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Previous Year Questions: Economics - Notes | Study Current Affairs & General Knowledge - CLAT

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One thing struck us as a major difference between the new National Education Policy (NEP) 2020 and its predecessor. The earlier national policies on education (NPE) from 1986 and 1992 presented themselves as attempts to consolidate and build on earlier efforts, particularly the NPE, 1968. The new NEP 2020 policy, on the other hand, is very keen to establish that it is different from everything in the past, including in its name. Nowhere does this attitude come across as starkly as it does in the section on higher education.
It comes across fairly clearly on how the higher education ecosystem will be by 2040. By this time — if the policy has its way — the Indian higher education ecosystem will be populated with higher education institutions (HEI). These will comprise Universities and Colleges and the public and private sectors, all of which will be multi-disciplinary', with each populated by more than 3,000 students, with at least one —in or near every district. Universities will conduct research and postgraduate and under-graduate teaching, some research intensive and others teaching-intensive Colleges will largely teach at the under-graduate level, with a number of them having their medium of instruction in either bilingual or local/Indian languages.
The colleges can manifest in clusters around universities as constituent colleges or may be standalone autonomous ones. Ideally, all HEIs will eventually become "independent self- governing institutions” with considerable “faculty and institutional autonomy”. They will have complied with a series of regulatory exercises that are "light-but- tight” and will be operated by a large number of private accreditors, overseen by a new set of regulatory institutions at the national level. 

Q.1. Which of the following statements are not true in relation to the changes envisioned by the NEP 2020?    (CLAT, 2020)
(a)
The NEP 2020 aims at making India a global knowledge superpower.
(b) The renaming of the Ministry of Human Resource Development to the Ministry- of Education
(c) The development of National Course Curriculum to provide new curriculum by 2021.
(d) The New Education Policy aims to facilitate an inclusive, participatory and holistic approach.

Correct Answer is Option (c)


Q.2.  The NEP 2020 aims to provide a holistic change to the current education system in India. Which of the following is not related to the aim of NEP 2020?     (CLAT, 2020)
(a)
Universalization of education from preschool to secondary- level with 100% Gross Enrolment Ratio.
(b) To bring 20 million out of school children back into the mainstream through an open schooling system.
(c) Vocational Education to start from Class 6 with Internships.
(d) To achieve 80% Gross Enrolment Ratio at the under graduate level.

Correct Answer is Option (d)


Q.3.  Which of the following is proposed as a change in the structure of institutions responsible for affiliation and accreditation under the NEP 2020?    (CLAT, 2020)
(a)
Higher Education Commission of India (HECI) will be set up as a single umbrella body for the entire higher education.
(b) University Grant Commission to be renamed as AICTE.
(c) National Affiliation and Accreditation Council to be renamed as National Standard Council of India.
(d) National Council for Education Research and Teaching to be renamed as BCERT.

Correct Answer is Option (a)


Q.4. Which of the following is not a vertical under the Higher Education Commission of India (HECI)?    (CLAT, 2020)
(a) 
National Higher Education Regulatory Council (NHERC)
(b) Higher Education Grants Council (HEGC)
(c) National Educational Council (NEC)
(d) National Accreditation Council (NAC)

Correct Answer is Option (c)


Q.5. What is the proposed percentage of expenditure for education out of GDP under the NEP 2020?     (CLAT, 2020)
(a) 11 percent
(b) 6 percent
(c) 4.6 percent
(d) 9 percent

Correct Answer is Option (b)


Q.6. The term Cytokine Storm is related to which of the following?     (NLUD, 2020)
(a) Earth's Weather
(b) Human body's Immune system
(c) Atomic energy
(d) Space Exploration

Correct Answer is Option (b)


Q.7. The difference between total revenue and total expenditure of a government is termed as    (DU LLB, 2020)
(a)
Fiscal deficit
(b) Revenue deficit
(c) Primary deficit
(d) Monetised deficit

Correct Answer is Option (a)


Q.8.  The World Bank estimates real India's GDP growth in FY 2018-19 at:    (CLAT, 2017)
(a) 8%
(b) 7.2%
(c) 7.3%
(d) 8.6%.

