Know Your World - 58


1. 70% of working population of India is engaged in ___
Primary sector

2. Economic survey is published by ___
Ministry of finance

3. Who is called the father of economics ___
Adam smith

4. The concept of five year plans in India was introduced by ___
Jawaharlal Nehru

5. Type of economy in India is ___
Mixed economy

6. India opted for mixed economy in ___
Industrial policy of 1948

7. Mixed economy means an economy where ___
There is coexistence of public sector along with private sector

8. What have prevented the 'trickle down' effects in Indian economy?
Increased dependence of agriculture on purchased inputs and previously managed irrigation; lowered participation of women in agricultural workforce due to new technology

9. The deputy chairman of the planning commission holds the rank of ___
A cabinet minister

10. Who was the first deputy chairman of planning commission of India?
Shri V.T.Krishnamachari

11. The planning commission of India was set up in ___
1950

12. Microeconomics is concerned with ___
Behavior of industrial decision-makers; determination of prices of goods and services

13. Indicative planning being pursued in India since the ___
8th plan

14. The secretary of the planning commission of India is also the secretary of national development council. True or false
TRUE

15. The basic objectives of Indian planning are ___
Economic growth, self reliance, employment generation

16. An undeveloped economy is generally characterized by ___
Low per capita income, low rate of capital formation

17. Self reliance in the economic context implies that a country ___
Has sufficient foreign exchange reserves to buy all its needs; meets its demand for certain vital goods and services from its domestic production

18. What gives an accurate measurement of economic development through five year plans ___
Rise in national income and per capita income

19. In India, public sector is most dominant in ___
Commercial banking

20. The first attempt to initiate economic planning in India was made by ___
M Visvesvaraya

21. The decentralization system was recommended by ___
Balwant rai Mehta

22. The main objective of first five year plan was ___
Development of agriculture including irrigation and power projects

23. India had a plan holiday after the drought of ___
1966

24. Rolling plan was designed for the period ___
1978-83

25. The strategy of rolling plan was adopted during the prime minister ship of ___
Morarji Desai

26. A rolling plan was a plan for ___
One year

27. The basic feature of the rolling plans was that ___
Annual fluctuations in prices and major economic developments could be considered while fixing targets

28. The growth rate of agricultural production was negative in the ___
Third plan

29. Who plans the five year plans?
Planning commission

30. Who wrote the book "planned economy for India"?
M Visvesvaraya
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Know Your World - 57


1. In World Bank, the Board of Governors is the supreme body and the voting power of the Governor of a member country is related to the financial contribution of the country concerned. True or False
TRUE

2. Which one of the following best describes the nineteenth century gold standard system?
Automatic system with fixed exchange rates

3. Which of the following are the components of foreign capital?
Grants and loans, External commercial borrowings, Foreign direct investment, Deposits from non-residents.

4. Which one of the following situations occurs during the period when borrowers and lenders expect inflation?
The nominal rate of interest equals the real rate of interest

5. According to the classical theory of employment, deviations from the state of full employment are of:
Purely temporary nature

6. Which one of the following is related to the theory that supply created its own demand and therefore full employment Is a natural situation?
Say’s law

7. According to Keynes, which one of the following is meant by liquidity preference?
Desire to hold cash

8. Which of the following are included in broad money (M 3) in India?
Currency with the public, Demand deposits with banks, Time deposits with banks, "Other‟ deposits with RBI.

9. Loss of information occurs during?
Collection of data

10. The first State in India- which published its State Human Development Report, is?
Kerala

11. The Utility Index Number has been developed by?
Neumann and Morgenstern

12. The best average for the construction of index number is?
Geometric mean

13. The minimum price below which the seller will not sell the goods, is known as?
Reserve price

14. Automatic stabilizer is a tool of?
Taxation policy

15. The price of a commodity will increase if the increase in demand is?
More than increase in supply

16. The following Industrial Policy Resolution is known as the Economic Constitution of India?
Industrial policy, 1956

17. If two regression lines are perpendicular to each other, the correlation coefficient will be?
Zero

18. Who is known as the „Architect‟ of Indian Planning?
M. Visvesaraia

19. The entertainment tax in India was first introduced in the State of?
Bengal

20. Arithmetic mean of deviation is always?
Equal to zero

21. Elinor Ostrom, the first woman to win the Nobel Prize in economics in 2009. Has been awarded for her contribution in the field of?
Management of common property

