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General Studies Free Quiz- Test Paper No.1:

Evaluate Yourself:

  1. Since independence, both development and non-development expenditures have increased. Which of the following falls under non-development expenditure?
    1. Interest payments
    2. Subsidies
    3. Defence
    4. Irrigation

    2. Select the correct answer from the codes given below

    • Only 1 and 2 are correct
    • Only 1 is correct
    • Only 1, 2 and 3 are correct
    • Only 2, 3 and 4 are correct
  2. Liquidity trap refers to
    1. Individual prefers to hold bonds
    2. Individual prefers to hold money
    3. Minimum rate of interest
    4. Higher rate of interest

    3. Which of the above statement(s) is/ are correct?

    1. Only1 and 2
    2. Only 2 and 3
    3. Only 3 and 4
    4. Only 1 and 4
  3. Consider the following statements:
    1. Progressive taxation combined with regressive expenditure in a country can help in better redistribution of income for the poor and vulnerable sections.
    2. Any retrospective effect made in the legislature would result in bad or negative sign towards the economy.
    3. As economy passes through the transition phase from developing to developed status, demand for white goods increases.

    Which of the above statement is / are correct?

    • Only 1 and 2
    • Only 2 and 3
    • Only 1 and 3
    • All are correct
  4. In the parlance of financial investment, the term ‘bear’ denotes:
    • An investor who feels that the price of a particular security is going to fall.
    • An investor who feels that the price of a particular security is going to rise.
    • An investor who wants to invest in money in a particular share of a company after getting information from inside of the management.
    • A lender who wants to lend money for short term period for a good return.
  5. Consider the following statements related to Ways and Means Advances.
    1. It is a mechanism used by RBI and is used to bridge any gap arising from short periods between expenditure and receipt of the State Governments. The States can carry on their necessary activities in spite of mismatches on fiscal transactions.
    2. Any amount drawn by a State in excess of WMA is called an overdraft. Maximum Duration of Overdraft is 10 consecutive working days for Central Government and 14 consecutive working days for a State government.

    6. Which of the above statement(s) is/are correct?

    • Only 1
    • Only 2
    • Both 1 and 2
    • None of the above

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