MCQs on Economics -28

1. The revealed preference approach to the derivation of indifference curve
(A) Assumes stability over time of an observed person’s tastes.
(B) Assumes that all people have identical tastes.
(C) Relies on repeated observations of the market behaviour of a single person.
(D) Is correctly described by both (A) and (C).


2. In the context of the Mundell- Fleming model of open economy, consider the following variables that shift the IS function.
1. a rise in the exchange rate
2. an increase in foreign income
3. a cut in taxes
4. a fall in exchange rate
Which of the following combinations of these factors shift the IS function upwards towards the right ?
(A) 1, 2, 4
(B) 2, 3, 4
(C) 1, 2, 3
(D) 3, 4, 1


3. Which of the following Committees has been set up in India for identification of BPL families in urban areas ?
(A) Tendulkar Committee
(B) Saxena Committee
(C) Lakdawala Committee
(D) Hashim Committee


4. A major financial inclusion initiative named ‘Swabhiman’ was formally launched on
(A) February 2010
(B) February 2011
(C) February 2009
(D) February 2008


5. Which of the Five Year Plans has laid emphasis on ‘faster, sustainable and inclusive growth’ ?
(A) Eleventh Five Year Plan
(B) Twelfth Five Year Plan
(C) Tenth Five Year Plan
(D) Ninth Five Year Plan


6. Under the revised Index of Industrial Production (IIP) series, with 2004-05 as the base, the total number of items covered has increased from 538 to
(A) 682
(B) 662
(C) 652
(D) 642


7. Growth of Indian agriculture has been slowed down since the adoption of new economic policy due to
1. low increase in crop yield
2. low or no public investment
3. stagnant green revolution technology
4. low retail market prices of agricultural produce
Answer this question by selecting the correct combination of codes given below :
Codes :
(A) 1, 2, 3, 4
(B) 2, 3
(C) 1, 2, 3
(D) 1, 4


8. Which of the following is not a specialized sub market of the money market ?
(A) Collateral loan market
(B) Discount market
(C) Bond market
(D) Acceptance market


9. Arrange the following Committees in chronological order from the given codes
I. Khusro Committee
II. Dantwala Committee
III. Narasimham Committee
IV. Kelkar Committee
Codes :
(A) I, II, III, IV
(B) II, IV, I, III
(C) II, I, IV, III
(D) II, III, I, IV


10. Assertion (A) : The working of Regional Rural Banks (RRBs) revealed that they eroded their capital base.
Reason (R) : Many RRBs are nonviable and having high operating costs.
Of the above two statements, give the correct answer from the given codes :
Codes :
(A) Both (A) and (R) are correct and (R) is the correct explanation of (A).
(B) Both (A) and (R) are correct, but (R) is not the correct explanation of (A).
(C) (A) is true, but (R) is false.
(D) (A) is false, but (R) is true.


11. Which of the following institutions are regulated by the RBI as All India Financial Institution ?
I. Export Import Bank of India
II. National Housing Bank
III. State Bank of India
IV. Small Industries Development Bank of India
Select the correct answer from the given code :
Codes :
(A) I, II and IV
(B) II, III, IV
(C) I & II
(D) III & IV


12. Items of social sector expenditure of the State Governments include
I. Education and sports
II. Energy and transport
III. Medical and public health
IV. Water supply and sanitation
Find correct answer from given codes :
Codes :
(A) I, II and III are correct.
(B) I, III and IV are correct.
(C) II, III and IV are correct.
(D) I and III are correct.


13. Match the items of List – I with items of List – II from the given code :
List – I                                                   List – II
I. Law of increasing State activities  1. R.N. Bhargava
II. Displacement effect                      2. Adolph Wagner
III. Federal Finance                          3. Weisman and Peacock
IV. Functional Finance                     4. A.P. Lerner
Codes :
       I II III IV
(A) 1 2 3 4
(B) 2 3 1 4
(C) 3 4 2 1
(D) 4 1 3 2


14. The act of simultaneously buying a currency in one market and selling in another market is called
(A) Speculation
(B) Spotting
(C) Forwarding
(D) Arbitrage


15. All internationally traded services are covered under which of the following WTO agreements ?
(A) GATS
(B) TRIPS
(C) TRIMS
(D) PTA

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