1. Which of the following taxes are abolished by the Goods and Services Tax?

2. Which of the following is a form of indirect tax?

3. Due date of a bill exchange drawn on 30th January 2011 for one month will be _____

4. In periods of inflation, the impact of change in the method of valuation of inventories from LIFO method a FIFO method will cause:

5. What is the amount of capital expenditure (capex) outlay announced by the India government in the union budget 2024-25?

6. In the situation of bankruptcy, a stock which is recorded above common stock and below debt account is

7. Which of the following is not an error of principle?

8. The temporary tax levied to obtain additional revenue is called

9.

Balance of trade is

10. Which of the following is the definition of a budget deficit?

11. What is the maximum insurance provided for bank deposits?

12. ____ is the first bank in India to launch a mobile application for opening a current account.

13. Real Time Gross Settlement is managed by ____

14. ____ has been designated as the Operationalization Agency of the Joint Investment Fund between India and Oman

15. Which Indian economist has also been the Chief Economist of Asian Development Bank?

16. The upper or maximum ceiling of RTGS transaction in India is ____

17. Which category of banks came under the regulation of Reserve Bank of India after the passing of the Banking Regulation (Amendments) Bill in 2020?

18. In June 2022, India`s services sector growth hit an eleven year high in February as per PMI. What does PMI stand for?

19. To improve the connectivity of key economic areas in which state, did Asian Development Bank (ADB) recently approve a USD 350 million loan agreement?

20. By what kind of curve is the degree of urbanization represented?

21. According to the Status Paper on Government Debt for 20-21, what is the amount of Central Government Debt as a percent of GDP?

22. Who heads the High level expert group on farm exports set up by the 15th Finance Commission in 2020?

23. After the postponement of the Fourth Five Year Plan, annual plans were launched for the first time in India. In which year was this?

24. Name the Indian bank that signed an MoU with CARE Ratings to assess credit quality of its small and medium enterprises (SME) customers in 2020.

25. In the context of which of the following organizations, do you hear the term Reserve Tranche Position (RTP)?

26. What percent of shareholding in National Housing Bank was divested by RBI in 2019?

27. ____ has the highest Gross State Domestic Product (GSDP0

28. What is the current Cash Reserve

29. The FDI Policy allows ____ FDI under the automatic route for the marketplace model of e-commerce activities.

30. The following questions consists of a related pair of words, followed by four pairs of words. Choose the pair that best represents a similar relationship to the one expressed in the original pair of words.
Binding : Book

31. On what type of goods is the countervailing duty imposed on?

32. Choose from the following given options, the appropriate active/passive form of the given passive/active sentence
Mridul ate six shrimp at dinner.

33. The rate at which RBI purchases or rediscounts bills of exchange of commercial banks is called _____

34. Which of these committees is related to Financial Inclusion?

35. The Human Development Index (HDI) includes which of one of the following components?

36. Read the following statements and choose the CORRECT answer
i) GDP is a specific measure of economic welfare that does NOT include aspects like leisure time, environmental quality, freedom, social justice or gender equality.
ii) Per Capita Income includes and also indicates the level of income equality among people.

37. Which of the following options includes machinery, work plants, equipment, new technology, factories, buildings and goods that are designed to increase the economy`s potential?

38. __________ is the total value of all final goods and services that the economy produces during a given year, accounting for inflation.

39. The ______ the elasticity of supply and demand for rental housings in the ______, the greater will be the shortage of rental housing units as a result of imposition of rent control act.

40. Identify the indirect tax from the following options.

41. Which law states that the consumer will distribute his money income between the goods in such a way that the utility derived from the last rupee spent on each good is equal?

42. What is the reason for the collapse of the command economy?

43. According to Domar`s growth model, growth in capacity output will be realised only if ______ increases by a sufficient amount.

44. What will be the effect of a decrease in the wealth of an individual on his demand curve for a good?

45. Debt-financing of budget deficit is also known as ___

46. When the price of a commodity falls by Rs. 2 per unit, then its quantity demanded increases by 10 units. Its price elasticity of demand is (–)1. Calculate its quantity demanded at the price before change which was Rs. 10 per unit

47. Under imperfect competition, marginal revenue curve ______ average revenue curve.

48. Which of the following is classified as Microeconomic’ study?

49. According to the quantity theory of money, what will be the effect of doubling the quantity of money on the price level?

