1. Which is not the characteristic of socialist or planned economy ?

(A) Government is the owner of resources (B) Production decisions are determined by the government (C) Profit motive (D) None of the above Ans : (C) 2. The main feature of mixed economy is (A) Combination of free market economy and centrally planned economy (B) Production is carried out by private individuals and government (C) Both of the above (D) None of the above Ans : (C) 3. What per cent of GDP at 2004-05 prices was contributed by agriculture and related sectors in 2009-10 ? (A) 146% (B) 176% (C) 190% (D) 198% Ans : (A) 4. According to World Development Report 2010, Low income economies are those whose per-capita gross national income is (A) $ 975 or less than this (B) Less than $ 11905 (C) Less than $ 4526 (D) None of the above Ans : (A) 5. Which of the following country's economy is known as high income economy ? (A) America (B) U.K. (C) Singapore (D) All of the above Ans : (D)

6. How much percentage of working population in India depends on agriculture as per economic survey 2009-10 ? (A) 52% (B) 70% (C) 73% (D) 75% Ans : (A) 7. Which policy of economic system has been adopted by India for its economic development ? (A) Capitalist Economy (B) Mixed Economy (C) Socialist Economy (D) Centralised Planned Economy Ans : (B) 8. A positive aspect of economic development after independence is (A) Creation of a large industrial base (B) Proportion of population living below poverty line has declined (C) Self sufficient in the production of food grains (D) All of the above Ans : (D) 9. The negative aspect of economic development after independence is (A) Problems of poverty and unemployment have not been eliminated (B) Industrialisation did not take place as expected (C) Many public sector enterprises started making losses (D) All of the above Ans : (D) 10. Reasons for the privatisation and liberalisation of public sector after 1991 are (A) Corruption

(B) Lack of efficiency in work (C) Ineffective management (D) All of the above Ans : (D)

(D) 2005 Ans : (B) 16. Where is the Headquarter of WTO located ? (A) Newyork (B) Washington (C) Peris (D) Geneva Ans : (D)

11. The main strategy adopted in the new economic policy of 1991 is (A) Liberalisation (B) Privatisation (C) Globalisation (D) All of the above Ans : (D) 12. How many industries have been reserved for government sector at present ? (A) 03 (B) 04 (C) 05 (D) 06 Ans : (A) 13. How many industries are kept for compulsory licensing at present ? (A) 03 (B) 06 (C) 05 (D) 07 Ans : (C) 14. Agriculture sector registered 16% growth in 2008-09 and what is estimated for 2009-10 ? (A) 6% (B) 43% (C) 02% (D) 09% Ans : (C) 15. When was World Trade Organisation set up by the member countries of the united Nations to promote trade among countries ? (A) 1994 (B) 1995 (C) 1999

17. The main objective of WTO is (A) Import and export restrictions to be abolished (B) Instead of bilateral agreements, WTO expects the countries to follow multilateral agreements (C) To regulate international trade of both goods and services (D) All of the above Ans : (D) 18. The largest source of National Income in India is (A) Agriculture Sector (B) Industry Sector (C) Service Sector (D) Trade Sector Ans : (C) 19. In which state the percentage of people living below poverty line is largest ? (A) Orissa (B) Bihar (C) M.P. (D) U.P. Ans : (A) 20. Which of the following programmes is not for rural poverty eradication ? (A) SGSY (B) SJSRY (C) PMGY (D) All above programmes are for rural poverty eradication Ans : (B)

21. The cause of rise in prices of goods, in the market is (A) Rise in money supply (B) Increase in cost of production (C) Increase in stocks of goods and blackmarketing (D) All of the above Ans : (D)

(D) R. K. V. Rao Ans : (C) 1. According to population census 2001, the state of largest density of population is (A) Maharashtra (B) Uttar Pradesh (C) West Bengal (D) Bihar Ans : (C)

