- Supply falling because of the Covid lockdown is an example of which exception
- Monopoly in the market
- Government policy
- Natural disaster
- The nature of the good
Show answer
Answer: (B) Government policy
A government policy ties down supply, however high the price may be.
Read the full chapter in mind-map notes → - What are the periods of the three documents that followed the Five Year Plans
- 10, 5 and 2 years
- 15, 7 and 3 years
- 20, 10 and 5 years
- 12, 6 and 3 years
Show answer
Answer: (B) 15, 7 and 3 years
A 15-year Vision Document, a 7-year National Development Agenda and a 3-year Action Agenda.
Read the full chapter in mind-map notes → - Which of these is not a cause on the demand side
- A rise in public expenditure
- A reduction in direct taxes
- Hoarding by traders
- A growing population
Show answer
Answer: (C) Hoarding by traders
Hoarding cuts supply, so it is a cause on the supply side.
Read the full chapter in mind-map notes → - Economic growth in country X will necessarily have to occur if — (UPSC, 2013)
- there is technical progress in the world economy
- there is population growth in X
- there is capital formation in X
- the volume of trade grows in the world economy
Show answer
Answer: (C) there is capital formation in X
Capital formation inside that country is what raises its productive capacity; the other three are outside conditions that do not by themselves bring growth.
Read the full chapter in mind-map notes → - How many districts are covered under the Pradhan Mantri Dhan-Dhaanya Krishi Yojana
- 50
- 75
- 100
- 112
Show answer
Answer: (C) 100
The 100 districts were chosen on the basis of low productivity, low cropping intensity and low credit disbursement.
Read the full chapter in mind-map notes → - What does the White Revolution stand for
- fish
- milk
- edible oil
- honey
Show answer
Answer: (B) milk
The White Revolution is tied to milk and dairy products; the Blue Revolution is tied to fisheries.
Read the full chapter in mind-map notes → - On how many parameters does the Soil Health Card record soil condition
- 8
- 10
- 12
- 15
Show answer
Answer: (C) 12
It records soil condition on 12 parameters, including N, P and K, with samples taken twice a year.
Read the full chapter in mind-map notes → - Which of the following is NOT one of the four clearly-read pillars behind the near-7% growth diagram?
- Energy security
- Fiscal prudence
- Monetary stability
- Job creation
Show answer
Answer: (D) Job creation
Job creation is not one of the four clearly-read pillars; along with the other three, "far-reaching structural reform" is the fourth.
Read the full chapter in mind-map notes → - What does monetising the deficit mean
- Raising the tax rate
- The government borrowing from the market
- The RBI printing fresh currency against ad hoc treasury bills
- Carrying out disinvestment
Show answer
Answer: (C) The RBI printing fresh currency against ad hoc treasury bills
This very method used to push up inflation, which is why it was discontinued from 1997.
Read the full chapter in mind-map notes → - Which parameter carries the greatest weight in the Financial Inclusion Index
- Access
- Usage
- Quality
- All three equally
Show answer
Answer: (B) Usage
Usage 45%, access 35% and quality 20%; the index has no base year.
Read the full chapter in mind-map notes →
- Which NRI deposit account stays in foreign currency, rather than in rupees
- NRE
- FCNR-B
- NRO
- None of these
Show answer
Answer: (B) FCNR-B
FCNR-B deposits are held in currencies such as the pound, the dollar, the yen or the euro; both NRE and NRO stay in rupees.
Read the full chapter in mind-map notes → - For shares, what is the cut-off that decides short-term against long-term capital gains
- 6 months
- 1 year
- 2 years
- 3 years
Show answer
Answer: (B) 1 year
For shares this line is 1 year, against 2 years for an ordinary asset.
Read the full chapter in mind-map notes → - What is the size of India’s workforce
- 46.2 crore
- 56.2 crore
- 66.2 crore
- 36.2 crore
Show answer
Answer: (B) 56.2 crore
India’s total workforce today is 56.2 crore people.
