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General Economics
QUESTION PAPER
CPT 
GENERAL ECONOMICS

SECTION – C : GENERAL ECONOMICS (50 MARKS)

Q.1. Which one of the following is not a function of commercial banks?
(a) Advancing loans
(b) Accepting deposits
(c) Issuing notes
(d) Discounting bills of exchange

Q.2. The initial membership of IMF was:
(a) 184
(b) 160
(c) 10
(d) 31

Q.3. Population explosion occurs in ___ stage of the theory of demographic transition.
(a) first
(b) second
(c) third
(d) fourth

Q.4. GRT stands for
(a) Great Route Tarry
(b) Green Revaolution Technology
(c) Gross Registered Tonnage
(d) None of the above

Q.5. The government aimed to reduce Infant Mortality Rate per 1000 to ___ by 2012.
(a) 45
(b) 28
(c) 58
(d) 50

Q.6. Population growth rate in India was negative in
(a) 1901-11
(b) 1911-21
(c) 1921-31
(d) 1931-41

Q.7. Which one of the following resources is the most crucial input in India’s new agricultural technology, responsible for the Green Revolution?
(a) Fertilizers
(b) HYV seeds
(c) Agricultural Machinery
(d) Irrigation

Q.8. Which of the following states has the lowest literacy rate?
(a) Bihar
(b) Uttar Pradesh
(c) West Bengal
(d) Orissa

Q.9. Location of sugar industry in India is influenced by :
(a) the market
(b) raw material
(c) labour and entrepreneurial factors
(d) none of the above

Q.10. The MSME sector employed nearly ___ in 2011-12.
(a) 100 million
(b) 40 million
(c) 10 million
(d) 25 million

Q.11. In July 1991, India devalued the rupee by about
(a) 10-12%
(b) 15-16%
(c) 18-20%
(d) 30-35%

Q.12. The Foreign Trade Policy 2004-09 has :
(a) identified certain thrust areas for growth
(b) started “served from India” brand
(c) revamped Duty Free Export-Credit
(d) all of the above

Q.13. Which one of the following offers the least liquidity?
(a) Treasury Bills
(b) Immovable property
(c) Bill of exchange
(d) Bearer cheques

Q.14. India ranks ___ in the world in terms of postal network.
(a) last
(b) 1st
(c) 27th
(d) 10th

Q.15. Net National Income at market prices is equal to
(a) Gross National Income at market prices minus depreciation
(b) Net Domestic Product at factor price plus or minus earnings from abroad
(c) Gross Domestic Product minus indirect taxes and subsidies
(d) Gross National Product at factor price plus or minus depreciation

Q.16. Which one of the following assumptions is not necessary for the cardinal utility theory ?
(a) Rationality of the consumer
(b) Constant marginal utility of money
(c) Perfectly competitive market
(d) Additivity of utility

Q.17. Dumping involves
(a) selling at a price in another market which is lower than the price or cost in your home market
(b) price discrimination between the two markets
(c) surplus production at lower cost
(d) none of the above

Q.18. The IC curve approach assumes :
(a) rationality
(b) consistency
(c) transitivity
(d) all of the above

Q.19. A higher indifference curve shows :
(a) a higher level of satisfaction
(b) a higher level of production
(c) a higher level of income
(d) none of the above

Q.20. Demand deposits with banks are considered as money because they are:
(a) generally acceptable as a means of payment
(b) more liquid than cash
(c) held by the government
(d) managed efficiently by bank managers

Q.21. Which one of the following measures has been accorded the highest priority by the government for checking the inflationary pressure on the economy since 1990
(a) Revamping the public distribution system.
(b) Correcting the fiscal imbalance by reducing the fiscal deficit as a percentage of GDP
(c) Increasing imports
(d) Devaluation of the rupee

Q.22. The basic aim of the lead bank scheme is that -
(a) big banks should try to open offices in each district
(b) there should be stiff competition among the various nationalized banks
(c) individual bank should adopt particular districts for intensive development
(d) all the banks should make intensive efforts to mobilize deposits

Q.23. Which one of the following taxes belongs exclusive to the state government of India?
(a) Income tax
(b) Agricultural tax
(c) Excise tax
(d) Wealth tax

Q.24. Which one of the following sources of Central revenue belongs to the category of indirect taxes?
(a) Corporation tax
(b) Customs
(c) Wealth tax
(d) Interest Receipts

Q.25. The rapid increase of public debt of the Central Government since 1950-51 has been due to
(a) uncontrolled inflation
(b) mounting shares of state government from revenues raised by the central government
(c) mounting costs of financing public expenditure
(d) rising population

Q.26. In the case of two perfect substitutes, the indifference curve will be :
(a) straight line
(b) L-shaped
(c) U-shaped
(d) C-shaped

