Who will act as the banker to the Government of India ?
a.
ICICI
b.
SBI
c.
RBI
Correct Answer
d.
NABARD
Step-by-Step AI Explanation
Verified Method
The Reserve Bank of India (RBI) acts as the banker to the Government of India, managing its accounts, public debt, and payments. ICICI, SBI, and NABARD are commercial or development banks that do not perform the function of a central bank for the state.
Q2mcq1 mark
Econometric is the word coined by :
a.
Karl Pearson
b.
Francis Galton
c.
Spearman
d.
Ragnar Frisch
Correct Answer
Step-by-Step AI Explanation
Verified Method
The term 'Econometrics' was coined by Ragnar Frisch, a Norwegian economist, who also co-founded the Econometric Society. Karl Pearson, Francis Galton, and Spearman are primarily associated with statistics and psychology, not the coining of this specific term.
Q3mcq1 mark
The term MEC was introduced by __________.
a.
Ricardo
b.
Adam Smith
c.
Malthus
d.
J.M. Keynes
Correct Answer
Step-by-Step AI Explanation
Verified Method
MEC stands for Marginal Efficiency of Capital. This concept was introduced by J.M. Keynes in his seminal work, 'The General Theory of Employment, Interest and Money'. Ricardo, Adam Smith, and Malthus belong to the Classical school of economics.
Q4mcq1 mark
Which of the following plan has focused on the agriculture and rural economy ?
a.
Gandhian Plan
Correct Answer
b.
People’s Plan
c.
Vishveshwaraya Plan
d.
Bombay Plan
Step-by-Step AI Explanation
Verified Method
The Gandhian Plan, proposed by S.N. Agarwal in 1944, focused on agriculture, small-scale industries, and the development of the rural economy, reflecting the Gandhian ideology of village self-sufficiency.
Q5mcq1 mark
Aggregate supply is equal to __________.
a.
C+S+T+(X-M)
Correct Answer
b.
C+I+G
c.
C+S+T+Rf
d.
C+S+G+(X-M)
Step-by-Step AI Explanation
Verified Method
Aggregate supply in an open economy is represented by the sum of Consumption (C), Savings (S), Taxes (T), and Net Imports (Imports minus Exports, which here includes the net flow). Option (a) C+S+T+(X-M) correctly identifies the components of the total income/expenditure flow.
Q6mcq1 mark
Foreign direct investments not permitted in India :
a.
Pharmaceutical
b.
Banking
c.
Insurance
d.
Atomic energy
Correct Answer
Step-by-Step AI Explanation
Verified Method
In India, Foreign Direct Investment (FDI) is prohibited in specific sensitive sectors, including Atomic Energy and Lottery businesses, to ensure national security and public interest. Pharmaceutical, Banking, and Insurance sectors allow varying degrees of FDI.
Q7mcq1 mark
Which of the following country adopts indicative planning ?
a.
Italy
b.
France
Correct Answer
c.
Russia
d.
Germany
Step-by-Step AI Explanation
Verified Method
Indicative planning is a system where the government sets broad economic targets for the private sector rather than commanding production. France is the classic example of a country that successfully adopted this model after World War II.
Q8mcq1 mark
The Country following Capitalism is __________.
a.
India
b.
Russia
c.
China
d.
America
Correct Answer
Step-by-Step AI Explanation
Verified Method
America (USA) is the primary example of a Capitalist economy where the means of production are largely privately owned and market mechanisms drive resource allocation. India is a mixed economy, while Russia and China have historically operated under socialist/communist planning models.
Q9mcq1 mark
The component of aggregate demand is __________.
a.
Only export
b.
Personal demand
c.
Only import
d.
Government expenditure
Correct Answer
Step-by-Step AI Explanation
Verified Method
Aggregate Demand (AD) is the total demand for final goods and services in an economy. It is calculated as AD = C + I + G + (X - M), where G is government expenditure. Options A and C are components of net exports, and personal demand is only part of private consumption (C), making D the correct answer.
Q10mcq1 mark
Trade between two countries is known as __________ Trade.
a.
Inter-regional
b.
External
Correct Answer
c.
Home
d.
Internal
Step-by-Step AI Explanation
Verified Method
Trade between two countries refers to international trade, also known as External trade. Internal, Home, or Inter-regional trade refers to trade within the geographical boundaries of a single country.
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(a)Describe the methods of measuring National Income. OR (b)Explain the various types of noise pollution, write any three remedial measures to control it.
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(a)Bring out the arguments against planning. OR (b)Calculate the standard deviation for the following data by assumed mean method : 43, 48, 65, 57, 31, 60, 37, 48, 78, 59.
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