Indian Economy-Objective GK Questions

Indian Economy-Objective GK Questions

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61. Invisible export means export of—
(A) Services
(B) Prohibited goods
(C) Unrecorded goods
(D) Goods through smuggling

62. A labour intensive industry is one that—
(A) Requires hard manual labour
(B) Pays adequate wages to the labour
(C) Employs more hands
(D) Provides facilities to labour

63. Select the one which is not the responsibility of Gram Sabha under the Rural Employment Guarantee Act, 2005 ?
(A) To recommend projects to the Gram Panchayat and prepare list of possible works
(B) To receive applications for work and issue a dated receipt
(C) To monitor the execution of works within the Gram Panchayat
(D) To conduct regular social audits of all the projects taken up with in the Gram Panchayat

64. Special Economic Zones are being set up in—
(A) Agra, Kanpur and Modinagar
(B) Agra, Kanpur and Greater Noida
(C) Meerut, Moradabad, Kanpur and Noida
(D) Moradabad, Kanpur, Noida and Greater Noida

65. In the law of demand, the statement ‘other things remain constant’ means—
(A) Income of consumer should not change
(B) Prices of other goods should not change
(C) Taste of consumer should not change
(D) All of the above

66. A firm is in equilibrium when its—
(A) Marginal cost equals the marginal revenue
(B) Total cost is minimum
(C) Total revenue is maximum
(D) Average revenue and marginal revenue are equal

67. The World Trade Organisation (WTO) was earlier known as—
(A) GATT
(B) UNICEF
(C) UNCTAD
(D) FAO

68. Given the money wages, if the price level in an economy increases, then the real wages will—
(A) Increase
(B) Decrease
(C) Remain constant
(D) Become flexible

69. The difference between visible exports and visible imports is defined as—
(A) Balance of trade
(B) Balance of payment
(C) Balanced terms of trade
(D) Coins from trade

70. What is Value Added Tax (VAT)
(A) A simple, transparent, easy to pay tax imposed on consumers
(B) A new initiative taken by the government to increase the tax-burden of high income groups
(C) A single tax that replaces state taxes like, surcharge turnover tax and sales tax, etc.
(D) A new tax to be imposed on the producers of capital goods

71. The outcome of devaluation of currency is—
(A) Increased export and improvement in balance of payment
(B) Increased export and foreign reserve deficiency
(C) Increased import and improvement in balance of payment
(D) Increased export and import

72. In India, ‘Yellow Revolution’ is associated with—
(A) Production of paddy
(B) Production of oilseeds
(C) Production of tea
(D) Production of flower

73. The term ‘Green GNP’ emphasizes—
(A) Rapid growth of GNP
(B) Increase in per capita income
(C) Economic development
(D) Sustainable development

74. The common currency which has been introduced among members of European Economic Community (EEC) is known as—
(A) Euro pound
(B) Euro
(C) Euro Dollar
(D) None of these

75. What is referred to as ‘Depository Services’ ?
(A) A new scheme of fixed deposits
(B) A method of regulating stock exchanges
(C) An agency for safe-keeping of securities
(D) An advisory service to investors

76. Who amongst the following was the head of the investment commission which submitted its report to the government of India recently ?
(A) Mr. Ratan Tata
(B) Dr. Rakesh Mohan
(C) Mr. Kumar Mangalam Birla
(D) Mr. Rahul Bajaj
(E) None of these

77. The government of India has acquired around 60% share holding in which of the following banks from the Reserve Bank of India ?
(A) Punjab National Bank
(B) Bank of India
(C) State Bank of India
(D) Indian Bank
(E) None of these

78. Which of the following organization / agencies recently issued guidelines for fair practices code for non-banking finance companies ?
(A) SEBI
(B) NABARD
(C) Central Board of Direct Taxes
(D) Reserve Bank of India

79. Industrial exit policy means—
(A) Forcing foreign companies to leave India
(B) Forcing business units to move out of congested localities
(C) Allowing manufactures to shift their line products
(D) Allowing business units to close down

80. The United Western Bank which was recently in news is a—
(A) Nationalized Bank
(B) Private Bank
(C) Co-operative Bank
(D) Foreign Bank
(E) Regional Rural Bank

81. The name of noted economist Prof. Suresh Tendulkar was in news as he has—
(A) Taken over as the chairman of the National Statistical Commission
(B) Taken over as the Chief Economic Advisor to the Prime Minister of India
(C) Been nominated for the Nobel Prize in Economics for 2007
(D) Taken over as the Deputy Chairman of the Planning Commission of India
(E) Been inducted in the union cabinet as the new Deputy Finance Minister

82. How much amount, the Govt. of India is planning to provide as a one time financial help to revitalize the co-operative credit system in India ?
(A) Rs. 8,000 crore
(B) Rs. 10,000 crore
(C) Rs. 12,000 crore
(D) Rs. 14,000 crore
(E) Rs. 20,000 crore

83. As per the new guidelines issued by the SEBI, mutual funds are now allowed to invest in which of the following sectors ?
(A) Service sector
(B) Real estate
(C) Manufacturing sector
(D) IT sector
(E) None of these

84. What is money laundering ?
(A) Providing money for criminal purpose
(B) Transferring cash from one place to another
(C) Keeping huge amount of cash in house instead of a bank
(D) Depositing money on behalf of some other person
(E) None of these

85. When decimal method was introduced in the Indian monetary system ?
(A) 1950
(B) 1954
(C) 1957
(D) 1960

86. The name ‘Wall Street’ is associated with—
(A) The newspaper centre of Britain
(B) The financial centre of USA
(C) The great wall of China
(D) A renowned street in France

87. Which authority decides about the states’ share in central taxes ?
(A) Finance commission
(B) Planning commission
(C) Election commission
(D) Finance ministry

88. The Bank Rate Policy is a component of—
(A) Fiscal policy
(B) Monetary policy
(C) Trade policy
(D) Direct control

89. Match list-I with list-II and select the correct answer using the codes given below :
List-I (Plans)
(a) Sixth Plan
(b) Seventh Plan
(c) Eighth Plan
(d) Tenth Plan
List-II (Realised Annual Growth Rate in per cent)
1. 5·54
2. 5·60
3. 6·54
4. 7·74
Codes :
(a) (b) (c) (d)
(A) 2 4 1 3
(B) 3 1 4 2
(C) 1 2 3 4
(D) 4 3 2 1

90. According to Human Development Index of 2001, arrange the following states in descending order and select the correct answer from the codes given below—
1. Punjab
2. Kerala
3. Bihar
4. Uttar Pradesh
Codes :
(A) 2 1 3 4
(B) 2 1 4 3
(C) 1 2 3 4
(D) 3 4 1 2

Answers :
61. (A) 62. (C) 63. (B) 64. (B)
65. (D) Only demand varies with respect to variation in price.
66. (A) 67. (A) 68. (B) 69. (A) 70. (C) 71. (A) 72. (B) 73. (D) 74. (B) 75. (C)
76. (A) 77. (C) 78. (D) 79. (D) 80. (B)
81. (A) Prof. Suresh Tendulkar took over as the Chairman of National Statistical Commission on 12th July, 2006.
82. (D) 83. (B)
84. (E) Money laundering means to bring money in the country by illegal methods.
85. (C) 86. (A) 87. (A) 88. (B) 89. (C) 90. (B)