Public goods are those which
Are bought be members of the public as distinct from the government
Are produced by a public company as distinct from a nationalized industry
Are cheap but not of good quality
Are consumed collectively by the community
That portion of total deposits of a commercial bank which it has to keep with itself in the form of liquid assets is called
Net Balance
Cash Reserve Ratio (CRR)
Statutory liquid Ratio (SLR)
Net Liability
The Indian economy is described as a
Developed economy
Urban developed economy
Developing economy
Backward economy
The agency estimating the national income of India is
Reserve Bank of India
Planning Commission
Minister of Finance
Central Statistical Organisation
The aim of a rational consumer in allocating his income is to
Maximize his total utility
Maximize his marginal utility
Buy goods he wants most whatever the price
Buy goods which he expects to be short in supply
The area under a demand curve for a good represents a measure of
Marginal utility
Total cost of production
Total consumer’s surplus
Total utility
The average total expenditure of the Central Government envisaged in the Tenth Plan is
15.6 per cent
24.2 per cent
36 per cent
44.8 per cent
Which is the largest bank of India and is also among the 100 topmost banks of the world?
Reserve Bank of India
State Bank of India
Punjab National Bank
Central Bank of India
The basic difference between imperative and indicative planning is that
In the case of imperative planning the market mechanism is entirely replaced by a command hierarchy. While in the case of indicative planning, it is looked upon as a way to improve the functioning of market system
In the case of indicative panning there is no need to nationalize any industry
In the case of imperative planning all economic activities belong to public sector, while in the other type they belong to the private sector
It is easier to achieve targets in imperative type of planning
The basic objective of planning in India is
Increasing employment opportunities
Expansion of key industries
Increase in agricultural output
All of the above
The best solution for overcoming the evil effects of small and un-economic holdings is
Co-operative farming
Using capital intensive technology
Rapid industrialization
Urbanization of rural population
Real national income denotes
National income at constant prices
Per capital income
National income at current prices
Net factor income
The biggest underground coal mine in India, full mechanized, is at
Munidih
Barkakhana
Singrauli
Bhowra
Saving is function of
Investment
Export
Improvement in productivity
Income
Secular stagnation refers to
A stagnant economy
Recurring booms and depressions in the economy
Fluctuations in autonomous investment
Decrease in the marginal rate of growth in successive period
Self-reliance as an object of planning was emphasized first in the
Second Plan
Third Plan
Fourth Plan
Fifth Plan
Since 1980, the share of the tertiary sector in the total GDP of India has
Shown an increasing trend
Shown a decreasing trend
Remained constant
Been fluctuating
Slutsky’s decomposition of price effect is not possible without a prior knowledge of which one of the following?
Income-elasticity of demand
Price elasticity of demand
Substitution-elasticity
Cross-elasticity of demand
/
I,III,IV
I,II,III
II,III,IV
I,III
Suppose a consumer is consuming two somewhat substitutable good X and Y and the price of X increases. What is the nature of consumer’s demand for X if he decreases his expenditure of X?
Unitary elastic
Perfectly inelastic
Elastic
Inelastic
The Chinese aggression in 1962 and the Indo- Pak war of 1965 placed heavy burden on the economy in term of
Industrial production
Transport and communication
Food supply
Defense
The consumer’s surplus can be defined as
Extra units of a commodity bought
Surplus commodity left after consumption
Difference between actual price and potential price
Total consumer satisfaction
The demand for a good is elastic if
The demand for that good increases when price falls
A decrease in price results in a decrease in total expenditure
The quantity demanded increases less than proportionately with the decrease in price level
Increase in public expenditure
The distribution of essential commodities through fair price shops is called
Public utility agency
Buffer stock
Public distribution system
Co-operative societies
The effect of a fall in investment on income is normally
Greater than the fall in investment on income is normally
Equal to the fall to investment itself
Less than the fall in investment
Equal to the fall in investment unless savings increase at the same time
The elasticity of a straight-line demand curve
May have varying values along its length
Must be equal to zero
Must be equal to infinity
Must be equal to one
The emphasis on the development of the small sector with maximum potential for generation of employment with minimum deployment of scarce capital started with the
First Plan
Second Plan
Third Plan
Fourth Plan
The first attempt at systematic planning in India was made by
Lal Bahadur Shastri
M. Visvesvaraya
Pandit Nehru
V.V. Giri
The first chairman of the Indian Planning Commission was
Pandit Jawaharlal Nehru
Dr. Radhakrishnan
Dr. Rajendra Prasad
Gulzari Lal Nanda
The First Five-Year Plan covered the period
1952-57
1947-52
1950-55
1951-56
The First Five-Year Plan gave top priority to
Agriculture and irrigation
Medium and large scale industries
Unemployment and poverty
Communication and education
The First Five-Year Plan of India started on
January 1950
April 1951
January 26, 1952
October 2, 1952
The First Five-Year Plan was submitted to the Parliament in
1949
1950
1951
1952
The first Indian Bank was the
Traders Bank
Imperial Bank
Presidency Bank, Kolkata
None of the above
The first indigenous bank which came into existence in 1894 was the
Central Bank of India
Punjab National Bank
Reserve Bank of India
Imperial Bank of India
The goal of monetary policy do not include
Maximum output
Full employment
Price stability
Maximum tax revenue
The heavy industries strategy under the Second Five-year Plan has been criticized for several reasons. Which one of the followings is not among them?
Inadequate emphasis on agriculture, small scale and cottage industries
Emergence of continuous trade deficits
Growing unemployment and inequality of income and wealth
Failure to achieve expansion in the capital goods sector and diversification of industrial capacity
The Indian economy is described as a
Developed economy
Urban developed economy
Developing economy
Backward economy
The industrial pattern of India on the eve of economic planning showed
Predominance of household enterprise
High capital intensity
Predominance of producer’s goods industry
All of the above
The largest source of financing the public sector outlay of the Eighth Five- Year Plan came from
Deficit financing
Government borrowings
Balance from current revenue
Contribution of public enterprises
The law of demand states that
Demand increases with increase in income
When income and prices rise, the demand also rises
Where price falls, demand increases
When price increases, demand increases
The long term goal as per the National Population Policy, 2000 is to achieve a stable population by
2045
2060
2036
2025
The main function of the National Development Council in India is to
Promote national integration
Review the working of the National Plan from time to time
Develop village
None of the above
The major emphasis in the Tenth Plan is on
Adult education
Green revolution
Priority to agriculture and rural development
Industrial development
The marginal productivity theory of wages states that
Wages are determined by the marginal productivity of labour
Labour receives a wages equal to its marginal physical product
The demand for labour is determined by the marginal revenue
Labour receives a wage equal to the value of its marginal product
The marginal utility which a consumer derives from a good is
The change in his total utility as a result of adding one unit to his stock of a good
The utility derived from a particular good
The change in utility derived as a result of a change in the price of a good
The change in his total utility when he buys extra units of a good
The modern state is
Laissez faire state
Aristocratic state
Welfare state
Police state
The most appropriate measure of a country’s economic growth is its
Gross Domestic Product
Net Domestic Product
Net National Product
Per Capital Real Income
The movement of a consumer’s budget line, on an indifference map, to a parallel position to the right indicates that
The price of a commodity has fallen
The consumer taste for a commodity has changed
The consumer’s income has increased
The rate of taxation has increased
The multiplier is the factor by which
A change in income changes saving
A change in income changes investment
An increase in investment lowers
A change in autonomous expenditure changes income