Daily Updates Mock Test 28

50 Questions | Total Attempts: 232

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Daily Updates Mock Test 28


Questions and Answers
  • 1. 
    Demand of commodity mainly depends upon?
    • A. 

      Purchasing will

    • B. 

      Purchasing power

    • C. 

      Tax policy

    • D. 

      Advertisement

  • 2. 
    The capital of IMF is made up by the contribution of–  
    • A. 

      ) Credit

    • B. 

      Deficit Financing

    • C. 

      Member Nations

    • D. 

      Borrowings

  • 3. 
    Which committee was constituted for reform in tax structure?  
    • A. 

      Narsimham Committee

    • B. 

      Chelliah Committee

    • C. 

      Gadgil Committee

    • D. 

      Sarkaria Committee

  • 4. 
    In which year VAT was imposed in India?  
    • A. 

      2005

    • B. 

      2004

    • C. 

      2000

    • D. 

      2007

  • 5. 
    Which state has lower literacy rate as per census 2011?
    • A. 

      Jharkhand

    • B. 

      Odisha

    • C. 

      Bihar

    • D. 

      Uttar Pradesh

  • 6. 
    Which of the following is the largest container port of India?  
    • A. 

      ) Jawaharlal Nehru Port

    • B. 

      Vishakhapatnam port

    • C. 

      Mumbai port

    • D. 

      Kochi port

  • 7. 
    NAFED is for-  
    • A. 

      Assistance for land development

    • B. 

      Financial assistance for construction of godowns and warehouse

    • C. 

      Loans to rural farmer

    • D. 

      Interstate sale of agricultural commodity

  • 8. 
    World economic outlook is published by  
    • A. 

      WTO

    • B. 

      IMF

    • C. 

      World Bank

    • D. 

      UNCTAD

  • 9. 
    Which of these organizations nicknamed as “Bretton woods Twins”?  
    • A. 

      IMF and UNO

    • B. 

      WTO and IBRD

    • C. 

      IDA and WORLD BANK

    • D. 

      IMF and WORLD BANK

  • 10. 
    The price at which government purchase food grains for maintaining public distribution system is called?  
    • A. 

      Minimum support price

    • B. 

      Procurement prices

    • C. 

      Issue price

    • D. 

      Ceiling price

  • 11. 
    Movement along the supply curve is known as ______ .  
    • A. 

      Contraction of supply

    • B. 

      Expansion of supply

    • C. 

      Increase in supply

    • D. 

      Expansion and contraction of supply

  • 12. 
    The market structure called monopoly exists where there is exactly ______ seller in any market.  
    • A. 

      1

    • B. 

      2

    • C. 

      5

    • D. 

      10

  • 13. 
    Buoyancy of a tax is defined as  
    • A. 

      ) Increase of tax rate

    • B. 

      Decrease in tax revenue

    • C. 

      Increase in tax revenue

    • D. 

      Increase in ratio of direct to indirect tax

  • 14. 
    What is Indicative planning?  
    • A. 

      One central authority formulates plan, targets and priorities for all sectors

    • B. 

      It is centralized planning and implementation with allocation of resources

    • C. 

      ) It is an effort to increase economic efficiency by including both private and public sectors

    • D. 

      None of the above

  • 15. 
    Golden revolution belongs to-
    • A. 

      Wheat

    • B. 

      Horticulture

    • C. 

      Oilseeds

    • D. 

      Pulses

  • 16. 
    What will happen if labour productivity is increased?
    • A. 

      Balanced cash wage will decrease

    • B. 

      Competitive firms will be forced to invest more

    • C. 

      Labour demand curve will shift towards right

    • D. 

      None of the above.

  • 17. 
    Rent is a cost paid for–
    • A. 

      Land

    • B. 

      Restaurant

    • C. 

      Building

    • D. 

      Factory

  • 18. 
    With which form of economy is the term ‘Laissez-Faire’ associated?
    • A. 

      Capitalist Economy

    • B. 

      Socialist Economy

    • C. 

      Mixed Economy

    • D. 

      Command Economy

  • 19. 
    Price theory is also known as–
    • A. 

      Macro Economics

    • B. 

      Development Economics

    • C. 

      Public Economics

    • D. 

      Micro Economics

  • 20. 
    Core industries are–
    • A. 

      Basic Industries

    • B. 

      Consumer Goods Industries

    • C. 

      Capital Goods Industries

    • D. 

      Government Industries

  • 21. 
    Which of the following concepts are most closely associated with JM Keynes?
    • A. 

      Control of money supply

    • B. 

      Marginal utility theory

    • C. 

      Indifference curve analysis

    • D. 

      Marginal efficiency of capital

  • 22. 
    Which of the following is not an economic problem?
    • A. 

      Deciding between paid work and leisure

    • B. 

      Deciding between expenditure on one good and the other

    • C. 

      Deciding between alternative methods of personal saving

    • D. 

      Deciding between different ways of spending leisure time

  • 23. 
    What are the main components of basic social infrastructure of an economy?
    • A. 

      ) Education, Industry and Agriculture

    • B. 

      Education, Health and Civil Amenities

    • C. 

      Transport, Health and Banks

    • D. 

      Industry, Trade and Transport

  • 24. 
    The Economic development depends on–
    • A. 

      Natural resources

    • B. 

      Capital formation

    • C. 

      Size of the market

    • D. 

      All of these

  • 25. 
    ‘Hire and Fire’ is the policy of–
    • A. 

      Capitalism

    • B. 

      Socialism

    • C. 

      Mixed economy

    • D. 

      Traditional economy

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