Read the full chapter in mind-map notes → - What inflation target did the Urjit Patel committee suggest
- 2% ± 2%
- 4% ± 2%
- 5% ± 1%
- 6% ± 2%
Show answer
Answer: (B) 4% ± 2%
The committee suggested a target of 4% ± 2% on the CPI, with a review every 60 days.
Read the full chapter in mind-map notes → - What is SLR at present
- 4%
- 12%
- 18%
- 25%
Show answer
Answer: (C) 18%
SLR is 18% and a bank may hold it in gold, cash and government securities.
Read the full chapter in mind-map notes → - Which agency implements PMEGP
- NABARD
- SIDBI
- KVIC
- MUDRA
Show answer
Answer: (C) KVIC
The Khadi and Village Industries Commission (KVIC) implements PMEGP.
Read the full chapter in mind-map notes → - What reward is given for issuing a municipal bond worth more than ₹1,000 crore, under the municipal bond incentive?
- ₹10 crore
- ₹50 crore
- ₹100 crore
- ₹500 crore
Show answer
Answer: (C) ₹100 crore
Issuing a bond worth more than ₹1,000 crore earns a reward of ₹100 crore.
Read the full chapter in mind-map notes → - Which one is taken as the fittest yardstick of economic growth
- Total GDP
- Per capita Net Domestic Product
- Total GNP
- Gross fixed capital formation
Show answer
Answer: (B) Per capita Net Domestic Product
Per capita NDP accounts for both population and depreciation, which is why it is held to be the most appropriate.
Read the full chapter in mind-map notes → - An economy where everything used for production sits entirely in government hands is
- a mixed economy
- an open economy
- a command economy
- a free market economy
Show answer
Answer: (C) a command economy
A command economy runs on controlled planning; with no competition, resources are allocated inefficiently.
Read the full chapter in mind-map notes → - Who formed the Lakdawala Committee, and when
- The Planning Commission, in 1989
- The Ministry of Finance, in 2009
- The RBI, in 1993
- NITI Aayog, in 2012
Show answer
Answer: (A) The Planning Commission, in 1989
The Planning Commission formed the Lakdawala Committee in 1989; its report came in July 1993.
Read the full chapter in mind-map notes →
- In which year was SBBJ formed
- 1955
- 1959
- 1963
- 1969
Show answer
Answer: (C) 1963
State Bank of Bikaner and State Bank of Jaipur joined in 1963 to make SBBJ, which merged into the SBI in 2017.
Read the full chapter in mind-map notes → - Where is the ADB headquartered, and which country traditionally gives it its President
- Manila; Japan
- Beijing; China
- Shanghai; India
- Washington; the USA
Show answer
Answer: (A) Manila; Japan
The ADB is headquartered in Manila, and its President traditionally comes from Japan — the current one is Masato Kanda.
Read the full chapter in mind-map notes → - By the S.R. Hashim Committee’s rule, how many of these four items — fridge, two-wheeler, landline, washing machine — keep a household off the BPL list
- Two
- Three
- All four
- None
Show answer
Answer: (B) Three
A household owning any three of these four items is not treated as poor.
Read the full chapter in mind-map notes → - ONDC is a DPI initiative in which sector
- Health
- Economy
- Education
- Governance
Show answer
Answer: (B) Economy
ONDC — the Open Network for Digital Commerce — is an economy-sector DPI initiative, alongside UPI and PFMS.
Read the full chapter in mind-map notes → - Disguised unemployment generally means — (IAS, 2013)
- a large number of people remain unemployed
- alternative employment is not available
- the marginal productivity of labour is zero
- the productivity of workers is low
Show answer
Answer: (C) the marginal productivity of labour is zero
In disguised unemployment more people look like they are working, but the extra workers add, in effect, zero to output.
Read the full chapter in mind-map notes → - What is the maximum deposit a payments bank may accept
- ₹1 lakh
- ₹2 lakh
- ₹5 lakh
- No limit
Show answer
Answer: (B) ₹2 lakh
A payments bank may take only demand deposits, up to ₹2 lakh, and may give no loans at all.
