What is the percentage of the total workforce employed in Agriculture sector in India? About 64%.Which of the following is not a financial institution? FICCIIn a developed economy the major share of employment originates in the: tertiary sectorThe largest area covered by HYV (high yielding varieties) seeds is under: wheatThe open market operations refer to the sale and purchase by the RBI of foreign exchange, gold and government securitiesBarter System refers to a system where goods are exchanged against goods.If two goods are complements, it means that a rise in the price of one commodity will induce a fall in demand of the other commodityThe credit entry for net profit is on the credit side of: the capital accountBeyond a certain limit, a deficit financing will certainly lead to inflation.Marginal revenue will be positive if the demand is greater than oneIndia’s share in the world tourism market is less than 1%.Closing capital + drawings - profit equals: opening capitalA firm will shut down rather than carry on producing in the short run if total revenue is less than total variable costTotal revenue of a firm is maximum when marginal revenue becomes zeroCeteris paribus means other things being equalThe per capita income has been low in India because: of population growthThe law of demand states that when price falls, demand increasesCurrency drain is a phenomenon referred to when the holding of currency by foreigners in a country goes upCommercialisation of agriculture implies production of crops for sale.Devaluation of currency leads to increase in domestic prices.In which sector of the Indian economy is productivity the highest? AgricultureThe basic objectives of Indian planning are: 1. economic growth 2. self-reliance3. employment generationThe agency estimating the national income of India is Central Statistical OrganizationWhich is the best description of fixed assets? Are of long-life and are not bought specifically for resaleMovement along the same demand curve is known as Contraction of supplyWhen was the Family Planning Programme officially started in India? 1952Development means economic growth plus social changeTurnover represents: the total volume of sales during the year‘Quota’ is limit on quantity of imports.The costs of putting goods into a saleable condition should be charged to: trading accountThe Planning Commission is: an Advisory body Real wages include accident compensation.The First paper mill of the country was started in 1832. Where was it located? Sehramporein West BengalWhich of the following countries is the top lender country to India? JapanDebenture holders of a company are its: creditorsOpen Sky Policy means involving private agencies in air transport.A shift to the left of a demand curve, could be due to a rise in the price of a complementWhich of the following would not tend to increase the population of a country? an increase in the average age at marriageIndia's oldest iron and steel plant is: TISCO at JamshedpurIf an economy is in equilibrium at the point where plans to save and to invest are equal, then government expenditure must be equal to government incomeA Scheduled Bank is one which is included in the: II Schedule of Banking Regulation ActNNP (Net National Product) or National Income is the money value of final goods and services produced annually in the economyThe supply schedule for a commodity is usually assumed to be directly open to influence by all the following, except the quantity demandedThe Narasimham Committee made recommendations to the Government on banking structure

Indian Railways earn the maximum revenue from: freightA demand curve for a commodity is usually drawn on the assumption that factors influencing demand other than price are held constantWhich of the following Mahatma Gandhi series of currency notes issued by the RBI has a drawing of the 'Parliament House' depicted on it? Rs.50 In a capitalist economy, the pattern of output is determined by the demand and supply powersIn recent years the Indian economy has been characterized as a developing economySelect from the following list the costs which are most likely to vary with the output of a car manufacturer during a period of a year. The wages of the workers in the paint shopSecular stagnation refers to decrease in the marginal rate of growth in successive periodA serious effort to tackle the problem of poverty began with: fourth plan If the price of Pepsi decreases relative to the price of Coke and 7-Up, the demand for Coke and 7-Up will decrease.There is unlikely to be a gain from international trade if: one country can produce some goods more efficiently but other goods less efficiently than other countriesIf tea and coffee are substitutes, a reduction in the price of coffee will increase the sale of coffee.The recent policy of disinvestment of equity capital of Public Sector Enterprises is mainly intended to reduce the burden of budgetary support to them.There was no independent development of industries in India during British, rule because of the: preference of the rich to invest in landThe Sunrise Industry is one which is non-conventional and expected to grow rapidly.A firm is said to be of optimum size when average total cost is at a minimumNational Income is the same as: Net national product at factor costThe goals of monetary policy do not include Maximum tax revenueThe oldest stock exchange of India is: Bombay Stock Exchange‘Coal’ is considered as a capital single use good.Which one of the following Five-Year Plans of India was terminated by a Rolling Plan? Fifth Five-Year PlanThe National Debt consists of: the total financial liabilities of the governmentWhich Five-Year Plan commenced from 1st April, 1997? Ninth Five-Year PlanIn a joint-stock company, the ordinary shareholders do not have the right to appoint the sales managerWhen was the Reserve Bank of India nationalized? 