50. If the total deposits created by commercial banks is Rs. 12,000 crores and legal reserve requirements is 25 percent, then calculate the amount of initial deposits

51. Through which method, companies may raise capital from the existing shareholders by making a rights issue?

52. The indifference curve is relatively ______ in its right-hand portion and relatively ______ in its left-hand portion

53. Which transactions are included in the ‘capital account’ of balance of payments?

54. In which method of privatisation, the government sells its share in the public sector undertakings to a strategic partner?

55. Which policy introduced the concept of Agri Export Zones (AEZs) to give primacy to promotion of agricultural exports?

56. What is the criticism of the Poverty Alleviation strategy?

57. Variable costs of production are also called __

58. Which condition must be satisfied for the equilibrium growth rate at full employment level of all existing resources? (Where Gn = Natural rate of growth, Gw = Warranted rate of growth, Gy = Growth rate of output, l = Growth rate of population, t = Technological progress, S = Saving rate, V = Capital – Output ratio)

59. On the eve of the first five-year plan, industries manufacturing intermediate products were established but their production was ______ as productive capacity was considerably ______ the requirements.

60. Which law is called the extension of “Law of Diminishing Returns”?

61. The ______ the rate of capital formation, the ______ the rate of economic growth

62. High-yielding varieties programme (HYVP) was restricted to only ______ crops

63. Which factor conveys information to the firms about how individuals value different goods and services?

64. Which deposits can be withdrawn through cheques but there are limits to the amount withdrawable in a week or a month?

65. What was the threshold limit for assets in respect of Monopolies and Restrictive Trade Practices (MRTP) and dominant undertakings under the new industrial policy of 1991?

66. The number of times a unit of money changes hand during exchanges in a year is referred as the ____

67. Which cost is determined by the relative prices of goods?

68. Which institution is categorised as the organised sector of the money market?

69. What is the rationale behind privatisation and disinvestment of public sector undertakings?

70. What will be the effect of rise in price of a commodity on the total expenditure when demand is inelastic?

71. Stage 3 of law of variable proportions is also called stage of negative returns because ______.

72. Government expenditure made on the schemes and projects included in five year plans is classified as __

73. Which equation represents the productive capacity effect of investment and saving? (Gγ : Growth rate of income σ : Output-Capital ratio S : Saving ratio)

74. Which commodity is classified as durable-use consumer goods?

75. Which tax will be categorised as Direct Tax?

76. As an individual purchases more units of a good, the marginal utility keeps on __

77. Which transaction is included in the capital account of balance of payments

78. The central element in the development strategy of the ______ five year plan is the generation of productive employment

79. Fixed costs of production are also known as _

80. Calculate the growth in output from the following information. Investment = Rs. 500 crores Capital–output Ratio = 4

81. Indian agriculture was ______ in nature on the eve of the first five year plan.

82. Under ______, there is competition among the few firms producing homogeneous or identical product.

83. The quantity of the good which is purchased and sold at the equilibrium price is called ____

84. How will marginal product (MP) react, when total product rises at a diminishing rate?

85. Which market consists of the new issues market and the stock exchange?

86. When the two goods are perfect substitutes of each other, then the indifference curve is ______.

87. The total cost of a firm is increased by Rs. 450, when production increased from 12 units to 15 units. Calculate marginal cost of the firm

88. Which measure will increase the national income and employment when the economy is fully utilising its given resources?

89. Cheaper imported goods was one of the reasons behind ______.

90. Which agricultural strategy was put into practice for the first time in India in the Kharif season of 1966?

91. Which model states that for rapid industrialisation to occur, the country must aim at developing basic industries and industries which make machines to make the machines needed for further development?

92. The marginal utility of a good divided by the price of the good is equal to the ______.

93. If the price elasticity of a firm`s average revenue curve at a given level of output is equal to one, then the marginal revenue will be ______.

94. Which change will Reserve Bank of India (RBI) undertake when there is recession or depression in the economy?

95. In which economy, the government plays the complete role?

96. Which of the following concept of unemployment is a time rate?

97. The compulsory payment made by a person who receives in return a particular benefit or service from the government is referred as ______

98. Domar`s analysis of income effect of investment is based on the ______ and income determination.

99. Which equation represents the income version of quantity theory of money? (Where M = Quantity of Money, V = Income velocity of money, P = Average price level of final goods and services, Y = Real National Income, T = Total amount of transactions)

100. What is the another name for equal product curves?

101. Which of the following is categorised as `Macroeconomics` study?

102. ______ income elasticity signifies that quantity demanded of the good is quite unresponsive to changes in income

103. `Import of Machinery` is recorded in the ______ account and `borrowing from abroad` is recorded in the ______ account of balance of payments

104. Which measure has been adopted by the Indian government for macroeconomic stabilisation programme in 1991 economic reforms?

