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1. When a small change in price of a product causes a major change in its demand, it is said to be .

a. Relatively inelastic demand

b. Perfectly elastic demand

c. Perfectly inelastic demand

d. Unitary elastic demand

2. Which of the following is not the method of measuring national income?

a. Product Method

b. Income Method

c. Expenditure Method

d. Profit Method

3. In Law of Demand, the demand curve is:

a. Downward sloping

b. Upward sloping

c. Horizontal to the X axis

d. U shaped

4. A is one when there is no change in the demand of a product with change in its price.

a. Perfectly Elastic Demand

b. Unitary Elastic Demand

c. Perfectly Inelastic Demand

d. Relatively Elastic Demand

5. Regional Rural banks are covered under:

a. Commercial Banks

b. Small Finance Banks

c. Payments Banks

d. Co-operative Banks

6. If Net Value Added at Factor Cost = INR 2 Cr. and Depreciation is INR 1 Cr., then GDP at Factor Cost will be:

a. INR 3 Cr.

b. INR 1 Cr

c. INR 4 Cr.

d. INR 5 Cr.

7. Under which category of banks, Paytm may be covered?

a. Commercial Bank

b. Small Finance Bank

c. Regional Rural Bank

d. Payments Bank

8. From the following information, calculate GDP at Market Price: GDP at Factor Cost = INR 200 Crore

Indirect Tax = INR 50 Crore Subsidies = INR 20 Crore

a. INR 500 Crore

b. INR 230 Crore

c. INR 330 Crore

d. INR 130 Crore

9. The e-Form ‘AGILE’ is related to:

a. Application for registration of the Goods and Services Tax Identification Number

b. Application for registration of the Goods and Sales Tax Innovative Number

c. Application for registration of the Goods and Services Tax Innovative Number

d. Application for registration of the Goods and Sales Tax Identification Number

10. From the following information, calculate elasticity of demand Original quantity of mangoes demanded= 50 kgs

Original price of mangoes = Rs10/ kg

New quantity of mangoes demanded = 60kgs.

New price of mangoes = Rs5/kg a. 1.4

b. 0.4

c. 2.4

d. 0.6

11. Wages, salaries and profits are which form of payments?

a. Factor Payments

b. Illegal Payments

c. Implicit Payments

d. Transfer Payments

12. Which of the following is/are comes under the gamut of activities of NITI Aayog?

a. Design Policy & Programme Framework

b. Foster Cooperative Federalism

c. Monitoring & Evaluation

d. All of the above

13. Which of the following banks were not established by British East India Company?\

a. Bank of Bengal

b. Bank of Bombay

c. Bank of Madras

d. Bank of Baroda

14. Which of the following is not the need for having entrepreneurs in India?

a. Entrepreneurs promote capital formation by mobilising the idle saving of the people.

b. They promote balanced regional development by establishing small-scale enterprises in rural, remote and less developed regions.

c. They help in reducing the concentration of economic power.

d. They help in promoting monopoly.

15. account for flows of those transactions where the government is merely acting as a banker.

a. Public

b. Private

c. Sales

d. Profit & Loss

16. The is the difference between the monetary value of exports and Imports of output in an economy over a certain period of time.

a. Balance of trade

b. Balance of payment

c. Balance of national accounts

d. Balance of Consolidated Fund of India

17. Salaries, subsidies and interest payments of government are covered under which of the following?

a. Capital Expenditure

b. Miscellaneous Expenditure

c. Imputed Expenditure

d. Revenue Expenditure

18. Which of the following is not the affiliated office of the Ministry of Corporate Affairs?

a. Serious Fraud Investigation Office

b. Competition Commission of India

c. Indian Institute of Corporate Affairs

d. Securities and Exchange Board of India

19. Which of the following does not form part of the Indian financial services sector?

a. Capital markets

b. Insurance sector

c. Non-banking financial companies (NBFCs)

d. Unscrupulous Money lenders

20. All receipts and expenditure that in general do not entail sale or creation of assets are included under the .

a. Cash Account

b. Profit and Loss Account

c. Capital Account

d. Revenue Account

21. Giffins Goods, Articles of Snob Appeal, Speculation and Consumer’s Psychological Bias or Illusion are covered under which of the following?