22. National development council was set up in
1952

23. Economic planning is a subject of ___ list
Union list

24. For internal financing of five year plans, the government depends on:
Taxation only

25. The national development council gets its administrative support from:
Planning commission

26. The five year plans of India intend to develop the country industrially through:
The public, private, joint and cooperative sectors

27. The ex-officio chairman of the planning commission and national development council is
Prime minister

28. The planning commission is
An advisory body

29. Take off stage in an economy means
Steady growth begins

30. Planning in India derives its objectives from
Directive principles of state policy
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Know Your World - 56


1. A metropolitan city is one which has a population size of more than?
10 lakh

2. Who has regarded the concept of “ideal output” as an indicator of economic welfare?
Pigou

3. The technique of presenting data by pictogram was developed by?
Otto Neurth

4. The shape of average selling cost curve is?
U-shaped

5. The National Institute of Training for Standardization (NITS) is located at?
Nagpur

6. NABARD is a?
Refinance Bank

7. The concept of „costing margin‟ in the pricing theory was introduced by?
Baumol

8. The Keynesian theory of employment provides the solution of?
Cyclical unemployment

9. Mathematics was first used economic theory by?
Weiser

10. India’s foreign exchange rate system is?
Managed float

11. The terms „NEER‟ and „REER‟ are related with?
Foreign exchange rate

12. For the calculation of percentile, the data should be arranged in?
Ascending order

13. The shape of a frequency curve cannot be?
S-shaped

14. India’s first port-based Special Economic Zone named International Container Transshipment Terminal (ICTI) is being set-up at?
Kochi

15. A new housing price index RESIDEX has been launched by?
Central Statistical Organization

16. Which one of the following is not a feature of current Indian Planning?
Functional Planning

17. The concept of disinvestment was introduced by?
Keynes

18. Which of the following is average of second order?
Standard deviation

19. Which average is most affected by the extreme observations?
Arithmetic mean

20. The number of women entrepreneurs in small scale industrial region is highest in the state of?
Tamil Nadu

21. The nature of classical unemployment is?
Open

22. The New Exploration License Policy (NELP) of the Government of India is related with?
Oil and Gas

23. Full employment is a situation when?
Cyclical unemployment is zero

24. Which Indian Company has been included for the first time in U.S. A‟s index NASDAQ-100?
Infosys

25. The natural rate of unemployed is the sum of?
Frictional unemployment and Structural unemployment

26. The most liquid asset among the following is?
Cash

27. The „Swiss Formula‟ of World Trade Organisation is related with?
Non-agricultural tariff

28. The Securities and Exchange Board of India has recently made the rating of Initial Public offerings mandatory. The total number of such grades is ___
Five

29. In any set of numbers, the geometric mean exists only when all numbers are?
Positive

30. Disguised underemployment refers to the situation when:
people seems occupied on a full time basis even though the services they render require less than full time
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Know Your World - 55


1. In which terms is the Rate of growth of an economy measured?
National income

2. By whom the rank of the different Ministers in the Union Council of Ministers is determined?
Prime Minister

3. The Imperial Bank of India, after nationalization was given the name of which bank?
State Bank of India

4. On which tax is the minimum effect of Direct Taxes?
Income

5. What is temporary tax levied to obtain additional revenue?
Surcharge

6. In the short run, a producer,’ how long continues his production?
Fixed cost

7. Who was the first Chairman of the Planning Commission?
Pt. Jawahar Lal Nehru

8. In the short run, a producer, ‘how long continues his production?
Fixed cost

9. By which income individual’s actual standard of living can be assessed?
Disposable Personal Income

10. A firm is called maximum efficient firm if it has?
Minimum Average Cost

11. Implicit cost may be considered as?
Private cost

12. “The Mid-day Meal” scheme is covered under the Ministry of?
Human Resource Development