105. Which expenditure is classified as Transfer Payments

106. Two sector economy consists of __

107. What change will Reserve Bank of India (RBI) undertake to check inflation in the economy?

108. Which measure of macroeconomic stabilisation programme suggested that the accumulation of foreign exchange reserves would move Indian economy to a somewhat stable and sustainable balance of payments position in the post-reform period?

109. The elasticity of substitution between two factors labour and capital, in Cobb-Douglas production function is ____

110. Which measure introduced the new agricultural strategy in the form of a package programme in selected regions of the country in 1966?

111. _____ refers to those things in economics for which less is preferred over more

112. What will be the effect of rise in price of a commodity on the total revenue when demand is elastic?

113. Which of the following economic reforms undertaken by P.V. Narasimha Rao government deals with demand management?

114. The short-run supply curve of the firm must always slope ___

115. Which principle states that the increase in output or income induces an increase in the capital stock?

116. The combinations of goods that lie outside or beyond a given production possibility curve are called as ____

117. Identify the visible item of balance of payments on current account

118. ______ means that the making of an article is split up into several process and each process is carried out by a separate worker or a separate group of workers.

119. Which economy is also known as the Capitalist Economy?

120. Which form of unemployment is found in urban areas?

121. Which institution is categorised as Unregulated Non-Bank Financial Intermediaries?

122. According to the quantity theory of money, what will be the effect of a decrease in the quantity of money?

123. A consumer consumes only two good X and Y whose prices are Rs. 6 and Rs. 3 per unit respectively. What will be the marginal rate of substitution, when the consumer is in equilibrium?

124. Which expenditure is classified as Non-Transfer Expenditure

125. If demand for a commodity rises even without any change in its price, then it is known as _____

126. Under perfect competition, as output is total revenue goes on increasing at ___

127. What advantage can be obtained with higher capital accumulation?

128. Which statement holds for the third stage of law of variable proportions?

129. Which economic measure have been undertaken by Indian government to improve the supply side of the economy in 1991?

130. The taxes whose burden can be shifted to others so that those who pay these taxes to the government do not bear the whole burden but pass it on wholly or partly to others are referred as ____

131. Which commodity is classified as single-use consumer goods?

132. Which expenditure is classified as Developmental Expenditure?

133. Which utility determines the price a consumer will be prepared to pay for a unit of a good?

134. Which theory seeks to explain the value of money in terms of changes in its quantity?

135. Which concept talks about producing the maximum possible output of various goods from the given available amount of resources?

136. Which property is categorised as Intellectual property?

137. Which equation shows the growth in capacity-output as per the Domar`s Growth Model’? (Where I = Investment, ∆Y = change in output, σ = Output – Capital Ratio)

138. Which market is characterised by a large number of firms and product differentiation?

139. Which programme aimed at providing 100 days of unskilled manual work on demand to two members of a rural family in the age group of 18 to 60 years in the agricultural lean season within the blocks covered under the scheme?

140. The price at which quantity demanded of a commodity equals the quantity supplied is called the ____

141. Which source of funds are classified as bank`s liabilities?

142. Which industries were granted automatic approval for direct foreign investment under the new industrial policy of 1991?

143. Beyond the break even point, the short run total cost curve increases at ___

144. What will be the effect of fall in price of a commodity on the total revenue when demand is elastic?

145. Which individuals or private firms receive deposits and give loans and thereby operate as banks?

146. Which measure has been taken under land reforms for agricultural development?

147. According to Domar`s growth model, the ______ the rate of investment, the ______ the rate of growth of income

148. Which transaction is included in the current account of balance of payments?

149. Which of the following is classified as Revenue Expenditure?

150. Which assumption holds for the law of variable proportions?

151. ______ is concerned with the income and expenditure of public authorities and with the adjustment of one to the other.

152. Which of the following measures talk about abolishing intermediary interests in land and transfer of land to actual tiller of the soil?

153. Which of the following illustrates the three basic economics concepts, namely: scarcity of resource, choice by a society from the opportunity set and opportunity cost?

