Indian Economy General Awareness - CSAT Prelims Previous Years Solved Questions and Answers

Questions
1 Which one of the following statements regarding the levying. Collecting and distribution of Income Tax is correct?
A The Union levies, collects and keeps all the proceeds of income tax to itself
B The Union levies and collects and keeps all the proceeds are distributed among the states
C The Union levies, collects and distributes the proceeds of income tax between itself and the states
D Only the surcharge levied on income tax is shared between the Union and the states

Answer: Option [C]
2 The most appropriate measure economic growth is its:
A Per Capita Real Income
B Net National product
C Net Domestic product
D Gross Domestic Product of a country’s

Answer: Option [A]

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3 The term National Income represents:
A gross national product at market prices minus depreciation
B gross national product at market prices minus net factor income from abroad
C gross national product at market prices minus depreciation and indirect taxes plus subsidies
D gross national product at market prices minus depreciation plus net factor income from abroad

Answer: Option [C]
4 Which one of the following is the correct sequence in the decreasing order of contribution of different sectors to the Gross Domestic Product of India?
A Industry- agriculture- services
B Industry-Services-Agriculture
C Services-Agriculture- Industry
D Services-Industry- Agriculture

Answer: Option [D]
5 Which one of the following statements is an appropriate description of deflation?
A It is a fall in the rate of inflation over a period of time
B It is a persistent fall in the general price level of goods and services
C It is a persistent recession in both the financial and real sectors of economy
D It is a sudden fall in the value of a currency against other currencies

Answer: Option [B]
6 When the Reserve Bank of India announces an increase of the Cash Reserve Rate, what does it mean?
A The commercial banks will have more money to lend
B The Union Government will have less money to lend
C The Reserve Bank of India will have less money to lend
D The commercial banks will have less money to lend

Answer: Option [D]
7 India is regarded as a country with “Demographic Dividend”. This is due to
A Its high total population.
B Its high population in the age group above 65 years.
C Its high population in the age group of 15-64 years.
D Its high population in the age group below 15 years.

Answer: Option [C]
8 Which one of the following groups of items is included in India’s foreign-exchange reserves?
A Foreign-currency assets, Special Drawing Rights (SDRs) and loans from foreign countries
B Foreign-currency assets, gold holdings of the RBI and SDR’s
C Foreign-currency assets, loans from the World Bank and SDR’s
D Foreign-currency assets, gold holdings of the RBI and loans from the World Bank

Answer: Option [B]
9 The terms ‘Marginal Standing Facility Rate’ and ‘Net Demand and Time Liabilities’, sometimes appearing in news, are used in relation to
A military strategies
B banking operations
C communication networking
D supply and demand of agricultural products

Answer: Option [B]
10 A consumer is said to be in equilibrium, if:
A he is able to locate new sources of income
B he can fulfil his needs without consumption of certain items
C he is able to live in full comforts with a given level of income
D he is able to fulfil his need with a given level of income

Answer: Option [D]

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