Read the full chapter in mind-map notes → - Which Indian economist helped Mahbub ul Haq in building the HDI
- Amartya Sen
- V K R V Rao
- P C Mahalanobis
- Manmohan Singh
Show answer
Answer: (A) Amartya Sen
Amartya Sen helped develop the index, which was made in 1989 and published in 1990.
Read the full chapter in mind-map notes → - Which of the following falls under "Critical Infrastructure"
- A school
- The nuclear power system
- A park
- A cinema hall
Show answer
Answer: (B) The nuclear power system
Systems like nuclear power are so essential that their failure directly harms national security and public health.
Read the full chapter in mind-map notes → - Comparative advantage is the guiding principle of which branch
- Development economics
- International economics
- Information economics
- Welfare economics
Show answer
Answer: (B) International economics
By this principle, whatever its level of development, every country can produce something more cheaply than others.
Read the full chapter in mind-map notes → - When and where was SAARC's last summit held
- 2016, Islamabad
- 2014, Kathmandu
- 2021, New Delhi
- 2009, Yekaterinburg
Show answer
Answer: (B) 2014, Kathmandu
The 2014 Kathmandu summit is the last one held; the 2016 Islamabad summit was cancelled after the Uri attack.
Read the full chapter in mind-map notes →
- What is the correct meaning of fiscal space
- The government’s total budget size
- The room to spend without putting financial stability at risk
- The rate of tax collection
- The size of the foreign exchange reserves
Show answer
Answer: (B) The room to spend without putting financial stability at risk
It shows how much more the government can spend without upsetting its own financial stability.
Read the full chapter in mind-map notes → - By the latest World Bank classification, India falls in which group
- Low income
- Lower middle income
- Upper middle income
- High income
Show answer
Answer: (B) Lower middle income
In the lower middle income group, gross national income per person lies between 1,176 and 4,635 dollars.
Read the full chapter in mind-map notes → - As estimated for 2011, what share of the world's population did India hold? (UPPCS, 2012)
- 15%
- 17.5%
- 20%
- 22.5%
Show answer
Answer: (B) 17.5%
India held roughly 17.5% of the world's population on just 2.4% of its land area.
Read the full chapter in mind-map notes → - When are the IHDI and the HDI equal
- When there is no inequality at all
- When income is at its highest
- When population is steady
- They are never equal
Show answer
Answer: (A) When there is no inequality at all
With zero inequality the two are equal; as inequality grows the IHDI keeps falling below the HDI.
Read the full chapter in mind-map notes → - Which of these is not an example of "non-tax revenue"
- Receipts from a spectrum auction
- Receipts from income tax
- Dividend from a public sector undertaking
- Fees and fines
Show answer
Answer: (B) Receipts from income tax
Income tax is a direct tax, so it falls under tax revenue, not under non-tax revenue.
Read the full chapter in mind-map notes → - Who gave us the term 'fiscal federalism'
- Adam Smith
- Richard Musgrave
- J. M. Keynes
- Milton Friedman
Show answer
Answer: (B) Richard Musgrave
The term was given in 1959 by Richard Musgrave, an economist born in Germany who later became known as American.
Read the full chapter in mind-map notes → - Which technique came into the production method with the new base year
- Single deflation
- Double deflation
- Chain weighting
- Moving average
Show answer
Answer: (B) Double deflation
Double deflation adjusts input prices along with output prices, so the figure comes out more accurate.
Read the full chapter in mind-map notes → - Under which Article, and how often, is the Finance Commission set up
- Article 275, every 3 years
- Article 280, every 5 years
- Article 279A, every 5 years
- Article 282, every 10 years
Show answer
Answer: (B) Article 280, every 5 years
The Finance Commission is set up under Article 280, and the President constitutes it every 5 years.
Read the full chapter in mind-map notes → - Under which ministry does the National Highways Authority of India (NHAI) function
- The Ministry of Defence
- The Ministry of Road Transport and Highways
- The Ministry of Finance
- The Ministry of Urban Development
Show answer
Answer: (B) The Ministry of Road Transport and Highways
NHAI is an autonomous body under the Ministry of Road Transport and Highways, while BRO comes under the Ministry of Defence.
