September 29, 2023
Which of the following statement is incorrect regarding the different kinds of industries  in an economy?
  • (A) Primary industries include all those activities which are concerned with the extraction and production of natural resources.
  • (B) Mining of iron ore is a primary industry, but manufacturing of steel by way of further processing of raw irons is a secondary industry.
  • (C) Activities which are meant for assisting trade are known as auxiliaries to trade.
  • (D) Assembling industry which assembles different component parts to make a new product, as in the case of television,  car, computer etc. is an example of tertiary industry.
Which of the following statement(s) is/are correct regarding Customs (Administration of Rules of Origin under Trade Agreements) or CAROTAR Rules?
1.The Rules came into effect in 2022.
2.They empower the customs officers to ask the importer to furnish further information, consistent with the trade agreement.
Code
  • (A) 1 only
  • (B) 2 only
  • (C) Both 1 and 2
  • (D) None of the above
India has Free Trade Agreements (FTA) with which of the following countries?  
1. UAE
2. Mauritius
3. Japan
4. South Korea
5. Singapore
Select the answer using the codes given below?
  • (A) 1, 2, 4 and 5 only
  • (B) 2, 3, 4 and 5 only
  • (C) 1, 3, 4 and 5 only
  • (D) 1, 2, 3, 4 and 5
Consider the following statements:
1. The Theory of Moral sentiments was written by Adam Smith.
2. Dividing the process of production into distinct and several component processes and assigning each component in the hands of a set of labourers is termed as division of labour.
Which of the statement(s) given above is/are correct?
  • (A) 1 only
  • (B) 2 only
  • (C) Both 1 and 2
  • (D) None of the above
Consider the following statements regarding the factors of production?
1. In economics, capital refers to that part of man-made wealth which is used for the further production of wealth.
2. Labour is the least perishable than other factors of production.
3. In, modern times, an entrepreneur is called ‘the changing agent of the society’.
Which of the statement(s) given above is/are incorrect?
  • (A) 2 and 3 only
  • (B) 3 only
  • (C) 1 and 3 only
  • (D) 2 only
Which of the following statement(s) is/are correct regarding taxes?
1. Excise duty, customs duty, value added tax are examples of indirect tax.
2. When liability to pay a tax is on one person and the burden of that tax shifts on some other person, this type of tax is called a direct tax.
Select the answer using the codes given below:
  • (A) 1 only
  • (B) 2 only
  • (C) Both 1 and 2
  • (D) None of the above
Minimum possible amount should be spent in the collection of taxes is known as?
  • (A) Canon of equality
  • (B) Canon of certainty
  • (C) Canon of economy
  • (D) Canon of convenience
Which of the following statement regarding money is incorrect?
  • (A) Commodity Money was an integral part of the system of ‘Barter Exchange’.
  • (B) Plastic money aims for and promotes cashless transactions.
  • (C) In India, printing, regulating of the paper currencies are done by the Union Ministry of Finance.
  • (D) None of the above
Consider the following statements regarding factor cost and market prices:
1. Taxes charged by the government are added to the factor price while subsides provided will be reduced from the factor price to arrive at the market price.
2. The factor cost refer to the cost of production that is incurred by a firm when producing goods and services.
Which of the statement(s) given above is/are incorrect?
  • (A) 1 only
  • (B) 2 only
  • (C) Both 1 and 2
  • (D) None of the above
Lowering of interest rates are likely to cause which of the following?
  • (A) Decrease in consumption
  • (B) Increase cost of borrowing
  • (C) Encourage saving
  • (D) Increase borrowing and spending

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