Table of Contents
SSC CGL 2024 Tier 1 Economics MCQ [Part 2]
- Which of the following goods needs further transformation in the economic process?
A) Consumer durable goods
B) Finished goods
C) Intermediate goods
D) Capital goods - Under which scheme are collateral-free loans of up to ₹10 Lakh extended by the Member Lending Institutions (MLIs) in India?
A) National Strategy for Financial Inclusion
B) Pradhan Mantri MUDRA Yojana
C) Stand Up India scheme
D) Pradhan Mantri Jan Dhan Yojana - During the period of 1947 to 1990, how many five-year plans were completed?
A) 6
B) 7
C) 9
D) 8 - Which of the following options best describes the primary cause of the per capita income decline?
A) Equitable distribution of income
B) Increase in the population growth
C) Decline in the population growth
D) Decline in the gross domestic product - What is the relationship between interest rate and demand for money?
A) No relationship exists
B) Inverse
C) Direct
D) Proportionate - What is subtracted from GDP to arrive at NDP?
A) Subsidies
B) Depreciation
C) Net indirect taxes
D) Net factor income from abroad - What is the economic justification for subsidies in the agriculture sector?
A) It is mostly used to provide benefits for rich farmers.
B) It is a part of government expenditure in the service sector.
C) It is an incentive to provide the benefits of advanced technology and decrease the cost of production.
D) It is used to provide benefits for capital goods producers in agriculture. - Which industrial policy marked the beginning of liberalisation in the Indian industry, reducing the restrictions on private companies?
A) Industrial Policy 1991
B) Industrial Policy 1980
C) Industrial Policy 1977
D) Industrial Policy 1956 - The term ‘Microfinancing’ was first used in the 1970s during the development of Grameen Bank of Bangladesh, which was founded by ________.
A) Muhammad Yunus
B) Adam Smith
C) Jeremy Bentham
D) Alfred Marshall - What is net investment?
A) Sum of all the investments in a country
B) Gross investment + depreciation
C) Gross capital investment – indirect taxes
D) Gross investment – depreciation - Which of the following statements about the aims of National Mission for Sustainable Agriculture (NMSA) of India is/are correct?
- To make agriculture more productive.
- To make agriculture more sustainable.
- To promote organic farming.
A) Only 1 is correct.
B) Only 2 and 3 are correct.
C) 1, 2 and 3 are correct.
D) Only 1 and 2 are correct.
- If GNP is 16% higher than the last year and the rate of inflation is 9%, production in the economy has grown by:
A) 4%
B) 6%
C) 5%
D) 7% - Which Five-Year Plan primarily focused on the ‘Garibi Hatao’ initiative?
A) Sixth Five-Year Plan
B) Fourth Five-Year Plan
C) Fifth Five-Year Plan
D) Third Five-Year Plan - Which is the National Mission for Financial Inclusion to ensure access to financial services, namely, a basic savings and deposits accounts, remittance, credit, insurance, pension in an affordable manner?
A) Deendayal Antyodaya Yojana
B) Deen Dayal Upadhyaya Grameen Kaushalya Yojana
C) Swarnjayanti Gram Swarozgar Yojana
D) Pradhan Mantri Jan Dhan Yojana - Which of the following is an example of a non-tax revenue source for the government?
A) Fees and fines
B) Personal income tax
C) Corporate income tax
D) Value-added tax - Which of the following institutions has contributed mainly in improving the economic status of the poor women in rural areas?
A) Indira Awas Yojana
B) Integrated Development Project
C) Self-help Group
D) Rural Health Scheme - What were the main obstacles during the industrial development of India at the time of independence?
A) Market for industrial produce
B) Capital investment in industries
C) Employment required for industries
D) Land for industrial establishment - Which of the following statements is correct?
A) The five-year plan focuses mostly on private intervention in the economy.
B) The five-year plan always focused on the growth of the tertiary sector.
C) The five-year plan permits long-term intervention by the government in the economy.
D) A five-year plan always stresses market-oriented activities. - The central bank of India or Reserve Bank of India was created before Independence, in the year 1934. The recommendation to create a central bank was made by a commission called:
A) Dr. Raja Chelliah Committee
B) Kothari Commission
C) Narasimham Committee
D) Hilton Young Commission - Harrod Domar model was the main idea behind the __________ Five Year Plan.
