Q.1 Statements: 1) Balance of Payments represents better picture of a country’s economic transactions than the Balance of Trade 2) Balance of Payments takes into account exchange of both visible & invisible items whereas Balance of trade does not Codes: A) Only 1 B) Only 2 C) Both are correct D) Both are incorrect Ans. C Q.2 In context with the National Rural Employment Guarantee Act,2005, which among the following statements are correct ? 1) Under the provision of the act, 100 days of employment in a year to every household whose adult members volunteer to do unskilled manual work has become a fundamental right 2) Under the provision of the act women are to get the priority to the extent that one half of the persons who are given employment are women who have asked for work Codes: A) Only 1 B) only 2 C) Both are correct D) Both are incorrect Ans. D Q.3 Service tax is a : A) Indirect tax levied by the Central Government B) Direct tax levied by the Central Government C) Direct tax levied by the State Government D) Indirect tax levied by the State Government Ans. A Indirect tax: Service tax, Excise,VAT Direct tax: Income tax or taxes on assests Q.4 Statements: 1) Series of International paper sizes is based on Ao size whose area is 0.5 m2 2) Area of A4 size paper is one eighth of that Ao size paper Codes: A) Only 1 B) only 2 C) Both are correct D) Both are incorrect Ans. D Q.5 In context with the Indira Gandhi National Old Age Pension scheme, whixh among the following are correct ? 1) All persons of 60 yrs or above belonging to the households below poverty line in rural areas are eligible 2) Central assistance under this scheme is at the rate of Rs.300/month per beneficiary & under the scheme states have been urged to give matching amounts Codes: A) Only 1 B) only 2 C) Both are correct D) Both are incorrect Ans. D Q.6 India is a member of which of the following ? 1) Asian development bank 2) Asia-pacific-economic cooperation 3) Colombo plan 4) Organisation for economic cooperation & development Codes: A) 1 & 3 B) 1,2,3 C) 2 & 4 D) 1,2,3,4 Ans. A Q.7 Which among the following are the direct taxes ? 1) Fringe benefit tax 2) Interest tax 3) Securities Transaction tax Codes: A) 1 & 3 B) 2 & 3 C) 1 & 2 D) 1,2,3 Ans. D Q.8 Which can reduce fiscal deficit in India ? 1) Down sizing of bureaucracy 2) Selling/offloading the shares of public sector undertakings 3) Privatisation of higher educational institutions 4) Encouraging Foreign direct investment Codes: A) 2,3,4 B) 1,2,3 C) 3 & 4 D) 1 & 2 Ans. D Q.9 Which of the following criteria has been proposed for new permanent & non-permanent members of the security council ? 1) New member should be major economic & political power 2) New member should be a big nation in terms of population 3) New member should be a substantial contributor to the UN budget 4) New member should be promoter of democracy & human rights Codes: A) 1,3,4 B) 2,3,4 C) 1,2,3 D) 1,2,3,4 Ans. D Q.10 Which of the following are the sources of the rural credit ? 1) Land development banks 2) Commercial banks 3) Regional Rural Banks 4) State Bank of India 5) Cooperative credit societies 6) Traders & Money lenders Codes: A) 2,3,5,6 B) 2,3,4,5,6 C) 1,2,3,4,5,6 D) 2,3,4,5 Ans. C

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