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Economy One-Liners for various competitive examinations

 

 

Economy One-Liners for various competitive examinations

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Here are some important Economy one-liners for students competing for various exams

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1- By whom the monetary policy of India is framed?

(A) The Government of India
(B) The State Bank of India
(C) The Reserve Bank of India
(D) None of the above.


2- During which period India took Annual Plans?

(A) 966-1969
(B) 1969-1971
(C) 1968-19701
(D) None of the above


3- SAARC represents-

(A) The South American States
(B) The South Asian States
(C) Asian and African States
(D)The South African States


4- In which year, the latest population Census was undertaken?

(A) 2001
(B) 2005
(C) 1991
(D) 2011


5-In which year plan, the same importance was given to agriculture and industry?

(A) First Plan
(B) Fifth Plan
(C) Third Plan
(D) Fourth Plan


6- What is Operation Barga?

(A) It is a program of universal registration of tenants
(B) It is recognition of sharing of outputs between landlords and share-croppers
(C) It is recognition of share-croppers’ rights to cultivate lands of absentee landlords
(D) It is Equal distribution of lands


7- Name the Five Year Plans in which a bold approach was adopted towards a long term employment policy.

(A) Fifth
(B) Sixth
(C) Eighth
(D) Seventh


8- In which place, ‘Operation Barga’ was first introduced?

(A) West Bengal
(B) Karnataka
(C) Kerala
(D) Bihar.


9- The name of the Central Bank of India is-

(A) Indian Overseas Bank
(B) Reserve Bank of India
(C) State Bank of India
(D) Central Bank of India


10- Planning Commission was formed in this year under the chairmanship of Pandit Jawaharlal Nehru-

(A) 1952
(B) 1951
(C) 1950
(D) 1949


11- Which among the following finally approves the draft five-year plan?

(A) National Development Council
(B) Parliament and State Legislatures
(C) The President of India
(D) Planning Commission


12- Name the person who is associated with the formulation of Planning Strategy in the Second Five-Year Plan.

(A) Mahatma Gandhi
(B) Prasanta Chandra Mahalanobis
(C) B.R. Shenoy
(D) Jawaharlal Nehru


13- State Bank of India was earlier known as-

(A) The Industrial Bank of India
(B) The Central bank of India
(C) The National Bank of India
(D) The Imperial Bank of India


14- This among the following can be levied by the State Government-

(A) Capital gains tax
(B) Tax on profession
(C) Wealth tax
(D) Income tax


15- This number of private commercial banks were nationalized in 1969.

(A) 12
(B) 13
(C) 14
(D) 15


ANSWERS-

1- The Reserve Bank of India.

2- 1966-1969.

3- South Asian States.

4- 2011.

5- Third Plan.

6- It is a program of universal registration of tenants.

7- Eighth.

8- West Bengal.

9-Reserve Bank of India.

10- 1950

11- National Development Council.

12- Prasanta Chandra Mahalanobis.

13-The Imperial Bank of India

14-Tax on profession

15- 14.


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Economy One-Liners for various competitive examinations

 

 

Economy One-Liners for various competitive examinations

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1- The full form of SEBI is-

(A) State Education Board of India
(B) South Eastern Bank of India
(C) Securities and Exchange Board of India
(D) Scheduled Castes and Educationally Backward classes of India


2- This among the following looks after the Center-State financial relations

(A) Planning Commission
(B) Ministry of Finance
(C) Sarkaria Commission
(D) Finance Commission


3- NABARD is related with

(A) Industrial development
(B) Urban development
(C) Rural development
(D) Development of railways


4- In which places the Green Revolution occurred first?

(A) Punjab and Haryana
(B) Bihar and West Bengal
(C) Andhra Pradesh and Tamil Nadu
(D) Gujarat and Maharastra


5- Annual plans 1966-69 period is usually regarded as

(A) Temporary plan period
(B) Plan Holiday
(C) A period of cessation of all plan activities
(D) Plan rest period


6- What is a mixed economy?

(A) Where domestic and foreign trade are intermixed
(B)When private and public economic units operate side by side

(C) Public Sector operate successfully
(D) Where the private sector is policed by the State Sector


7- Which among the followings, the Five Year Plan was suspended one year before its time schedule.

(A) Third Plan
(B) Fourth Plan
(C) Fifth Plan
(D) Sixth Plan


8- Name the authority that maintains foreign exchange reserve in our country.

(A) Export-Import Bank of India
(B) Minister of Finance, Govt. of India
(C) State Bank of India
(D) Reserve Bank of India


9- Name the Apex Bank for supplying agricultural credit.

