NDA Economy - Economy
Exam Duration: 45 Mins Total Questions : 30
The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) is an Indian job guarantee scheme enacted by legislation on 25th August, 2005. Which among the following statements is not correct regarding MGNREGA?
1. The scheme provides a legal guarantee for at least one hundred days of employment is every financial year to adult member of any rural household willing to do puber work.
2. This act was introduced with an aim of improving the purchasing power of the rural people.
3. The law was initially called the National Rural Employment Guarantee Act (NREGA) but was renamed on 2nd October, 2009.
Select the correct answer using the code given below
- (a)
Only 1
- (b)
Only 2
- (c)
All of these
- (d)
None of these
Consider the following statements about the 11th Five Year Plan with respect to Agriculture and Allied sector.
1. The average annual growth in Agriculture and Allied sectors during the Eleventh Five Year Plan is more than the target set in the Plan Approach Paper.
2. For the 11th Five Year Plan, the average growth rate target for the Agriculture and Allied sector in the Approach Paper was set at 5%
Which of the statement(s) given above is/are correct?
- (a)
Only 1
- (b)
Only 2
- (c)
Both 1 and 2
- (d)
Neither 1 nor 2
Consider the following Public Sector Enterprises (PSEs).
1. Steel Authority of India Limited.
2. Indian Oil Corporation Limited.
3. Oil and Natural Gas Corporation.
4. Hindustan Aeronautics Limited.
Which of the PSEs given above are Maharatna Industries in India?
- (a)
2 and 4
- (b)
1, 2 and 3
- (c)
2 and 3
- (d)
All of these
Which one of the following is correct about 12th Five Year Plan?
- (a)
12th Five Year Plan of Indian economy is from 2011-2016
- (b)
12th Five Year Plan aims to grow GDP at the rate of 10%
- (c)
12th Five Year Plan aims to sustain inclusive growth, which started in 11th Plan
- (d)
Both 'a' and 'b'
Consider the following statements
1. General Agreement on Trade in Services is a treaty of the World Trade Organisation (WTO) that entered into force in January, 1995.
2. All members of the WTO are signatories to the General Agreement on Trade in Services.
Which of the statement(s) given above is/are correct?
- (a)
Only 1
- (b)
Only 2
- (c)
Both 1 and 2
- (d)
Neither 1 nor 2
Consider the following norms of the Mid-day Meal Scheme.
1. To provide a minimum of 450 calories of food.
2. To provide a minimum 12 gm of protein.
3. To provide adequate quantities of micro-nutrients like iron, folic acid, Vitamin-A.
4. To provide adequate quantities of essential fatty acids and medicine for the common cold and diarrhoea.
Which of the norms given above are correct?
- (a)
1, 3 and 4
- (b)
1, 2 and 3
- (c)
1, 2 and 4
- (d)
All of these
Hard Currency is defined as currency
- (a)
which can hardly be used for international transactions
- (b)
which is used in times of war
- (c)
which loses its value very fast
- (d)
traded in foreign exchange market for which demand is persistently relative to the supply
The standard of living in a country is represented by its
- (a)
National Income
- (b)
Per Capital Income
- (c)
Poverty Ratio
- (d)
Unemployment Rate
Which is the best measure of economic growth of a country?
- (a)
GNP
- (b)
GDP
- (c)
Net revenue
- (d)
None of these
Which of the following sectors does not come under tertiary sector?
- (a)
Transport
- (b)
Trade
- (c)
Business services
- (d)
Electricity
According to the provisions of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003 and FRBM Rules, 2004, the Government is under obligation to present three Statements before the parliament along with the Annual Budget. Which one of the following is not one of them?
- (a)
Macroeconomic Framework Statement
- (b)
Fiscal Policy Strategy Statement
- (c)
Medium-term Fiscal Policy Statement
- (d)
Statement showing Short-term Fiscal Policy
Demand for a commodity refers to
- (a)
desire for that commodity
- (b)
need for that commodity
- (c)
quantity demanded of that commodity
- (d)
quantity demanded at certain price during any particular period of time.
Which of the following statement(s) is/are true?
1. If increase in demand and supply are of equal magnitude, the price will remain unchanged, but the equilibrium quantity will increase.
2. If increase in demand is of greater magnitude than increase in supply, both equilibrium price and equilibrium quantity will increase.
3. If increase in supply is of greater magnitude than increase in demand, equilibrium price will fall but equilibrium quantity will increase.
Select the correct answer using the codes given below
- (a)
Only 1
- (b)
1 and 2
- (c)
2 and 3
- (d)
All of these
National product at factor cost is equal to
- (a)
Domestic product + Net factor income from abroad
- (b)
National product at market prices - indirect taxes + subsidies
- (c)
Gross domestic product - depreciation
- (d)
National product at market prices + Indirect taxes + Subsidies
Statement I The economy of India in the 19th century came to a state of ruin under English East India Company.