Q.27. Which one of the following is the major characteristic of foreign direct investment (FDI)?
(a) It is non-debt creating capital flow
(b) It is portfolio investment in stock market
(c) It is that investment which involves debt servicing
(d) It is the investment made by foreign institutional investors in government securities

Q.28. The objective of selective credit controls is mainly to :
(a) selectively allocate credit to commercial banks
(b) selectively allocate credit among borrowers
(c) regulate the quantity of demand deposits created by commercial banks
(d) regulate the quantity of credit created by commercial banks

Q.29. A consumer is at equilibrium when :
(a) slope of the price line is equal to indifference curve
(b) he saves 10% of his income
(c) borrows an amount equal to his income from the bank
(d) none of the above

Q.30. Since 1990, savings of the household sector in India have been
(a) greater than the savings of the private corporate sector but less than the savings of the public sector
(b) less than the savings of the private corporate sector but more than savings of the public sector
(c) greater than the savings of the private corporate sector as well as the savings of the public sector
(d) less than the savings of the private corporate sector as well as the savings of the public sector

Q.31. Which is the Central Bank of India?
(a) SBI
(b) BOI
(c) RBI
(d) UTI

Q.32. Disguised unemployment in India is maximum in :
(a) agricultural sector
(b) secondary sector
(c) tertiary sector
(d) none of the above

Q.33. Unemployment rate in India is defined as the ratio of number of persons unemployed to total
(a) Population
(b) Population excluding children
(c) Labour force
(d) Population excluding the aged

Q.34. The population of India living below the poverty line
(a) is rising in relative and absolute terms
(b) is falling in relative terms but rising in absolute terms
(c) is falling in both relative and absolute terms
(d) has not changed at all over the years

Q.35. If the Indian economy aimed at an annual growth rate of 8 per cent in national income, assuming as incremental capital – output ratio of 3.5:1 what would be the required rate of investment as percent of national income?
(a) 28.0
(b) 24.5
(c) 10.5
(d) 3.5

Q.36. In order to provide acess to electricity to all areas including villages and hamlets ___ programmed was started.
(a) Rajiv Gandhi Grameen Vidhutikaran
(b) Indira Gandhi Grameen Vidhutikaran
(c) Sonia Gandhi Grameen Vidhutikaran
(d) Mahatma Gandhi Grameen Vidhutikaran

Q.37. Which one of the following has NOT been a part of the land reforms programme in India?
(a) Ceiling on holding
(b) Consolidation of holdings
(c) Agricultural holding tax
(d) Zamindari abolition

Q.38. In India, which one of the following is NOT a cooperative organization?
(a) Primary land development banks
(b) Central land development banks
(c) Regional rural banks
(d) State cooperative banks

Q.39. FDI is allowed in all of the following, except
(a) Banking
(b) Lottery
(c) Insurance
(d) Air transport

Q.40. Which among the following is NOT a cause of sickness of industrial units in India?
(a) Obsolescent technology
(b) Labour problems
(c) Faulty location
(d) Lack of capital account convertibility

Q.41. M3 is equal to :
(a) Currency with public
(b) M1 + Time deposits of the public with banks
(c) M1 + Post office savings
(d) M1 + National saving certificates

Q.42. The majority of Central Government enterprises belongs to the :
(a) Public corporations
(b) Public limited companies
(c) Private Limited companies
(d) Departmental organizations

Q.43. In 1991, foreign exchange reserves were sufficient to finance imports of ___ weeks.
(a) 36
(b) 16
(c) 24
(d) 3

Q.44. Which one of the following agencies in India is responsible for computation of national income?
(a) NCAER
(b) CSO
(c) NSS
(d) RBI

Q.45. What is the approximate share of the agricultural sector in the total employment in India? (2013-14)
(a) 49 per cent
(b) 60 per cent
(c) 45 per cent
(d) 40 per cent

Q.46. According to the Human Development Report-2013, the GINI index for India in 2011-12 was :
(a) 0.334
(b) 0.29
(c) 0.53
(d) 0.18

Q.47. Over the plan era, the relative share of areas under food grains in gross cropped area in India has:
(a) decreased
(b) increased
(c) remained the same
(d) decreased initially and then increased

Q.48. Which one of the following is NOT an important import item of India at present?
(a) Petroleum oil
(b) Edible oil
(c) Fertilizers
(d) News print

Q.49. The total area under the demand curve of a good measures:
(a) marginal utility
(b) total utility
(c) consumers surplus
(d) producers’ surplus

Q.50. The incremental capital output ratio (ICOR) during the XI plan of India was
(a) 5.02
(b) 3.04
(c) 4.0
(d) 6.37

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