(A) State Bank of India
(B) NABARD
(C) Reserve Bank of India
(D) (B) and (C)


10- Food Corporation of India was set up in which year?

(A) 1955
(B) 1960
(C) 1965
(D) 1970


11- The Planning Commission is

(A) A department of the Ministry of Finance. Govt. of India
(B) An advisory body
(C) Endowed with the responsibility of implementing five-year plans
(D) A wing of the Ministry of Planning, Government of India


12- What is the Finance Commission?

(A) An organization to find out financial resources for financing Five-Year Plans
(B) An organization to prepare annual budgets for the Government
(C) A permanent body to supervise the center-state financial relationship
(D) A constitutional body appointed by the President every five years to review Centre-State financial relationship


13- Name the place in which a system of Panchayati Raj existed even before 1947.

(A) Gujarat
(B) Maharashtra
(C) Tamil Nadu
(D) All of the above


14- Why Balwantrai Mehta Committee was appointed?

(A) To formulate the labor welfare programme
(B) To formulate child welfare programme
(C) To formulate National Security Policy
(D)To examine the Community Development Projects


15- What does Globalization of the Indian economy mean?

(A) Establishing business units abroad
(B) Export promotion
(C) Import liberalization
(D) Putting minimum restrictions on trade relations with other countries


ANSWERS-

1- Securities and Exchange Board of India.

2- Finance Commission.

3- Rural development.

4- Punjab and Haryana.

5- Plan Holiday.

6- Where the private sector is policed by the State Sector.

7- Fifth Plan.

8- Reserve Bank of India.

9- NABARD.

10-1965

11-An advisory body

12- A constitutional body appointed by the President every five years to review Centre-State financial relationship

13- Tamil Nadu.

14- To examine the Community Development Projects.

15- Putting minimum restrictions on trade relations with other countries.


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Economy One-Liners for various competitive examinations

 

 

Economy One-Liners for various competitive examinations

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1- In which year Mid Day Meal Scheme was launched?

1- August 15, 1996.

2- August 15, 1998.

3- August 15, 1995.

4- August 15, 2000.


2-Name the person who gave a call for Evergreen Revolution.

1-Verghese Kurien.

2- M.S Swaminathan.

3- H. M. Dalaya.

4- Tribhuvandas Patel.


3- Under whose Chairmanship, the Planning Commission constituted a high-level committee for financial sector reforms in August 2007?

1- Raghuram G. Rajan

2- Bimal Jalan

3- K.V. Kamath

4- None of these.


4- The term black revolution in India implies-

1- Self-dependence in the production of lubricants.

2- Self-dependence in the production of petroleum crude oil

3-Self-dependence in the production of coal.

4- Nurturing the Black Soil.


5- In India, the Agriculture sector generates the largest employment. The second sector after Agriculture is?

1-Telecommunication sector

2-Chemical Sector

3- Iron and Steel Sector.

4- Textile Sector.


6- The meaning of Gilt-edged market is-

1- Market of government securities

2- Market of guns

3- Bullion market

4- Market of pure metals.


7- The meaning of Depreciation is

1- The destruction of a plant in a fire accident.

2- The closure of a plant due to labour trouble.

3- The closure of a plant due to a lockout.

4- The loss of equipment over time due to wear and tear.


8- The ARDC was merged into this on July 12, 1982.

1- RBI.

2- NABARD.

3- EXIM Bank.

4- None of the above.


9-In which year, the first wholly Indian Bank was set up?

1- 1894

2- 1794

3- 1902

4- 1896.


10- Which among the following means States earn maximum revenue?

1- Custom Revenue

2- Land Revenue

3- Excise duties on intoxicants.

4- Commercial taxes.


11- Excise duty is a tax that is levied on which among the following?

1-Export of goods

2- Import of goods

3- Sale of goods

4- Production of goods.


12-In Deficit Financing, the government borrows from which among the following means?

1- Big businessmen.

2- Local Bodies.

3- IMF.

4- RBI.


13- The Co-operative Credit Societies have a

1- Five-tier structure.

2- Four-tier structure.

3- Three-tier structure.

4- Two-tier structure.


14- In which year, the Board of Industrial and Financial Reconstruction( BIFR), came into existence?

1- 1989

2- 1987.

3- 1986.

4- 1985.


15- In which year, the RBI was nationalized?

1- 1945.

2- 1846.

3- 1947.

4- 1949.


ANSWERS-

1- August 15, 1995.

2- M.S Swaminathan.

3-Raghuram G. Rajan

4-Self-dependence in the production of petroleum crude oil

5-Textile Sector.

