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Economics - Questions and Answers

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1. Which of the following statements are correct regarding the Planning Commission in India ?1. It is an advisory body2. It is a statutory body3. The Prime Minister is its ex-officio Chairman4. It makes plan for the Union as well as the states
A. 1 and 3
B. 1, 3 and 4
C. 2 and 4
D. 2, 3 and 4
Explanation:
2. The Reserve Bank of India issues notes under the following note issue method
A. Proportional reserve system
B. Minimum reserve system.
C. Maximum fiduciary system
D. Fixed fiduciary system
Explanation:
3. The sum of the marginal propensity to consume and the marginal propensity to save must be equal to
A. disposable income
B. one
C. the multiplier
D. zero
Explanation:
4. Excise Duties are taxes on
A. sale of commodities
B. export of commodities
C. production of commodities
D. import of commodities
Explanation:
5. Indias wage policy is based on
A. cost of living
B. standard of living
C. productivity
D. None of these
Explanation:
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