Previous Year Questions From Economics

Previous Year Questions From Economics which are very useful for upcoming SSC Exams.

1. Inflation, in theory, occurs when money supply grows at a higher rate than GDP in real terms.
2. The existence of a large parallel economy, fluctuations in agricultural and industrial output and indirect taxation are the reasons for : Cost-push inflation.
3. Among the supply side measures to contain inflation is: to increase the supply of products or commodities.
4. Population experts refer to the possible 'demographic bonus' that may accrue to India around 2016 A.D. They are referring to the phenomenon of: A surge in the population in the productive age groups.
5. The significant change in the new FEMA which has replaced FERA is that the emphasis from imprisonment will be shifted to: Voluntary Compliance
6. 'Level playing field' argument industries requires: Domestic industry to be treated at par with MNCs.
7. One of the disadvantages of the Wholesale Price Index in India is that: It does not cover the service sector.
8. Check-off system refers to the verification of membership through : deduction of subscription from pay.
9. Direct taxation is a better form of taxation because: It allows for taxation according to means.
10. Lender of the last resort, periodic inspection of commercial banks, issue of bank notes of all denominations are the functions of : Reserve Bank of India
11. Multi Fibre Agreement deals with :Textiles
12. Under the Medium Term Fiscal Restructuring Programme, state governments have been permitted to borrow from international financial institutions like the World Bank and Asian Development Bank to : replace their high cost debt with low cost funds.
13. Open market operation of fiscal deficit was suggested by : Chakravarthy Committee.
14. According to chakravarthy Committee, one of the principal causes affecting price stability in India is: Violent fluctuation in agricultural production.
15. The concept of Total Fertility Rate(TFR) in population means the average number of children born to a woman during her lifetime.
16. The first bank managed by Indians was :Oudh Bank
17. The statement, "India has achieved national food security but has not ensured household food security" means: there is sufficient food stock but all households do not have access to it.
18. The permit for duty free trade issued by the East India Company at a price to private traders was called: Diwani
19. The demand for establishment of a department of agriculture in India was made by :Manchester Cotton Supply Association
20. The birth rate measures the number of births during a year per : 1000 of population
21. Structural unemployment arises due to :Inadequate productive capacity
22. "Disguised unemployment" refers to : more persons employed for a job which a few can accomplish.
23. The securities and Exchange Board of India (SEBI) has imposed a restriction on money flow in equity through "P-Notes". The full form of "P-Notes" is: Participatory Notes.
24. The money which government of India spends on the development of infrastructure in country comes from the following sources- Loan from World Bank/ ADB etc. Taxes collected from the people, Loan from the RBI etc.
25. "Investor Protection Fund" has been established by : Stock Exchange
26. The full form of FII is: Foreign Institutional Investor
27. The Union Government, on March 3, 2008, launched a conditional cash transfer scheme for the girl child. The conditions of this scheme include registration of birth of the girl, following a total immunisation schedule, school enrolment and delaying of marriage until the age of 18 years. The name of this scheme is :Dhan Laxmi
28. The National Association of Software and Service Companies (NASSCOM), the premier trade body represents: the IT and BPO industry
29. The largest consumer of natural gas in the world is : the USA
30. The country which leads in oil-consumption in the world is : the USA
31. The country which leads in Internet users in the world is : the USA
32. World's leading gold producer country is: South Africa
33. Entry for Normal Loss is recorded in :Trading Account
34. In product life cycle, the cost per unit is generally highest in the stage of :Introduction
35. Accounting acronym GAAP stands for :Generally Accepted Accounting Practices
36. Limited Liability is available in the kind of business organisation called: Company
37. Rank Account is called :Real Account
38. The form of accounting states that transactions are to be recorded in the period that they occur is:  Accrual basis of accounting
39. The most important ratio for the Sales Tax Department from the control point of view is :Gross Profit Ratio
40. The most important ratio for the Income Tax Department from the control point of view is: Net Profit Ratio
41. The abbreviaion for debit and credit come from the language : Latin, 'debere and credere'
42. A Public Limited Company tries to maximise: Wealth of Shareholders
43. Anticipated losses are recorded in the books of accounts as per: Matching of Cost and Revenue
44. Goodwill is recorded in the books of account only when : It is valued
45. Depreciation Account is called: Nominal Account
46. Monopoly is when there is single: Seller
47. We can get the current ratio by :dividing current assets by current liabilities
48. The major rubber producing state in India is: Kerala
49.