Previous Year Solved Question Papers

Previous Year Solved Question Papers

MCQs on Economics -17

1. Which of the following is not related with optimum currency area?
(A) Optimal geographical area for several currencies whose exchange rates are relatively pegged.
(B) Single currency do not fluctuate vis-à-vis other currencies.
(C) Single currency or the pegged currencies fluctuate jointly visà-vis other currencies.
(D) Optimal geographical area for a single currency.


2. Which of the following issues did the Uruguay Round not address?
(A) Migration
(B) Intellectual Property Right
(C) Services
(D) Tariff


3. The experience with managed exchange rates since 1973
(A) Strongly supports a fixed exchange rate system.
(B) Strongly supports a freely flexible exchange rate system.
(C) Mildly supports a flexible exchange rate system.
(D) Supports some restriction on exchange rate fluctuations.


4. List – I                  List – II
a. Free trade area         1. No restrictions on trade and factor movement
b. Customs union        2. Trade is free and no Customs Duties
c. Common market      3. No Customs Duties but duties on nonmembers
d. Economic union      4. Advanced stage of integration

Codes:
a          b          c          d
(A)       2          1          3          4
(B)       3          2          4          1
(C)       2          3          1          4
(D)       1          3          4          2


5. An example of a Euro currency is
(A) A Dollar deposit outside the U.S.
(B) A Pound Sterling deposit outside the U.K.
(C) A Mark deposit outside Germany
(D) All of the above


6. Which one of the following tax is within the jurisdiction of the State Governments as enumerated in List – II of the Constitution of India?
(A) Taxes other than stamp duties on transactions in stock exchange and future markets.
(B) Taxes on Railway freights and fares.
(C) Taxes on mineral rights subject to any limitations imposed by the Parliament.
(D) Rate of stamp duty in respect of certain financial documents.


7. Match the items given in List – I with those in List – II:
List – I                                                List – II
I. Third Finance Commission              1. J.M. Shelat
II. Sixth Finance Commission            2. A.K. Chanda
III. Seventh Finance Commission      3. K.C. Pant
IV. Tenth Finance Commission          4. K. Brahmananda Reddy

Codes:
I           II         III        IV
(A)       4          1          3          2
(B)       3          4          1          2
(C)       2          3          4          1
(D)       2          4          1          3


8. Which of the following are Government of India debt obligations?
I. State Provident Funds
II. Small Savings
III. Reserve Money
IV. Reserve Funds and Deposits

Codes:
(A) I and II are correct.
(B) I, II and IV are correct.
(C) II and IV are correct.
(D) I, II and III are correct.


9. Arrange the following in chronological order:
I. Task Force on Direct and Indirect Taxes (Kelkar Committee)
II. Replacement of State Sales Taxby Value Added Tax
III. Introduction of MODVAT
IV. Fiscal Responsibility and Budget Management Act

Codes:
(A) III, II, IV, I
(B) III, I, IV, II
(C) III, IV, I, II
(D) II, III, IV, I


10. Which of the following tax is introduced in India in 1953 and abolished in 1985?
(A) Estate Duty
(B) Expenditure Tax
(C) Gift Tax
(D) Agricultural Income-tax


11. Find out the items which are not in the scope of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM):
(A) Internal earmarking within local body budgets for basic services to the urban poor.
(B) Provide legal and financial support to metro/mono-rail projects in urban areas.
(C) Earmarking of at least 20-25percent of developed land in all housing projects for the economically weaker sections and low income groups category.
(D) Implementation of a seven point charter for provisioning of seven basic entitlements/services.


12. Which Economic Survey has introduced a new chapter on “Sustainable Development and Climate Change”?
(A) Economic Survey 2004-05
(B) Economic Survey 2007-08
(C) Economic Survey 2009-10
(D) Economic Survey 2011-12


13. Match the different Five Year Plans of India given in List – I with the annual growth rate of National Income (at 2004-05 prices) given in List – II:
List – I                        List – II
i. Eighth Plan              a. 5.5 percent
ii. Ninth Plan               b. 6.7 percent
iii. Tenth Plan              c. 7.5 percent
iv. Eleventh Plan         d. 7.8 percent

Codes:
i           ii          iii         iv
(A)       b          a          c          d
(B)       a          c          d          b
(C)       b          d          a          b
(D)       d          b          c          a


14. Which of the following programmes is not included in rural infrastructure development in India?
(A) Integrated Low Cost Sanitation Scheme (ILCS)
(B) Bharat Nirman
(C) Indira Awas Yojana (IAY)
(D) Total Sanitation Campaign (TSC)


15. For a firm in long-run equilibrium producing anallocatively efficient level of output where marginal cost is equal to demand, which of the following does not apply?
(A) Price is sufficient to cover the opportunity cost.
(B) Profit of the firm becomes zero.
(C) Price is sufficient to covercosts.
(D) This situation also satisfies the consumers.

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