economics Flashcards by Pradeep raj

The total value of goods and services produced in a country during a given period is called

National income

How well did you know this?

Not at all

Perfectly

Which institution is responsible for calculating the
GDP/National Income of India?

Central Statistics Office

How well did you know this?

Not at all

Perfectly

The difference between Gross National Product and Net National Product (GNP - NNP) equals

Depreciation

How well did you know this?

Not at all

Perfectly

In which Five-Year Plan were Removal of Poverty (Gar- ibi Hatao) and Self-Reliance declared as major plan objectives?

Fifth Five-Year Plan

How well did you know this?

Not at all

Perfectly

Banking, Courier, Real Estate, Power, Transport, communication and business/services comes under which sector of economic growth?

Tertiary sector

How well did you know this?

Not at all

Perfectly

The Monetary and Credit Policy is framed/announced by

Reserve Bank of India

How well did you know this?

Not at all

Perfectly

The Government Budget is a statement of estimates of
the government receipts and expenditure for the com- ing financial year. The financial year for India is the period from to

April 1 to March 31

How well did you know this?

Not at all

Perfectly

Which is an apex institution in the sphere of Agriculture credit in India?

NABARD (National Bank for Agriculture and Rural Development)

How well did you know this?

Not at all

Perfectly

In which year was the Reserve Bank (Central Bank) of India established?

1st April 1935

How well did you know this?

Not at all

Perfectly

refers to sale and purchase of government securities by RBI in the open market with the aim of influ- encing liquidity in the economy in the medium term.

Open Market Operations

How well did you know this?

Not at all

Perfectly

Agriculture, Dairy, Fishing comes under which sector of economic activity?

Primary Sector

How well did you know this?

Not at all

Perfectly

The duration of the Twelfth Five Year Plan is

1April, 2012 to 31 March, 2017

How well did you know this?

Not at all

Perfectly

Bank rate is the rate of interest:

At which Commercial Banks borrow money from R.B.L

How well did you know this?

Not at all

Perfectly

The term ‘Mixed Economy’ denotes

Existence of both private and public sectors

How well did you know this?

Not at all

Perfectly

A occurs when a government’s total expenditures exceed the revenue that it generates, excluding money from borrowings.

Fiscal Deficit

How well did you know this?

Not at all

Perfectly

The World Trade Organisation, which replaced GATT, has its Headquarters in

Geneva, Switzerland

How well did you know this?

Not at all

Perfectly

Inflation is caused by

increase in money supply and decrease in production

How well did you know this?

Not at all

Perfectly

is the interest rate at which the Reserve Bank absorbs liquidity from banks against the collateral of eligible government securities under the LAF.

Reverse Repo Rate

How well did you know this?

Not at all

Perfectly

The first Five-Year Plan’s main emphasis was to improve the condition of agriculture in India. The plan
began in the year:

1st april 1951

How well did you know this?

Not at all

Perfectly

A situation where the expenditure of the government
exceeds its revenue is called

Budget Deficit (Deficit Financing)

How well did you know this?

Not at all

Perfectly

This underemployment is hidden in contrast to some- one who does not have a job and is clearly visible as unemployed. Hence, it is also called

Disguised employment

How well did you know this?

Not at all

Perfectly

What type of unemployment is generally found in agricultural sector of India?

Disguised unemployment

How well did you know this?

Not at all

Perfectly

The objective of the 12th 5 year Plan was

Faster, sustainable and more inclusive growth

How well did you know this?

Not at all

Perfectly

Which policy involves integrating the domestic econo- my with the world economy?

Globalisation

How well did you know this?

Not at all

Perfectly

Which state of India has the highest per capita in- come?

Goa

Production function explains the relationship between

Initial inputs and ultimate output

The Reserve Bank of India issues currency motes (Monetary System) under

Minimum reserve system

The Economic Survey of India is published by:

Ministry of Finance (Department of Economic Af- fairs)

The standard of living/economic growth in a country is represented by its

Per capita income

The aggregate value of goods and services produced in an economy can be calculated by three methods: income method, expenditure method and method.

product / value added

Mahalanobis Model has been associated with which Five-Year Plan?

Second Five-Year Plan

Which committee was formed to estimate poverty in India?

Tendulkar committee

The situation in which total Revenues equals total cost, is known as:

Break even point

An economy in which there are no flows of labour, goods or money to and from other nations is a/an .

Closed economy

measures the aggregate production of final goods and services taking place within the domestic economy during a year. :

- Gross domes tic product

What are the four main factors of production?

Land, Labour, Capital, Entrepreneur

Currency notes and coins of one rupee and lower de- nominations are issued by the

Ministry of Finance

A commodity market has a __________________ structure, if there is one seller of the commodity, the commodity has no substitute, and entry into the industry by another firm is prevented.

Monopoly

Indian economy is an example of a mixed economy because

private sector coexists with public sector enter- prises

The average product curve, marginal product curve, average variable cost curve, short run average cost curve, short run marginal cost curve are inverse ______________ shaped.