1949What is the targeted additional power generation capacity during the Ninth Plan period in order to keep the shortage within manageable limits? 10, 000 MWGilt-edged market means: Market of Government securitiesOther things being equal a decrease in demand can be caused by a rise in the price of the commodityIndia had a plan holiday: after the drought of 1966The annual yield from which of the following Union Government taxes is the highest? Excise dutiesWhich of the following groups suffer the most from inflation? CreditorsThe highest savings in India are recorded by the Household Sector.Development expenditure of the Central Government does not include: interest paymentsWhich of the following is not a cause of low productivity in Indian agriculture? cooperative farmingThe most serious economic problems of India are: Poverty and unemploymentA consumer with a given income will obtain maximum utility when the marginal utility of each commodity is in he same ratio to its priceWhich of the following prints currency notes of the denomination of Rs.100? The Bank Note Press, DewasIn India, maximum number of workers is employed in: textile industryThe credit control operation is performed by Reserve Bank of India.Who amongst the following launched a new scheme named as "Dhana Lakshmi?" Life Insurance Corporation of IndiaThe principle of diminishing marginal utility implies that the total utility derived from consumption of a good changes less with increasing quantities of it

When was the decimal system of currency introduced in India? 1957What do open market operations of the RBI mean? Trading in securitiesThe sum of the marginal propensity to consume and the marginal propensity to save must be equal to oneIn which of the following industries is the maximum number of women employed in India? Tea Which of the following states ranks first in terms of the maximum number of agro-based industries? PunjabA tax which is paid by the person on whom the tax is incident is called a: direct tax Balanced economic growth can be achieved only if: All the inter dependent sectors grow in harmonyThe principal source of revenue to the State Government in India is: Sales TaxA consumer’s equilibrium choice or position is one at which his satisfaction is maximumThe statement "India is a rich country inhabited by poor people" means: country has rich, vast resources but they are not properly exploitedThe national income of a nation is the government’s annual revenue, sum total of factor incomes and surplus of public sector undertakings.Convertibility of the rupee implies: freely permitting the conversion of rupee to other major currencies and vice versaA 45° supply curve represents unit elastic supply.The elasticity of a straight-line demand curve may have varying values along its lengthPrice index numbers are designed to measure: changes in the cost or value of production“ If the Indian is making a loss on passenger traffic, it should increase its prices.” The suggested remedy would only work if the demand for air travel had a price elasticity of zeroThe situation in which total revenues equal cost, is known as break-even point.What is the minimum calorie intake decided by the Planning Commission for rural and urban areas, respectively? 2400 and 2100 It will pay a monopolist to cut the price of his product if marginal revenue is greater than marginal costThe effort of a fall in investment on income is normall greater than the fall in investmentWhich one of the following is the largest mutual fund organization in India? Unit Trust of India Which one of the following is not included as a main feature of the new economic policy for development?Promotion of heavy and basic industries. In our country, which of the following affects poverty line the most? Per capita incomeWho is responsible for the collection and publication of monetary and financial information? Reserve Bank of IndiaThe slope of an indifference curve represents the marginal rate of substitution between two goodsWhich part of separated UTI is under SEBI's regulation? UTI-IIWhich is the best measure of economic growth of a country? GNP All revenues received, loans raised and money received in repayment of loans by the Union Government go into Consolidated Fund of IndiaWhich of the following are concerned with the economic development of Third World countries? IFCThe aim of a rational consumer in allocating his income is to maximize his total utilityPerfect competition is said to exist if each firm in the industry accepts the market price because it has toWhat is the main reason for occurrence of structural unemployment? InflationFive-Year Plans are finalised only after getting the approval of the National Development Council,UTI has been divided into two parts UTI-I and UTI-II. Which part has been kept under the control of the government? UTI-I If the demand and supply schedules for a commodity both increase by an equal absolute amount, the market price will tend to remain unchangedGandhian economy is based on the principle of Trusteeship.The standard of living in a country is represented by its: per capita incomeOf the following statements, which one best describes the consumption function? Consumption increases as income does but not by as much, and the rate of increase in consumption gradually slows down with increasing income