22. Changes in the prices of goods in India is measured by which of the following index numbers ? (A) Wholesale Price Index (WPI) (B) Consumer Price Index (CPI) (C) Both of above (D) None of these Ans : (C) 23. Which year has been currently used as the base year to estimate national income in India by CSO ? (A) 2004-05 (B) 1993-94 (C) 2001-02 (D) 1999-2000 Ans : (A) 24. Which of the following remedies are adopted to control price rise in the economy ? (A) Monetary measures (B) Fiscal measures (C) Administered price mechanism (D) All of the above Ans : (D) 25. The term Evergreen Revolution has been used for increasing agricultural production in India by (A) Norman Barlogue (B) Raj Krishna (C) M. S. Swaminathan

2. According to population census 2001, which union territory has the largest percentage of literacy ? (A) Delhi (B) Chandigarh (C) Puducherry (D) Lakshdweep Ans : (D) 3. According to population census 2001, which of the following states is below the national average of literacy ? (A) Maharashtra (B) Gujarat (C) Orissa (D) West Bengal Ans : (C) 4. As per population census 2001, what is the percentage of urban population in total population of India ? (A) 258% (B) 2678% (C) 2778% (D) 2878% Ans : (C)

5. What was infant mortality rate in India in 2008 ? (A) 70 per thousand (B) 65 per thousand (C) 60 per thousand (D) 53 per thousand Ans : (D)

population of a place is (A) Birth rate (B) Death rate (C) Migration (D) All of these Ans : (D) 11. In whose production U.P. occupies the first place in India ? (A) Food grains production (B) Milk production (C) Production of sugarcane and sugar (D) All of the above Ans : (D)

6. As per population census 2001 in which state literacy rate is lowest ? (A) Bihar (B) Rajasthan (C) Orissa (D) Sikkim Ans : (A)

7. What has been the annual growth rate of population during 1991-2001 ? (A) 220 % (B) 214% (C) 195% (D) 100% Ans : (C) 8. In the history of population growth of India, which year is called the year of great divide ? (A) 1951 (B) 1947 (C) 1935 (D) 1921 Ans : (D) 9. What was the density of population per square km in India in 2001 ? (A) 325 persons (B) 333 persons (C) 327 persons (D) 345 persons Ans : (A) 10. The factor that determines the change in

12. The Headquarter of RBI is in (A) Delhi (B) Mumbai (C) Kanpur (D) Nasik Ans : (B)

13. Which state produces maximum soyabean ? (A) Madhya Pradesh (B) Uttar Pradesh (C) Bihar (D) Rajasthan Ans : (A) 14. Which state produces maximum pulses in the country ? (A) Madhya Pradesh (B) Uttar Pradesh (C) Orissa (D) Maharashtra Ans : (A) 15. Kasturba Gandhi Education Scheme is related to (A) Girl Education (B) Adult Education (C) Child Labour Education

(D) Tribal Women (above 18 years) Ans : (A) 16. Which state stands first in the length of roads in the country ? (A) Maharashtra (B) Uttar Pradesh (C) Madhya Pradesh (D) Rajasthan Ans : (A) 17. National Sample Survey Organisation (NSSO) was established in (A) 1950 (B) 1951 (C) 1952 (D) 1947 Ans : (A) 18. What is green gold ? (A) Tea (B) Coffee (C) Gold (D) Rice Ans : (A)

orientation in its location requirements (C) Both of above (D) None of the above Ans : (C) 22. Mahila Samridhi Yojana was launched on (A) October 2, 1992 (B) October 2, 1993 (C) October 2, 1995 (D) January 1, 1996 Ans : (B) 23. Which of the following is not a member of South Asian Association for Regional Cooperation (SAARC) ? (A) India (B) Pakistan (C) Bhutan (D) None of these Ans : (D) 24. Nowadays, the thurst areas of human development are (A) Health (B) Gender Equity (C) Gender Empowerment (D) All of the above Ans : (D)

19. Which one is the leading state in the production of groundnut in the country ? (A) Haryana (B) Gujarat (C) Rajasthan (D) Uttar Pradesh Ans : (B) 20. Which state in India produces maximum mica ? (A) Madhya Pradesh (B) Bihar (C) Orissa (D) Jammu and Kashmir Ans : (B) 21. What is a foot loose industry ? (A) Any industry which can locate virtually anywhere (B) Foot loose industry has no strong national