a. Exceptions to the Law of Demand

b. Exceptions to the Law of Supply

c. Exceptions to the Law of Variable Proportions

d. Exceptions to the Law of Returns to Scale

22. Support for International Patent Protection in Electronics & Information Technology is managed by .

a. Ministry of Finance

b. Ministry of Agriculture

c. Ministry of Electronics & Information Technology

d. Ministry of Skill Development and Entrepreneurship

23. Indian Financial Technology and Allied Services (IFTAS) is a fully owned subsidiary of:

a. Reserve Bank of India

b. State Bank of India

c. Punjab National Bank

d. HDFC Bank

24. _ is an online procurement platform for government ministries and departments, and the most widely used channel for public procurement in India.

a. Government e Manufacturing Plan

b. Government e Model place

c. Government e Marketplace

d. Government e Manufacturing place

25. Which of the following is not a bottleneck in entrepreneurial growth?

a. Proper Planning

b. A small or non-existent network

c. Too much noise

d. Lack of Money

26. is an index of price changes of goods and services included in GDP.

a. GDP Deflator

b. GDP Inflator

c. GDP Multiplier

d. GDP Accelerator

27. The Law of Demand governs the relationship between the and the


a. Desire and Price

b. Desire and Ability

c. Quantity demanded and Desire

d. Quantity demanded and Price

28. Ease of Doing Business Report is prepared by which of the following organisation?

a. United Nations Organisation (UNO)

b. South Asian Association for Regional Cooperation (SAARC)

c. World Bank

d. Association of South East Asian Nations (ASEAN)

29. The elements like growth, employment, inflation and interest rates would be covered under which macro-environment factor?

a. Economic

b. Social

c. Technological

d. Political

30. In market different brands of toothpastes are available differentiated by colour, taste, packaging etc. This is an example of:

a. Monopoly

b. Perfect Competition

c. Monopolistic Competition

d. Duopoly

31. If PES = 0 (price elasticity of supply), then it indicates:

a. Perfectly Inelastic Supply

b. Relatively Less-Elastic Supply

c. Relatively Greater-Elastic Supply

d. Unitary Elastic Supply

32. From the following figures, calculate GDP at Factor Cost.

i) Net Value Added = INR 500 Crore.

ii) Depreciation = INR 100 Crore.

a. INR 100 Crore

b. INR 500 Crore

c. INR 400 Crore

d. INR 600 Crore

33. From the following information calculate the GDP Deflator.

i) GDP at Current Prices = INR 1000 Crore

ii) GDP at Constant Prices = INR 500 Crore a. 200%

b. 50%

c. 60%

d. 100%

34. includes all types of expenditure on personal consumption by the individuals of a country. It comprises expenses on durable goods like watch, bicycle, radio etc., expenditure on single-used consumer goods like milk, bread, ghee, clothes etc., as also the expenditure incurred on services all kinds like school fees, doctor fees etc.

a. Net foreign investment

b. Gross domestic private investment

c. Private consumption expenditure

d. Government expenditure

35. A financial system of a country is not concerned with which of the following?

a. Allocation and mobilisation of savings

b. Facilitating the financial transactions

c. Developing financial markets

d. Discourage inflow of foreign investments

Q.No. Ans. Q.No. Ans.

11 a 31 a

12 d 32 d

13 d 33 a

14 d 34 c

15 a 35 d

16 a

17 d

18 d

19 d

20 d

1 b 21 a

2 d 22 c

3 a 23 a

4 c 24 c

5 a 25 a

6 a 26 a

7 d 27 d

8 b 28 c

9 a 29 a

10 b 30 c

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