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Economics Questions and Answers for Competitive Exams | Indian Economy Quiz Set 17

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(1) As per 2013 estimates, which among the following States had the least Total Fertility Rate ?
(1) Uttar Pradesh
(2) Madhya Pradesh
(3) Kerala
(4) West Bengal
Answer: West Bengal
(2) The target inflation rate in the monetary policy by R.B.I. is based on
(1) Consumer Price Index Number
(2) Whole Price Index Number
(3) Fisher’s Ideal Index Number
(4) G.D.P. Deflator
Answer: Consumer Price Index Number

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(3) The % inflation rate based on All India WPI has been negative during 2015-16, while the inflation rate based on All India CPI has been moderately positive during the same period. This divergence can be explained by which of the following ?
(1) The two index numbers have different base years.
(2) The two index numbers have different commodities and respective weights for them.
(3) The two index numbers are released by different government departments.
(4) All of the above
Answer: The two index numbers have different commodities and respective weights for them.
(4) Which among the following measures increase liquidity in the economic system ?
(1) Reduction in the Cash Reserve Ratio
(2) Increase in the Repo rate
(3) Increase in the statutory liquidity ratio maintained by the banks
(4) Increase in Reverse Repo rate
Answer: Reduction in the Cash Reserve Ratio
(5) According to Friedman, on which of the following does the velocity of circulation of money depend ?
(1) Market rate of interest on Bonds
(2) Rate of change in general price level
(3) Ratio of savings to income
(4) Ratio of savings to investment
Answer: Rate of change in general price level
(6) The slope of the IS curve depends upon
(1) the level of government expenditure
(2) the sensitivity of demand for real money balances to the interest rate
(3) the interest sensitivity of investment
(4) None of the above
Answer: the interest sensitivity of investment
(7) According to Keynes, the supply of money with respect to interest rate is
(1) perfectly elastic
(2) perfectly inelastic
(3) unitary elastic
(4) moderately elastic
Answer: perfectly elastic
(8) Which of the following correctly defines the effective revenue deficit as per budget of the Central Government ?
(1) Gross Fiscal Deficit – Revenue Receipts
(2) Gross Fiscal Deficit – Capital Receipts
(3) Gross Fiscal Deficit – Interest Payments
(4) Revenue Deficit – Grants for creation of Capital Assets
Answer: Revenue Deficit – Grants for creation of Capital Assets
(9) An imposition of lump sum tax on a monopolist will affect the equilibrium condition in what manner ?
(1) It’s profit will decline and so also the equilibrium output.
(2) Both equilibrium output and price will decline.
(3) Only equilibrium price will decline.
(4) Only equilibrium profit will decline.
Answer: Only equilibrium profit will decline.
(10) If the revenue from income-tax increases from ` 100 crore to ` 109 crore and nominal GDP increases from ` 100 crore to ` 112 crore, the tax buoyancy of income tax is given by which of the following ?
(1) 1.33
(2) 75
(3) 3
(4) None of the above
Answer: 75
(11) If taxes are levied according to Ability to pay theory, it leads to
(1) Regressive Taxes
(2) Progressive Taxes
(3) Proportional Taxes
(4) Indirect Taxes
Answer: Progressive Taxes
(12) The whole incidence of a sales tax will be on the buyers when
(1) the demand for the commodity is perfectly elastic.
(2) the demand for the commodity is moderately elastic.
(3) the demand for the commodity is perfectly inelastic.
(4) both the demand and supply for the commodity are perfectly elastic.
Answer: the demand for the commodity is perfectly inelastic.
(13) Who among the following is not associated with the ‘Dependency Theory’ of development ?
(1) Paul Baran
(2) Samir Amin
(3) A.G. Frank
(4) Gunnar Myrdal
Answer: Gunnar Myrdal
(14) World Population Day is celebrated on 11th July because on this day in 1987 world’s population reached
(1) 4 billion people
(2) 5 billion people
(3) 6 billion people
(4) None of the above
Answer: 5 billion people
(15) Which of the following is used by demographers as an indicator of the quality of a populations’ healthcare and standard of living ?
(1) Age specific death rate
(2) Age specific birth rate
(3) Infant mortality rate
(4) Crude death rate
Answer: Infant mortality rate

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