25. According to area, which state is the largest ? (A) Madhya Pradesh (B) Rajasthan (C) Uttar Pradesh (D) Maharashtra Ans : (B) 1. Demand curve of a firm under perfect competition is (A) Perfectly Inelastic (B) Perfectly Elastic (C) More Elastic (D) Less Elastic Ans : (B)

2. Which of the following equation is correct for perfect competition ? (A) AR = MR = Price MR > (B) AR MR < (C) AR MR > (D) Price Ans : (A) 3. Which equation is correct under normal profit ? (A) AR = AC AC > (B) AR AC < (C) AR (D) AR = AC = 0 Ans : (A) 4. The object of every producing firm is (A) To maximise production (B) To minimise cost (C) To maximise profit (D) None of the above Ans : (C) 5. Who determines price under perfect competition ? (A) Representative firm (B) Industry (C) Normal firm (D) Government Ans : (B)

(C) Slopes down from left to right (D) Slopes upward from left to right Ans : (A) 8. In the long-run, perfect competitive firm gets (A) Only normal profit (B) Abnormal profit (C) Loss (D) Any of the above Ans : (A) 9. What minimum price is acceptable by a firm in the short-period ? (A) Equal to AC (B) Equal to AVC (C) Equal to AFC (D) Equal to TC Ans : (B) 10. Selling cost is a must in (A) Pure monopoly (B) Perfect competition (C) Imperfect competition (D) All of the above Ans : (C) 11. Which category of land is rent less land ? (A) First category of land (B) Second category of land (C) Third category of land (D) Marginal land Ans : (D)

6. Marshall's representative firm is a long-run average firm while optimum firm is a (A) Maximum cost firm (B) Minimum cost firm (C) Marginal cost firm (D) Average cost firm Ans : (B) 7. In perfect competition average revenue curve is (A) Parallel to x-axis (B) Parallel to y-axis

12. Opportunity cast of a factor is known as (A) Transfer earning (B) Money cost (C) Present earning (D) None of the above Ans : (A) 13. Quasi Rent is (A) Equal to firm's total profit

(B) More than firm's total profit (C) Less than firm's total profit (D) None of the above Ans : (D) 14. Which of the following can not be accepted factor of production ? (A) Land (B) Labour (C) Light of sun (D) Capital Ans : (C) 15. Land is the only factor of production whose supply is ? (A) More Elastic (B) Perfectly Elastic (C) Perfectly Inelastic (D) Unitary Elastic Ans : (C) 16. Rent will be produced at that time when ? (A) Entire land is fertile (B) Elasticity of supply of land is perfectly elastic (C) Land is mobile (D) None of the above Ans : (D) 17. The Example of derived demand is (A) Demand for labour (B) Demand for tea (C) Demand for consumable commodity (D) Income demand Ans : (A)

19. Who developed the innovation theory of profit ? (A) Shumpeter (B) Haley (C) Prof. Knight (D) Karl Marx Ans : (A) 20. When the rate of money inflation increase then the prices of commodities ? (A) Increase (B) Decrease (C) Remain constant (D) Do not change Ans : (A) 21. In common meaning, inflation is a condition in which (A) Price of commodity increases (B) Value of money decreases (C) Price of commodity and value of money both increase (D) Price of commodity increases and value of money decreases Ans : (D) 22. According to Keynes, real inflation takes place (A) Before the level of full employment (B) On the level of full employment (C) After the level of full employment (D) All above are true Ans : (C) 23. Which is the main reason of demand pull inflation ? (A) Increase in money supply (B) Increase in commercial expenditure (C) Increase in foreign demand for goods (D) All of the above Ans : (D) 24. The reason for cost push inflation is (A) Increase in money wages

18. Which of the following is an active factor of production ? (A) Land (B) Labour (C) Capital (D) Organisation Ans : (B)

(B) Increase in rate of profit (C) Both of above (D) None of the above Ans : (C) 25. What is necessary to control cost push inflation ? (A) To impose control on wages of labour (B) To remove market imperfections (C) Both of the above (D) None of the above Ans : (C)

