest
3) income and rate of interest
4) money supply
42. Lender of last resort to scheduled Banks in India is:
1) Finance Commission
2) Planning Commission
3) Reserve Bank of India
4) World Bank
43. Deficit financing means loan given by RBI to:
1) Commercial Banks
2) Grameena Banks
3) Government of India
4) State Government
44. Balanced growth was advocated by:
1) Hirschman
2) Nurkse
3) Singer
4) Solow
45. Unbalanced growth was advocated by:
1) Nurkse
2) Rodan
3) Hirschman
4) Solow
46. Demand deposits is defined as:
1) Fixed deposit and saving deposit
2) Current deposit + Fixed Deposit
3) Current deposit + Part of saving deposit
4) None of the above
47. Money supply in narrow traditional sense excludes:
1) current deposits
2) currency
3) time deposit
4) none of the above
48. Money supply in narrow sense compared to money supply in broad sense is:
1) always less liquid
2) sometimes less liquid
3) always more liquid
4) only sometimes more liquid
49. In India Bankers' Bank is:
1) Finance Minister
2) Bank of India
3) Reserve Bank of India
4) State Bank of India
50. Financial Market consists of:
1) Money market and capital market
2) Nominal money market and short-term market
3) Stock market and money-lenders
4) None of the above
51. RBI was established in:
1) 1935
2) 1947
3) 1950
4) 1951
52. The Imperial Bank of India was converted into:
1) Indian Bank
2) Reserve Bank of India
3) State Bank of India
4) Union Bank of India
53. 14 major scheduled commercial banks were nationalised in:
1) 1955
2) 1965
3) 1969
4) 1973
54. An example of qualitative credit control is:
1) open market operation
2) cash reserve ratio
3) statutory liquidity ratio
4) differential rate of interest
55. According to classical economists money is demanded for:
1) only transaction purposes
2) only speculation purposes
3) transaction and speculation purposes
4) transaction, precautionary and speculative purposes
56. Absolute advantage theory of trade was propounded by:
1) Adam Smith
2) David Ricardo
3) Samuelson
4) Marshall
57. An example of invisible earnings is:
1) Profit from speculative trade
2) Resale of land
3) Income of non-resident Indians
4) None of the above
58. If depreciation is positive then Gross National Product is:
1) Less than Net National Product
2) Equal to Net National Product
3) Greater than Net National Product
4) Less than or equal to Net National Product
59. If Indian businessmen's income by their investment in foreign countries increases, everything else remaining the same, then:
1) GNP increases
2) GDP increases
3) GNP and GDP increase
4) GNP increases but GDP decreases
60. If there is non-inflationary growth in an economy, then National Income at constant price in relation to National Income at current prices is:
