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Set-3 Indian Economics (English) Railway NTPC and Railway Group D 2019 Previous Year Questions | Take it Easy

Dear Aspirants,
We are providing the most important Indian Economics Previous year Questions for RRB NTPC 2019, RRB Group D 2019, SSC 2019 and all other competitive exams. These questions have very high chances to be asked in RRB NTPC 2019, RRB Group D 2019.

Set-3 Indian Economics Previous Year Questions

1. ____________ is the relationship between the variable input and output, keeping all other inputs are held constant.
1. Total product
2. Average product
3. Isoquant
4. The Long Run

Ans:1

2.From which of the following, is the GDP of a country not derived from?
1. Agricultural sector
2. Industrial sector
3. International sector
4. Service sector

Ans:3

3. If at a price, market supply is greater than market demand, we say that there is ________ in the market at that price.
1. Equilibrium
2. Excess Demand
3. Excess Supply
4. Marginal Revenue

Ans:3

4.In India the reform policies were first introduced in which year?
1. 1951
2. 1971
3. 1991
4. 2001

Ans:3

5.The demand for a inferior good increases with ________ in the consumer’s income.
1. Increase
2. Decrease
3. Constant
4. Double

Ans:2

6. Short run marginal cost curve cuts the short run average cost curve from _______ at the minimum point of short run average cost.
1. Top
2. Below
3. Right
4. Left

Ans:2

7.Which among the following is not a component of balance sheet?
1. Total issued capital
2. Cash held at the bank
3. Value of raw materials held
4. Revenue from sales of the company’s products

Ans:4

8. What is the full form of FDI?
1. Foreign Direct Input
2. Foreign Direct Investment
3. Fiscal Direct Investment
4. Fiscal Direct Input

Ans:2

9. In which situation, wages and prices chase each other at a very quick speed?
1. Disinflation
2. Reflation
3. Stagflation
4. Hyper-inflation

Ans:4

10.Banking comes under which of the following sector?
1. Primary sector
2. Secondary sector
3. Tertiary sector
4. Both Secondary and Tertiary sectors

Ans:3

11.Which of the following is a basic characteristic of ‘Oligopoly’?
1. Many sellers, many buyers
2. Few sellers, few buyers
3. Few sellers, many buyers
4. Many sellers, few buyers

Ans:3

12. What was the main objective of the 5th Five Year Plan?
1. Removal of poverty and achievement of self-reliance
2. Faster, more inclusive and sustainable growth
3. Inclusive growth
4. None of these

Ans:1

13. In Indian economy, the sectors are divided into Private and Public on what basis?
1. Ownership of enterprises
2. Usage of raw materials
3. Nature of economic activities
4. Employment policies

Ans:1

14. Which method is used to measure agricultural income in India?
1. Expenditure method
2. Output method
3. Commodity flow method
4. Input method

Ans:2

15.Who estimated the National Income in India for the first time?
1. Prof. P. C. Mahalanobis
2. Dr. V. K. R. V. Rao
3. Dadabhai Naoroji
4. M. G. Ranade

Ans:3

16.GDP -indirect taxes +subsidies = ______
1. NNP at factor cost
2. GDP at factor cost
3. GNP
4. Personal Income

Ans:2

17. Establishment of Chittaranjan Locomotive took place during which Five Year Plan?
1. Second
2. Third
3. Fourth
4. First

Ans:4

18. What is the meaning of ‘Laissez Faire Policy’
1. Fair legislation
2. Control over trade
3. Withdrawal of ‘some restrictions’
4. None of these

Ans:3

19. Planned economy in India is based on which system?
1. Capitalist system
2. Traditional system
3. Command system
4. Socialist system

Ans:4

20. Planning Commission was constituted in India in which year?
1. 1947
2. 1950
3. 1949
4. 1952

Ans:2