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1. From the following information, calculate Personal Income. Private Income = INR 2000 crore

Undistributed Corporate Profits = INR 400 crore Taxes on Profits = INR 100 crore

a. INR 1500 Crore

b. INR 2400 Crore

c. INR 2100 Crore

d. INR 1900 Crore

2. refers to market value of the final goods and services produced within the domestic territory of a country during a financial year, as estimated using the current year prices.

a. Real National Product

b. Net Domestic Product

c. Nominal Gross Domestic Product

d. Real Gross Domestic Product

3. Personal income is never equal to the national income, because the former includes the whereas they are not included in the national income.

a. Factor payments

b. Income payments

c. Transfer payments

d. Foreign payments

4. If ep <1, it signifies:

a. Unitary Elastic Demand

b. Perfectly Inleastic Demand

c. Perfectly Elastic Demand

d. Relatively Inelastic Demand

5. Which of the following committee’s recommended opening up of the insurance sector to private players in India?

a. NL Mitra Committee

b. Malhotra Committee

c. Kumarmangalam Birla Committee

d. Uday Kotak Committee

6. The Mutual Fund industry in India started in 1963 with formation of UTI in 1963 by an Act of Parliament and functioned under the regulatory and administrative control of the

a. Small Industries Development Bank of India

b. State Bank of India

c. Reserve Bank of India

d. Industrial Finance Corporation of India

7. ‘No change in consumers preferences’, is the assumption of which of the following laws of Economics?

a. Law of Increasing Returns to Scale

b. Law of Demand

c. Law of Diminishing Returns to Scale

d. Law of Supply

8. The long form of CCEA is:

a. Core Commission on External Affairs

b. Cabinet Committee on Economic Affairs

c. Core Committee on Economic Affairs

d. Cabinet Commission on External Affairs

9. What is the formula to calculate GDP at Market Prices?

a. GNP at Market Prices + Net Indirect Taxes

b. GNP at Market Prices + Net Income from Abroad

c. GNP at Market Prices – Net Indirect Taxes

d. GNP at Market Prices – Net Income from Abroad

10. The production of goods for self consumption is valued at while calculating national income through Product Method.

a. Historical Prices

b. Prevailing Cost Prices

c. Prevailing Market Prices

d. None of the above

11. National Skill Development Corporation was set up by

a. Ministry of Finance

b. Ministry of Statistics and Programme Implementation

c. Ministry of Agriculture

d. Ministry of Human Resource Development

12. is expenditure incurred on by business firms on new plants, adding to the stock of inventories and on newly constructed houses.

a. Consumption expenditure

b. Net exports

c. Investment expenditure

d. None of the above

13. e-Sanchit, an online application system, under the has been implemented in order to facilitate traders to submit all supporting documents electronically with digital signatures.

a. Single Window Incentive for Trade (SWIFT)

b. Single Window Interface for Trade (SWIFT)

c. Single Window Initiative for Trade (SWIFT)

d. Single Window Innovation for Trade (SWIFT)

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

a. Competition Commission of India

b. Serious Fraud Investigation Office

c. Central Statistics Office

d. Indian Institute of Corporate Affairs

15. In September 2018, was launched under Ayushman Bharat to provide coverage of up to Rs.5,00,000 to more than 100 million vulnerable families

a. New Health Protection Scheme

b. National Health Prevention Scheme

c. National Health Promotion Scheme

d. National Health Protection Scheme

16. Contingency Fund is at the disposal of the

a. President

b. Chief Minister

c. Cabinet Minister

d. Prime Minister

17. Stand Up India Scheme is anchored by which of the following?

a. Department of Higher Education

b. Department of Science and Technology

c. Department of Financial Services

d. Department of Social Welfare

18. If ep = 0, then it signifies:

a. Perfectly Elastic Demand

b. Perfectly Inelastic Demand

c. Relatively Inelastic Demand

d. Unitary Elastic Demand

19. gives power to the government to withdraw funds from the Consolidated Fund of India for meeting the expenditure during the financial year.

a Ordinary Bill

b. Finance Bill

c. Appropriation Bill

d. Constitution Amendment Bill

20. In India, the is the apex banking institution that regulates

the monetary policy in the country.

a. State Bank of India

b. Canara Bank

c. Reserve Bank of India

d. Oriental Bank of Commerce

21. For a commodity with a ____________________, the change in

quantity supplied of a commodity is exactly equal to the change in its price.

a. Relatively Greater-Elastic Supply

b. Perfectly Elastic Supply

c. Relatively Less-Elastic Supply

d. Unitary Elastic Supply

22. The long form of DPIIT is:

a. Department for Promotion of Innovation and International Trade

b. Department for Promotion of Industry and Internal Trade

c. Department for Proliferation of Innovation and Internal Trade

d. Department for Promotion of Industry and International Trade

23. Which of the following is not considered for computation of national income under Income Method?

a. Government Expenditure

b. Rents

c. Wages

d. Interests

24. The latin phrase ‘Ceteris Paribus’ means:

a. Other things being changeable

b. Other things remaining the same

c. No presence of any factors

d. None of the above

25. All revenues raised by the government, money borrowed and receipts from loans given by the government flow into the

a. Gross Fund of India

b. Consolidated Fund of India

c. Net Fund of India

d. State Governments Fund of India

26. The long form of IRDAI is:

a. Insurance Regulations and Development Assembly of India

b. Insurance Regulatory and Development Association of India

c. Insurance Regulatory and Development Authority of India

d. Insurance Regulations and Distribution Authority of India

27. 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

28. Commercial banks are regulated under the

a. Negotiable Instruments Act, 1881

b. Indian Companies Act, 2013

c. Indian Contract Act, 1872

d. Banking Regulation Act, 1949

29. Imperial Bank was taken over by in 1955

a. Punjab National Bank

b. Canara Bank

c. ICICI Bank

d. State Bank of India

30. Giffen Goods were named after:

a. Sir Tom Giffin

b. Sir JB Giffin

c. Sir Allan Giffin

d. Sir Robert Giffin

31. A service or commodity has a if a given quantity of it can be supplied whatever might be the price.

a. Relatively Greater-Elastic Supply

b. Perfectly Inelastic Supply

c. Relatively Less-Elastic Supply

d. Unitary Elastic Supply

32. “The products in the market are homogenous, i.e., they are completely identical”, is the assumption of which form of market competition?

a. Duopoly

b. Monopoly

c. Monopolistic Competition

d. Perfect Competition

33. Dhanlaxmi Bank is covered under which of the following categories?

a. Public Sector Bank

b. New Private Sector Bank

c. Old Private Sector Bank

d. None of the above

34. The Problem of Double Counting may arise in which of the following methods of calculating national income?

a. Profit Method

b. Product Method

c. Income Method

d. Expenditure Method

35. 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.

4 c 1 c

5 b 22 a

6 b 23 d

7 d 24 d

8 c 25 d

9 a 26 b

10 c 27 d

11 b 28 c

12 c 29 b

13 d 30 d

14 a

15 c

16 b

17 c

18 c

1 a 19 d

2 c 20 b

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