(Papers) : IIT Madras HSEE Papers-2021

(General Studies-Indian Economy)

73. What is the unit of measurement of price elasticity of demand?
1. Unit in which price is measured
2. Unit in which quantity is measured
3. Simply monetary unit (e.g., ₹, $, £, €, etc.)
4. It is simply a number without any unit of measurement
74. What do we measure in two axes while drawing production possibility frontier of a country?
1. Quantity of a producible commodity in one axis and its price in the other axis
2. Quantity of a producible commodity in one axis and that of another in the other axis
3. Price of a producible commodity in one axis and national income in the other axis
4. Quantity of a producible commodity in one axis and technology in the other axis
75. Slope of the indifference curve of a consumer indicates
1. Market rate of substitution between the two commodities
2. Consumer’s psychological rate of substitution between the two commodities
3. Price of the commodity which is measured in the horizontal axis
4. Price of the commodity which is measured in the vertical axis
76. Vertical gap between short-run average cost (SAC) and average variable cost (AVC) curves stands for
1. Total fixed cost (TFC)
2. Average fixed cost (AFC)
3. Short-run marginal cost (SMC)
4. A constant
77. Price elasticity of supply is 1 (unity) for a linear upward supply curve
1. Having positive vertical intercept
2. Having negative vertical intercept
3. Passing through the origin
4. A 45o line with non-zero vertical intercept
78. When both demand and supply curves shift rightward
1. Both equilibrium price and equilibrium quantity will surely rise
2. Equilibrium quantity will rise, but equilibrium price will surely fall
3. Equilibrium quantity will rise, but equilibrium price will surely remain the same
4. Equilibrium quantity will rise, but equilibrium price may rise, may remain the same or may even fall
79. The ratio of nominal GDP to real GDP is known as
1. Wholesale price index
2. GDP deflator
3. National disposable income
4. Net Domestic Product (NDP)
80. Which is not a monetary policy instrument of the Reserve Bank of India?
1. Deficit financing
2. Open market operations
3. Varying reserve requirements
4. Sterilization
81. The book Wealth of Nations was published in
1. 1776
2. 1836
3. 1919
4. 1936
82. Health hazard that a smoker causes to a non-smoker bystander is known as
1. Hands of God
2. Externality
3. Bad luck
4. Hospitality
83. Which of the following is a Kharif crop in India?
1. Tur
2. Rapeseeds
3. Barley
4. Mustard
84. GoldenQuadrilateralis anIndian highway projecttoconnect
1. Four big metro cities: Delhi, Kolkata, Chennai and Mumbai
2. 'Char Dham' of Hindu religion
3. Kashmir with Kanyakumari, via the Golden Temple of Amritsar and the national capital
4. Kashmir with Kanyakumari, via the Golden Temple of Amritsar and the Kolkar gold mine
85. The Architect of India's five year planning is
1. Amartya Sen
2. JagadishBhagwati
3. P. C. Mahalanobis
4. C. R. Rao
86. 'To liberalize and opening-up of the economy' was a condition imposed on India in the early 1990s to avail loan from which of the following institutes?
1. Federal Reserve System of the United States of America (USA)
2. International Bank for Reconstruction and Development (IBRD)
3. Bank for International Settlement (BIS)
4. Asian Development Bank (ADB)
87. Which amongst the following years, India’s per capita output of cereals and pulses was maximum?
1. 1971
2. 1981
3. 1991
4. 2011
88. Which is NOT a limitation of planning?
1. Planning may not work in a dynamic environment
2. Planning may reduce creativity
3. Planning doesn’t guarantee success
4. Planning is pervasive
89. According to Dr. A. P. J. Abdul Kalam’s Vision 2020, PURA stands for
1. Providing Uninterrupted Radio Connectivity to All
2. Providing Urban Amenities in Rural Areas
3. Providing Universally Developed Road Accessibility
4. Providing Purified Underground Water Resource Access of Every Indian
90. Which is not a valid Industrial Policy in India?
1. Industrial Policy Resolution 1956
2. Industrial Policy Statement 1977
3. Industrial Policy of 1980
4. Industrial Policy of 1987

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