1) lower
2) equal
3) greater
4) none of the above
61. If national income increases by 5% and population increases by 2% then per capita income increases by:
1) 2.5%
2) 3%
3) 7%
4) 10%
62. If government increases taxes, everything else remaining the same, then personal disposable income:
1) decreases
2) remains same
3) increases
4) none of the above
63. An example of transfer payment is:
1) wages paid to worker
2) rent paid to landlords
3) interest paid to moneylender
4) old age pension paid by government
64. National income is given by:
1) C + I + G – X + M
2) C + I – G – X + M
3) C + I – G + X – M
4) C + I + G + X – M
65. In closed economy:
1) export is zero, but import is positive
2) import is zero, but export is positive
3) both import and export are zero
4) both import and export are positive
66. Sales proceeds of production sector is:
1) receipt of household sector
2) payment of household sector
3) payment of firm sector
4) loan given by household sector
67. National income is:
1) value of consumer goods produced
2) value of capital goods produced
3) value of final goods
4) income of all factors of production
68. Problem of double counting arises; while computing National Income when the value of:
1) both paddy and rice are considered
2) both rice and wheat are considered
3) both fruit and vegetables are considered
4) both sugar and chillies are considered
69. Which one of the following is not considered in computation of National Income?
1) Rent on old house
2) Salary of policeman
3) Interest on loan
4) Money received by mother from her son
70. If prices are falling faster than nominal income, then real income:
1) decreases
2) remains the same
3) increases
4) none of the above
71. Leontief paradoxical results disproved:
1) Stolper-Samuelson theorem
2) Singer-Prebisch theorem
3) Heckscher-Ohlin theorem
4) None of the above
72. In balance of payment invisible account is part of:
1) Current Account
2) Trade Account
3) Capital Account
4) None of the above
73. Special Drawing Rights is a facility created by:
1) UNCTAD
2) IBRD
3) IMF
4) WTO
74. Importance of public finance gained currency after:
1) First World War
2) Second World War
3) Great Depression
4) UNO formation
75. Sinking fund is associated with:
1) Public money
2) Public expenditure
3) Public debts
4) None of the above
76. Mixed economy means:
1) Combination of agriculture and industries
2) Combination of traditional and modern sectors
3) Combination of public and private sectors
4) Combination of advanced and backward economies
77. In the initial years HYV Programme was confined to:
1) Rice
2) Wheat
3) Jowar
4) Sugarcane
78. According to demographic transition theory population explosion is experienced in:
1) First stage
2) Second stage
3) Third stage
4) Fourth stage
79. The concept of industrial reserve army was used by:
1) Marshall
2) Malthus
3) Karl Marx
4) Keynes
80. According to Irving Fisher price level is:
1) positively related to money supply
2) negatively related to money supply
3) positively related to trade
4) negatively related to trade
81. According to J.B. Say:
1) Demand creates its own supply
2) Demand and supply are independent
3) Demand and supply are negatively related
4) None of the above
82. In India since independence:
1) Both birth rate and death rate are falling
2) Birth rate is falling, but death rate is rising
3) Birth rate is rising but death rate is falling
4) Both birth rate and death rate are rising
83. In recent years in India percentage of poor in the population:
1) is decreasing
2) has remained the same
3) is increasing
4) none of the above
84. During post-independence period in India birth rate is relatively:
1) less than death rate
2) same as death rate
3) more than death rate
4) rising
85. In recent years the contribution of tertiary sector to GDP in India is:
1) Falling
2) Constant
3) Rising
4) None of the above
86. During First Five Year Plan in India, importance was given to:
1) Agriculture sector
2) Manufacturing sector
3) Tertiary sector
4) Manufacturing and Tertiary sector
87. Tenth Five Year Plan in India ended on:
1) December 31, 2006
2) February 28, 2007
3) March 31, 2007
4) June 30, 2007
88. In India Inclusive Growth has been one of the objectives in:
1) Fifth Five Year Plan
2) Eighth Five Year Plan
3) Tenth Five Year Plan
4) Eleventh Five Year Plan
89. Disguised unemployment in India is:
1) more in villages
2) only in towns
3) only in towns and cities
4) only in cities
90. Mahalonobis strategy on development emphasised on:
1) Growth of heavy industry
2) Removal of poverty
3) Growth of small scale sector
4) Growth of agricultural sector
91. Removal of poverty was given top priority for the first time in:
1) Second Five Year Plan
2) Third Five Year Plan
3) Fouth Five Year Plan
4) Fifth Five Year Plan
92. During Green Revolution period increase in productivity was confined to:
1) Rice and Cotton
2) Rice and Tobacco
3) Rice and Jowar
4) Wheat and Rice
93. Trickle down strategy of development means:
1) Growth automatically reduces poverty
2) Reduction in poverty leads to growth
3) Separate programmes are needed for poverty reduction
4) Growth of small sector
94. Trade is considered as engine of growth in:
1) Export led strategy
2) Import substitution strategy
3) Regional development strategy
4) Self sufficiency strategy
95. Full convertibility of rupee on current account was introduced in India in:
1) 1991-92
2) 1992-93
3) 1993-94
4) 1994-95
96. Rupee was devalued by about 22% in India in:
1) 1990
2) 1991
3) 1992
4) 1995
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