PSC Degree Level - 2021 (Economics Questions and Answers)

2021 ഒക്ടോബർ-നവംബർ മാസങ്ങളിലായി പി.എസ്.സി നടത്തിയ ബിരുദതല പ്രാഥമിക പരീക്ഷയിൽ (Graduate Level Common Preliminary) സാമ്പത്തിക ശാസ്ത്രവുമായി ബന്ധപ്പെട്ട് ചോദിച്ച ചോദ്യങ്ങളും അവയുടെ ഉത്തരങ്ങളും

(1) The three pillars of Jawaharlal Nehru's development strategy in post-independent 

India were 

A) Planning for rapid industrial and agricultural growth, a private sector to develop strategic industries, a mixed economy

B) Planning for rapid industrial and agricultural growth, a public sector to develop strategic industries, a mixed economy

C) Planning for rapid industrial and agricultural growth, a private sector to develop strategic industries, a capitalist economy

d) Planning for rapid industrial and agricultural growth, a private sector to develop strategic industries, a socialist economy.

Ans) B

(2) Which of the following objectives related to the Fiscal Responsibility and Budget Management Act (FRBMA), 2003 are correct ?

(i) Fiscal deficit is to be reduced to 5% of GDP.

(ii) Complete elimination of revenue deficit.

(iii) Greater transparency in fiscal operations.

A) Only (i) and (ii) 

B) Only (ii) and (iii)

C) Only (i) and (iii) 

D) All of the above (i, ii and iii)

Ans) B

(3) Calculate the NNP at factor cost from the following data :

 NNP at market price : Rs. 5,000 crores, Indirect taxes : Rs. 400 crores,

Subsidies : Rs. 200 crores.

A) Rs. 5,600 crores 

B) Rs. 5,200 crores

C) Rs. 4,800 crores 

D) Rs. 4,400 crores

Ans) C

(4) The major instruments used by the Reserve Bank of India to control credit include

(i) Bank Rate.

(ii) Variable Reserve Requirements (CRR&SlR).

(iii) Open market Operations.

Which of the statements are correct ?

A) All are correct 

B) Only (i) and (ii) 

C) Only (ii) and (iii) 

D) All are wrong

Ans) A

(5) Among the major objectives of some Five year Plans in India, which one is in a

correct (ascending/chronological) order ?

(i) Inclusive growth

(ii) Rapid industrialization

(iii) Agricultural development

(iv) Poverty eradication

A) (iii), (ii), (i), (iv) 

B) (iii), (ii), (iv), (i)

C) (ii), (iii), (iv), (i) 

D) (iii), (iv), (ii), (i)

Ans) B

(6) Nobel Prize for Economics in 2020 was awarded to Paul R. milgrom and

Robert B. Wilson for their contribution in

A) Improvements to auction theory and inventions of new auction formats

B) Behavioural economics

C) Integrating technological innovations into long run macroeconomic analysis

D) Experimental approach to alleviating global poverty

Ans) A

(7) The bank authorized to issue and encash Electoral Bonds in India

A) Reserve Bank of India 

B) State Bank of India

C) Union Bank of India 

D) All the above

Ans) B

(8) Read the following statements regarding National Food Security Bill.

i. The aim of the Bill is to provide subsidised food to the poor people of the Country.

ii. This Bill was first implemented in Rajasthan.

iii. AAY (Antyodaya Anna Yojana) is an extension of this Bill.

iv. Targetted Public Distribution System is jointly operated by Central and State

Governments.

Which among the codes given below is true ?

A) i, ii and iii 

B) ii, iii and iv 

C) i, ii, iii and iv 

D) i, ii and iv

Ans) C

(9) GDP at Factor Cost is

A) GDP at MP – Net Indirect Taxes 

B) GDP at MP – Depreciation

C) GDP at MP + Net Product Taxes 

D) GDP at MP + Net Income from Abroad

Ans) A

(10) Among the factors of production the passive ones include

A) Land 

B) Labour

C) Capital 

D) Both Land and Capital

Ans) D

(11) Which among the following measures will reduce the supply of money in the economy ?

A) Purchase of Government Securities by RBI

B) Sale of Government Securities by RBI

C) Borrowings of the Central Government from RBI

D) None of the above

Ans) B

(12) Which of the following is/are correct regarding the Repo rate ?

i. It is always lower than the Bank rate

ii. It is always higher than Reverse Repo rate

iii. It focuses on short term financial needs

iv. No collateral is involved when it is charged

A) Only i and ii 

B) i, ii and iii 

C) Only i and iii 

D) All the above

Ans)B

(13) Fiscal deficit refers to

A) Total Expenditure – Total Revenue Receipts

B) Total Expenditure – (Revenue Receipts plus Non-debt Capital Receipts)

C) Revenue Deficit – Interest Payments

D) Total Expenditure – (Revenue Receipts plus Capital Receipts

Ans) B

(14) According to Consumer Protection Act which of the following is not a Consumer

Right ?

A) Right to Choice 

B) Right to Consumer Education

C) Right to Bargain 

D) Right to be Heard or Right to Representation

Ans) C

* ഉത്തരങ്ങൾ PSC പ്രസിദ്ധീകരിച്ച Provisional Answer Key അനുസരിച്ച്