Statement II English East India Company's acquisition of Diwani right led to the miseries of the peasants and those associated with the traditional handicrafts industry of India.
- (a)
Both the statements are individuals true and Statement II is the correct explanation of Statement I
- (b)
Both the statements are individuals true and Statement II is not the correct explanation of Statement I
- (c)
Statement I is true, but Statement II is false
- (d)
Statement I is false, but Statement II is true
The income elasticity of demand for inferior goods is
- (a)
less than one
- (b)
less than zero
- (c)
equal to one
- (d)
greater than zero
ONGC Videsh (the state-owned and gas company of India) recent (September, 2012) signed a definitive agreement with
- (a)
Russia
- (b)
Azerbaijan
- (c)
Iran
- (d)
South Sudan
Which of the following are included in the category of direct tax in India?
1. Corporation tax 2. Tax on income
3. Wealth tax 4. Customs duty
5. Excise duty
Select the correct answer using the codes given below
- (a)
1, 2 and 3
- (b)
1, 2, 4 and 5
- (c)
2 and 3
- (d)
1, 3, 4 and 5
Human Poverty Index (HPI) developed b UNDP is based on which of the following deprivations?
1. Income deprivation
2. Literacy deprivation
3. social services deprivation
4. Employment deprivation
Select the correct answer using the codes given below.
- (a)
2 and 4
- (b)
1, 2 and 3
- (c)
1, 3 and 4
- (d)
All of these
Which of the following are responsible for the decrease of per capita holding of cultivated land in India?
1. Low per capita income.
2. Rapid rate of increase of population.
3. Practice of dividing land equally among the heirs.
4. use of traditional techniques of ploughing.
Select the correct answer using the codes given below
- (a)
1 and 2
- (b)
2 and 3
- (c)
1 and 4
- (d)
2, 3 and 4
Consider the following statements.
1. High growth will led to inflation.
2. High growth will lead to deflation.
Which of the statement(s) given above is/are correct?
- (a)
Only 1
- (b)
Only 2
- (c)
Both 1 and 2
- (d)
Neither 1 nor 2
Match of the following
List I (Phase of Industrial Revolution) |
List II (Feature) |
A. First Phase | 1. Rise of steel, chemical, electricity industries |
B. Second Phase | 2. Rise of cotton mill |
C. Third Phase | 3. Rise of steam engine |
D. Fourth Phase | 4. Rise of petro chemicals, jet aircraft, computers |
- (a)
A B C D 2 3 1 4 - (b)
A B C D 2 1 3 4 - (c)
A B C D 4 1 3 2 - (d)
A B C D 4 3 1 2
Consider the following statements about Tata Steel.
1. It is Asia's first privately owned integrated iron and steel plant.
2. It is the first company outside Japan to get the Deming Application Prize in 2008, for excellence in total quality management.
3. Immediately after the enactment of Provident Fund Law in India, Tata Steel introduced provident fund for its employees.
4. It is the first company in the world to get Social Accountability 8000 certification from Social Accountability International, USA.
Which of the statements given above are correct?
- (a)
1 and 2
- (b)
2 and 3
- (c)
1 and 4
- (d)
All of these
As per the Economic Survey 2007-2008, which one of the following is the largest source of revenue of the Government of India?
- (a)
Excise Duty
- (b)
Personal Income tax
- (c)
Corporation Tax
- (d)
Customs Duties
In which of the following International organisation is India a member?
1. Indian Ocean Rim Association for Regional Cooperation.
2. Organisation for Economic Cooperation and Development.
Select the correct answer using the codes given below
- (a)
Only 1
- (b)
Only 2
- (c)
Both 1 and 2
- (d)
Neither 1 nor 2
National Development Council was set up in
- (a)
1948
- (b)
1950
- (c)
1551
- (d)
1952
Inflation implies
- (a)
rise in budget deficit
- (b)
rise in money suply
- (c)
rise in general proce index
- (d)
ride in prices of consumer goods
The Reserve Bank of India issues
- (a)
all the currency notes
- (b)
all the currency notes except the one rupee note
- (c)
all the currency notes except the hundred rupee note
- (d)
only notes of Rs. 10 and above
In 1921, the presidency banks of Bengal, Madras and Bombay were nationalized to give birth to
- (a)
Punjab National Bank
- (b)
Syndicate Bank
- (c)
State Bank of India
- (d)
Punjab and Sindh Bank
Which one among the following statements regarding the English Five Year Plan in India is not correct?
- (a)
The plan was postponed by two years because of political upheavals at the centre
- (b)
It aimed at high growth of both agriculture and manufacturing sectors
- (c)
Its emphasis was on growth in export and import, improvement in trade and current account deficit
- (d)
It set before itself the two principal objectives of 'growth with stability' and 'growth with justice'