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General Studies Free Quiz- Test Paper No.2:

Evaluate Yourself:

  1. Consider the following statements about Wholesale Price Index
    1. It captures the price movement extensively and is, therefore, taken as an indicator of inflation.
    2. The office of Economic Advisor is entrusted with the function of compilation and publication of the weekly wholesale price index numbers in India.
    Which of the statement given above is are correct?
    1. Only 1
    2. Only 2
    3. Both 1 and 2
    4. None of the above
  2. Consider the following statements relating to estimation of National Income
    1. Foreigners working in Indian Embassies are normal residents of India.
    2. Foreigners working in the office of WHO, World Bank, UNO, etc. located in India are not normal residents of India.
    3. Indians working in foreign embassies in India are not normal residents of India.
    Which of the statement given above is are correct?
    1. Only 1
    2. Only 1 and 2
    3. Only 3
    4. 1, 2 and 3
  3. Recently the term ‘shadow banking’ is emerged in the field of finance and banking. Which of the following statement is correct regarding shadow banking
    1. A system wherein banks use technical loopholes to open more branches and expand operations beyond what is permitted by RBI.
    2. A system wherein schedule commercial banks use technical loopholes to partially evade their true liabilities under the statutory requirement of RBI for banks.
    3. A system wherein banks lends to customers lends the loans with very low rate of interest in initial phase but, later on charged with higher rate of interest with hidden charges.
    4. A system wherein financial entities undertake activities similar to that of a bank while remaining outside the traditional regulatory regime which are otherwise applicable to banks.
  4. Consider the following statements:
    1. In a perfectly competitive economy production and consumption will both be pareto optimal, if the economy operates at a point where there is general equilibrium.
    2. If the average total cost is declining then there must be decline in marginal cost as compared to the average total cost.
    Which of the statement(s) given above is/are correct?
    1. Only 1
    2. Only 2
    3. Both
    4. None
  5. Which of the following factors can be responsible for the rapid production of sugar in south India as compared to North India ?
    1. Higher per acre production of sugarcane.
    2. Higher sucrose content of sugarcane
    3. Lower labour cost
    4. Longer crushing period
    Which of the statement(s) given above is/are correct
    1. Only 1 and 2
    2. Only 1, 2 and 3
    3. Only 1, 3 and 4
    4. Only 1, 2 and 4

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