IAS Prelims Test Series 2021 Practice Test 9

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Practice Test 9

Q.1) Consider the following pairs:

AuthorFamous Book
1.     Adam SmithAn Enquiry into the Nature and Cause of the Wealth of Nations
2.     John Maynard KeynesGeneral Theory of Employment, Interest and Money
3.     Abhijit BanerjeeThe Economic Consequences of the Peace
4.     Amartya SenGood Economics for hard times

Which of the above pairs is/are correct?

  1. 1 and 2 only
  2. 2 and 3 only
  3. 3 and 4 only
  4. 1 and 4 only

Q.2) Match List-I with List-II and select the correct answer using the codes given below: 

List-I (Type of Goods)List-II (Example)
1.     Capital GoodsA.     Steel sheets
2.     Consumption GoodsB.     Machines
3.     Intermediate GoodsC.     Home Computers

Select the correct code

  1. 1-A, 2-B, 3-C
  2. 1-B, 2-C, 3-A
  3. 1-B, 2-A, 3-C
  4. 1-C, 2-B, 3-A

Q.3) Which among the following activities constitute Secondary sector in an Economy?

  1. Forestry
  2. Construction
  3. Manufacturing

Choose the correct answer using the codes given below

  1. 1 and 3 only
  2. 2 and 3 only
  3. 3 only
  4. All of the above

Q.4) Consider the following economic elements

  1. Entrepreneurship
  2. Capital
  3. Land
  4. Labour

Which of the above elements are considered to be a part of four factors of production?

  1. 1 and 2 only
  2. 3 and 4 only
  3. 1, 3 and 4 only
  4. All of the above

Q.5) With Reference to Expenditure method of GDP (Gross Domestic Product) calculation, Consider the following statements:

  1. This method adds up consumer spending, investment, government expenditure only.
  2. Both private and public sector expenses incurred within a country’s borders will give the total production value of finished goods and services over a time period.

Which of the above statements is/are correct?

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2

Q.6) Consider the following statements with respect to Gross value added (GVA):

  1. GVA is defined as the value of output less the value of intermediate consumption
  2. It measures the contribution to growth made by an individual producer, industry or sector.
  3. In India, the base year has also been shifted to 2011-12 from the earlier 2004-05.

Which of the above statements is/are correct?

  1. 1 and 2 only
  2. 2 and 3 only
  3. 1 and 3 only
  4. 1, 2 and 3

Q.7) Consider the following statements

  1. Growth is a quantitative concept; it can either be positive or negative.
  2. Development is a qualitative aspect; it is always positive from everybody’s perspective.

Choose the correct statement/s using the codes given below

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2

Q.8) According to economists, the term development means:

  1. The level of nutrition
  2. Expanded healthcare facilities
  3. Improved levels of education

Choose the correct answer using the codes given below

  1. 1 and 2 only
  2. 2 and 3 only
  3. 1 and 3 only
  4. All of the above

Q.9) Identify the incorrect statement mentioned below about various types of Gross Domestic Product (GDP):

  1. Nominal GDP: The total value of all goods and services produced at current market prices.
  2. Real GDP: The sum of all goods and services produced at constant prices.
  3. Actual GDP: Represents market value of goods and services, but rather than capturing the current objective state of a nation’s economic activity, it attempts to estimate the highest level of output an economy can sustain over a period of time.
  4. Potential GDP: Ideal economic condition with 100% employment across all sectors, steady currency, and stable product prices.

Q.10) In the context of economic terms, consider the following statements:

  1. Factor cost: Factor cost includes only the payment to factors of production, it does not include any tax.
  2. Basic Prices: The basic price is the amount receivable by the producer from the purchaser for a unit of a good or service.
  3. Market price: Market price is the price at which a product is sold in the market.

Which of the above statements is/are correct?

  1. 1 and 3 only
  2. 2 and 3 only
  3. 3 only
  4. 1, 2 and 3

Q.11) The stock of skill, ability, expertise, education and knowledge of a nation at a given point of time known as

  1. Human Resource
  2. Human Capital
  3. Human Development
  4. None of the above

Q.12) Which among the following is not an example of micro economic phenomenon?

  1. A family deciding to buy different types of clothes for a festival.
  2. A company looking for ways to reduce the operating cost of manufacturing a good.
  3. Government taking steps to invest more in skill development programme so as to reduce the unemployment level in the country.

Choose the correct code

  1. 1 and 2 only
  2. 2 and 3 only
  3. 2 only
  4. 3 only

Q.13) Which of the following expression correctly explains depreciation?

  1. Depreciation = gross investment – net investment
  2. Depreciation = net investment – gross investment
  3. Depreciation = gross investment + net investment
  4. None of the above

Q.14) Which of the following are NOT taken into account while considering the circular flow of income in simple economy?

  1. Government
  2. Households
  3. External sector
  4. Savings
  5. Firms

Choose the correct code

  1. 1, 2 and 3 only
  2. 1, 3 and 4 only
  3. 1, 3 and 5 only
  4. 1, 2 and 4 only

Q.15) What does the term GDP deflator represents?

  1. Ratio between Nominal GDP and Real GDP
  2. Ratio between Nominal GDP and Price Level
  3. Ratio between Real GDP and deflation
  4. Ratio between Nominal GDP and inflation

Q.16) If the price of an inelastic good is increased, then the total expenditure of the consumer of the good will

  1. Increase
  2. Decrease
  3. Will not effect
  4. Can’t say

Q.17) Which of the following statements are correct regarding ‘Derived Demand’?

