INSIGHT UPSC QUIZ

Consider the following statements with reference to difference between factor cost and market prices:

1. Market prices are the prices as paid by the consumers and factor cost refers to the prices of products as received by the producers. 

2. Market prices include product taxes minus subsides, and factor cost is equal to market prices minus net indirect taxes. 

Which of the statements given above is/are correct?

 The Budget documents presented to the Parliament, besides the Finance Minister’s Budget Speech, include:

1. Expenditure Budget.

2. Receipt Budget.

3. Expenditure Profile.

4. Output Outcome Monitoring Framework.

Select the correct answer using the code given below.

In 1950, the Planning Commission was set up with the Prime Minister as its Chairperson. The era of five-year plans had begun. Which of the statements given below correctly defines the goals of the five-year plans?

 With reference to Indian economy, which among the following were the measures undertaken by Indian Government to bring about revolution in agriculture?

Consider the following statements:

1. In 1991, as an immediate measure to resolve the balance of payments crisis, the rupee was devalued against foreign currencies.

2. Devaluation is done in order to encourage imports and increase the inflow of foreign currency in an economy.

Which of the statement(s) given above is/are correct?

Arrange the following ‘Non-Tax Revenue’ sources of the Union Government in decreasing order: 

1. Dividends and Profits. 

2. Interest receipts. 

3. Receipts of Union Territories.

4. External Grants.

Select the correct answer using the code given below.

With reference to pre-liberalisation era, which of the following factors were responsible for underdevelopment and stagnation of the Indian economy?

Money is accepted as a medium of exchange because the given currency is authorised by the government of the country. Which among the following are modern forms of money/currency?

The GDP of a country cannot be taken as an index of the welfare of the people of that country because:

1. The rise in GDP may be concentrated in the hands of very few individuals or firms.

2. Many activities in an economy are not evaluated in monetary terms.

3. It does not give information about the size of the economy.

4. Externalities do not have any market in which they can be bought and sold.

Which of the statements given above are correct?

The British introduced the railways in India in 1850 and it is considered as one of their most important contributions. In which of the following way(s) the railways affected the economic structure of the India?

1. It enabled people to break geographical and cultural barriers.

2. It fostered commercialisation of Indian agriculture.

Which of the statement(s) given above is/are correct?