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GK (Economics)

Attempted 0/25 Correct 0 Score 0

R.B.I. was nationalised in the year

  1. 1935

  2. 1947

  3. 1949

  4. 1951


Correct Option: C

Which of the following is not a flow concept?

  1. Wages

  2. Wealth

  3. Income

  4. Dividend


Correct Option: B

Of the following which is not a source of public revenue?

  1. Public borrowing

  2. Taxes

  3. Subsidies

  4. Surpluses of public undertakings


Correct Option: C

Fiscal Deficit is equal to

  1. Current Income - Current Expenditure

  2. Capital Receipts - Capital Payments

  3. Total Income - Total Expenditure

  4. Current Income - (Current Expenditure + Capital Expenditure)


Correct Option: D

Which pair of economists have considered 'P' as representing price level in giving the cash balances equation?

  1. Pigou and Robertson

  2. Marshall and Robertson

  3. Marshall and Pigou

  4. Pigou and Keynes


Correct Option: B
Explanation:

(B) Marshall's equation is M = kPy while that of Robertson's is P = M/kT. P in these equation represents price level.

An indirect tax is levied on

  1. commodities

  2. services

  3. imported goods

  4. all of the above


Correct Option: D

Tax is added to price when

  1. demand is perfectly elastic

  2. demand is highly inelastic

  3. supply is highly elastic

  4. supply is perfectly elastic


Correct Option: B

When a government spends more than its revenue collection, such excess is referred to as

  1. Budget deficit

  2. Fiscal deficit

  3. Revenue deficit

  4. Primary deficit


Correct Option: C

Which of the following fulfills the criterion of horizontal and vertical equity in taxation?

  1. Expediency Approach

  2. Ability-to-pay Approach

  3. Benefit Approach

  4. Socio-Political Approach


Correct Option: B

Devaluation will help in improving the balances of payments of a country if the sum of the elasticity of demand for imports and exports is

  1. Zero

  2. Equal to one

  3. Less than one

  4. More than one


Correct Option: D

Which of the following items is not included in a country's balance of payments?

  1. Import and export duties

  2. Shipping servies

  3. Interest received from abroad

  4. Tourists' expenditure


Correct Option: A

Which of the following measures is not included in monetary measures used for removing the imbalances in balance of payment?

  1. Deflation

  2. Restrictions on exports

  3. Exchange control

  4. Devaluation


Correct Option: A

Free international trade leads to equalisation of

  1. prices in both the countries

  2. commodities of both the countries

  3. international price with domestic price

  4. none of the above


Correct Option: A

Trade can arise between the countries because of differences in

  1. technology

  2. factor endorsement

  3. tastes

  4. all of the above


Correct Option: B

The proportion of rainfed agriculture to the net sown area in India is about

  1. 45 per cent

  2. 75 per cent

  3. 50 per cent

  4. 60 per cent


Correct Option: D

As per the N.S.S. 61st round, poverty ratio in India for the year 2004-05 is estimated at

  1. 23·6 per cent

  2. 32·4 per cent

  3. 27·5 per cent

  4. 16·0 per cent


Correct Option: C

The concept of 'Offer Curves' has been given by

  1. Marshall-Edgeworth

  2. H. Singer

  3. W. A. Lewis

  4. A. Young


Correct Option: A

Match List-I with List-II and select the correct answer using the codes given below the lists List-I (a) Absolute Advantage (b) Employment Multiplier (c) Comparative Cost Theory List-II

  1. Keynes
  2. Adam Smith
  3. Kahn
  4. Ricardo Codes:
  1. (a)1 (b)3 (c)2

  2. (a)2 (b)1 (c)4

  3. (a)2 (b)3 (c)4

  4. (a)4 (b)1 (c)2


Correct Option: C
Explanation:

The concept of multiplier was developed by J. M. Keynes as easy as 1929, R. F. Kahn developed it in 1931.

A country is advised to devalue its currency only when its exports face

  1. unit elasticity of demand

  2. inelastic demand in foreign markets

  3. elastic demand in foreign markets

  4. perfectly inelastic demand


Correct Option: C

Which of the following represents the correct combination of sex-ratio in India in 1951 and 2001?

  1. 941, 933

  2. 946, 933

  3. 946, 927

  4. 972, 933


Correct Option: B

Who has given the equation? P = kR/M {C + R (1 - C)} (Symbols have usual meanings)

  1. Pigou

  2. Keynes

  3. Fischer

  4. Robertson


Correct Option: A

The problem of unemployment in rural areas is taken care of by

  1. National Rural Employment Guarantee Scheme

  2. Sampoorna Gramin Rozgar Yojana

  3. Swarnjayanti Gram Swarojgar Yojana

  4. All of the above


Correct Option: D

The recommendations of the 12th Finance Commission covers the period

  1. 2007-12

  2. 2006-11

  3. 2005-10

  4. 2004-09


Correct Option: C

Which of the following is a measure of quantitative credit control?

  1. Moral suasion

  2. Bank rate

  3. Regulation of consumer credit

  4. Fixation of margin requirements on specific securities


Correct Option: B

S.B.I. was established on the recommendation of which committee?

  1. Gorewala Committee

  2. Niyogi Committee

  3. Lakdawala Committee

  4. V. K. R. V. Rao Committee


Correct Option: A
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