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INDIAN ECONOMY
INDIAN ECONOMY MOCK TEST SET 5
January 14, 2016
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1. The Finance Commission is appointed to

1. decide on the distribution of taxes between the centre and the states
2. make budget recommendations
3. suggest the imposition / reduction of taxes
4. look into the working of the Reserve Bank

Answer

1

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2. The body concerned with overall monitoring, review and appraisal of Five Year Plans in India is the

1. Planning Commission
2. Finance Commission
3. Union Cabinet
4. National Development Council

Answer

4

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3. MID-DAX is the sensitive index of the

1. Tokyo Stock Exchange
2. National Stock Exchange
3. Frankfurt Stock Exchange
4. New York Stock Exchange

Answer

3

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4. The Indian rupee is now fully convertible on current account. This means that

1. the rupee is now free floating
2. the value of the rupee is fixed by the govt.
3. any person can get as many rupees as he wants
4. none of these

Answer

4

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5. The trickle – down theory of economic growth was championed by

1. P.C. Mahalanobis
2. M.K. Gandhi
3. Amartya Sen
4. Jagdish Bhagwati

Answer

1

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6. The term TRIMS and TRIPS are related to the

1. GATT
2. WTO
3. Planning Commission
4. SAARC countries

Answer

2

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7. The Indian cement industry is an example of

1. monopoly
2. duopoly
3. oligopoly
4. perfect competition

Answer

3

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8. The concept of laisseiz faire was given by

1. Marshall
2. Rousseau
3. Adam Smith
4. Keynes

Answer

3

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9. Post – Liberalization, the country which has contributed the most to Foreign Direct Investment in India is
1. South Korea
2. USA
3. Mauritius
4. Germany

Answer

3

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10. In case of inelastic goods,

1. the demand rises as a result of a fall in prices
2. the demand fluctuates vis-a-vis prices
3. the demand falls as a result of a rise in prices
4. the demand stays constant irrespective of price

Answer

4

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