Paper : IAS Prelims Previous Year Paper Economics (2008)

Part - 1

1. Consider the following statements:
1. Annual Survey of Industries (ASI) extends to the entire country
2. ASI covers all factories registered under Sections 2m (i) and 2m (ii) of the Factories Act, 1948. 

Which of the following given above is/are correct?
a. 1 only
b. 2 only
c. Both 1 and 2
d. Neither 1 nor 2

2. Consider the following statements:
1. Varsha Bima, the rainfall insurance scheme, is managed by the Agricultural Insurance Company of India Ltd (AICIL).
2. The scheme was introduced during the 2007 southwest monsoon period. 

Which of the following given above is/are correct?
a. 1 only
b. 2 only
c. Both 1 and 2
d. Neither 1 nor 2

3. Tax on Banking Cash Transactions (withdrawals) over a certain threshold in a single day was introduced in the Union Budget of which year?
a. 2002 - 03
b. 2004 - 05
c. 2005 - 06
d. 2006 - 07

4. Who among the following has suggested migration to accrual accounting system from cash-based accounting system in India?
a. Y.V. Reddy
b. R.H. Patil
c. D.N. Ghosh
d. C. Rangarajan

5. In which of the following years was the tax revenue as a percentage of GDP, the lowest?
a. 2002 - 03
b. 2003 - 04
c. 2004 - 05
d. 2005 - 06

6. Which one of the following is the proportion of rain-fed agriculture to the net sown area in India?
a. 40%
b. 50%
c. 60%
d. 72%

7. Consider the following statements about industrial relations on the basis of Economic Survey:
1. There was a constant decline in the number of strikes and lockouts during 2000 - 05 in India.
2. The maximum number of strikes and lockouts in the year 2006 were experienced by Kerala, followed by Tamil Nadu and West Bengal. 

Which of the statements given above is/are correct?
a. 1 only
b. 2 only
c. Both 1 and 2
d. Neither 1 nor 2

8. If median and mode of a set of observations are 206 and 26, respectively, then what is the value of mean of the observations?
a. 16
b. 179
c. 184
d. 19

9. Lorenz curve enables one to study which of the following?
a. Averages
b. Dispersion
c. Correlation
d. Index numbers

10. Which one of the following is correct for a normal distribution?
a. Standard deviation > Mean deviation > Quartile deviation
b. Quartile deviation > Mean deviation > Standard deviation
c. Mean deviation > Standard deviation > Quartile deviation
d. Quartile deviation < Mean deviation > Standard deviation

11. Coefficient of correlation is independent of which of the following?
a. Change of origin only
b. Change of scale only
c. Change of origin and scale
d. None of the above

13. Which one of the following indices satisfies both time reversal and factor reversal tests?
a. Laspeyre’s index number
b. Fisher’s index number
c. Paasche’s index number
d. Kelly’s index number

14. Which one of the following index numbers is based on geometric mean?
a. Laspeyre’s index number
b. Fisher’s index number
c. Paasche’s index number
d. Bowley’s index number

15. What is a strategy which makes an all out effort to provide the masses of people in India access to basic facilities such as health education, clean drinking water etc., termed as?
a. Inclusive growth strategy
b. Exclusive growth strategy
c. Rapid growth strategy
d. Balanced growth strategy 

16. Assertion (A): The monopolist never operates on the portion of the demand curve which is inelastic 

Reason (R): When elasticity of demand is less than unity, MR is negative.
a. Both A anti R are individually true and R is the correct explanation of A
b. Both A and R are individually true and R is not the correct explanation of A
c. A is true but R is false
d. A is false but R is true

17. Assertion (A): The Revealed Preference Hypothesis excludes the study of Giffen Paradox.

Reason (R): Revealed Preference Hypothesis Considers only negative income elasticity of demand whereas Giffen Paradox Giffen Paradox relates to Positive elasticity of demand.
a. Both A anti R are individually true and R is the correct explanation of A
b. Both A and R are individually true and R is not the correct explanation of A
c. A is true but R is false
d. A is false but R is true

