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INDIAN ECONOMY
Indian Economy Mock Test Set-1
December 26, 2015
0

1. There is no distinction between Gross National Product and Gross Domestic Product when
1. the economy is socialist
2. the economy is closed
3. the economy is outward looking
4. the economy is capitalist

Answer

2

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2. Changes in technology and institutional changes in any economy will lead to
1. economic development
2. economic downfall
3. economic growth and economic reforms
4. economic growth

Answer

1

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3. The rates of domestic saving and domestic capital formation are estimated by the
1. RBI
2. CSO
3. Ministry of Finance
4. NSSO

Answer

2

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4. Currently, India is said to be facing a ‘Population Explosion’. This indicates which stage of the demographic transition?
1. First
2. Third
3. Second
4. None of the above

Answer

3

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5. Currently, the upper limit for a small-scale industrial unit is Rupees
1. 5 crore
2. 65 lacs
3. 1 crore
4. 2 crore

Answer

1

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6. Which of the following are included in the secondary sector?
1. Manufacturing industries
2. Small-scale and cottage industries
3. Mining
4. All of the above

Answer

4

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7. What does the trickle down hypothesis mean?
1. As income grows, the rich get richer
2. The poor are never benefited
3. Rapid growth of per capita income associated with a reduction in poverty.
4. Rapid growth with increase in inequality

Answer

3

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8. In 1991, devaluation of the rupee was around
1. 18 per cent
2. 1.8 per cent
3. 28 per cent
4. 2.8 per cent

Answer

1

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9. A price which covers all costs of the farmers and guarantees them a certain minimum return is the
1. Procurement Price
2. Minimum Support Price
3. Minimum Subsidy Price
4. None of the above

Answer

2

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10. The Agricultural Prices Commission has been renamed
1. Commission for Agricultural Costs & Prices
2. Foodgrain Prices Commission
3. Commission for Agricultural Crops & Prices
4. Prices Commission

Answer

1

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