6- Market of government securities.

7-The loss of equipment over time due to wear and tear

8-NABARD.

9-1894

10-Commercial taxes

11-Production of goods

12- RBI.

13-Three-tier structure.

14-1987

15- 1949.


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Economy One-Liners for various competitive examinations

 

 

 

Economy One-Liners for various competitive examinations

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1-In the elementary education system, India stands at

1-First place.
2-Second place.
3-Third place.
4-Fourth place.


2-The country with the highest adult literacy-

1-China.
2-Korea.
3-India.
4-Pakistan


3-The economist who first distinguished between involuntary and voluntary employment is-

1-Dadabhai Nauroji.
2-D Mathur.
3-J.M. Keynes.
4-D.R Gadgil


4-Under which employment, marginal productivity is zero?

1-Involuntary unemployment.
2-Disguised unemployment.
3-Voluntary unemployment.
4- Under-employment.


5-Regional Development Plans in Rayalaseema and Telangana were adopted in the year.

1-1990.
2-1985.
3-1970.
4-1966.


6-The following service does not come under-

1-Irrigation.
2-Fisheries.
3-Health.
4-Education.


7-Lira is the currency of

1-Russia.
2-Switzerland.
3-France.
4-Italy.


8-If agriculture is considered as the indicator of growth, the state that ranks first-

1- Maharashtra.
2-Tamilnadu.
3-Punjab.
4-Andhra Pradesh.


9-Indira Awas Yojana

1-Water plan.
2-Economic plan.
3-Health Plan.
4-Housing Needs.


10-Average life expectancy in India

1-60.8 years.
2-65.8 years.
3-50.8 years.
4-55.8 years.


11-The disguised unemployment is seen in

1-Industries.
2-Trade and commerce.
3-Agriculture.
4-Electricity


12- The Health for All changed as

1-Health Centres.
2-Health for under-privileged.
3-Health.
4-Health for Land Lords.


13-Indian Economy is

1-Mixed Economic system.
2-Capitalist Economic System.
3-Socialist economic system.
4-None of the three economic systems.


14-China and East European economies fall into the category

1-Socialist economy.
2-Capitalist economy.
3-Mixed economy.
4-None of these.


15- The country that enjoys the socialist economic system

1-U.K.
2-China.
3-U.S.A.
4-India.


ANSWERS

1-Second place.
2-Korea.
3-J.M. Keynes.
4-Disguised unemployment.
5-1970.
6-Fisheries.
7-Italy
8-Punjab.
9-Housing Needs.
10-60.8 years.
11-Agriculture.
12-Health for under-privileged.
13-Mixed Economic system.
14-Socialist economy.
15-China.


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Economy One-Liners for various competitive examinations

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1- The principal sources of revenue to the State Government in India is__?
2-The philosophy of ‘Laissez-faire’ is associated with?
3-When did India become a member of the International Monetary Fund (IMF)?
4-When was the National Bank for Agriculture and Rural Development (NABARD) set up?

5-Which Indian got Nobel Prize for Economics?
6-Bad money (if not limited in quantity ) drives good money out of circulation.” is the law known as__?

7-Name the oldest insurance company of India?
8-Where in India, coins are minted?
9-Short-term finance is usually for a period ranging up to?
10-The main source of National Income in India is__?
11-Who presented the first union budget of Independent India?
12-The difference between GNP & GDP is__?
13- Which plan is also known as ‘Gadgil Yojana’?
14-Which ministry formulates fiscal policy?
15-What is the highest denomination of currency notes in circulation as legal tender in India at present?

16-Brent Index is associated with __?
17-Who is the chairman of 14th Finance Commission?
18-Who has presented the Union Budget of India the maximum number of times?
19-Who is called the ‘Father of Economics’?
20-States earn maximum revenue through?


ANS-

1-Sales Tax
2-Industrial States
3-1947
4-1982
5-Amartya Sen
6-Gresham’s law
7-Oriental Life Insurance company
8-Mumbai, Calcutta & Hyderabad
9-12 months
10-Agricultural Sector
11-RK Shanmukham Chetty
12-Capital Depreciation
13- 3rd FYP
14-Finance Ministry
15- Rs 2000
16-Crude oil prices
17-Y. V. Reddy
18-Morarji Desai
19-Adam Smith
20-Commercial Taxes


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Economy One-Liners for various competitive examinations

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1- Who wrote the book ‘Planned Economy for India’?


2-Participatory Notes (PNs) are associated with which investors?


3-Bouncing of cheques has become an offense. What is the punishment for the same?


