MCQ for mcq-test-1-27th-august-2023

Consider the following statements:

1. Real GDP is an inflation-adjusted measure for assessing domestic economic production.

2. If inflation is negative, real GDP will be lower than nominal GDP and vice versa.

3. Real GDP provides a better basis for judging long-term national economic performance than Nominal GDP.

Which of the statements given above are correct?

Which among the following are included under the economic territory of India?

1. Indian ships moving between UK and Pakistan regularly

2. Passenger planes operated by Air India between Russia and Japan

3. India’s territorial waters

4. Embassies, Consulates and military establishments of India located abroad

Select the correct answer using the code given below:

Which among the following are excluded from Gross National Product (GNP) measurements?

1. Sales of used items 

2. Government transfer payments

3. Purchase of stock and bonds

4. Inventory spending by business enterprises

Select the correct answer using the code given below:

Which of the following can be considered final goods in an economic process?

1. A packet of sugar bought for household consumption.

2. A packet of tea leaves bought by a restaurant that sells tea.

3. Tools, implements and machines used in a factory.

Select the correct answer using the code given below:

Consider the following statements with reference to a mixed economic system:

1. Private ownership and control of the means of production are common in mixed economies, but they are usually regulated by the government.

2. Mixed economies may nationalise select industries deemed essential or that produce public goods.

3. In a mixed economy, the government may seek to redistribute wealth to promote social objectives.

Which of the statements given above are correct?

Consider the following statements with reference to Laffer Curve:

1. It shows the relationship between tax rates and the amount of tax revenue collected by governments.

2. It is based on the economic idea that increasing tax rates will always lead to an increase in total tax revenue.

Which of the statements given above is/are correct?

Which of the following subsidies can be categorized as ‘Product Subsidies’?

1. Fertilizer subsidies

2. Interest subsidies to farmers

3. Subsidies to railways

4. Input subsidies to farmers

Select the correct answer using the code given below:

Consider the following statements with reference to functions performed by the Constituent Assembly of India:

1. It ratified India's membership of the United Nations in 1949.

2. It elected Dr. Rajendra Prasad as the first President of India in 1950.

3. It adopted the National flag in 1947.

Which of the statements given above are correct?

Consider the following statements with reference to the Indian Constitution:

1. It derives its ultimate authority from the Parliament.

2. Original Constitution provided for a three-tier polity.

3. The Indian Constitution provides the Constitutions of both the Union and the States.

Which of the statements given above is/are correct?

Consider the following pairs:

Which of the pairs given above are correctly matched?

Which among the following offices comes under the Second Schedule to the Indian Constitution?

1. Judges of the Supreme Court.

2. Controller and Auditor General of India.

3. Members of the Parliament.

4. Attorney General of India.

Select the correct answer using the code given below:

Which of the following correctly defines the term Republic?

Which of the statements given below is not correct with respect to the idea of Sovereignty embodied in the Preamble to the Constitution of India?

Consider the following statements with reference to the Indian Constitution:

1. It derives its ultimate authority from the Parliament.

2. Original Constitution provided for a three-tier polity.

3. The Indian Constitution provides the Constitutions of both the Union and the States.

Which of the statements given above is/are correct?

Which of the statements regarding the Indian Constitution is not correct?

The Constitution of India is called a ‘living document’ for which one of the following reasons?

Consider the following statements:

1. Both India and the USA have an integrated judicial system to help establish a strong federation.

2. The age of retirement of the Judges in both the American and Indian Supreme Court is the same.

Which of the statements given above is/are correct?

Consider the following statements with reference to the Indian Independence Act of 1947:

1. The Act was based on the June 3 Plan for the independence and partition of India.

2. It altered the status of India from a Dependency of the British Crown to that of an Independent Republic.

3. It proclaimed the lapse of British paramountcy over the Indian princely states and treaty relations with tribal areas from August 15, 1947.

Which of the statements given above are correct?

Consider the following statements:

1. M. N. Roy was the first to demand a Constituent Assembly for India in 1934.

2. Indian National Congress, for the first time, made a formal demand for a Constituent Assembly at its Tripuri Session in 1939.

3. The demand for Constituent Assembly was finally accepted by the British under the Cabinet Mission Plan of 1946.

Which of the statements given above is/are not correct?

Consider the following statements with reference to the Constituent Assembly of India:

1. Around 20% of the assembly members were women.

2. The Drafting Committee of the assembly took almost three years to prepare its first draft of the new Constitution.

3. The Assembly was dissolved on January 24, 1950, after its final session.

Which of the statements given above is/are correct?

Consider the following with reference to the composition of the Constituent Assembly:

1. The system of communal representation was abandoned while electing the members of the provincial legislative assembly.
2. The Constituent Assembly was a partly elected and partly nominated body.
3. Gandhiji was elected unopposed into the Constituent Assembly, with the support of the Muslim League.

Which of the statements given above is/are correct?

With reference to the concept of ‘Constitutionalism,’ consider the following statements:

1. Its essence is reflected in the principle of limited government.

2. Constitutionalism is inherent in all countries having constitutions.

Which of the statements given above is/are correct?

Consider the following statement:

1. Inferior goods due to their quality become more desirable as the standard of living of consumers increases.

2. Veblen goods are high-quality goods whose demand increases with an increase in price.

3. Demand for Giffen goods increases even when their prices rise, regardless of a consumer's standard of living.

4. Demand for Normal goods will rise with the increase in the standard of living of consumers.

Which of the statements given above are not correct?

Consider the following statements with reference to the Preamble to the Constitution of India:

1. The Constituent Assembly adopted the Preamble as presented by the Drafting Committee without any amendments.

2. The Preamble was enacted before other provisions of the Constitution were enacted.

Which of the statements given above is/are correct?

Consider the following statements regarding the Preamble to the Constitution of India:

1. The idea of the Preamble has been borrowed from American Constitution.

2. The language used in the Preamble has been borrowed from the Australian Constitution.

Which of the statements given above is/are correct?