1.“A family earns 100₹ per day but requires at least 40₹ for daily living. They spend 90₹ on luxury and liquor and left with money which is unable to meet basic necessities of life. If they had spent the money wisely, they could have been able to meet all their basic necessities”. Which of the following types of poverty is described in the above passage?
2.Consider the following statements about the Economic Systems: 1. In a market economy, the resources are efficiently employed. 2. Laissez-faire is the extreme form of market economy. 3. Communism is the extreme form of Socialism. Select the correct answer using the code given below:
3.Consider the following statements about the impact of British rule on the Indian economy: 1. It led to integration of Indian economy with the world in a subservient position. 2. It promoted international division of labour in India. Which of the above statement(s) is/are correct?
4.Which of the following have occurred in India after liberalisation of its economic policies in 1991? 1. Industrial licensing was abolished for all industries. 2. There has been a continuous reduction in the taxes on individual incomes. 3. Foreign exchange reserves increased enormously 4. Competitiveness of Indian goods in the international markets increased. Select the correct answer using the codes given below.
5.Consider the following statements about the World trade organisation (WTO) : 1. It was established under the aegis of the United Nations Monetary and Financial Conference. 2. India is a founding member of WTO. 3. Its decisions are taken by consensus method.Select the correct answer using the code given below:
6.Which of the following statements are correct? 1. Capital goods are used for producing articles for current consumption. 2. Investment include the proportion of output that is used to buy capital goods. 3. Services are intangible consumption goods. Select the correct answer using the code given below:
7.Consider the following statements about Growth and Development: 1. Growth is an effective tool to measure quality of life. 2. Growth is Prerequisite for development Which of the above statement(s) is/are correct?
8.Which of the following are the components of economic drain of wealth? 1. Expenses on war 2. Import of invisible items 3. Interest charges on public debt held in the Britain. 4. Remittances to England Select the correct answer using the codes given below.
9. Consider the following statements about Suez Canal: 1. It is an artificial waterway in northeastern Egypt. 2. It connects port Said on the Mediterranean Sea with the Gulf of Suez. 3. It intensified British control over India’s foreign trade.Select the correct answer using the code given below:
10.The term “Import Substitution industrialisation” refers to
