General Economics 2 Set 7
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This set of General Economics 2 Multiple Choice Questions & Answers (MCQs) focuses on General Economics 2 Set 7
Q1 | Attainment of economic self reliance and removal of poverty were the main objectives of :
- First Five Year Plan
- Fourth Five Year Plan
- Fifth Five Year Plan
- Sixth Five Year Plan
Q2 | For internal financing of Five Year Plans, the government depends on:
- Taxation only
- Taxation and public borrowing
- Public borrowing and deficit financing
- Taxation, public borrowing & deficit financing
Q3 | The Eighth Five Year Plan gave priority to:
- Industrial growth
- Promotion of exports
- Increasing agricultural productivity
- Employment generation
Q4 | The strategy of rolling plan was adopted during the Prime Ministership of ;
- Lal Bahadur Shastri
- Indira Gandhi
- Morarji Desai
- Rajiv Gandhi
Q5 | Who among the following authored the book 'Planned Economy for India' in 19
- D.R. Gadgil
- M.N. Roy
- M. Viswesvaraya
- V.K.R.V Roy
Q6 | The Planning Commission implemented three Annual Plans instead of Five Year Plans between:
- The Third and Fourth Plan
- The Fifth and Sixth Plan
- The Sixth and Seventh plan
- The Seventh and Eighth Plan
Q7 | What is the correct sequence of the following strategies used for Five Year Plans in India? 1. Balanced growth 2. Rehabilitation of the economy 3. Industrial development
- 1,3,2
- 2,1,3
- 2,3,1
- 3,2,1
Q8 | The steel plants at Durgapur, Bhilai and Rourkela were established during the period of:
- First Five Year Plan
- Second Five Year Plan
- Third Five Year Plan
- Fourth Five Year Plan
Q9 | Eighth Five Year Plan covered the period:
- 1990‐95
- 1989‐94
- 1991‐96
- 1992‐97
Q10 | The term 'Hindu rate of growth' refers to the 3.70% per annum growth rate achieved by the Indian economy over the first six Five Year Plans'. The term was coined by:
- J.N. Bhagwati
- K.N. Raj
- Raj Krishna
- Sukhamoy Chakravarty
Q11 | Which of the following statements is correct?
- Planning Commission is a constitutional body
- The Prime Minister is the Chairman of the Planning Commission.
- The Minister of Planning is always necessarily the Deputy Chairman of Planning Commission
- The draft plan is prepared by the National Development Council
Q12 | Economic planning is an essential feature of:
- Dual economy
- Mixed economy
- Capitalist economy
- Socialist economy
Q13 | The main model that formed the basis of the strategy of the Second Five Year Plan was formulated by :
- V.K. R.V. Rao
- PC. Mahalonobis
- Dr.Gadgil
- P.R.Brahamandas
Q14 | A major shift in the Eighth Five Year Plan from it preceding ones was:
- The concentration of investment in infrastructural sector
- Major investment in agriculture with a view to promoting exports
- Major investment in sectors where industrial sickness has been a chronic problem
- The significant reduction in public sector outlays
Q15 | The objective of ‘inclusive growth’ was first used in which of the following plans?
- First
- Eighth
- Tenth
- Eleventh
Q16 | Which one of the following is related to the commodity money?
- Stones
- Cattles
- Grains
- All of the above
Q17 | Which of the following is not related to commodity money?
- All commodities were not uniform in quality
- It is difficult to store and prevent the loss of value
- They lacked portability
- There was no problem of coincidence of wants
Q18 | Find the odd man out with reference to money
- Copper
- Silver
- Cattles
- Gold
Q19 | Which of the following is not correctly matched?
- Bows and arrows – used as money in the hunting society
- Cattles – used as money in the pastoral society
- Grains – used as money by the agricultural society
- Gold and silver coins – used as money in which the face value is greater
Q20 | Assertion (A): Necessity led to the invention of money. Reason(R) : Barter system failed to perform the major functions of money.
- (A) is true but (R) is false.
- Both (A) and (R) are false
- Both (A) and (R) are true and (R) is the correct explanation of (A)
- Both (A) and (R) are true but (R) is not the correct explanation of (A)
Q21 | Which one of the following is an example of “fiat money?”
- Precious stones
- Grains
- Gold coins
- Currency notes
Q22 | In the case of paper currency
- Intrinsic value and face value are equal
- Intrinsic value is less than face value
- Intrinsic value is greater than face value
- None of the above
Q23 | ‐‐‐‐‐‐ is not an example of ‘near money’
- Bill of exchange
- Treasury bills
- Bond
- Currency notes
Q24 | Which of the following is a primary function of money?
- Measure of value
- Store of value
- Standard of deferred payments
- Basis of credit
Q25 | The most liquid form of all assets is
- Bonds
- Debentures
- Bill of exchange
- Currency note