Q.1 Rise in the price of commodity means :

A) rise in the value of currency only

B) fall in the value of currency only

C) rise in the value of commodity only

D) fall in the value of currency & rise in the value of commodity

Ans. D

Q.2 When two goods are completely interchangeable, they are called :

A) Perfect substitutes

B) Imperfect substitutes

C) Giffen goods

D) Veblen goods

Ans. A

Q.3 In context with the Vanbandhu Kalyan Yojana, which among the following statements are correct ?

1) It mainly focuses on bridging infrastructural gaps & gap in human development indices between scheduled tribes & other social groups

2) Under this scheme center will provide Rs. 10 crore each for every state & union territory of the country for the development of various facilities for the tribals

Codes:

A) Only 1

B) Only 2

C) Both are correct

D) Both are incorrect

Ans.  A

Q.4 With regard to Asian Infrastructure Investment Bank, which among the following are correct ?

1) India is one of the founding members of the bank

2) Bank is to be headquartered in Shanghai

Codes:

A) Only 1

B) Only 2

C) Both are correct

D) Both are incorrect

Ans. A

Bank is to be headquartered in Beijing.

Q.5 Statements :

1) Nirmal Bharat Abhiyan is restructured into Swachh Bharat Abhiyan

2) Swachh Bharat Mission has two sub-missions i.e. Union territories & States

Codes:

A) Only 1

B) Only 2

C) Both are correct

D) Both are incorrect

Ans. A

Q.6 Demand for commodity refers to :

A) Quantity demanded of that commodity

B) Need for that commodity

C) Desire for that commodity

D) Quantity demanded at certain price during any particular period of time

Ans. D

Q.7 Which among the following statements are correct ?

1) General Agreement on tariffs & Trade has regulated global trade since 1947.

2) GATT was replaced by the world Trade Organisation in 1995

3) The most favoured nation principle under GATT provided that preferential trading agreements reached with one country should be extended to the other countries

4) WTO has been able to cover in its agreements the agriculture & textile sectors which are the principal concerns for the least developed countries

Codes:

A) 1,2,3,4

B) 2,3,4

C) 1,3,4

D) 1,2,3

Ans. B

Q.8 An exceptional demand curve is one that slopes :

A) Horizontally

B) Upward to the right

C) Downward to the right

D) Upward to the left

Ans. B

Q.9 In context with the SAFTA which among the following statements are correct ?

1) It is a trade liberalization regime

2) It came into effect in 2006

3) It is a step towards south Asian customs union & common market

4) This agreement takes precedence over any other agreement a member country may have with states outside SAFTA

Codes:

A) 1,3,4

B) 2,3,4

C) 1,2,3

D) 1,2,3,4

Ans. C