MCQ for test-1-19th-march-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:

Consider the following statements regarding the taxability of dividend income:

1. Currently, the dividend received is taxable in the hands of the investor/shareholder.

2. Dividend received from a foreign company is not taxable in India.

Which of the statements given above is/are correct?

Which of the following is not considered as a revenue receipt of the Government of India?

Consider the following statements:

1. The burden of tax cannot be shifted in the case of direct taxes, but it can be shifted in the case of indirect taxes.

2. Indirect tax can help in reducing inflation, whereas direct tax may enhance inflation.

3. Direct taxes help in reducing inequalities and are progressive.

Which of the statements given above are correct?

Consider the following statements regarding the 15th Finance Commission:

1. It used 2011 population data for making its recommendations.

2. For calculating the individual share of states in the divisible pool of taxes, the most weight has been given to 'Tax and Fiscal efforts.'

Which of the statements given above is/are correct?

Which of the following are considered direct taxes in India?

1. Corporate Tax

2. Minimum Alternate Tax

3. Securities Transaction Tax

4. Capital Gains Tax

5. Customs Duty

Select the correct answer using the code given below.

Consider the following statements with reference to the primary deficit:

1. It shows the government's borrowing needs in order to pay the interest on the loans it has taken out.

2. Zero primary deficit signifies that the government has borrowed money to pay interest payments.

Which of the statements given above is/are correct?

Consider the following statements with reference to the taxable income in India:

1. Individuals who qualify as Non-Resident Indian (NRI) need to pay taxes only on their income earned in India.

2. Unlike resident Indians, NRI's are not entitled to claim various deductions and exemptions from their total income.

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

Consider the following statements with reference to the crowding-out effect:

1. The government adopts expansionary fiscal policy to avoid crowding out of private investment in an economy.

2. A high fiscal deficit may lead to a crowding-out effect in an economy.

Which of the statements given above is/are correct?

Consider the following statements with reference to the interior of the earth:

1. The outer core is in liquid state while the inner core is in solid state.

2. The crust and the uppermost part of the mantle are called the lithosphere.

3. The oceanic crust is thicker as compared to the continental crust.

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

Consider the following pairs:

Which of the pairs given above is/are correctly matched?

Which one of the following best describes the term “circle of illumination” with respect to the motion of earth?

Consider the following pairs:

Which of the pairs given above is/are correctly matched?

“When a ship appears over the distant horizon, the top of the mast is seen first before the hull. In the same manner, when the ship leaves the harbor its disappearance over the curved surface is equally gradual.”

The phenomenon in question occurs due to

Consider the following statements with respect to International Date Line (IDL):

1. It is a perfect straight line that follows the 180-degree longitude.

2. A traveller crossing the date line from West to East gains a day.

Which of the statements given above is/are correct?

Among the following cities, which one lies nearest to the 82° 30' E longitude of Indian Standard time Meridian?

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?

“It is also called as Expanding universe hypothesis. It argues that as time passes, galaxies move further and further apart. It denotes that our universe emerged from a singularity.” This is the most likely descriptions of

Consider the following statements with reference to the process of planetary differentiation:

1. The lighter materials sink towards the core and the heavier materials move towards the surface.

2. It happens in lava lakes and in magma chambers beneath volcanoes on Earth.

Which of the statements given above is/are correct?

Consider the following statements:

1. The loss of the earth's primordial atmosphere was caused by degassing.

2. During the evolution of the earth, photosynthesis was responsible for flooding the atmosphere with oxygen.

Which of the statements given above is/are correct?

With reference to major elements of the Earth’s Crust, which of the following is the correct sequence in descending order of their weight?

1. Silicon

2. Iron

3. Aluminium

4. Oxygen

Select the correct answer using the codes given below

Consider the following countries:

1. Tajikistan

2.Turkmenistan

3.Uzbekistan

4.Kyrgyzstan

5.China

Which of the above-mentioned countries border Afghanistan?