Economics 7

Welcome to your Economics 7

1.Who constituted the finance commission?

(a) Prime minister

(b) Council of minister

(c) President

(d) None of these

(a)

(b)

(c)

(d)

2. Finance commission is a

(a) Constitutional body
(b) Statutory body
(c) Extra constitutional body
(d) None of these

(a)

(b)

(c)

(d)

3. Finance Commission comprises –

(a) Chairman and nine elected (by Lok Sabha) members
(b) Chairman, Vice-chairman and eight nominated members
(c) Chairman, and four other members appointed by the President
(d) Ten elected members of the Lok Sabha

(a)

(b)

(c)

(d)

4. What does a good with positive externalities known as?

(a)Giffen goods
(b)Public goods
(c)Merit goods
(d)Snob good

(a)

(b)

(c)

(d)

5. What is seasonal unemployment?

(a)Kind of unemployment generally found in urban areas

(b)Kind of unemployment when people are not able to find jobs during some months of the year

(c)Kind of unemployment when people are able to find jobs during the year

(d)None of these

(a)

(b)

(c)

(d)

6 .Which of the following land uses are restricted to Special Economic Zones?

(a)Educational Institutions
(b)Free trade Centres
(c)Marketing Centres
(d)Information Technology Companies

(a)

(b)

(c)

(d)

7. Who introduced the Ryotwari System of land revenue?

(a) Sir Thomas Munro
(b) Lord Cornwallis
(c) Robin Hood
(d) Lord Willingdon

(a)

(b)

(c)

(d)

8. Who introduced the Mahalwari System of land revenue?

(a) Lord Cornwallis
(b) Lord William Bentinck
(c) Wasco De Gama
(d) Lord Cannings

(a)

(b)

(c)

(d)

9. In which two places Mahalwari system was started?

a)Punjab and Haryana
b)Bengal and Bihar
c)Agra and Awadh
d)Maharashtra and Jammu Kashmir

(a)

(b)

(c)

(d)

10. When the Land Reform Act was passed?

a)1950
b)1953
c)1952
d)1957

(a)

(b)

(c)

(d)

11. Who among the following issues metallic coins in India?

a)RBI

b)Government of India

c)Bank and Financial Institutions

d)All of the above

(a)

(b)

(c)

(d)

12. Which of the following is issued by RBI?

a)Currency Notes

b)Coins

c)Both

d)None of the above

(a)

(b)

(c)

(d)

13. Which of the following is most liquid measure of money supply in India?

a)M2
b)M3
c)M1
d)M4

(a)

(b)

(c)

(d)

14. Which of the following is known as broad money?

a)M1
b)M2
c)M3
d)M4

(a)

(b)

(c)

(d)

15. Which of the following statements is true about the Indian monetary system?

a)The Indian monetary system is based on the gold standard
b)The Indian monetary system is based on the credit money standard
c)The Indian monetary system is based on the paper standard
d)The Indian monetary system is based on the metallic standard

()

16. What happens when margin requirements are increased.

a)There has been no change in the amount of money in circulation.
b)more likely to borrow more money resulting in a rise in the money supply
c)It decreases borrowing capacity and money supply
d)None of the above

(a)

(b)

(c)

(d)

17. On which commission’s recommendations; Reserve Bank of India was established?

(a)Chamberlain Commission
(b) Hilton Young Commission
(c) Keynes Commission
(d) None of the above

(a)

(b)

(c)

(d)

18. When was R.B.I. nationalised?

(a)1935
(b) 1949
(c) 1929
(d) 1914

(a)

(b)

(c)

(d)

19. The Author of the book ‘Wealth of Nations’

a)Adam Smith
b)Karl Mark
c)JM Keynes
d)Will Smith

(a)

(b)

(c)

(d)

20. How long does the accounting year of the Reserve Bank of India come from?

(a)1st July to 1st June
(b) 1st April to 31st March
(c) 1st July to 30th June
(d) January 1 to December 31

(a)

(b)

(c)

21. Which of the following statements is true about the fiscal deficit?

a)It is the difference between the total expenditure and receipts of a government excluding interest

b)It is the difference between the total expenditure and receipts of a government excluding spending

c)It is the difference between the total expenditure and receipts of a government excluding borrowings

d)It is the difference between the total expenditure and receipts of a government excluding taxes

(a)

(b)

(c)

(d)

22. Which of the following statements is correct about direct taxes?

a)The direct taxes are collected from the income earners

b)The direct taxes are collected from the producers on the goods or services produced by them

c)The direct taxes are collected from the sellers on the goods or services sold by them

d)The direct taxes are collected from the buyers on the goods or services bought by them

(a)

(b)

(c)

(d)

23. What is the duration of a financial year?

a)October 1st to September 30th

b)April 1st to March 31st

c)January 1st to December 30th

d)None of the above

(a)

(b)

(c)

(d)

24. Which of the following statements about the Goods and Services Tax is accurate?

a)The Goods and Services Tax is an example of indirect tax under the government ` receipts

b)The Goods and Services Tax is an example of direct tax under the government receipts

c)The Goods and Services Tax is an example of non-tax revenue under the government receipts

d)The Goods and Services Tax is an example of income tax under the government receipts

(a)

(b)

(c)

(d)

25. What is the name of the process under which the government starts to sell its securities to the private sector?

a)Disinvestment

b)Monetary expansion

c)Open market operations

d)All of the above

(a)

(b)

(c)

(d)

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