BA Third Year (Sem 5 & 6) Economics – Daily Revision MCQ (English Medium)
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In the second stage of the demographic transition, population grows rapidly mainly because:
Chapter 2: Population and Economic Development
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Answer: B. The death rate falls while the birth rate stays high
Better health care lowers the death rate first while the birth rate remains high, so the gap (population growth) widens.Which body recommends the Minimum Support Prices (MSP) of crops to the Government of India?
Chapter 4: Agricultural Marketing, Credit and Price Policy
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Answer: D. Commission for Agricultural Costs and Prices
The CACP studies cost of cultivation and recommends MSPs; the government then announces them.NITI Aayog, set up on 1 January 2015, replaced which body?
Chapter 9: Economic Planning and NITI Aayog
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Answer: A. Planning Commission
NITI Aayog replaced the Planning Commission (1950) as the government's policy think tank.In India, the Green Revolution of the late 1960s brought the biggest early gains in which crop?
Chapter 3: Indian Agriculture
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Answer: C. Wheat
High-yielding wheat varieties with irrigation and fertilisers sharply raised wheat output, especially in Punjab, Haryana and western UP.In the 'LPG' model of India's 1991 economic reforms, what does 'P' stand for?
Chapter 12: Economic Reforms of 1991
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Answer: C. Privatisation
LPG = Liberalisation, Privatisation and Globalisation, the three pillars of the 1991 New Economic Policy.From which date did the Goods and Services Tax (GST) come into force in India?
Chapter 13: Indian Tax System and GST
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Answer: B. 1 July 2017
GST, an indirect tax that replaced many central and state taxes, was rolled out on 1 July 2017.Under which Article of the Indian Constitution is the Finance Commission constituted?
Chapter 14: Centre-State Financial Relations and Finance Commission
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Answer: D. Article 280
Article 280 provides for a Finance Commission, set up by the President every five years, to recommend sharing of taxes between the Centre and states.Which of these is recorded in the capital account of India's balance of payments?
Chapter 18: Balance of Payments
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Answer: C. Foreign direct investment (FDI) in India
FDI is a capital flow; trade in goods and services and remittances (transfers) go into the current account.Which of these is NOT one of the dimensions used in the Human Development Index (HDI)?
Chapter 20: Sustainable Development and Human Development Index
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Answer: D. Rate of inflation
HDI combines health (life expectancy), education and standard of living (GNI per capita); inflation is not part of it.Who gave the theory of comparative cost (comparative advantage) in international trade?
Chapter 15: International Trade
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Answer: A. David Ricardo
Ricardo showed that countries gain by specialising in goods with lower relative cost; Adam Smith gave absolute advantage and Heckscher-Ohlin the factor-endowment theory.
BA Third Year (Sem 5 & 6): MCQ in other subjects
All questions are written by PadhaiNotes in our own words from the common syllabus of Maharashtra universities (NEP). Your own university's syllabus may differ a little.