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Indian Economy General Awareness - CSAT Prelims Previous Years Solved Questions and Answers

(1) Which one of the following statements regarding the levying. Collecting and distribution of Income Tax is correct?
[A] The Union levies, collects and keeps all the proceeds of income tax to itself
[B] The Union levies and collects and keeps all the proceeds are distributed among the states
[C] The Union levies, collects and distributes the proceeds of income tax between itself and the states
[D] Only the surcharge levied on income tax is shared between the Union and the states

Comment

Answer: Option [C]
(2) The most appropriate measure economic growth is its:
[A] Per Capita Real Income
[B] Net National product
[C] Net Domestic product
[D] Gross Domestic Product of a country’s

Comment

Answer: Option [A]

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(3) The term National Income represents:
[A] gross national product at market prices minus depreciation
[B] gross national product at market prices minus net factor income from abroad
[C] gross national product at market prices minus depreciation and indirect taxes plus subsidies
[D] gross national product at market prices minus depreciation plus net factor income from abroad

Comment

Answer: Option [C]
(4) Which one of the following is the correct sequence in the decreasing order of contribution of different sectors to the Gross Domestic Product of India?
[A] Industry- agriculture- services
[B] Industry-Services-Agriculture
[C] Services-Agriculture- Industry
[D] Services-Industry- Agriculture

Comment

Answer: Option [D]
(5) Which one of the following statements is an appropriate description of deflation?
[A] It is a fall in the rate of inflation over a period of time
[B] It is a persistent fall in the general price level of goods and services
[C] It is a persistent recession in both the financial and real sectors of economy
[D] It is a sudden fall in the value of a currency against other currencies

Comment

Answer: Option [B]
(6) When the Reserve Bank of India announces an increase of the Cash Reserve Rate, what does it mean?
[A] The commercial banks will have more money to lend
[B] The Union Government will have less money to lend
[C] The Reserve Bank of India will have less money to lend
[D] The commercial banks will have less money to lend

Comment

Answer: Option [D]
(7) India is regarded as a country with “Demographic Dividend”. This is due to
[A] Its high total population.
[B] Its high population in the age group above 65 years.
[C] Its high population in the age group of 15-64 years.
[D] Its high population in the age group below 15 years.

Comment

Answer: Option [C]
(8) Which one of the following groups of items is included in India’s foreign-exchange reserves?
[A] Foreign-currency assets, Special Drawing Rights (SDRs) and loans from foreign countries
[B] Foreign-currency assets, gold holdings of the RBI and SDR’s
[C] Foreign-currency assets, loans from the World Bank and SDR’s
[D] Foreign-currency assets, gold holdings of the RBI and loans from the World Bank

Comment

Answer: Option [B]
(9) The terms ‘Marginal Standing Facility Rate’ and ‘Net Demand and Time Liabilities’, sometimes appearing in news, are used in relation to
[A] military strategies
[B] banking operations
[C] communication networking
[D] supply and demand of agricultural products

Comment

Answer: Option [B]
(10) A consumer is said to be in equilibrium, if:
[A] he is able to locate new sources of income
[B] he can fulfil his needs without consumption of certain items
[C] he is able to live in full comforts with a given level of income
[D] he is able to fulfil his need with a given level of income

Comment

Answer: Option [D]

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