101. In which economic system the government decides what goods are to be produced in accordance with the needs of society?

1. Socialist
2. Mixed
3. Capitalist
4. Traditional

Option “A” is correct
Socialist Economy – It is an economic system in which major economic decisions are taken by the government. In this system, the government decides what goods are to be produced in accordance with the needs of society and how goods are to be produced and how they should be distributed.
102. 1 Rupee note bears the signature of whom?

1. Government of India
2. Chief Justice of India
3. Finance Secretary of India
4. Prime Minister of India

Option “C” is correct
The One Rupee note is issued by Ministry of Finance and it bears the signatures of Finance Secretary, while other notes bear the signature of Governor RBI.
103. Which five-year plan recognized human development as the core of all developmental efforts?

1. First Five Year Plan
2. Second Five Year Plan
3. Eighth Five Year Plan
4. Ninth Five Year Plan

Option “C” is correct
Eighth Five Year Plan: Its duration was from 1992 to 1997. In this plan the top priority was given to development of the human resources i.e. employment, education, and public health.
104. What is the minimum base rate fixed by RBI?

1. 8.3%
2. 8.25%
3. 8.70%
4. 10%

Option “C” is correct
The Reserve Bank of India sets a minimum rate below which banks in India are not allowed to lend to their customers. This minimum rate is called the Base Rate in banking terms. It is the minimum rate of interest the banks are permitted to charge their customers. The new Base Rate as fixed by RBI is 8.70 % to 9.45% p.a.
105. How many public sector banks are there in India?

1. 10
2. 14
3. 22
4. 21

Option “D” is correct
Public Sector Banks (PSBs) are banks where a majority stake (i.e. more than 50%) is held by a government. The shares of these banks are listed on stock exchanges. There are total of 21 PSBs in India.
106. Which among the following comes under primary sector of Indian Economy?

1. Sugar Industry
2. Dairy
3. Banking
4. Transport of Goods

Option “B” is correct
The primary sector of the economy is the sector of an economy making direct use of natural resources. This includes agriculture, forestry, fishing and mining. Manufacturing and Industry sector known as the secondary sector, sometimes as the production sector, includes all branches of human activities that transform raw materials into products or goods. Dairy comes under Primary sector.
107. _____ unemployment happens when people are not able to find jobs during some months of the year.

1. Seasonal
2. Disguised
3. Educated
4. Technical

Option “A” is correct
Seasonal unemployment occurs when people are unemployed at certain times of the year.
108. Which among the following comes under secondary sector of Indian Economy?

1. Cloth Industry
2. Transport of goods
3. Cotton production
4. Banking

Option “A” is correct
Basic list of Manufacturing and Industry sector or secondary sector is following:
Automotive, Metallurgical industry, Construction Industry, Food Industry, Glass industry, Textile and clothing industry, Consumer goods industry (all consumables).
109. In which economic system the goods produced are distributed among people not on the basis of what people need but on the basis of Purchasing Power?

1. Socialist
2. Mixed
3. Capitalist
4. Marxist

Option “C” is correct
Capitalism is an economic system in which capital goods are owned by private individuals or businesses. The production of goods and services is based on supply and demand. In Capitalistic economic system the goods produced are distributed among people not on the basis of what people need but on the basis of Purchasing Power.
110. Which among the following is an example of progressive tax?

1. Excise duty
2. Octroi
3. Income tax
4. House tax

Option “C” is correct
In progressive taxation, the tax liability increases with individual or entity income. This is based on principle of “ability to pay”. Under this system, lowest income people are generally exempted while highest income people pay highest taxes. Income Tax is thus an example of progressive tax.
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