Discussion Forum for RAS Aspirants

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Monday, May 28, 2012

Latest Questions of Economics

Latest Questions of Economics
1. If interest payment is deducted from the fiscal deficit, then the balance is—
(A) Primary deficit
(B) Budgetary deficit
(C) Revenue deficit
(D) Monetary deficit
Ans : (A)

2. Which is the characteristic of a tax ?
(A) Tax is a payment for government service
(B) Tax is a compulsory payment
(C) Tax is voluntary
(D) To get benefit for a tax is compulsory
Ans : (B)

3. Which government income is included in revenue budget ?
(A) Tax-revenue
(B) Non-tax-revenue
(C) Both of above
(D) None of the above
Ans : (C)

4. Which is included in Capital budget ?
(A) Income received from public borrowings
(B) Income received from tax-sources
(C) Income received from non-tax sources
(D) All of the above
Ans : (A)

5. Which is not included in the principles of public expenditure as developed by Findley Shirras ?
(A) Principle of Economy
(B) Principle of Sanction
(C) Principle of Elasticity
(D) Principle of Surplus
Ans : (C)

6. Which of the following is the largest significant factor of revenue expenditure of Central Government ?
(A) Defence Expenditure
(B) Subsidy
(C) Interest Payment
(D) Salary
Ans : (C)

7. In comparison to revenue deficit; the size of fiscal deficit is always—
(A) Higher
(B) Smaller
(C) Similar
(D) Uncertain
Ans : (A)

8. What is CENVAT ?
(A) Direct Tax
(B) Indirect Tax
(C) Development Planning
(D) None of the above
Ans : (B)

9. Where is Indian Diamond Institute (IDI) established ?
(A) New Delhi
(B) Mumbai
(C) Surat
(D) Jaipur
Ans : (C)

10. What is the nature of income tax in India ?
(A) Proportional
(B) Progressive
(C) Regressive
(D) None of the above
Ans : (B)

11. Which factor is not related to economic development ?
(A) Continuous process
(B) Increase in real national income
(C) Long run and continuous increase
(D) Compulsory change in economic welfare
Ans : (D)

12. The index of measuring economic development is—
(A) Increase in productive assets
(B) National income
(C) Per-capita income
(D) Any of the above
Ans : (D)

13. Process of economic development means—
(A) Economic change
(B) Social change
(C) Ethical, institutional and cultural change
(D) All of the above
Ans : (D)

14. At 2004-05 prices, the per-capita national income in India during 2009-10 was—
(A) Rs. 21005
(B) Rs. 33588
(C) Rs. 25241
(D) Rs. 20241
Ans : (B)

15. What is the main characteristic of a capitalist or free market economy ?
(A) Individuals are the owners of factors of production
(B) Profit is the main motive of carrying out various activities
(C) Consumer freedom
(D) All of the above
Ans : (D)

16. Which is not the characteristic of socialist or planned economy ?
(A) Government is the owner of resources
(B) Production decisions are determined by the government
(C) Profit motive
(D) None of the above
Ans : (C)

17. The main feature of mixed economy is—
(A) Combination of free market economy and centrally planned economy
(B) Production is carried out by private individuals and government
(C) Both of the above
(D) None of the above
Ans : (C)

18. What per cent of GDP at 2004-05 prices was contributed by agriculture and related sectors in 2009-10 ?
(A) 14•6%
(B) 17•6%
(C) 19•0%
(D) 19•8%
Ans : (A)

19. According to World Development Report 2010, Low income economies are those whose per-capita gross national income is—
(A) $ 975 or less than this
(B) Less than $ 10725
(C) Less than $ 3465
(D) None of the above
Ans : (A)

20. Which of the following country's economy is known as high income economy ?
(A) America
(B) U.K.
(C) Singapore
(D) All of the above
Ans : (D)

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