Which of the following is now a punishable offence by a Bank Account holder? If a cheque drawn by him is dishonoured for insufficiency of funds in his accountInflation is caused by: increase in money supply and decrease in productionWord Bull and Big are associated with which branch of commercial activity? Share Market A public enterprise is distinguished from a private enterprise by whether it is owned by the governmentA decrease in net profits as a percentage of gross profits indicates that: costs are absorbing too much of the incomeCarriage inwards is charged to the trading account because: it is an expense connected with buying goodsThe sales journal is best described as: a list of credit salesThe term 'devaluation' means: Reducing the value of a currency in terms of another currencyWhich of the following statements best explains the term contraband goods? Goods that are forbidden, from export, import or even possession, by law.Which of the following is not shared by the Centre and the States? Sales Tax Costs which vary with output may be called overhead costsThe main argument advanced in favour of small scale and cottage industries in India is that: they generate a large volume of employmentFunctional unemployment occurs when: people frequently change their jobWorking capital is measured by: current assets less current liabilitiesA public enterprise is distinguished from a private enterprise by whether it: is owned by the governmentThe descending order in which current assets should be shown in the balance sheet are: stock, debtors, bank, cashWhich one of the following Five-Year Plans of India had growth with social justice and equity for achieving its goals as the main focus? VIThe special paper required for printing of currency notes by the Security Presses in the country is manufactured at: Hoshangabad Sun Belt of USA is important for which one of the following industries? Food ProcessingAgricultural income-tax is a source of revenue to State GovernmentOctroi is levied and collected by: local bodies Expenditure on which of the following is not considered investment in the theory of income determination? Stocks or shares in a joint-stock companyOf the following which are personal accounts? (iii) debtors (iv) creditorsWhich of the following is not one of the three central problems of an economy? When to produceThe system of Budget was introduced in India during the viceroyalty of: Canning ‘MAT’ is a new tax introduced in the 1996-97 Budget. It relates to Minimum corporate tax for zero tax companies.Human capital means Skill capacity and ability possessed by the populationPlanning in India as it is at present can be termed as Indicative Planning.Which of the following represents the ratio of equity of the RRB’s held by the Central Government, the sponsoring banks and the concerned State Government respectively? 40 : 40 : 20Ten rupee notes bear the signature of: Governor, Reserve Bank of IndiaWhat is the percentage of the total workforce employed in Agriculture sector in India? about 64%The Duburi Thermal Power Plant Project approved by the Cabinet Committee on Foreign Investment will be set up in which of the following States? OrissaIndia has: Mixed economy Which of the following could explain why the supply curve for a commodity slopes downwards? Costs fall as production increasesWhen the price of a substitute of commodity X falls, the demand for X fallsWhich of the following businesses would probably find it easiest to borrow money from complete strangers? A public joint stock companyWhat is Laissez-faire? Non-interference of Government in economic affairsWhich bank gives long term loan to farmers? Land Development Bank

‘Protection’ means Restrictions imposed on import trade, Protection to home goods and No free exchange of goods and services between two countries.Which of the following is not a function of Reserve Bank of India? It is a foreign exchange detectorA country generally resorts to devaluation of its currency to: convert deficit in her balance of paymentsIn accounting terms, what accounts the ‘closing stock’? Closing stock + Net investment - Capital losses.The steel plants at Durgapur, Bhilai and Rourkela were established during the period of: Second Five Year PlanDivision of Labour is limited by the number of workersWhich of the following is not a feature of the Indian economy? High rate of exportsPurchase of a tractor by a farmer is: fixed investmentNet profit is calculated in the: profit and loss accountThe consumer’s surplus can be defined as difference between actual price and potential priceThe philosophy of Laissez faire is identified with: Industrial StateEconomies of large scale production exist because: all of the above can cause large scale economiesDemand means willingness and ability of an individual to buy goods and services at a given price and timeIn its trade with the rest of the world a country will tend to specialize in the production of goods in which: it has the greatest comparative advantage or least comparative disadvantageEquilibrium income is that level at which the amount which society wishes to spend on investment is equal to the amount of its income which it does not wish to spend on consumptionCustoms duties, export duties, corporation taxes, taxes on capital value of assets (excluding agricultural land of individuals and companies) are taxes and duties that accrue wholly to the Union GovernmentWhich State stands first in the length of roads in the country? Maharashtra The marginal productivity theory of wages states that The demand for labour is determined by the marginal physical product of labour multiplied by its marginal revenueDisguised unemployment is the prominent feature of primary sectorPerfect market means there are many sellers and many buyers.When too much money is chasing too few goods, the situation is known as inflationGross National Product (GNP) is the total domestic and foreign output claimed by residents of the country.In India, the Public Sector is most dominant in: organized term-lending financial institutionsPrivate Banks in India account for what share of the total banking sector? 8%Which of the following is not the characteristic of the Indian economy? prevalence of high level of technology“World Development Report” is an annual publication of: International Bank of Reconstruction and DevelopmenThe relation between price of a commodity and the demand for it is a positive relationship.Which of the following is a selective Credit Control method? RBI directives