Mock Test-2 (Paper-1) (Question 51-100)

Total Questions: 50

11. In India, planned economy is based on?

Correct Answer: (d) Mixed economy system
Solution:The planned economy is based on mixed economy system. The concept of mixed economy evolved from the ideas of Keynes. The concept of Mixed Economy means that both private enterprises and public enterprises coexist.

However the condition attached is that the private enterprises must work for serving the society rather than having only self interest. Further the private enterprises may not be allowed in every sector of the economy like area of national importance.

Gandhian Economic order is based on co-operation equality, human values self sufficient village, nationalisation of basic industries & theory of trusteeship.

  • A socialistic economic system is characterised by social ownership and democratic control of means of production.
  • Capitalist system: It is the system where means of production are owned by private individuals profit is main motive & there is no interference by the Govt in the economic activity.

12. The standard of living in a country is represented by its

Correct Answer: (b) Per capita income
Solution:Per capita income, also known as income per person, is the mean income of the people in an economic unit such as a country. Per capita income is often used to measure a country's standard of living.

Poverty Ratio: Ratio of number of people whose income falls below poverty sine, taken as half the medium house hold income of total population.

National Income: Total amount of money earned within a country.

Unemploye rate: It is defined most basically as the percentage of total labour force that is unemployed but actively seeking employment and willing to work.

13. The impact of the Green Revolution was felt most in the production of

Correct Answer: (d) wheat
Solution:The introduction of high-yielding varieties of seeds and the increased use of chemical fertilizers and irrigation are known collectively as the Green Revolution. The impact of the Green Revolution was felt most in the production of wheat. India saw annual wheat production rise from 10 million tons in the 1960s to 73 million in 2006.

14. Consider the following statements about the Navaratna status industries.

1. Navaratna was originally assigned to nine public sector enterprises in 1997.

2. The number of PSEs (Public Sector Enterprises) having Navaratna status is now more than 15 industries.

Which of the statements given above is/are correct?

Correct Answer: (c) Both 1 and 2
Solution:Navratna was the title given originally to 9 Public Sector Enterprises (PSEs) identified by the government in 1997 as public sector companies that have comparative advantages enjoying greater autonomy to compete in the global market so as to support in their drive to become global giants. However, the number of PSEs (Public Sector Enterprises) having Navaratna status is now more than 15 industries.

15. Foreign currency which has a tendency of quick migration is called

Correct Answer: (a) Hot currency
Solution:Foreign currency which has a tendency of quick migration is called hot currency.

Soft Currency: A currency with a value that fluctuates as a result of country's political or economic uncertainty.

'Digital Gold Currency: It is a form of electronic money based on mass unit of Gold.

Scarce Currency: A currency that is traded in a foreign exchange market and for which demand is persistently high relative to its supply.

16. Which of the following does not form part of current account of Balance of Payments?

Correct Answer: (d) Capital receipts and payments
Solution:Capital receipts and payments do not form part of current account of Balance of Payment.

17. What does S & P 500 relate to ?

Correct Answer: (d) An index of stocks of large companies
Solution:The S&P 500, or the Standard & Poor's 500, is a stock market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ.

18. The Hooke's law is valid for

Correct Answer: (a) only proportional region of the stress-strain curve

19. Sound above what level (in decibel) is considered hazardous noise pollution?

Correct Answer: (d) 80 dB

20. In television broadcast, the sound signals are transmitted by

Correct Answer: (b) frequency modulation
Solution:In television broadcast, the video signal transmitter employs an AM transmitter as amplitude-modulation is used for video signals whereas audio signal transmitter employs FM modulator as frequency modulation is used for sound information.