Q1 The GST council has decided a four tier structure of taxation to cover most goods and

services. Which of the following is a correct group of these four tiers?

[A] 5%, 10%, 15% and 20%
[B] 5%, 12%, 18% and 22%
[C] 5%, 12%, 18% and 28%
[D] 5%, 13%, 18% and 32%

Q2 Which of the following statements is correct about the chairperson of Monetary Policy
Committee (MPC)?
[A] The chairperson of the committee is appointed by the RBI Governor
[B] RBI Governor is the ex officio Chairperson of the committee
[C] Finance Minister is the ex-officio chairperson of the committee
[D] The Chairperson of the committee is appointed by the Finance Minister

Q3 A persistent fall in the general price level of goods and services is known as __:
[A]Deflation
[B]Disinflation
[C)Stagflation
[D] Depression

Q4 The rate at which RBI purchases or rediscounts bills of exchange of commercial banks is
called?
[A]Reporate
[B]Reversereporate
[C]Bankrate
[D] Base rate

Q5.Which among the following is a most suitable example of double counting in national
income ?
[A] Wages of bus and train drivers
[B] Cotton output and cotton cloth output
[C] Electricity output and water output
[D] Tax receipts and earnings of inland revenue officials

Q6.What has been the annual growth rate of Indian Population between 2001 and 2011?
[A] 1.26%
[B] 1.39%
[C] 1.64%
[D] 1.89%

Q7.Birth rate is number of births per ………….of the population during one year.
[A] 100
[B] 1000
[C] 10000
[D] 100000
Q8.The portion of total deposits of a commercial bank which it has to keep with itself in the form
of liquid assets is called ___ ?
[A] Statutory Liquidity Ratio
[B] Cash Reserve Ratio
[C] Statutory Reserve Ratio
[D] Cash ratio

Q9.What was the period of India’s First Five Year Plan? 

[A] 1951-56
[B] 1961-66
[C] 1969-1974
[D] 1979-1984

Q10. Which among the following would most likely follow if the Reserve Bank of India effects
selling of the securities?
[A] The cash resources at the disposal of the commercial banks increase.
[B] The cash resources at the disposal of the commercial banks get diminished.
[C] The cash resources of the commercial banks remain unchanged
[D] None of the above

Q11. Who among the following Indian Economists have played a crucial role in
the MNREGA formerly NREGA?
[A] Amartya Sen
[B] Jean Dreze
[C] Jagdish Natwarlal Bhagwati
[D] Dr. Vijay Kelkar

Q12. Which among the following is a Progressive Tax?

[A] Customs duty
[B] Development Surcharge
[C] Income tax
[D] Sales tax

Q13. Which among the following phrases generally denotes National Income?

[A] Gross National Product at Market Prices
[B] Net National Product at Market Prices
[C] Gross National Product at Factor Cost
[D] Net National Product at Factor Cost

Q14. Which among the following sector of Indian Economy is maximum dependent on
economic developments in advanced nations?
[A] Manufacturing Sector
[B] Agricultural Sector
[C] Mining Sector
[D] Service Sector
Q15. Who among the following will be benefited by Deflation?
[A] Salary Earners
[B] pensioners
[C] Equity Holders
[D] Debtors

Q16.Which of the following is not a measure to control inflation adopted by the Government or
RBI? 
[A] Monetary Policy
[B] Fiscal Policy
[C] Financial Inclusion
[D] Price Control

Q17.What is the Value Added Tax (VAT)?

[A] A single tax that replaces State Taxes like surcharge, turnover tax, etc.
[B] A simple, transparent, easy to pay tax imposed on consumers.
[C] A new initiative taken by the government to increase the tax burden of high income groups.
[D] A new tax to be imposed on the producers of capital goods.

Q18.Bring out the only statement, which is not fully correct:

[A] An increase in the supply of money will always result in inflation
[B] Inflation occurs when the value of money declines
[C] Cost inflation occurs when prices rise to cover increased factor costs
[D] Inflation will have the effect of redistributing incomes within a country

Q19.Which among these is most volatile Foreign Capital?

[A] External Commercial Borrowings
[B] Foreign Direct Investment
[C] Loans from International Financial Institutions
[D] Foreign Portfolio Investment

Q20 Which among the following industry generates invisible exports?

[A] Fishing
[B] Travel & Tourism
[C] Jewellery
[D] Handicrafts

Q21The percentage of population below poverty line in India is:

a.22%
b.32%
c.42%
d.52%

Q22 What is the contribution of the agriculture sector to the total employment in India?
a.53%
b.63%
c.43%
d. 33%

Q23 HDI is an index of life expectancy at birth, literacy rate and per capita income
a. True
b. False

Q24.The per capita income of India currently is

a. Rs 92,565 pa
b. Rs 50,500 pa
c. Rs 40,500 pa
d. Rs 30,500 pa

Q25. Narsimhan Committee is associated with which sector reforms?

a. Banking sector reforms
b. Industrial sector reforms
c. Foreign trade reforms
d. Agriculture sector reforms

Q26. Who is the chairman of Niti Ayog?

a. The Prime Minister
b. The Finance Minister
c. The Union Minister
d. The RBI Chief

Q27. When was Niti Aayog formed?

a. 2010
b. 2012
c. 2015
d. 2017

Q28. Who did Niti Aayog replace?

a. Planning Commission of India
b. Finance Commission of India
c. Reserve Bank of India
d. State Bank of India

Q29. The Monetary Policy Committee has how many members?

a. 6
b. 8
c. 10
d. 12

Q30. Who is the current governor of the RBI?

a. Shaktikanta Das
b. Nirmala Sitharaman
 c. Urjit Patel
d. Raghuram Rajan

Q31 Which Commission has been appointed to decide the sharing formula of central taxes between centre
and states which are almost of mandatory nature?
a. Planning Commission
b. Finance Commission

Q32 Write the full forms of:

a. NITI
b. MSF
c. WPI
d. GST

Q33. What is the period of 12th Five Year Plan?

a. 2012-2017
b. 2010-2015
c. 2015-2020
d. 2011-2016

Q34 How much FDI is allowed in Private banking sector in India?

a. 74%
b. 100%
c. 51%
d. 26%

Q35. Which of these bills is introduced in Lok Sabha and Rajya Sabha?
a. Money Bill
b. Finance Bill

Q36 The 3 themes of Union Budget 2020-21 are:

a. Aspirational India, Economic development for all and Caring Society
b. Self-reliance, $ one trillion economy and equal distribution of Income