11. Which of the following clearly define mixed economy?
[A] Co-existence of private and public sectors
[B] Co-existence of small and large scale industries
[C] Industries completely owned by the Government
[D] Control of means of production by the Government
Show Answer
Correct Answer: A [Co-existence of private and public sectors]
Notes:
A mixed economic system is a system that combines aspects of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims.
12. Which of the following clearly define Stagflation?
[A] Constant rate of inflation
[B] Low inflation with high recession
[C] High inflation with low recession
[D] Stagnation and inflation
Show Answer
Correct Answer: D [Stagnation and inflation]
Notes:
Stagflation is a condition of slow economic growth and relatively high unemployment, or economic stagnation, accompanied by rising prices, or inflation. It can also be defined as inflation and a decline in gross domestic product (GDP).
13. For which of the following purpose World Bank loan is given?
[A] Make available the currency of a particular country in case of shortage
[B] Countries for sound projects for development purposes
[C] Improve the social and cultural conditions of a country
[D] None of these
Show Answer
Correct Answer: B [Countries for sound projects for development purposes]
Notes:
The World Bank provides low-interest loans, interest-free credit, and grants. It focuses on improving education, health, and infrastructure. It also uses funds to modernize a country’s financial sector, agriculture, and natural resources management.
14. Which of the following is considered as transfer payment?
[A] College fees
[B] Bank loan
[C] Bonus of employees
[D] Unemployed allowance by the government
Show Answer
Correct Answer: D [Unemployed allowance by the government]
Notes:
Transfer payment– is the payment by the government in grants, allowances, pensions etc to people such as pensioners, widows, sick or unemployed people or others with little or no income. It does not include subsidies given by the government .
Ex: PM KISAN amount transfer
15. Who is the author of “End of history and the last man”?
[A] Karl Marx
[B] J.S.Mill
[C] Francis Fukuyama
[D] None of the above
Show Answer
Correct Answer: C [Francis Fukuyama]
Notes:
Francis Fukuyama is a political economist who tracks how economic, technological, and social forces facilitate as well as undercut liberal democracy. He published this in 1992. The end of history and last man is a book of political philosophy which is a satire on the events that occurred after the Cold War and fall of the soviet union in 1991.
16. Who is the first India born woman economist to become chief economist at International Monetary Fund?
[A] Arundhati Bhattacharya
[B] Gita Gopinath
[C] Chanda Kochhar
[D] None of the above
Show Answer
Correct Answer: B [Gita Gopinath]
Notes:
Indian Born Gita Gopinath became the first woman ever and second India-born to hold the prestigious post of Chief Economist to IMF in 2019. The first India-born to hold the top position at IMF was former RBI governor Raghuram Rajan.
17. Which is considered as ‘Invisible hand’ in the Market economy?
[A] Trade
[B] Money
[C] Competition
[D] Demand and supply
Show Answer
Correct Answer: C [Competition]
Notes:
Adam Smith described the concept of “the invisible hand“. This “hand” refers to the effects of competition in the market.
18. Under which scheme direct income support is provided to the farmers?
[A] PM-Kisam
[B] KUSUM
[C] PM Krishi Sanchayee
[D] None of the above
Show Answer
Correct Answer: A [PM-Kisam]
Notes:
Indian government launched the PM-Kisan yojna to provide direct income support to the farmers. Under this scheme rs 6000 per annum is provided to the farmers having land up to 2 hectares.
19. Which of the below is type of seed produced by a recognized seed producing agencies in the public and private sector?
[A] Breeder seed
[B] Foundation seed
[C] Registered seed
[D] Certified seed
Show Answer
Correct Answer: B [Foundation seed]
Notes:
A foundation seed is a progeny of breeder seed produced by recognized seed producing agencies in the public and private sector, under the supervision of seed certification agencies and its quality is maintained according to prescribed field and seed standards.
20. Which crop variety is ARABICA?
[A] Tea
[B] Coffee
[C] Maize
[D] Cotton
Show Answer
Correct Answer: B [Coffee]
Notes:
Arabica and Robusta are varieties of coffee. Indian Arabica coffee is famous around the world.
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