WorksheetsEconomics Quiz
Total questions: 40
Worksheet time: 22mins
Assertion (A) : When price decreases, purchasing power increases and vice versa
Reason (R): When the production of goods declines, the prices of goods increase and then the purchasing power is affected
(A) is correct, (R) is false
(A) is correct, but (R) is not correct explanation of (A)
Both (A) and (R) are false
(A) is correct, but (R) is correct explanation of (A)
The monetary policy of the government of India emphasised the following two aims of the economic policy
(i) To control and reduce inflationary pressure in the economy
(ii) Speed up economic development in the country to raise national income and the standard of living of the people
(iii) To increase the per capita income
(iv) To have a cheap money policy Select the correct answer by using the codes given below:
(i) and (ii) are correct
(ii) and (iii) are correct
(i) and (iii) are correct
(iii) and (iv) are correct
The objectives of monetary policy
(i) Price Stability
(ii) Economic Growth
(iii) Social Justice
(iv) Reducing budgetary deficit
(i) only
(ii) and (iii) only
(i), (ii) and (iii) only
(iv) only
What are the correct statement(s) related to T-Bill?
They are issued by RBI
They are issued by Govt of India
Treasury bills pay no interest
They are long term debit instruments
Consider the following statements :
The objectives of fiscal policy are
(i) Capital Formation
(ii) Equitable Distribution
(iii) Unemployment
(iv) Regional Balance
(i), (ii) and (iii)
(ii), (iii) and (iv)
(i), (iii) and (iv)
(i), (ii) and (iv)
The sum of deficit under Revenue account and deficit under capital account is
Budgetary deficit
Fiscal Deficit
Primary deficit
Revenue deficit
Which is not related to direct tax revenue of central government?
Taxes on Income
Taxes on commodities and services
Taxes on property and capital transaction
Taxes on dividends and profits
Which one of the following is the source of direct tax?
Gift Tax
Excise Duty
Customs Duty
Service Tax
Which of the following statements about GST council is true?
The members of the GST council choose one amongst themselves to be vice-chairman of the council
Every decision of GST council shall be taken by a meeting of not less than two-third of the weighted votes of the members present and voting
One-half of the total number of members of the GST council constitute the quorum at its meeting.
Which of the following taxes have been subsumed under GST (Goods and Service Tax)?
Corporate Tax, Customs duty, Service Tax
Minimum alternate tax, sales tax, state VAT
Excise duty, Entertainment tax, Sales tax
Luxury tax, Capital gain tax, cess and surcharges
UDGAM is a
Tool used by RBI to allocate T-Bills
Central agency to monitor RBI
an online portal developed by RBI
An emergency bank created by RBI
Which of the following statement(s) is / are true about NBFCs?
Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 or Companies Act, 2013
NBFCs are engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government
NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself
NBFCs can accept demand deposits
"Poverty is the worst form of violence" - Who said this?
Jawaharlal Nehru
Mahatma Gandhi
Sardar Vallabhai Patel
Swami Vivekananda
When the cost of raw materials and other inputs rises inflation results, this type of inflation is known as ____ inflation
Demand-Pull
Cost-Push
Demand-Push
Supply shock
According to Prof. Suresh Tendulkar's definition, a person would be treated as poor as on 2004-05, if his monthly income is less than ________ in rural areas and ___ in Urban areas?
440.50 and 570.75
446.68 and 578.80
445.00 and 550.00
442.25 and 552.0
The Monopolies and Restrictive Trade Practices Act was passed in the year
1969
1970
1972
1975
The Mahatma Gandhi National Rural Employment Guarantee act came into force in
2005
2006
2007
2003
As per UNDP report of 2025, Human Development Index of India is
0.785
0.685
0.535
0.972
As per UNDP report of 2025, What rank India holds in the Human Development Index
76
101
130
136
Consumer Protection Act is called as
Valuable consumer shield
World Consumer Right
Consumer's Magna Carta
Citizen's Consumer Right
What is considered as an important indicator of poverty in any society?
Economic wealth
Economic backwardness
Economic prosperity
Economic breakdown
Based on Population growth rate, the year 1951 is termed as
Year of Great divide
Year of Population explosion
Year of population growth
Year of Small Divide
NITI Aayog came into existence in place of
Planning Commission
Finance Commission
Banking Commission
Education Commission
Which committee was constituted to assess the profitability of public sector banks?
Kelkar Committee
Narasimhan Committee
Jha Committee
Raja Chelliah Committee
Which are the following pair(s) are not correctly matched?
Monetary Policy - RBI
Insurance - SEBI
Stock Market - IRDA
Fiscal Policy - Central Government
The Blue revolution is being implemented to achieve economic prosperity of
Textile industry workers
Construction sector workers
Agricultural farmers
Fishermen and fish farmers
What is the primary purpose of the Goods and Services Tax (GST)?
To promote exports
To reduce inflation
To simplify the tax structure
To increase tax revenue
Which of the following is considered a direct tax?
Value Added Tax
Service Tax
Income Tax
Sales Tax
In which year the National Mission for Empowerment of Women (NMEW) was launched?
2007
2008
2009
2010
Compensatory Pension Scheme was followed in Tamil Nadu from
2003
2004
2005
206
The National Income in India was first estimated by
William Digby
Dadabai Naoroji
VKRV Rao
Mahalanobis
DPAP stands for
Drought Prone Agency Plan
Drought Prone Area Programme
Drought Prone Amelioration Program
Drought and Poverty Area Program
The Monopoly and Restrictive Trade Practices Act (MRTP), 1969 was replaced by
PURA model
Competition Act, 2002
Foreign Exchange Regulation Act 2004
Foreign Exchange Management Act 2000
The major objective of Pradhan Mantri Krishi Sinzhayee Yojana (PMKSY) is to achieve
Convergence of investments in irrigation at field level
agricultural credit available to farmers
Crop insurance
Crop improvement
The measurement of multi-dimensional poverty index is based on
Health, Education and living standard
Education and Health
Nutrition and Longevity
National income and inflation
The instrument of monetary policy are
Bank rate
Tax rate
Tax rebate
Cash reserve ratio
Which of the following denote the meaning of Goods and Services Tax?
it is a consoldated indirect tax
it is a single unified tax
imposed only by central government
payable at the final point of consumption
Whcih of the following function(s) is / are performed by RBI?
Issue of currency
control of exchange rate
neutrality of money
control of commerical banking
Which of the following facts are not correct with respect to GDP?
it is not for a specific period of time
it is a tool to measure growth and development
it is a non-monetary measure
It meaures total money value of initial goods and services
Child development inded takes into account which of the following?
Education
Income
Health
Nutritional staus
