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1. A kind of indirect tax in which goods are taxed by their values is called --> Ad Valorem
2. What is Autarchy --> a country is self-sufficient to fulfill all needs
3. A systematic record of all economic transactions completed between residents ofa country and the rest of the world in a year is known as --> Balance of Payment
4. "A statement of estimated receipts and expenditures called annual Financial Statement (Budget) has to be placed before parliament for each financial year. " which article says this --> Article 112
5. What are indirect taxes --> taxes paid by a consumer when buying goods or services
6. When we decrease interest payments from fiscal deficit , the figure arrived is known as --> Primary deficit
7. Monetary Policy is the sum total of action taken to regulate the level of money or liquidity in the economy or change interest rates. Who takes this action --> Reserve bank of India
8. When the government fails to check inflation , it raises income tax and the corporate tax. What do we call such tax --> Buoyancy
9. Capitalism is based upon "Laissez-faire system". What is "Laissez-faire system" --> No governmental intervention
10. To control inflationary pressure and Monetary authorities restrict credit as and when required. What is the restriction called --> Credit Squeeze
11. Those goods which have positive relationship between price and quantity demanded are called as --> Giffin Goods
12. " Bad money (if not limited in quantity ) drives good money out of circulation" Which law had said this --> Gresham's Law
13. What is Monopsony --> when there is a single buyer i.e. buyer's monopoly
14. " paper Gold " is another name of --> SDR, Special Drawing Rights
15. A state of economy in which economic activity is slowing down but wages and prices continue to rise . What is the term for this
phenomena --> Stagflation (Stagnation + Inflation)
16. Jawahar Rozgar Yozna was launched in which 5 year plan --> Seventh, 1 April 1989
17. As per 2001 census , what is sex ratio in India --> 933
18. In first five year plan, what was given the highest priority --> Agriculture , Irrigation and Power Projects
19. "To achieve a 25% increase in national income through rapid industrialization" was an aim of which five year plan --> second, 20% was actually achieved
20. What is the growth rate target in 11th plan --> It is 9.0%
21. Which was the first insurance firm in India --> Oriental Life Insurance Company in 1818
22. What was the share of Agriculture in 2006-2007 in GDP --> 18.5%
23. In which year new " Liberalized Industrial Policy " in India was announced --> 1991
24. Which decade of the Indian planning has been the best decade for agricultural growth --> Eighties
25. In which year MRTP act became effective --> 1970
26. How many industries were reserved for the Public Sector in 1991 Liberalized Economic Policy --> 8
27. In which five year plan highest percentage of plan outlay was invested in Irrigation & Energy --> First
28. In an oligopolistic or monopolistically competitive market, firms will not raise their prices because even a small price increase will lose many customers. This follows to which theory --> Kinked Demand or Kink Curve Theory
29. What should not be deducted from the total revenue of the firm for arriving at profits for the year --> dividend paid to ordinary shareholders
30. Profit for the year divided by the average number of shares, we come at a figure which is called --> Earning Per Share, EPS
31. What do we call the costs that vary directly with the production of one additional unit --> Variable Unit Cost
32. Why a supply curve of a commodity falls downward --> Cost falls as the production grows
33. Fixed cost is used in marginal cost . True / False --> False
34. When Depreciation is subtracted from GDP , which figure we arrive at --> Net Domestic Product as Market Price
35. What is to be divided by population to arrive at Percapita Income --> National Income
36. When there is a decrease in the money relative to supply of goods and services it is inflation / deflation --> deflation
37. Which sector has largest contribution in Gross Domestic Savings in India --> Household Sector
38. Provident Funds are part of national Debt. True / false --> False
39. What are the three methods used for national income calculation --> Product method, Income method and Expenditure method
40. In which year expenditure tax was imposed for the first time --> 1987
41. Estate duty is a direct tax. True/ False --> True
42. What was the price set for wheat in Antyodaya Anna Yojana --> Rs. 3/kg
43. What is full form of TRYSEM scheme --> Training of Rural Youth for Self Employment
44. What was the growth of Muslim and Hindu population during 1991-2001 census --> Muslim 29.3% , Hindu 20%
45. The only union territory which shows a favorable sex ratio is --> Pondicherry 1001 females per 1000 males
46. What was Kerala's sex ratio in 2001 census --> 1058
47. What was male literacy rate in 2001 census --> 75.3%
48. The money owed by the central government to domestic and foreign lenders is known as --> National Debt
49. In India Public Sector is Most Prominent in which sector --> Transport
50. Where was set up the first steel factory in India --> Burnpur


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