The fourteen major banks in India were nationalised in the year.

1969

As per Reserve Bank of India’s master direction (2022), a microfinance loan is defined as a collateral-free loan given to a household having annual household income up to _________

300000

The Reserve Bank of India was natlonallsed on

1st January 1949

Money in India consists of

1) Paper Currency 2) Current deposits 3) Metallic coins

The Index of Industrial Production (IIP) is computed and published by the Central Statistical Organisation (CSO) on a monthly basis. For the calculation of the index, which financial year was taken as the base year?

2011 - 2012

Who is called the Father of Economics?

Adam Smith

The annual record for all the monetary/economic transactions of a country with other countries of the world is known as:

Balance of payment

The largest source of revenue to the Union Government is

Corporation Tax

What do we call the stock of food grains purchased by the Government of India from the farmers through the Food Corporation of India (FCI) ?

Buffer stock

Who had estimated National Income in India first?

Dadabhai Naoroji

Personal disposable income is

equal to personal income minus direct taxes

What belongs to Central tax?

Excise duty, Custom duty and Income tax

Which is a basic characteristic of ‘Oligopoly™

Few sellers (large) and many buyers

Launched in 1951, India’s first five-year plan was based on which economic model to focus on agricul- ture and irrigation to boost farm output?

Harrod-Domar Model

The demand for a normal good increases with in the consumer’s income.

Increase

Stagflation (stagnation and inflalion) refers to a situation whlch is characterised by

Inflation and rising unemployment

RBI does not transact the business of which State Government?

Jammu and Kashmir

Which committee recommended the formation of a new category of NBFC i.., Non-Banking Financial Company-Micro Finance Institution?

Malegam Committee

How is per capita income calculated?

National Income/ Population

MTNL/ Engineers India Limited comes under which category?

Navratna

Micro-economics is also called

Price theory

Who has the sole right of issuing currency (except one rupee coins and notes) in India?

Reserve Bank of India

Who decides repo rate, reverse repo rate and bank rate?

Reserve Bank of India

As a Banker to Banks, the _______________ also acts as the “lender of the last resort”.

Reserve bank of India

The basic regulatory authority for mutual funds, security and stock markets lies with the

Securities and Exchange Board of India

The Largest component of National Income in India is

Tertiary or Service Sector

How many Navratnas CPSEs (Central Public Sector Enterprises) are there in India?

When was the Minimum Wages Act enacted in India?

1948

Planning Commission was constituted in India in which year?

1950

In which year ‘New Economic Policy’ was announced in India?

1991

In which year did the Government of India introduce value-added tax (VAT) as an indirect tax in the Indian taxation system to replace the existing general sales tax?

2005

The number of Nationalised Banks in India is

12 (as on 01.03.2022)

When was National Bank for Agriculture and Rural Development (NABARD) established?

12th July 1982

e amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda (BoB) came into effect from:

1st April 2019

At independence, which was the major employment-producing sector?

Agriculture

Which are correctly matched?

1) First Five Year Plan 1951-56 2) Second Five Year Plan 1956-61 3) Third Five Year Plan 1961-66

The other name of Per Capita Income is

Average Income

Gresham’s Law means:

Bad money replaces good money in circulation

‘Double coincidence of wants’is a feature of which sys- tem?

Barter system

When there is only one buyer and one seller of product, it is called _____________ situation.

Bilateral monopoly

Who was the first Indian governor of the Reserve Bank of India?

C.D. Deshmukh

The concept that under a system of free enterprise/ market, it is consumers who decide what goods and services shall be produced and in what quantities is known as

Consumer’s Sovereignty

Selling cost mean:

Cost Incurred in advertisement

is the certain percentage of deposits that banks have to maintain with the central bank.

CRR (Cash Reserve Ratio)

Who is the President of the World Bank?

Ajay Banga

The demand of a commodity is a direct demand but the demand of a factor of production (e.g. labour) is called a

Derived demand

What was the prime target of the first five-year plan of India?

Development of agriculture

Gross primary deficit is equal to __________

difference between gross fiscal deficit and inter- est payments

The sale or liquidation of assets by the government, u\uallv Central and State public sector enterprises, projects , or other fixed assets is called

Disinvestment

Which type of unemployment is generally seen in ur- ban areas?

Educated unemployment

Indicative planning was adopted in India during the __ Five-Year Plan.

Eighth

Devaluation is majorly done to

encourage export

is calculated by dividing the nominal GDP in a given year by the real GDP for the same year and mul- tiplying it by 100

GDP Deflator

is an Indirect Tax in India.

GST`

states that ‘bad money drives good money out of circulation’.

Gresham’s Law

What does the Lorenz Curve indicate?

Income distribution

When too much money is chasing too few goods, the situation is

inflation

The single largest item of expenditure of the Central Government in India in recent years is

Interest payrnent

“Supply creates its own demand” - Who said this?

J. B. Say

economics Flashcards

(101 cards)