13. Which of the following associate bank has been taken over by the State Bank of India in 2008?
State Bank of Saurashtra

14. In the Union Budget, the term „Primary Deficit‟ means?
Fiscal Deficit — Interest Payment

15. As a measure to unearth black money, the demonetization of Rupees 1000 currency notes in India was done in the year?
1978

16. The Lead Bank scheme was launched in India on the recommendation of?
F. K. F. Nariman

17. Firms have chronic excess production capacity in?
Monopolistic competition

18. The positional average is shown by?
Median

19. The term rainy day‟ used by Keynes is related with?
Precautionary demand

20. Root mean square of all the deviations is known as?
Standard deviation

21. The tax called CENVAT is related to?
Union Excise Duty

22. Which of the following type of facts are not Considered under the study of statistics
Qualitative facts

23. The statistical calculations in classified data are based on?
The mid-points of the classes

24. The Child Labour (Prohibition and Regulation) Act, 1986 prohibits the employment of Children below the age of?
14years

25. To meet the objective of inflation control, the Central Bank should adopt following policy measures
Increase in cash reserve ratio, along with sale of securities under open market operations

26. When was the concept of core sector introduced in Indian industries?
1970

27. Which is the apex bank for micro finance in India?
National Bank for Agriculture and Rural Development

28. Which of the following is the largest component of India’s external debt?
Commercial borrowings

29. Tobin tax is related with?
Black money transactions

30. The terms “Static” and “Dynamic” in economics were first used by?
Mill
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Know Your World - 54


1. In India, which first bank of limited liability managed by Indians and founded in 1881?
Oudh Commercial Bank

2. How many countries are represented in International Monetary Fund (IMF)?
163

3. Why has the per capita income been low in India?
Because of population growth

4. What is the ideal average NPK ratio aggregated for the country as a whole?
0.16806713

5. Participatory Notes (PNs) are associated with which investors?
Foreign Institutional Investors

6. In which plan was the objective of self-reliance and zero net foreign aid declared?
Fourth 5-Yr Plan

7. How is the standard of living in a country represented?
Per capita income

8. Which is the best measure of economic growth of a country?
GNP

9. How is development?
Wider than economic growth

10. Which groups suffer the most from inflation?
Creditors

11. What does Dear Money Policy imply?
High interest rates

12. Who is the author of the book ‘Development as Freedom’?
Amartya Sen

13. New exim policy has chosen which town for ‘the pottery export?
Khurja

14. The present demographic transition of India is indicative of which thing?
Typically increasing urbanization

15. What is the mean of Ad Valorem?
According to value

16. Who sings on One-rupee currency notes?
Finance Secretary of India

17. How is Indian economy?
Mixed economy

18. What is Broad money in India?
M

19. Regional Rural Banks are designed to work in which ideal?
Help the targeted groups

20. Which bank gives long term loan to farmers?
Land Development Bank

21. Which first Bank was established in India?
Bank of Hindustan

22. Which treated as artificial currency?
SDR

23. Prof. Amartya Sen has earned worldwide distinction in which field /area?
Economics

24. How many members of African Development Bank are there?
78

25. How is the tax which is paid by the person on whom the tax is incident?
Direct tax

26. Which is an extra Constitutional and non-statutory body?
Planning Commission

27. When was decimal coinage introduced in India?
1957

28. How many of Banks were nationalized since 1969?
20

29. Which place does Buyer’s market denote?
The demand exceeds the supply

30. What is deficit financing?
Spending in excess of revenue
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Know Your World - 53