4-Which was first Commercial Bank of India?


5-In which plan was the objective of self-reliance and zero net foreign aid was declared?


6- Which European country is the guarantor of the Bank of Central African States?


7-The Money Order system in India was introduced in the year__?


8-National Rural Employment Guarantee Scheme (NREGS)came into force in which year?


9-The currency convertibility concept in its original form originated in?


10-World Development Report is an annual publication of__?


11-Who has presented the Union Budget of India the maximum number of times?


12-National Income estimates in India is prepared by __?


13- Which state stands first in the length of roads in the country?


14-Those goods which have a positive relationship between price and quantity demanded are called as ….?


15-In which year Statutory Liquidity Ratio was first imposed on banks?


16-Who is considered the guardian of the Public Purse?


17-When a person has a saving account in the bank, the bank assumes the position of ___?


18-In which year Swarn Jayanti Gram Swarozgar Yojna came into being?


19-Which is the largest Private Sector Bank in India?


20-Which is the oldest stock exchange in Asia?


ANS-

1- M. Visvesvaraya
2-Foreign Institutional Investments
3-6 months imprisonment
4-Hindustan Bank
5-Fourth 5 year plan
6-France
7- 1880
8-2006
9- Bretton Woods Agreement
10-International Bank of Reconstruction & Development
11-Morarji Desai
12-Central Statistical Organization
13-Maharashtra
14-Giffen Goods
15-1949
16-CAG

17-Debtor
18-1st April 1999
19-HDFC Bank
20- Bombay Stock Exchange


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1- A few sellers, many buyers is the basic characteristic of Oligopoly.


2- In 1972 and 1973 respectively the cocking coals and non-cocking coal mines in India nationalized.


3-Minor ports like Kakinada, Machilipatnam, Bheemunipatnam, and Krishnapatnam are in Andhra Pradesh.


4- The fifth plans aimed at the removal of poverty and the attainment of self-reliance.


5-People belonging to 18-35 age group are eligible for training under TRYSEM scheme.


6-In terms of geographical area India occupies the seventh position in the world.


7-MS Swaminathan was the chief architect of Green Revolution that significantly improved the agricultural yield in the country.


8-The Mumbai Stock Exchange was set up in 1875.


9-TRYSEM was launched with the objective of helping the poor in rural areas to become self-employed.


10-Central Statistical Organization estimates the National Income in India.


11-NSDL stands for National Securities Depository Limited.


12-The Chota Nagpur Plateau famous for its mineral deposits is in Jharkhand.


13-V Kurien is known as the ‘Father of White Revolution.


14- Tea industry employs the largest number of women in India.


15-Maastricht Treaty provided for a common currency for the member countries of the European Community.


16- ‘Bulls and Bears’ are associated with the Stock Exchange market.


17-State Financial Corporations give assistance mainly to develop small and medium scale industries.


18-In the year 1952 was the policy of population planning adopted by the government of India.


19-The terms TRIPS and TRIMS are related to GATT.


20- In the year 1991 was the new liberalized industrial policy announced in India.


21-During the 3rd Five Year Plan, the annual growth rate of National Income was the lowest.


22-Chelliah Committee of 1992 deals with the overhauling of our tax system.


23- The value of goods and services produced in a country within a year is called gross national product at market prices.


24-In India, inflation is measured by national income deflation.


25-National income is the net domestic product at the market price.

 


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Economy One-Liners for various competitive examinations

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1-A new ‘Liberalized Industrial Policy’ in India was announced in 1991 for the first time.


2-Central Statistical Organisation issues the data of estimation of India’s National income.


3-Community Development Program (CDP) started in the year 1952.


4-Dadabhai Naoroji is the first person to establish the National Income in India.


5-Planning in India derives its objective from Directive Principles of State Policy.


6-Jawaharlal Nehru introduced the concept of Five year plan.


7-Central Bank of India is the former name for Reserve Bank of India.


8-The terms ‘Micro Economics’ and ‘Macro Economics’ were coined by Ragnar Frisch.


9-Currency Deutsche Mark belongs to Germany.


10- UNCTAD (United Nations Conference on Trade and Development) organisation publishes the ‘World Investment Report’ annually.


11-The data of estimation of India’s National income is issued by Central Statistical Organisation.


12-Pradhan Mantri Gramodaya Yojana started in the year 2000.


13-Small industries Development bank of India is the founder of SME Rating Agency of India.


14-First, five year plan was based on Herold -Domar Model.


15-A closed-economy is the economy in which Neither imports nor Exports take place.


