1. Which of the following is/are correct?
i) Planning Commission was created in 1950 to formulate an integrated five-year plan for socio-economic development.
ii) The period of Plan Holiday was 1966 to 1969.
iii) NITI Aayog replaced the Planning Commission in 2015.
a) (i) & (ii)
b) (i), (ii) & (iii)
c) (i), (iii) & (iv)
d) (i), (ii), (iii) & (iv)
2. Development means economic growth with:
a) Price stability
b) Inflation
c) Social change
d) Deflation
3. Laffer Curve measures:
a) Relation between tax rate and tax revenue
b) Total tax burden and total payment burden
c) Total income and total expenditure
d) None of the above
4. When the productive capacity of the economic system of a State is inadequate to create a sufficient number of jobs, it is called:
a) Seasonal unemployment
b) Structural unemployment
c) Disguised unemployment
d) Cyclical unemployment
5. Special Drawing Rights (SDRs) relate to:
a) The World Bank
b) The Reserve Bank of India
c) The World Trade Organization
d) The International Monetary Fund
6. Which of the following measures should be taken when an economy is going through inflationary pressures?
i) Direct taxes should be increased.
ii) Interest rates should be reduced.
iii) Public spending should be increased.
a) (ii) only
b) (ii) and (iii)
c) (i) and (ii)
d) Only (i)
7. Open market operation refers to:
a) Purchase and sale of government securities by the RBI
b) Deposit mobilisation
c) Borrowing by scheduled banks from the RBI
d) None of the above
8. Who are the price-takers under perfect competition?
a) Industry
b) Government
c) Firms
d) Buyers
9. Effective demand depends on:
a) Capital-output ratio
b) Output-capital ratio
c) Total expenditure
d) Supply price
10. Under a flexible exchange rate system, the exchange rate is determined:
a) Predominantly by the market mechanism
b) By the Central Bank
c) As a weighted index of a group of currencies
d) By the World Trade Organization
11. Pink Revolution is related to:
a) Wool
b) Milk
c) Tomato
d) Shrimp
12. Which of the following regarding FAME India is/are correct?
i) It is part of the National Electric Mobility Mission Plan.
ii) It is intended to support electric vehicle market development.
a) Only (i)
b) Only (ii)
c) Both (i) & (ii)
d) Neither (i) nor (ii)
13. Consider the following statements regarding Ease of Doing Business rankings:
i) It is announced by the IMF.
ii) India ranks at 100th place in the 2018 rankings.
iii) The ranking captures a large number of reforms in all states of India.
a) (i), (ii)
b) (ii) only
c) (i) only
d) (i), (ii), (iii)
14. Top ranker in the Sustainable Development Goals Index:
a) Sweden
b) Denmark
c) Finland
d) Norway
Note: Sweden topped the index around 2018–2019, when this current-affairs question was framed.
15. Which of the following is/are drawbacks of loan waiver?
i) It covers only a tiny fraction of farmers.
ii) It gives only partial relief.
iii) It strikes at the root of credit culture.
iv) It excludes agricultural labourers, who are even weaker than cultivators in bearing the consequences of distress.
a) (i), (ii)
b) (i), (ii), (iv)
c) (i), (ii), (iii)
d) (i), (ii), (iii), (iv)