Quiz 196 – Economics Previous Year’s Question

The sum of which of the following constitutes Broad money in India?

  1. Currency with the public
  2. Demand deposits with banks
  3. Time deposits with banks
  4. Other deposits with RBI

Choose the correct answer using the codes given below:

(a) 1 and 2

(b) 1, 2 and 3

(c) 1, 2, 3 and 4

(d) 1, 2 and 4

Explanation:

Broad money (M3) in India includes:

  1. Currency with the public
  2. Demand deposits with banks
  3. Time deposits with banks

Ans- (b)


Human Development Index comprises literacy rates, life expectancy at birth and –

(a) Gross National Product per head in the US dollars

(b) Gross Domestic Products per head of real purchasing power

(c) Gross National Product in US dollars

(d) National Income per head in US dollars

Explanation:

Human Development Index comprises (H.D.I):

  1. Literacy rate
  2. Life expectancy at birth, and
  3. National Income per head in US dollars or per capita Income in US dollars.

Human Development Index was propounded by Economist Mahboob Ul – Haq in 1990. The other asociate economic were A.K. Sen and Sanger Hense.

Ans- (d)


In India, inflation is measured by the :

(a) Wholesale Price Index number

(b) Consumers Price Index for urban non-manual workers

(c) Consumers Price Index for agricultural workers

(d) National Income Deflation

Explanation:

In India, inflation is measured by the Wholesale Price index (WPI) number inflation is defined as the persistence rise in the general price level in the economy.

Ans – (a)


Scheme of (i) Urban Micro-Enterprises, (ii) Urban Wage Employment and (iii) Housing and Shelter Upgradetion are parts of:

(a) Integrated Rural Development Programme

(b) Nehru Rojgar Yojana

(c) Jawahar Rojgar Yojana

(d) Prime Minister’s Rojgar Yojana

Explanation:

Nehru Rojgar Yojana was started from Oct. 1989. This Yojana has three micro scheme:

  1. Scheme of Urban Micro Enterprises (S.UMG)
  2. Scheme of Housing and Shelter Upgradation (SHASHU)
  3. Scheme of Urban Wage Employment (SUWE)

Ans- (b)


Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R).

Assertion (A): The emergence of economic globalism does not imply the decline of socialist ideology.

Reason (R): The ideology of socialism believes in Universalism and globalism.

In the context of the above two statements which one of the following is correct?

(a) Both A and R are true and R is the correct explanation of A

(b) Both 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

Explanation:

The Assertion and Reason both are correct, and Reason is the correct explanation of Assertion.

Ans- (a)


Which of the following come under Non-plan expenditure?

  1. Subsidies
  2. Interest payments
  3. Defence expenditure
  4. Maintenance expenditure for the infrastructure create in the previous plans

Choose the correct answer using the codes given below:

(a) 1 and 2

(b) 1 and 3

(c) 2 and 4

(d) 1, 2, 3 and 4

Explanation:

The expenditure of Government, which incurred the non-development plans as called non-plan expenditure like – Subsidies, Interest payments and defence expenditure etc.

Ans- (d)


National Income is:

(a) Net National Product at market price

(b) Net National Product at factor cost

(c) Net Domestic Product at market price

(d) Net Domestic Product at factor cost

Explanation:

National Income can be defined as the money value of all final goods and services produced during a financial year in an economy. It is also called Net National Product at factor cost.

Ans- (b)


The Minimum Alternative Tax (MAT) was introduced in the Budget of the Government of India for the year:

(a) 1991-92

(b) 1992-93

(c) 1995-96

(d) 1996-97

Explanation:

The Minimum Alternative Tax (MAT) was initially introduced in the budget of the Government of India for the year 1996-97.

Ans- (d)


The banks are required to maintain a certain ratio between their cash in hand and total assets. This is called:

(a) SBR (Statutory Bank Ratio)

(b) SLR (Statutory Liquid Ratio)

(c) CBR (Central Liquid Reserve)

(d) CLR (Central Liquid Reserve)

Explanation:

The banks are required to maintain a certain ratio between their cash in hand and total assets. This is called Statutory Liquidity Ratio (SLR). SLR is fixed by the Reserve Bank of India through its monetary policy.

Ans- (b)


The accounting year of the Reserve Bank of India is:

(a) April – March

(b) July – June

(c) October – September

(d) January – December

Explanation:

The accounting year of the Reserve Bank Of India is April – March.

Ans- (a)

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