5. Who is the Deputy Chairman of Planning Commission ? (A) Montek Singh Ahluwalia (B) C. Rangrajan (C) K. C. Pant (D) None of the above Ans : (A)

1. When was Consumer Protection Act enacted ? (A) 1980 (B) 1985 (C) 1986 (D) 1991 Ans : (C) 2. When was Planning Commission formed ? (A) March 15, 1950 (B) March 15, 1951 (C) August 15, 1947 (D) January 26, 1950 Ans : (A) 3. Planning Commission is (A) A statutory body (B) A consultative body (C) Both of above (D) None of these Ans : (B)

6. Who was the first Chairman of Planning Commission ? (A) Jawahar Lal Nehru (B) Raja Gopala Chari (C) Mahatma Gandhi (D) None of the above Ans : (A) 7. Which of the following is the function of Planning Commission ? (A) To estimate various resources of the country (B) To prepare plan for the balanced and effective use of resources (C) To review plan (D) All of the above Ans : (D) 8. When was National Development Council formed ? (A) 15th March, 1950 (B) 6th August, 1951 (C) 6th August, 1952 (D) 26th January, 1950 Ans : (C) 9. Who becomes the Chairman of National Development Council ? (A) President (B) Prime Minister (C) Finance Minister (D) Minister of Planning Ans : (B)

4. Who is the Chairman of Planning Commission ? (A) President (B) Prime Minister (C) Finance Minister (D) Home Minister Ans : (B)

10. Final shape is given to plan by (A) Planning Commission (B) Finance Minister (C) National Development Council (D) None of the above Ans : (C) 11. When was first five year plan introduced ? (A) 1st April, 1950 (B) 1st April, 1951 (C) 1st April, 1952 (D) 31st March, 1950 Ans : (B)

16. For which year the latest census is being conducted in India ? (A) 2001 (B) 2010 (C) 2012 (D) 2011 Ans : (D)

12. When was 10th five year plan introduced ? (A) 1st April, 2002 (B) 1st April, 2003 (C) 1st April, 2004 (D) None of the above Ans : (A) 13. Eleventh Five Year Plan Size (Centre Plus States) as percentage of GDP is (A) 946% (B) 1354% (C) 1525% (D) 1476% Ans : (B) 14. What is the period of 11th five year plan ? (A) 2006-2011 (B) 2007-2012 (C) 2008-2013 (D) 2009-2014 Ans : (B) 15. What is the revised target fixed for annual rate of growth of GDP during 11th five year plan ? (A) 9% (B) 81% (C) 10% (D) 105% Ans : (B)

17. How many censuses (including the 2011 census) have been carried out since independence ? (A) 05 (B) 06 (C) 07 (D) 08 Ans : (C) 18. At what interval of years population census is conducted in India ? (A) 05 years (B) 06 years (C) 10 years (D) 15 years Ans : (C) 19. When was first human development report of India issued ? (A) March 2000 (B) April 2002 (C) June 2002 (D) April 2001 Ans : (B) 20. In which religion largest population growth was noticed during 1991-2001 ? (A) Hindu (B) Muslim (C) Christian (D) Sikhs Ans : (B) 21. According to population census 2001, population of India as on March 1, 2001 was

(A) 10287 crore (B) 10020 crore (C) 99 crore (D) 98 crore Ans : (A) 22. In which of the following states the percentage of scheduled caste population is maximum as per final figures of population census 2001 ? (A) Uttar Pradesh (B) Madhya Pradesh (C) Kerala (D) Punjab Ans : (D) 23. In which state the literacy rate of women is highest ? (A) Tamil Nadu (B) Kerala (C) Mizoram (D) West Bengal Ans : (B) 24. According to population census 2001, which of the following states shows largest growth of population during 1991-2001 ? (A) M.P. (B) Manipur (C) Rajasthan (D) Nagaland Ans : (D) 25. According to population census 2001, what is the number of women per 1000 men in India ? (A) 939 (B) 959 (C) 933 (D) 927 Ans : (C)