154. ______ refers to a mechanism whereby on the one hand borrowers manage to obtain short-form loanable funds and on the other, lenders succeed in getting credit worthy borrowers for their money

155. Why is the capital – output ratio in developing countries higher?

156. Personal disposable income is equal to _____

157. ______ refers to the minimum income which the entrepreneur must get in order to stay in a business or industry

158. Which factor induces the movement of the economy from a point inside the production possibility curve to a point on it?

159. Which resource is classified as non-renewable resource?

160. ______ represents the amount of good Y which the consumer has to give up for the gain of an additional unit of good X so that his level of satisfaction remains the same.

161. Which of the following equation correctly represents the equation of exchange? (where P : average price level, T : Total amount of transactions, M : Quantity of money, V : Transactions velocity of circulation of money)

162. The Usual Status unemployment rate is a _____

163. Which of the following involves returning to low and stable inflation and a sustainable fiscal and balance of payments position?

164. Which of the following statements holds for the Giffen goods?

165. Which of the following recognises and protects property rights?

166. Which of the following is an objective of monetary policy?

167. What will be the effect of an increased population on saving and investment?

168. Which of the following concepts is meant to determine the usual activity status of sample covered by the survey?

169. When earnings ______ normal rate of return on capital and other costs, then a firm earns positive economic profits

170. Suppose A and B are substitute goods. Determine the effect of a rise in the price of good B on the demand for good A.

171. What was the threshold limit of assets that a firm must possess to classify as Monopolies and Restrictive Trade Practices (MRTP) firms before new industrial policy of 1991?

172. For a normal good, the income effect whether produced by a change in price of a good or increase in money income is _____

173. Which of the following statements holds for the capital account in the balance of payments?

174. The highest attainable growth rate which would bring about the fullest possible employment of the resources existing in the economy is called the ______.

175. Which expenditure is classified as Non-Transfer Expenditure?

176. In case of ______ goods, demand rises with increase in income.

177. In the first stage of law of variable proportions, marginal product of the fixed factor is ______.

178. Where does the total cost curve starts from?

179. If the volume of transactions ______, then the price level rises with the increase in the quantity of money

180. What is the main cause of unemployment in India?

181. How many industries had been reserved for the public sector under 1991 industrial policy?

182. Which agricultural measure provided irrigation facilities to a large area on an increasing basis for cultivation?

183. Which measure reflects the proportion of the weighted component indicators in which, on average, poor people are deprived?

184. Which resource is classified as renewable resource?

185. The point on the average revenue curve at which elasticity of demand is less than unity, the marginal revenue will be ______.

186. What is the main advantage of the Initial Public Offer (IPO) method of privatisation?

187. Equilibrium price is higher than the actual price of a commodity. Thus its price will ______.

188. In the basic model of a market economy we assume that there exists ______ markets

189. Which equation represents the supply side of the growth problem? (Where Gy : Growth rate of income, σ : Output-capital ratio, S : Saving ratio)

190. Suppose a consumer can afford to buy 6 units of good 1 and 8 units of good 2. She spends her entire income. The prices of the two goods are Rs. 6 and Rs. 8 respectively. How much is the consumer`s income?

191. Which of the following is related to Microeconomics?

192. Choose the change by the Reserve Bank of India (RBI) that will decrease the money supply

193. Change in stock is negative when ______.

194. Which expenditure is classified as Non- Developmental Expenditure?

195. The main reason for India`s indicative economic planning was ______.

196. A market for a commodity consists of three individuals A, B and C whose demand functions for a commodity are given below. Find out the market demand function.
Q_A = 40 – 2P
Q_B = 25.5 – 0.75P
Q_C = 36.5 – 1.25P

197. Which property is categorised as real property?

198. Which system of rationing talks about the principle of “first come first served”?

199. Value of money is inversely proportional to the ______.

200. According to Domar`s growth model, the marginal output-capital ratio will be ______ average output-capital ratio if output-capital ratio remains constant.

201. Which factor is considered as the primary or original factors of production?

202. Suppose there are two goods, X and Y. What will be the effect of fall in the price of good X on the budget constraint line?

203. The new industrial policy of 1991 gave the firms automatic permission for direct foreign investment upto ______ percent of foreign equity.

204. The proportion of the population who are multidimensionally poor is known as the ______.

205. For an inferior good, income effect of change in money income of the consumer is ______.