A) Third
B) First
C) Second
D) Fourth - The Mahalanobis model was the basis for which Five-Year Plan?
A) Fourth Five-Year Plan
B) Second Five-Year Plan
C) Sixth Five-Year Plan
D) First Five-Year Plan - Which of the following is an example of public sector industry in India?
A) Bharat Heavy Electricals Limited
B) Bajaj Auto
C) Dabur
D) Tata Iron Steel Company - Which of the following statements about the second five-year plan is INCORRECT?
A) The plan stressed the rapid industrialisation of heavy and basic industries.
B) Electricity, Railway, Steel etc. industries were established during the plan.
C) The plan was based on the Keynesian Model.
D) The socialist pattern of the society was reflected in the plan. - In which form of exchange are goods used as a medium of exchange?
A) Online exchange
B) Credit exchange
C) Currency exchange
D) Barter exchange - Which of the following types of unemployment is found in India when people are employed for a certain period of a year in tourist resorts and various tourism-related activities in the mountain regions, but are unemployed in off-seasons?
A) Seasonal unemployment
B) Underemployment
C) Disguised unemployment
D) Cyclical unemployment - What is the primary objective of the Micro, Small, and Medium Enterprises Development (MSMED) Act of 2006 in India?
A) To regulate foreign companies
B) To focus on large-scale industries only
C) To increase import tariffs to protect MSMEs
D) To promote and facilitate the development of MSMEs - In which of the following situations does the government run a deficit budget?
A) When the government expenditure and revenue both are zero.
B) When the government expenditure exceeds revenue.
C) When the government expenditure equals revenue.
D) When the government revenue exceeds expenditure. - Which of the following is an example of private sector industry in India?
A) Steel Authority of India Limited
B) Tata Iron and Steel Company
C) Oil India Limited
D) Bharat Heavy Electricals Limited - Which of the following sectors in India faces seasonal unemployment?
A) Agriculture
B) Manufacturing
C) Medical
D) Information technology - Which of the following options is the most appropriate cause for unemployment in India?
A) Overpopulation
B) Environment conditions
C) High educational systems
D) Lack of labour force - Which of the following is a public sector industry?
A) BHEL
B) Reliance
C) Tata
D) Adani - The ‘Make in India’ initiative primarily focuses on which sector?
A) Manufacturing
B) Service
C) Agriculture
D) Import - Which of the following statements correctly defines the green revolution?
A) It is a new strategy in agriculture to produce food grains, especially wheat and rice.
B) It is a new strategy to increase the share of the forest.
C) It is a new strategy to use green colour for all purposes.
D) It is a new strategy to use only herbal products. - Match the following items.
| List I | List II |
| i. Global System of Trade Preferences | a. 2021 |
| ii. India-Gulf Cooperation Council Free Trade Agreement | b. 1988 |
| iii. The India-Republic of Korea Comprehensive Economic Partnership Agreement | c. 2004 |
| iv. 7th Trade Policy Review | d. 2010 |
A) i (d), ii (a), iii (b), iv (c)
B) i (b), ii (a), iii (d), iv (c)
C) i (c), ii (d), iii (a), iv (b)
D) i (b), ii (c), iii (d), iv (a)
- Match the concepts in column A with their respective descriptions in column B.
| Column A | Column B |
| a. Gross national product | 1. Annual income received by the individual’s production in a given period |
| b. Net national product | 2. After the tax of personal income |
| c. Personal income | 3. Money value of the national output |
| d. Disposable personal income | 4. Net production of goods services during the year |
A) a-2, b-1, c-3, d-4
B) a-3, b-1, c-2, d-4
C) a-3, b-4, c-1, d-2
D) a-4, b-3, c-2, d-1
- Match the concepts in column A with their respective descriptions in column B.
| Column A | Column B |
| a. Devaluation | 1. decline in the market rate of exchange |
| b. Depreciation | 2. contraction of home currency |
| c. Deflation | 3. foreign exchange rationing |
| d. Exchange control | 4. contraction of imports |
| 5. official reduction in external value of the currency |
A) a-5, b-1, c-2, d-3
B) a-2, b-3, c-4, d-1
C) a-2, b-1, c-4, d-3
D) a-5, b-3, c-2, d-1
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