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Indian Economy Previous Year Questions (PYQ) with Answers – Page 27

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Indian Economy questions asked in previous year papers of SSC, Banking, Railway and other exams, with the exam and year, answers and explanations.

580 previous-year questions

All Indian Economy questionsIndian Economy NotesPYQs by exam
Q521.Indian EconomyAsked in: CDS · CDS-I 2017, GKEasy

Which one of the following intellectual property rights is protected without making any registration?

  1. A.Copyright
  2. B.Patent
  3. C.Industrial design
  4. D.Trademark
Show answer
Correct answer: A. Copyright

Copyright arises automatically the moment an original work is created and fixed in some form. Under the Copyright Act, 1957 and the Berne Convention, which India has joined, an author of a literary, dramatic, musical or artistic work, a film or a sound recording gets copyright without any formality.

Q523.Indian EconomyAsked in: CDS · CDS-I 2017, GKEasy

TRIPS Agreement pertains to

  1. A.international tariff regime
  2. B.intellectual property protection
  3. C.international practices on trade facilitation
  4. D.international taxation of property
Show answer
Correct answer: B. intellectual property protection

TRIPS stands for the Agreement on Trade-Related Aspects of Intellectual Property Rights. TRIPS was negotiated in the Uruguay Round and came into force with the World Trade Organization on 1 January 1995, binding every WTO member.

Q525.Indian EconomyAsked in: CDS · CDS-I 2017, GKHard

Consider the following statements about the Second Five-Year Plan : 1. It was drafted under the leadership of K. N. Raj. 2. It proposed that industries like electricity, railways, steel, machineries and communication could be developed in the public sector. 3. The drafters found balancing industry and agriculture very difficult. 4. The drafters found balancing industry and agriculture really easy. Which of the statements given above is/are correct?

  1. A.1 only
  2. B.1 and 2
  3. C.2 and 3
  4. D.3 and 4
Show answer
Correct answer: C. 2 and 3

The Second Plan put heavy and basic industries in the public sector, and its planners found it hard to balance industry with agriculture; but it was drafted under P. C. Mahalanobis, not K. N. Raj.

Q526.Indian EconomyAsked in: NDA · NDA-I 2017, GATMedium

Which one among the following countries is the largest trading partner of India in external trade for the year 2015-2016 ?

  1. A.United States of America
  2. B.United Kingdom
  3. C.United Arab Emirates
  4. D.China
Show answer
Correct answer: D. China

In 2015-16 China was India's largest trading partner by total trade, that is exports plus imports. India's trade with China that year was about US$ 70 billion, but most of it was imports of electronics, machinery and chemicals, so India ran its largest bilateral trade deficit with China.

Q527.Indian EconomyAsked in: NDA · NDA-I 2017, GATHard

Which one of the following is NOT a target of the 12th Five-Year Plan ?

  1. A.Real GDP Growth Rate of 8 per cent
  2. B.Agriculture Growth Rate of 5 per cent
  3. C.Manufacturing Growth Rate of 10 per cent
  4. D.Increase in green cover by 1 million hectare every year during the Plan period
Show answer
Correct answer: B. Agriculture Growth Rate of 5 per cent

The Twelfth Five-Year Plan (2012–17) aimed at 4 per cent growth in agriculture, not 5 per cent. The Twelfth Plan, titled Faster, More Inclusive and Sustainable Growth, was the last five-year plan; after it the Planning Commission was replaced by NITI Aayog in 2015.

Q528.Indian EconomyAsked in: CDS · CDS-II 2017, GKEasy

The monetary policy in India uses which of the following tools?

1. Bank rate

2. Open market operations

3. Public debt

4. Public revenue

Select the correct answer using the code given below.

  1. A.1 and 2 only
  2. B.2 and 3 only
  3. C.1 and 4 only
  4. D.1, 2, 3 and 4
Show answer
Correct answer: A. 1 and 2 only

Bank rate and open market operations are instruments of the Reserve Bank's monetary policy; public debt and public revenue belong to fiscal policy.

Q530.Indian EconomyAsked in: NDA · NDA-I 2017, GATEasy

Surge pricing takes place when a service provider

  1. A.raises the price of its product or service as demand outstrips supply
  2. B.follows preset prices immune to demand and supply dynamics
  3. C.fixes a minimum price for its services
  4. D.fixes an average price on the basis of transactions carried over a day
Show answer
Correct answer: A. raises the price of its product or service as demand outstrips supply

Surge pricing is a form of dynamic pricing in which the price moves up when demand rises faster than the available supply.

Q531.Indian EconomyAsked in: CDS · CDS-II 2017, GKEasy

The phenomenon of 'demographic dividend' of a country relates to

  1. A.a sharp decline in total population
  2. B.an increase in working age population
  3. C.a decline in infant mortality rate
  4. D.an increase in sex ratio
Show answer
Correct answer: B. an increase in working age population

A demographic dividend is the boost to economic growth that a country can get when the share of people of working age, roughly 15 to 64 years, rises above the share of dependants, children and the elderly.