1. Which state ranks first in terms of the maximum number of agro-based industries?
Punjab

2. Of which bills Open market operations of a Central Bank are sale and purchase?
Trade bills

3. For international payments, to which currency is the Indian currency linked?
American Dollar

4. Where are the headquarters of IMF and World Bank located?
Both Washington DC

5. In which year was Railway Budget in India separated from general budget?
1924-25

6. With which India’s progress has been reasonably satisfactory in connection?
Growth of GNP

7. Upon which development the Second Five Year Plan laid mote stress?
Industrialisation

8. Which authority sanctions foreign exchange for the import of goods?
Reserve Bank of India

9. What is the inflation experienced in the country at present?
Cost-push inflation

10. How is Share of Direct tax in post economic reform?
Increasing

11. Who is the author of the book’ Economic Nightmare of India’?
Charan Singh

12. What is the grouping of organisms into categories according to a systematic plan?
Classification

13. Which is the updated base for Wholesale Price Index (WPI) ?
2004-2005

14. What is the highest denomination of currency notes in circulation as legal tender in India at present?
Rs. 1000

15. What is the main source of fund for the National Highway Authority of India?
Cess

16. In India, in which was the service tax first introduced?
1994

17. Under which do all taxes come?
Revenue receipts

18. How many members are there in the International Finance Corporation?
184

19. Who is called the ‘Father of Economics’?
Adam Smith

20. By whom was concept of Five Year Plans in India introduced?
Jawaharlal Nehru

21. Finance Commission consists of how many members?
A Chairman and three other members

22. Which Public Sector bank’ emblem figures a dog and the words ‘faithful, friendly’ in it?
Syndicate Bank

23. What is the mean of Cheap Money?
Low Rate of Interest

24. According to the law of demand, what happens when price increases?
Demand decreases

25. Who is known as father of taxonomy?
Linnaeus

26. For how many years is rolling plan?
One year

27. Which are referred to as the developed economies?
Countries having large per capita income

28. Who was the Finance Minister of India in the Interim Government during 1946-1947?
R. K. Shanmukham Chetty

29. Who long do the World Bank and IMF give respectively?
Long term and short term credits

30. Chief Ministers of all the States are ex-officio members of which council?
National Development Council
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Know Your World - 52


1. What was Karaj in the thirteenth century?
Tax on cultivation

2. What is termed as the period of high inflation and low economic growth?
Stagflation

3. In India, the bank NABARD does not provide refinance to which bank?
Export-Import Banks

4. Who wrote the book ‘Planned Economy for India’?
M. Visvesvaraya

5. A crossed cheque is one, which can be enchased only at which bank?
State Bank of India.

6. What do Quantitative credit controls not include?
RBI directives

7. The Centre-State financial distribution takes place on the recommendation by which ministry?
Finance Minister

8. Which is the oldest Development Financial Institution of India?
IFCI

9. During which five year plan were the steel plants at Durgapur, Bhilai and Rourkela established?
Second Five Year Plan

10. During which Five Year Plan was the total expenditure on agriculture the highest?
Fourth Five Year Plan

11. By whom the salary and perquisites of the Prime Minister of India are decided?
Parliament

12. Who are Debenture holders of a company?
Its creditors

13. Through which methods is the national income of India estimated mainly?
Production and income methods

14. In which year were Private Sector Mutual Funds in India permitted?
1993

15. From which export does India earn maximum foreign exchange?
Gems and jewellery

16. What is the source of maximum income to Panchayati Raj?
Government grants

17. The Govt. of India does not provide any direct financial assistance to which scheme?
Jeevan Sathi Yojana

18. Bagasse, a by-product of sugar manufacturing industry, is used for the production of which thing?
Paper

19. From which sector does the highest sector wise contribution to gross domestic saving comes?
Household sector

20. Which formulates fiscal policy?
Finance Ministry

21. In which plan was the growth rate of agricultural production negative?
Third Plan

22. In which of the Five Year Plans, preference was given to the weaker sections of the society?
Fifth

23. How many member states are in ‘Common Market‘ for Eastern and Southern Africa?
20

24. How can the States in India borrow from the market?
Only with the consent of the Centre

25. What is One of the main factors that led to rapid expansion of Indian exports?
Liberalization of the economy

26. How is the difference between visible exports and visible imports defined?
Balance of trade

27. Which case does stagflation imply?
Recession plus inflation

28. In which activity percentage share of cooperative sector is the highest?
Sugar production

29. In India, which is regulated by the forward Markets Commission?
Commodities Futures Trading

30. Among the remedies of inflation, what can we include?
Lowering bank rate
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