Read the full chapter in mind-map notes → - Which aggregate does the RBI use to measure liquidity in the market
- M1
- M2
- M3
- M0
Show answer
Answer: (D) M0
M0 is also called the monetary base, high-powered money and reserve money.
Read the full chapter in mind-map notes →
- What is the maximum subsidy under the PM Surya Ghar scheme
- ₹30,000
- ₹60,000
- ₹78,000
- ₹1,00,000
Show answer
Answer: (C) ₹78,000
The maximum subsidy is ₹78,000, covering up to 40% of the panel cost.
Read the full chapter in mind-map notes → - In which year was the National Income Committee formed and who chaired it
- 1949, Professor P C Mahalanobis
- 1954, Professor V K R V Rao
- 1950, Dadabhai Naoroji
- 1951, C Rangarajan
Show answer
Answer: (A) 1949, Professor P C Mahalanobis
The committee was formed in 1949 and its report came in 1954, putting India's national income for 1948-49 at 8,710 crore rupees.
Read the full chapter in mind-map notes → - What is the correct difference between tax avoidance and tax evasion
- Both are illegal
- Both are legal
- Evasion is illegal, avoidance is legal but exploits a gap
- Avoidance is illegal, evasion is legal
Show answer
Answer: (C) Evasion is illegal, avoidance is legal but exploits a gap
Tax evasion breaks the law, so it is illegal. Tax avoidance exploits a gap in the law, so it is legal, though it stays disputed.
Read the full chapter in mind-map notes → - When did the Standing Deposit Facility begin
- April 2020
- April 2022
- November 2016
- January 2019
Show answer
Answer: (B) April 2022
In April 2022; under it the RBI need not pledge any government security.
Read the full chapter in mind-map notes → - Which was not one of the sub-indices in the World Bank's Ease of Doing Business Index — (IAS, 2019)
- Maintaining law and order
- Paying taxes
- Registering property
- Dealing with construction permits
Show answer
Answer: (A) Maintaining law and order
The 10 sub-indices covered starting a business through to resolving insolvency; law and order was never one of them.
Read the full chapter in mind-map notes → - Which broader mission is GramNet a part of
- Digital India Mission
- National Broadband Mission
- Bharat 6G Mission
- National Supercomputing Mission
Show answer
Answer: (B) National Broadband Mission
GramNet is a part of the National Broadband Mission.
Read the full chapter in mind-map notes → - What price is announced for sugarcane
- MSP
- FRP
- CIP
- both MSP and FRP
Show answer
Answer: (B) FRP
Sugarcane gets the Fair and Remunerative Price (FRP), which is procured through sugar mills.
Read the full chapter in mind-map notes → - When is a loan declared an NPA
- When unpaid for 30 days
- When unpaid for 60 days
- When unpaid for 90 days
- When unpaid for 180 days
Show answer
Answer: (C) When unpaid for 90 days
When principal and interest go unpaid for 90 days; before that come the warnings of SMA-0, SMA-1 and SMA-2.
Read the full chapter in mind-map notes → - What is the maximum turnover allowed under the GST Composition Scheme
- ₹50 lakh
- ₹1 crore
- ₹1.5 crore
- ₹2 crore
Show answer
Answer: (C) ₹1.5 crore
Traders with turnover under ₹1.5 crore may opt for the Composition Scheme.
Read the full chapter in mind-map notes → - What is the best way to describe the Balance of Payments (BoP)
- Only a record of capital flows
- Only transactions relating to exports and imports
- Only the receipts and payments of invisible items
- A systematic record of all of a country's economic transactions with the rest of the world
Show answer
Answer: (D) A systematic record of all of a country's economic transactions with the rest of the world
BoP is not limited to trade or to capital alone — it is the complete record of every kind of economic transaction.
Read the full chapter in mind-map notes →
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