Q532.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2017, GS Paper IMedium

'Broad-based Trade and Investment Agreement (BTIA)' is sometimes seen in the news in the context of negotiations held between India and

  1. A.European Union
  2. B.Gulf Cooperation Council
  3. C.Organization for Economic Cooperation and Development
  4. D.Shanghai Cooperation Organization
Show answer
Correct answer: A. European Union

The Broad-based Trade and Investment Agreement was the name given to the free trade agreement that India and the European Union began negotiating in 2007.

Q533.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2017, GS Paper IMedium

What is/are the most likely advantages of implementing 'Goods and Services Tax (GST)'? 1. It will replace multiple taxes collected by multiple authorities and will thus create a single market in India. 2. It will drastically reduce the 'Current Account Deficit' of India and will enable it to increase its foreign exchange reserves. 3. It will enormously increase the growth and size of economy of India and will enable it to overtake China in the near future. Select the correct answer using the code given below :

  1. A.1 only
  2. B.2 and 3 only
  3. C.1 and 3 only
  4. D.1, 2 and 3
Show answer
Correct answer: A. 1 only

The main and certain advantage of GST is that it subsumes many indirect taxes into one and creates a common national market.

Q534.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2017, GS Paper IMedium

Which of the following has/have occurred in India after its liberalization of economic policies in 1991? 1. Share of agriculture in GDP increased enormously. 2. Share of India's exports in world trade increased. 3. FDI inflows increased. 4. India's foreign exchange reserves increased enormously. Select the correct answer using the codes given below :

  1. A.1 and 4 only
  2. B.2, 3 and 4 only
  3. C.2 and 3 only
  4. D.1, 2, 3 and 4
Show answer
Correct answer: B. 2, 3 and 4 only

The reforms of 1991, launched during a balance of payments crisis, opened India to trade and foreign investment, and three of the listed changes followed.

Q535.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2017, GS Paper IEasy

Consider the following statements : The nation-wide 'Soil Health Card Scheme' aims at 1. expanding the cultivable area under irrigation. 2. enabling the banks to assess the quantum of loans to be granted to farmers on the basis of soil quality. 3. checking the overuse of fertilizers in farmlands. Which of the above statements is/are correct ?

  1. A.1 and 2 only
  2. B.3 only
  3. C.2 and 3 only
  4. D.1, 2 and 3
Show answer
Correct answer: B. 3 only

The scheme tells farmers what their soil lacks so that they apply only the fertilizer it needs.

Q536.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2017, GS Paper IMedium

Consider the following in respect of 'National Career Service' : 1. National Career Service is an initiative of the Department of Personnel and Training, Government of India. 2. National Career Service has been launched in a Mission Mode to improve the employment opportunities to uneducated youth of the country. Which of the above statements is/are correct ?

  1. A.1 only
  2. B.2 only
  3. C.Both 1 and 2
  4. D.Neither 1 nor 2
Show answer
Correct answer: D. Neither 1 nor 2

The National Career Service belongs to the Ministry of Labour and Employment, and it serves all job seekers, not only uneducated youth.

Q537.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2017, GS Paper IMedium

With reference to 'National Skills Qualification Framework (NSQF)', which of the statements given below is/are correct ? 1. Under NSQF, a learner can acquire the certification for competency only through formal learning. 2. An outcome expected from the implementation of NSQF is the mobility between vocational and general education. Select the correct answer using the code given below :

  1. A.1 only
  2. B.2 only
  3. C.Both 1 and 2
  4. D.Neither 1 nor 2
Show answer
Correct answer: B. 2 only

The NSQF recognises skills learnt in any way, formal, non-formal or informal, and aims to let learners move between vocational and general education.

Q538.Indian EconomyAsked in: UPSC CAPF · CAPF 2017, Paper IEasy

To which of the following sectors of the economy, the activity of agriculture and services belong to?

  1. A.Primary and Tertiary respectively
  2. B.Primary and Secondary respectively
  3. C.Tertiary and Secondary respectively
  4. D.Secondary and Quaternary respectively
Show answer
Correct answer: A. Primary and Tertiary respectively

Agriculture uses natural resources directly, and services are the tertiary sector. Economic activities are grouped into three main sectors.

Q539.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2017, GS Paper IEasy

What is/are the advantage/advantages of implementing the 'National Agriculture Market' scheme ? 1. It is a pan-India electronic trading portal for agricultural commodities. 2. It provides the farmers access to nationwide market, with prices commensurate with the quality of their produce. Select the correct answer using the code given below:

  1. A.1 only
  2. B.2 only
  3. C.Both 1 and 2
  4. D.Neither 1 nor 2
Show answer
Correct answer: C. Both 1 and 2

e-NAM is an online trading platform for farm produce across India, and it lets farmers reach buyers beyond their local mandi at prices that reflect quality.

Q540.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2017, GS Paper IMedium

Who among the following can join the National Pension System (NPS) ?

  1. A.Resident Indian citizens only
  2. B.Persons of age from 21 to 55 only
  3. C.All State Government employees joining the services after the date of notification by the respective State Governments
  4. D.All Central Government employees including those of Armed Forces joining the services on or after 1st April, 2004
Show answer
Correct answer: C. All State Government employees joining the services after the date of notification by the respective State Governments

Each state brings its new recruits under NPS from the date it notifies, so this group can join. The National Pension System replaced the old defined-benefit pension for new Central Government employees from 1 January 2004, and states adopted it one by one through their own notifications.