(C) Robbins (D) None of above Ans : (A) 2. Economics is the Science of Wealth who gave this definition ? (A) J. K. Mehta (B) Marshall (C) Adam Smith (D) Robbins Ans : (C) 3. Economics is what economists do. It has been supported by (A) Richard Jones (B) Comte (C) Gunnar Myrdal (D) All of the above Ans : (D) 4. Human Welfare is the subject of Economics. This statement is associated with the name of which of the economists ? (A) Marshall (B) Pigou (C) Penson (D) All of the above Ans : (D) 5. Who has given scarcity definition of economics ? (A) Adam Smith (B) Marshall (C) Robbins (D) Robertson Ans : (C) 6. Economics is a science the basis of this statement is (A) Relation between cause and effect (B) Use of deductive method and inductive method for the formations of laws (C) Experiments (D) All of the above Ans : (D)

1. An Enquiry into the Nature and Causes of Wealth of Nations is the book of economist (A) Adam Smith (B) Marshall

7. Characteristics of economic laws are (A) Mere statements of economic tendencies (B) Less certain (C) Hypothetical (D) All of the above Ans : (D) 8. Which theory is generally included under micro economics ? (A) Price Theory (B) Income Theory (C) Employment Theory (D) None of the above Ans : (A) 9. Whose opinions have revolutionised the scope of macro economics ? (A) Adam Smith (B) J.B. Say (C) J.M. Keynes (D) All of the above Ans : (C)

(D) All of the above Ans : (D) 13. For inferior commodities, income effect is (A) Zero (B) Negative (C) Infinite (D) Positive Ans : (B) 14. When total utility becomes maximum, then marginal utility will be (A) Minimum (B) Average (C) Zero (D) Negative Ans : (C) 15. Utility means (A) Power to satisfy a want (B) Usefulness (C) Willingness of a person (D) Harmfulness Ans : (A)

10. Which of the following is an economic activity ? (A) Teaching of a teacher in the school (B) To teach son at home (C) To serve her child by mother (D) To play football by a student Ans : (A) 11. Passive factor of production is (A) Only land (B) Only capital (C) Both land and capital (D) Neither land nor capital Ans : (C) 12. Under law of demand (A) Price of commodity is an independent variable (B) Quantity demanded is a dependent variable (C) Reciprocal relationship is found between price and quantity demanded

16. Marginal utility is equal to average utility at that time when average utility is (A) Increasing (B) Maximum (C) Falling (D) Minimum Ans : (B) 17. At point of satiety, marginal utility is (A) Zero (B) Positive (C) Maximum (D) Negative Ans : (A) 18. Which of the following is the second law of Gossen ? (A) Law of equi-marginal utility

(B) Law of equi-product (C) Theory of indifference curve (D) Law of diminishing marginal utility Ans : (A) 19. Total utility of a commodity is measured by which price of that commodity ? (A) Value in use (B) Value in exchange (C) Both of above (D) None of above Ans : (A) 20. According to Marshall, the basis of consumer surplus is (A) Law of diminishing marginal utility (B) Law of equi-marginal utility (C) Law of proportions (D) All of the above Ans : (A) 21. Which commodity can be called as Giffen commodity ? (A) Inferior commodity (B) Superior commodity (C) Any of above (D) None of the above Ans : (A)

Ans : (B) 24. Which condition is not found in perfect competition ? (A) Many buyers and sellers (B) Perfect knowledge about market conditions (C) Product differentiation (D) Perfect factor-mobility Ans : (C) 25. In which market, a firm cannot determine price ? (A) Perfect competition (B) Monopoly (C) Monopolistic competition (D) Oligopoly Ans : (A) 1. Which is not the characteristic of socialist or planned economy ? (A) Government is the owner of resources (B) Production decisions are determined by the government (C) Profit motive (D) None of the above Ans : (C) 2. The main feature of mixed economy is (A) Combination of free market economy and centrally planned economy (B) Production is carried out by private individuals and government (C) Both of the above (D) None of the above Ans : (C) 3. What per cent of GDP at 2004-05 prices was contributed by agriculture and related sectors in 2009-10 ? (A) 146% (B) 176% (C) 190% (D) 198% Ans : (A) 4. According to World Development Report