  1. It is a demand of a product created as a result of the demand of another product.
  2. Demand for factors of production is a derived demand.

Select the code from following:

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2

Q.18) Which of the following is not a part of National Income calculation by Income method?

  1. Wages paid to the employees working in a firm
  2. Compensation provided for usage of fixed capital
  3. Land rent paid to the landowner
  4. Cost incurred for purchasing the raw material

Q.19) Which one of the following in not a part of service sector in India?

  1. Transport
  2. Construction
  3. Hotels and restaurants
  4. Insurance

Q.20) ‘Opportunity Cost Theory’ is related to

  1. Fiscal Deficit
  2. Retail Market for domestic goods
  3. Location of Industries
  4. International Trade

Q.21) The terms ‘Imperial Eagle, Abhyas, Ghatak’ sometimes mentioned in the news are related to

  1. Bilateral Military Exercises
  2. Unmanned Aerial Vehicles
  3. Offshore Patrol Vessels of Indian Coast Guard
  4. Anti Tank Guided Missiles

Q.22) With reference to Code on Industrial Relations, 2020 consider the following statements:

  1. All industrial establishments with 100 workers or more must prepare standing orders.
  2. Trade union having more than 51% of the workers as members would be recognised as the sole Negotiating Union.
  3. In case no trade union is eligible as sole Negotiating Union, then a Negotiating Council will be formed consisting of representatives of unions that have at least 10% of the workers as members.

Which of the statements given above is/are correct?

  1. 1 and 3 only
  2. 2 only
  3. 2 and 3 only
  4. 1, 2 and 3

Q.23) Recently NITI Aayog has signed Statement of Intent on ‘Decarbonization and Energy Transition Agenda’ with which of the following country?

  1. Belgium
  2. Ireland
  3. Germany
  4. Netherlands

Q.24) Consider the following statements:

  1. Snow Leopard is a Schedule I animal under Wildlife Protection Act of India.
  2. Snow Leopard is listed as “Vulnerable” in IUCN Red list.
  3. India’s first snow leopard conservation centre will be established in Himachal Pradesh.

Which of the statements given above is/are correct?

  1. 1 and 2 only
  2. 1 only
  3. 2 and 3 only
  4. 1 and 3 only

Q.25) With reference to Ambedkar Social Innovation and Incubation Mission (ASIIM), consider the following statements:

  1. It will be implemented jointly by NITI Aayog and Ministry of Social Justice & Empowerment.
  2. Under the scheme, 1,000 SC youth would be identified with start-up ideas through the Technology Business Incubators (TBIs) in various higher educational institutions.

Which of the statements given above is/are correct?

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2

Q.26) Which of the following organisation/institution recently launched Global Initiative on Reducing Land Degradation?

  1. United Nations Environment Programme (UNEP)
  2. United Nations Convention to Combat Desertification (UNCCD)
  3. International Union for Conservation of Nature (IUCN)
  4. None of the above

Q.27) The ‘KRITAGYA’ hackathon aims to promote potential technology solutions for which of the following?

  1. SMART Cities
  2. Farm mechanization
  3. Clean and Renewable Energy
  4. Financial Inclusion

Q.28) The Rogan Art is practiced in which of the following State of India?

  1. Rajasthan
  2. Gujarat
  3. Maharashtra
  4. Telangana

Q.29) Consider the following statements:

  1. Djibouti Code of Conduct is an intergovernmental grouping on maritime matters.
  2. India recently joined the Djibouti Code of Conduct (DCOC) as a member.
  3. Jeddah Amendment to DCOC expanded the scope of maritime security issues.

Which of the statements given above is/are correct?

  1. 1 and 2 only
  2. 2 and 3 only
  3. 1 and 3 only
  4. 1, 2 and 3

Q.30) The terms ‘Rules of Origin’, ‘Certificate of Origin’ often seen in news in the context of which of the following?

  1. Global warming
  2. Disaster risk reduction
  3. International trade
  4. Cyber threats

Q.31) In an arts college, each student studies exactly one language. Three-fifths of the students take Sanskrit’, and one-fourth of the remaining students take Hindi. If all of the other take Hindi, what per cent of the students take Hindi?

  1. 10
  2. 15
  3. 25
  4. 30

Q.32) A boat running downstream covers a distance of 16 km in 2 hours while for covering the same distance upstream, it takes 4 hours. What is the speed of the boat in still water?

  1. 4 km/hr
  2. 6 km/hr
  3. 8 km/hr
  4. 10 km/hr

Q.33) A wheel that has 6 cogs is meshed with a larger wheel of 12 cogs. If the smaller wheel has made 22 revolutions, then find the number of revolutions made by the larger wheel.

  1. 15
  2. 11
  3. 18
  4. 17

Q.34) A man’s speed with the current is 15 km/hr and the speed of the current is 2.5 km/hr. The man’s speed against the current is

  1. 5 km/hr
  2. 9 km/hr
  3. 10 km/hr
  4. 12 km/hr

Q.35) Aryan starts walking from a place at 8 am at a speed of 10 kmph. At 10 am Sanju starts from the same place walking in the same direction at a speed of 15 kmph. When will Sanju meet Aryan?

  1. 11 am
  2. 12 pm
  3. 2 pm
  4. 3 pm

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