UPSC Level 2 Economics Prelims Quiz #1

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Chief Mentor at Oracle IAS

Hemant Bhatt is a B. Tech from Pantnagar University and has studied Social Sciences at SciencesPo, Paris. He teaches at Oracle IAS, Dehradun.
He is a bibliophile and a fitness enthusiast.

#1. Which of the following will not contribute to a higher current account defcit? 1. Increase in price of crude oil 2. Rise in export of software services 3. Rise in import of services Choose the correct answer using the codes given below:

1 and 2

2 only

3 only

1 and 3

#2. Which of the following statements is/are correct? 1. If a country is experiencing increase in its per capita GDP, its GDP must necessarily be growing. 2. If a country is experiencing negative inﬂation its GDP must be decreasing. Select the correct answer using the codes given below :

Only 1

Only 2

Both 1 and 2

Neither 1 nor 2

#3. Which of the following is/are the steps which will result in containing inﬂation? 1. Increasing Cash Reserve Ratio (CRR) 2. Decreasing Statutory Liquidity Ratio (SLR) 3. Permitting central/state agencies to import duty free pulses and sugar. Select the correct answer using the codes given below:

1 only

1 and 3

2 and 3

1, 2 and 3

#4. Which of the following occupations are included under secondary sector as per the national income accounts ? 1. Manufacturing 2. Construction 3. Gas and water supply 4. Mining and quarrying Select the correct answer using the codes given below

1, 2, 3 and 4

1, 2 and 4

1, 2 and 3

3 and 4

#5. Consider the following statements in regard to reserve currency: 1. Reserve currency acts at the international pricing currency in the global market for commodities like oil and gold. 2. The country whose local currency is accepted as reserve currency gets an added advantage in terms of lower commodity rates in the international market. Which of the statements given above is/are correct?

1 only

2 only

1and 2 both

None

#6. National income ignores?

sales of a frm

salary of employees

exports of the IT sector

sale of land

#7. Consider the following statements in regard to ‘RESIDEX’: 1. The index is prepared to track the prices of residential properties in India on the basis of actual transactions prices. 2. The index is prepared from the secondary data available from various sources, like housing fnance companies and banks. Which of the statements given above is/are correct?

1 only

2 only

1 and 2 both

None

#8. Which of the following will not be the part of ‘fnancial inclusion’? 1. Opening educational centres. 2. Opening wealth management centres by Citibank. 3. Eradication of poverty. 4. Report of Khan Commission on fnancial inclusion. Select the correct answer using the codes given below:

1, 2 and 3

1, 2 and 4

1, 3 and 4

1, 2, 3 and 4

#9. Consider the following statements relating to estimation of National Income. 1. Foreigners working in India Embassies are normal residents of India. 2. Foreigners working in the offce of WHO, World Bank, UNO etc, located in India are not normal residents of India. 3. Indians working in foreign embassies in India are not normal residents of India. Which of the statements given above is/are not correct?

Only 1

1 and 3

Only 3

All of these

#10. Consider the following statements in regards to devaluation and depreciation of a currency: 1. Devaluation is an activity conducted by Central government whereas depreciation happens due to market forces. 2. In both the devaluation and depreciation, currency loses value against other currencies in a ﬂoating currency exchange market.Which of the statements given above is/are correct?

1 only

2 only

1 and 2 both

None

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Author
Recent Posts

Hemant Bhatt

Chief Mentor at Oracle IAS

Hemant Bhatt is a B. Tech from Pantnagar University and has studied Social Sciences at SciencesPo, Paris. He teaches at Oracle IAS, Dehradun.
He is a bibliophile and a fitness enthusiast.