22. The price of a commodity is determined where supply > (A) Demand supply < (B) Demand (C) Demand = supply (D) None of the above Ans : (C) 23. In perfect competition, the demand for a commodity is (A) Elastic (B) Perfectly elastic (C) Inelastic (D) Perfectly inelastic

2010, Low income economies are those whose per-capita gross national income is (A) $ 975 or less than this (B) Less than $ 11905 (C) Less than $ 4526 (D) None of the above Ans : (A) 5. Which of the following country's economy is known as high income economy ? (A) America (B) U.K. (C) Singapore (D) All of the above Ans : (D)

Ans : (D) 9. The negative aspect of economic development after independence is (A) Problems of poverty and unemployment have not been eliminated (B) Industrialisation did not take place as expected (C) Many public sector enterprises started making losses (D) All of the above Ans : (D) 10. Reasons for the privatisation and liberalisation of public sector after 1991 are (A) Corruption (B) Lack of efficiency in work (C) Ineffective management (D) All of the above Ans : (D) 11. The main strategy adopted in the new economic policy of 1991 is (A) Liberalisation (B) Privatisation (C) Globalisation (D) All of the above Ans : (D) 12. How many industries have been reserved for government sector at present ? (A) 03 (B) 04 (C) 05 (D) 06 Ans : (A)

6. How much percentage of working population in India depends on agriculture as per economic survey 2009-10 ? (A) 52% (B) 70% (C) 73% (D) 75% Ans : (A) 7. Which policy of economic system has been adopted by India for its economic development ? (A) Capitalist Economy (B) Mixed Economy (C) Socialist Economy (D) Centralised Planned Economy Ans : (B)

8. A positive aspect of economic development after independence is (A) Creation of a large industrial base (B) Proportion of population living below poverty line has declined (C) Self sufficient in the production of food grains (D) All of the above

13. How many industries are kept for compulsory licensing at present ? (A) 03 (B) 06 (C) 05

(D) 07 Ans : (C) 14. Agriculture sector registered 16% growth in 2008-09 and what is estimated for 2009-10 ? (A) 6% (B) 43% (C) 02% (D) 09% Ans : (C) 15. When was World Trade Organisation set up by the member countries of the united Nations to promote trade among countries ? (A) 1994 (B) 1995 (C) 1999 (D) 2005 Ans : (B) 16. Where is the Headquarter of WTO located ? (A) Newyork (B) Washington (C) Peris (D) Geneva Ans : (D) 17. The main objective of WTO is (A) Import and export restrictions to be abolished (B) Instead of bilateral agreements, WTO expects the countries to follow multilateral agreements (C) To regulate international trade of both goods and services (D) All of the above Ans : (D) 18. The largest source of National Income in India is (A) Agriculture Sector (B) Industry Sector (C) Service Sector (D) Trade Sector Ans : (C)

19. In which state the percentage of people living below poverty line is largest ? (A) Orissa (B) Bihar (C) M.P. (D) U.P. Ans : (A) 20. Which of the following programmes is not for rural poverty eradication ? (A) SGSY (B) SJSRY (C) PMGY (D) All above programmes are for rural poverty eradication Ans : (B) 21. The cause of rise in prices of goods, in the market is (A) Rise in money supply (B) Increase in cost of production (C) Increase in stocks of goods and blackmarketing (D) All of the above Ans : (D) 22. Changes in the prices of goods in India is measured by which of the following index numbers ? (A) Wholesale Price Index (WPI) (B) Consumer Price Index (CPI) (C) Both of above (D) None of these Ans : (C) 23. Which year has been currently used as the base year to estimate national income in India by CSO ? (A) 2004-05 (B) 1993-94 (C) 2001-02 (D) 1999-2000 Ans : (A)

24. Which of the following remedies are adopted to control price rise in the economy ? (A) Monetary measures (B) Fiscal measures (C) Administered price mechanism (D) All of the above Ans : (D) 25. The term Evergreen Revolution has been used for increasing agricultural production in India by (A) Norman Barlogue (B) Raj Krishna (C) M. S. Swaminathan (D) R. K. V. Rao Ans : (C)