18. Assertion (A): Indifference curve for perfect substitute goods is a downward Sloping straight line. 

Reason (R): For perfect substitute goods, MRS is falling. 
a. Both A anti R are individually true and R is the correct explanation of A
b. Both A and R are individually true and R is not the correct explanation of A
c. A is true but R is false
d. A is false but R is true

19. Assertion (A): There is no excess capacity under monopolistic competition in the long run.

Reason (R): The demand curve under monopolistic competition is downward sloping.
a. Both A anti R are individually true and R is the correct explanation of A
b. Both A and R are individually true and R is not the correct explanation of A
c. A is true but R is false
d. A is false but R is true

20. Assertion (A): MRP curve lies below the VMP curve under imperfect competition. 

Reason (R): Under imperfect competition MR < P.
a. Both A anti R are individually true and R is the correct explanation of A
b. Both A and R are individually true and R is not the correct explanation of A
c. A is true but R is false
d. A is false but R is true

21. Which among the following is not a committed expenditure of the Government of India?
a. Interest payments
b. Pay and allowances
c. Transfers to States and Union Territories
d. Loans and advances to States and Union Territories

22. Which region of India has the lowest Thermal Plant Load Factor (PLF) for thermal power generation in the year 2006 - 2007?
a. Northern
b. Western
c. North-Eastern
d. Southern

23. Which of the following are the goals of Sarva Shiksha Abhiyan (SSA)?
1. All children of 6 - 14 years age in school/EGS (Education Guarantee Scheme) Centre/bridge course by the year 2015.
2. Bridge all gender and social category gaps at primary stage by the year 2007 and at elementary education level by  the year 2010.
3. Universal retention by the year 2020. 

Select the correct answer using the code given below:
a. 1 and 2 only
b. 2 and 3 only
c. 1 and 3 only
d. 1, 2 and 3

24. Which of the following is/are not monitor able target(s) for the 11th Five-year Plan? 
1. Accelerate growth rate of GDP to 10% by the end of the Plan and then maintain it in the I2t1 Five-Year Plan 
2. Double per capita income by 2016-17
3. Create 20 million new work opportunities.

Select the correct answer using the code given below:
a. 1 only
b. 2 only
c. 3 only
d. 2 and 3

25. Which one area of infrastructure is not included in Bharat Nirman Scheme (2005 - 09) ?
a. Irrigation
b. Rural roads
c. Rural health
d. Rural housing

26. Which of the following statements pertaining to the strategy to raise agricultural output during the 11th Five- Year Plan are correct?
1. Double the rate of growth of irrigated area.
2. Improve water management, rain water harvesting and watershed development.
3. Provide easy access to credit at affordable rates.

Select the correct answer using the code given below:
a. 1 and 2 only
b. 2 and 3 only
c. 1 and 3 only
d. 1, 2 and 3

27. Which one of the following is not proposed in the approach paper to the 11th Five-Year Plan as important new social interventions?
a. Provide freedom and resources to select institutions so that they attain global standards by the year 2011-12 
b. Grant old age pension to the widows, handicapped and deserted and  separated women
c. Ensure adequate representation of women in elected bodies, State Legislatures, and the Parliament 
d. Provide emergency obstetrics care facilities within 2 hours travel from every habitat.

28. During which of the following years, was annual average growth (at constant prices) of agriculture and allied sectors negative?
a. 2002 - 03
b. 2003 - 04
c. 2005 - 06
d. 2006 - 07

29. Consider the following statements 
1. The Fifth Economic Census was conducted by CSO in the year 2007.
2. Intelligent Character Recognition (ICR) technology is being used for detailed processing of the data collected in Fifth Economic Census.

Which of the statements given above is/are correct?
a. 2 only
b. Neither 1 nor 2
c. 1 only
d. Both 1 and 2

30. NSSO regularly collects rural retail prices on monthly basis from selected markets for compilation of Consumer Price Index Numbers. Which one of the following is the correct pair of samples collected for the purpose?
a. 403 villages and 39 urban centers
b. 503 villages and 49 urban centers
c. 603 villages and 59 urban centers
d. 703 villages and 69 urban centers

Part - 1

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