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Economics and Current Affairs

  1. Consider the following statements;
  1. A and B are said to be complementary goods if the fall in prices of A increases the demand for B.
  2. A and B are said to be substitute goods if rise in prices of A results in increase in demand for B.

Which of the above statements is/are true?

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2

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  1. Which of the following is/are not included in the calculation of a country’s GDP?
  1. Transfer payments.
  2. Value of intermediate goods.
  3. Sale of used goods

Select the correct answer using the code given below.

  1. 1 and 2 only
  2. 2 and 3 only
  3. 1 and 3 only
  4. 1 , 2 and 3

 

  1. Primary deficit means
  1. The difference between the fiscal deficit of the current year and interest payments on the previous borrowings.
  2. The difference between revenue deficit of the current year and interest payments on the previous borrowings.
  3. The difference between revenue deficit and grants for the creation of capital assets
  4. The difference between fiscal deficit and grants for the creation of capital assets

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  1. Consider the following statements regarding demand laws.
  1. If the price of a commodity is directly proportional to its demand its is called price demand.
  2. If the demand for a commodity is influenced by its substitutes it is called as Cross demand.

Which of the above statements is/are true?

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2

 

  1. Which of the following statements regarding Gross Capital Formation are correct?
  1. An increase in Gross Domestic Savings will invariably result in an increase in Gross capital formation.
  2. As gross consumption increases, the relative increases in Gross capital formation is likely to be less.

Select the correct answer using the code given below.

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 and 2

 

  1. Which of the following statements is/are true regarding Swasth Saarthi Abhiyaan?
  1. It aims to provide preventive health care to the auto, taxi and bus drivers of the NCR region
  2. It is an initiative of Indraprastha Gas Limited (IGL).

Select the correct answer using the codes given below.

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2

 

  1. Which of the following statements about debt to GDP ratio are correct?
  1. The ratio can be interpreted as the number of years needed to pay back debt if GDP is dedicated entirely to debt repayment.
  2. During periods of high inflation, debt to GDP ratio may increase rapidly.

Select the correct answer using the code given below.

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2
  1. For the purpose of national income accounting, which of the following comes under the definition of India’s domestic territory?
  1. Planes operated by Air India between USA and Russia
  2. The Indian embassy in Moscow
  3. The Russian embassy in New Delhi.
  4. Fishing vessels owned by Indians in India’s Exclusive economic zone in the Bay of Bengal

Select the correct answer using the code given below.

  1. 2 and 3
  2. 2 , 3 and 4 only
  3. 1 , 2 and 4 only
  4. 1 , 2 , 3 and 4

 

  1. RBI is often referred to as “banker to banks” because it performs which of the following functions?
    1. Enabling banks to maintain their accounts with the Reserve Bank for statutory reserve requirements and maintenance of transaction balances
    2. Acting as a lender of last resort
    3. Fixing Marginal Cost of Funds based Lending Rate (MCLR) to be maintained by banks

Select the correct answer using the code given below.

  1. 1 only
  2. 1 and 2 only
  3. 2 and 3 only
  4. 1 , 2 and 3
  1. Which of the following comes under the category of revenue expenditure?
  1. Interest paid on borrowings.
  2. Grants to states and UTs.
  3. Expenditure on defence weapons procurements
  4. Pensions and salaries

Select the correct answer using the code given below.

  1. 1 , 2 and 4 only
  2. 1 and 4 only
  3. 1 , 3 and 4 only
  4. 1 , 2 , 3 and 4

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