16-Foreign currency which has a tendency of quick migration is Hot Currency.


17-In 1970, the MRTP Act became effective.


18-Y.V. Reddy– the Chairman of 14th Finance Commission.


19-Excise duty is a tax levied on the Production of Goods.


20-Second Five year plan laid more stress upon Industrialisation.


21-The first wholly Indian Bank was set up in 1894.


22-Special Drawings Rights (SDRs) relate to the International Monetary Fund.


23-IDA is the Soft loan window of World Bank.


24-India opted for ‘Mixed Economy’ in Industrial Policy of 1948.


25-The currency notes are printed in Nasik. 


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Economy One-Liners for various competitive examinations

Economy

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1- Tata Iron and Steel Company (TISCO) was incorporated in the year 1907.


2-Among different types of economic system, Pandit Jawaharlal Nehru, the first Prime Minister of India, suggested ‘Socialist Economy’.

Jawaharlal Nehru

3- Mixed economy was finally chosen with the help of Industrial Policy Resolution of 1948 and Directive Principle of Indian Constitution.


4-Planning Commission was set up in 1950, and the Prime Minister of India was made the chairperson of the commission.


5-Industrial Policy Resolution is a resolution adopted by the Indian Parliament in 1956. It was formulated under the Second Five-Year Plan.


6-In 1955, Village and Small-Scale Industries Committee, also known as Karve Committee proposed to promote small-scale industries for rural development.


7-P.C. Mahalanobis is a well-known architect of Indian Planning.

P.C. Mahalanobis

 

 

 

 

 


8-The second five-year plan was based on the ideas of Mr. Mahalanobis. In a real sense, the second five-year plan was the beginning of economic planning in India.


9-The Indian Statistical Institute in Calcutta was established by Mahalanobis. He also started a journal ‘Sankya.


10-Gross Domestic Product (GDP) is the value of all goods and services produced by all the three sectors( Primary Sector, Secondary Sector and Tertiary Sector) over a period of time.


11-The tertiary sector contributes the most to the GDP of our country.


12-The primary sector still has a large portion of India’s population occupied in it.


13-As per the government’s policy ‘National Rural Employment Guarantee Act 2005 (NREGA 2005)’, people who are in need of work will be given guaranteed 100 days employment in a year.


14-The first synchronous Census in India was conducted in 1881. The censuses are being conducted at ten-year intervals.


15-The Right to Education Act of 2009, makes education a fundamental right for all children aged between 6 and 14.


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Economy One-Liners for various competitive examinations

Economy

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1- The three economic systems are Capitalist, Socialist and Mixed.


2- The rapid growth of towns is perceived as an indicator of Urbanization.


3- Income earned through hard labor is called Earned Income and income earned through wealth and property is Unearned income.


4- Ryotwari system– Land is held in single independent holdings and the individual holders are responsible for payment of rent to the state. 


5- Mahalwari System: The land belonged to a small group of powerful families who paid rent to the state.


6- South West Monsoon occurs from June to September.


7- Automobiles, Heavy Engineering Goods, machine tools, Chemicals, textiles, electronic goods, cement, fertilizers etc are the products from an Organized sector.


8- Organized Sector– It refers to large-scale industrial units and agricultural units with a defined pattern of production and employment.


9- Capitalist Economic System:  The system wherein private individuals own the production and distribution is Capitalist Economic System. Example- USA and Germany.


10- Socialist Economic System: The system wherein the production and distribution of goods and services is owned by public enterprises is called Socialist Economic System. Example- China


11- Mixed Economic System: It is the system wherein both public and private ownership prevails. Example- India, Sri Lanka.


12-  During East India Company’s rule, Lord Cornwallis introduced Zamindari system in 1793 in Bengal, Bihar, Odisha and Madra states. According to this system, tax collection was entrusted to rich landlords known as Zamindars.


13- The public enterprises of companies operating under the ownership of the Government are collectively called Public Sector. Example- Life Insurance Company, Banking, Railways, Air India and Indian Airlines, Post, and Telephones etc.


14- Large Scale Sector– Any firm or industry with more than 35 lakhs of rupees as capital investment comes under large scale sector. Example- Bharat Heavy Electrical Limited at Ramchandrapuram near Hyderabad.


15-Small Scale Sector: Any firm or industry with an investment ranging from 5 to 35 lakhs of rupees is termed as a small-scale sector. Ex- Any petrol filling pump or any rice mill.


16- Tiny Scale Sector: Any firm or industry with an investment not exceeding 5 lakhs of rupees comes under tiny scale sector. Ex- Candle manufacturing, Note-Book making etc.


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