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Exam Year: 2011

  • ,

    Under the Constitution of India, which one of the following is not a Fundamental Duty?

    (a)

    To vote in public elections

    (b)

    To develop the scientific temper

    (c)

    To safeguard public property

    (d)

    To abide by the Constitution and respect its ideals

    Correct Answer:

    (a)

  • ,

    Why is the offering of “teaser loans” by commercial banks a cause of economic concern?
    1. The teaser loans are considered to be an aspect of subprime lending and banks may be exposed to the risk of defaulters in future.
    2. In India, the teaser loans are mostly given to inexperienced entrepreneurs to set up manufacturing or export units.

    (a)

    1 only

    (b)

    2 only

    (c)

    Both 1 and 2

    (d)

    Neither 1 nor 2

    Correct Answer:

    (a)

  • ,

    Regarding the International Monetary Fund, which one of the following statements is correct?

    (a)

    It can grant loans to any country.

    (b)

    It can grant loans to only developed countries.

    (c)

    It grants loans to only member countries.

    (d)

    It can grant loans to the central bank of a country.

    Correct Answer:

    (c)

  • ,

    Among the following who are eligible to benefit from the “Mahatma Gandhi National Rural Employment Guarantee Act”?

    (a)

    Adult members of only the scheduled caste and scheduled tribe households

    (b)

    Adult members of below poverty line (BPL) households

    (c)

    Adult members of households of all backward communities

    (d)

    Adult members of any household

    Correct Answer:

    (d)

  • ,

    A “closed economy” is an economy in which

    (a)

    the money supply is fully controlled

    (b)

    deficit financing takes place

    (c)

    only exports take place

    (d)

    neither exports nor imports take place

    Correct Answer:

    (d)

  • ,

    Consider the following action which the Government can take:
    1. Devaluing the domestic currency.
    2. Reduction in export subsidy.
    3. Adopting suitable policies which attract greater FDI and more funds from FIIs. Which of the following action/actions can help in reducing the Current Account Deficit?

    (a)

    1 and 2 only

    (b)

    2 and 3 only

    (c)

    3 only

    (d)

    1 and 3 only

    Correct Answer:

    (d)

  • ,

    In the context of Indian economy, consider the following statements:
    1. The growth rate of GDP has steadily increased in the last five years.
    2. The growth rate in per capita income has steadily increased in the last five years.

    (a)

    1 only

    (b)

    2 only

    (c)

    Both 1 and 2

    (d)

    Neither 1 nor 2

    Correct Answer:

    (d)

  • ,

    Both Foreign Direct Investment (FDI) and Foreign Institutional Investor (FII) are related to investment in a country. Which of the following statements best represents an important difference between the two?

    (a)

    FII helps bring better management skills and technology, while FDI only brings in capital.

    (b)

    FII helps in increasing capital availability in general, while FDI only targets specific sectors.

    (c)

    FDI flows only into the secondary market, while FII targets primary market.

    (d)

    FII is considered to be more stable than FDI.

    Correct Answer:

    (b)

  • ,

    Which one of the following is not a feature of “Value Added Tax”?

    (a)

    It is a multi-point destination-based system of tax.

    (b)

    It is a tax levied on value addition at each stage of transaction in the production distribution chain.

    (c)

    It is a tax on the final consumption of goods or services and must ultimately be borne by the consumer.

    (d)

    It is basically a subject of the Central Government, and the State Governments are only a facilitator for its successful implementation.

    Correct Answer:

    (d)

  • ,

    In terms of economy, the visit by foreign nationals to witness the XIX Commonwealth Games in India amounted to

    (a)

    Export

    (b)

    Import

    (c)

    Production

    (d)

    Consumption

    Correct Answer:

    (a)