Q.1 Which of the following are correct? 1. Rate of growth of an economy is measured in terms of national income. 2. The standard of living in a country is represented by its per capita income. Codes: A) Both 1 & 2 B) Only 1 C) Only 2 D) Neither 1 nor 2 Ans. A Q.2 Which is the best measure of economic growth of a country? A) GNP B) GDP C) Net revenue D) None of these Ans. A Q.3 Which of the following is the basis for developing national income ? 1) Net profit earned & expenditure incurred by the state 2) Total revenue of the state 3) Production of goods & services Codes: A) 1 & 3 B) 2 & 3 C) Only 3 D) All are correct Ans. C Q.4 Once the demands for grants & expenditure of different departments are passed by the parliament, bill to draw money from Consolidated Fund of India for these purposes is introduced. This bill is called : A) Credit budget bill B) Money bill C) Finance bill D) Appropriation bill Ans. D Q.5 By which bill does the government make arrangement for the collection of revenue for year ? A) Fiscal budget B) Economic bill C) Finance bill D) Supplementary budget Ans. C Q.6 Which of the following is statements is correct? Fiscal Responsibility & Budget Management Act (FRBMA) concerns. A) Fiscal deficit only. B) Revenue deficit only. C) Both of these D) None of these Ans. C Q.7 If the price of an inferior good falls, its demand: A) Rises B) Falls C) Remains constant D) Can be any one of the above Ans. C Q.8 The existence of a Parallel Economy or Black Money: A) Makes the economy more competitive. B) Makes the monetary policies less effective. C) Ensures a better distribution of income & wealth. D) Ensures increasing productive investment. Ans. B Q.9 The recommendations of the Finance Commission are: A) Binding on the govt. B) Not Binding on the govt. C) Generally accepted as a matter of convention. D) Accepted or rejected by the govt. according to its convenience. Ans. D Q.10 Which of the following states rank first in terms of the maximum no. of agro-based industries? A) Gujarat B) Punjab C) West Bangal D) Kerela Ans. B Q.11 Which of the following are the public sector undertakings of the Govt. of India? I. Balmer Lawrie & Company Ltd. II. Dredging Corporation of India. III. Education Consultants of India Ltd. Codes: A) II & III B) III only C) I & II D) All are correct Ans. D Q.12 Which of the following are correct? 1. The USSR assisted in the building of the Bhilai Steel Plant. 2. The British assisted in the building of the Bokaro Steel Plant. Codes: A) Both 1 & 2 B) Only 1 C) Only 2 D) Neither 1 nor 2 Ans. B Q.13 Which of the following are correct? 1. Vizag Steel Plant (RINL) has been declared Mini Ratna. 2. Merger of IISCO & SAIL has been completed. Codes: A) Both 1 & 2 B) Only 1 C) Only 2 D) Neither 1 nor 2 Ans. A Q.14 Human Development Index comprises : 1. Gross domestic product per head in the US dollars. 2. Gross domestic product per head at real purchasing power. 3. Gross national product in US dollars. 4. National income per head in US dollars. Codes: A) 1,2,3 B) 1,2,3,4 C) 1,3,4 D) 2 only Ans. D

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