| GyanCentral - The hub for engineering and law students - IIT-JEE, AIEEE, BITSAT, CLAT, AILET - 2012: Questions on Economics Oct 21st 2012, 21:07 | GyanCentral - The hub for engineering and law students - IIT-JEE, AIEEE, BITSAT, CLAT, AILET - 2012 | | The source for all engineering and legal education news in India | | | Questions on Economics Oct 21st 2012, 21:06 Q.1) Which of the following plans aimed at improving the standard of living? [a] Third Plan [b] Fourth Plan [c] Fifth Plan [d] Sixth Plan Answer: Sixth Plan Q.2) Which of the following Five Year Plans recognized human development as the core of all developmental efforts? [a] Eighth Five Year Plan [b] Seventh Five Year Plan [c] Fifth Five Year Plan [d] Third Five Year Plan Answer: Seventh Five Year Plan Q.3) The aim of which of the Five Year Plans was to correct the disequilibrium in the economy? [a] First Five Year Plan [b] Second Five Year Plan [c] Third Five Year Plan [d] Fourth Five Year Plan Answer: First Five Year Plan Q.4) Which of the following is the basic characteristic of Oligopoly? [a] a few sellers, one buyer [b] a few sellers, many buyers [c] a few sellers, a few buyers [d] many sellers, a few buyers Answer: a few sellers, many buyers Q.5) Who was the first administrator-statesman to attempt planning as a means for economic development? (a) Sir CP Ramaswami Aiyyar (b) M Viswesvarayya (c) VT Krishnamachari (d) C Rajagopalachari Answer: M Visveshvaraya Q.6) Which of the following body is responsible for weekly compilation and publication of wholesale price indices (WPI)? (A) Finance Ministry (B) Office of Economic Adviser (C) Reserve Bank of India (D) Office of Commerce Secretary Answer: Officer of Economic Advisor Q.7) The operation of Public Distribution System is responsibility of - (A) Private Agency (B) Central Government (C) State Government (D) Both Central and State Government Answer: Both Central and State Government Q.7) Who is know as the father of Indian Budget? [a] B. R. Ambedkar [b] Jawaharlal Nehru [c] P. C. Mahalanobis [d] M. N. Roy Answer: P. C. Mahalanobis Q.8) From which country India has adopted the idea of five year plan? [a] USA [b] England [c] Ireland [d] Soviet Union Answer: Soviet Union Q.9) Panchayat Raj System was introduced in ____ under the recommendation of Balwant Rai Mehta Committee. [a] 1954 [b] 1959 [c] 1961 [d] 1964 Answer: 1959 Q.10) IMF forecast for Global Growth in 2013 is ____ %. [a] 3.6 [b] 4.2 [c] 5.6 [d] 6.0 Answer: 3.6 Q.11) Who wrote the first book on Indian planning 'Planned Economy of India'? [a] Dadabhai Naoroji [b] C. F. Andrew [c] M. Visvesvarayya [d] P. C. Mahalanobis Answer: M. Visvesvarayya Q.12) The ex-officio chairman of National Development Council is- [a] Prime Minister [b] President [c] Finance Minister [d] Deputy Chairman of Planning Commission Answer: Prime Minister Q.13) In which country green revolution was started? [a] Denmark [b] Mexico [c] India [d] United States of America Answer: Mexico Q.14) National Development Council was formed in - [a] 1950 [b] 1951 [c] 1952 [d] 1953 Answer: 1952 Q.15) DTC stands for a) Direct Tax Code b) Disinvestment Tax Code c) Derivative Trade Code d) Distinct Tax Code e) Delhi Tax Code Answer: Direct Tax Code Q.16) The budget is presented to the Parliament on [a] the last day of February [b] 15th March [c] the last day of March [d] 1st April Answer: the last day of February Q.17) Which of the following is not a direct tax? [a] Wealth Tax [b] Income Tax [c] Estate Duty [d] Sales Tax Answer: Sales Tax Q.18) Which of the following is not a method of estimating national income? [a] Income method [b] Value – added method [c] Expenditure method [d] Export – import method Answer: Export – import method Q.19) India has ? [a] Socialistic economy [b] Gandhian economy [c] Mixed economy [d] Free economy Answer: Mixed economy Q.20) In India, the first bank of limited liability manages by Indians and founded in 1881 was [a] Hindustan Commercial Bank [b] Oudh Commercial Bank [c] Punjab National Bank [d] Punjab and Sind Bank Answer: Oudh Bank |  | | |  |  |
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