Correct Answer is Option (c)


Q.9. In terms of steel production in the world during 2015-2016, India stood at:    (CLAT, 2017)
(a) Fourth
(b) Third
(c) Fifth
(d) Second.

Correct Answer is Option (b)


Q.10. India's voting rights at the International Monetary Fund increased from 2.3% to    (CLAT, 2017)
(a) 2.8%
(b) 2.4%
(c) 2.6%
(d) 2.5%.

Correct Answer is Option (c)


Q.11. India's third largest trading partner during 2016 is    (CLAT, 2017)
(a)
UAE
(b) Saudi Arabia
(c) Dubai
(d) Kuwait

Correct Answer is Option (a)


Q.12. India emerged a s ____ largest holder of the U.S. Government Securities at the end of 2016:    (CLAT, 2017)
(a)
Twenty fourth
(b) Twelfth
(c) Twenty eighth
(d) Fifteenth

Correct Answer is Option (b)


Q.13. According to the Survey Report released by Transparency International during March 2017 on India, the most corrupt are    (CLAT, 2017)
(a) Business executives
(b) Police
(c) Government officials
(d) Local Councillors

Correct Answer is Option (b)


Q.14. How many billionaires India has lost since demonetization on November 8, 2016?    (CLAT, 2017)
(a)
Eighteen
(b) Two
(c) Eight
(d) Eleven.

Correct Answer is Option (d)


Q.15. The Happiness Index Department or a Wing has been established in the States of:     (CLAT, 2017)
(a) Madhya Pradesh and Tamil Nadu
(b) Andhra Pradesh and Madhya Pradesh
(c) Madhya Pradesh and Goa
(d) Andhra Pradesh and Sikkim.

Correct Answer is Option (b)


Q.16. In India, three women had held the post of Deputy Governor of RBI. Which of the following is not amongst them?    (NLU Delhi, 2017)
(a) 
K.J. Udeshi
(b) Usha Thorat
(c) Dr. Isher J. Ahluwalia
(d) Shyamala Gopinath.

Correct Answer is Option (c)


Q.17.  The Union Government has decided to withdraw the benefit of subsidised LPG to the customers having income above     (NLU Delhi, 2017)
(a) Rs. 7.5 lakh
(b) Rs. 10 lakh
(c) Rs. 12.5 lakh
(d) Rs. 15 lakh.

Correct Answer is Option (b)


Q.18.  Nobel Prize in Economics for 2016 has been given to Oliver Hart and Bengt Holmstrom for their contribution to    (NLU Delhi, 2017)
(a) Contract Theory
(b) Imperfect Competition
(c) Game Theory
(d) Limitations on State intervention in market economy.

Correct Answer is Option (a)


Q.19. ____  has developed the concept of Human Development Index in ____.     (NLU Delhi, 2017)
(a) 
Mehboob-ul-Haq, 1990
(b) Avinash Dixit, 1999
(c) Jagdish Bhagwati, 1980
(d) Amartya Sen, 1970.

Correct Answer is Option (a)


Q.20.  What is the primary objective of the Governments in opting for deliberate devaluation of currency?      (NLU Delhi, 2017)
(a) 
Boosts Import
(b) Boosts Internal Trade
(c) Boosts Exports
(d) Increase Gold Reserves.

Correct Answer is Option (c)


Q.21.  ____ for States and _____ for Union Territories is the new limit of flexible fund decided by the government in the Centrally Sponsored Schemes in order to give more freedom of operation in these schemes.    (NLU Delhi, 2017)
(a) 25%, 30%
(b) 20%, 30%
(c) 10%, 35%
(d) 50%, 20%.

Correct Answer is Option (a)


Q.22.  When was demonetization of Rs. 500 and Rs. 1,000 notes announced by Prime Minister of India?     (D.U. LL.B., 2017)
(a) 6 November, 2016
(b) 7 November, 2016
(c) 8 November, 2016
(d) 9 November, 2016.

Correct Answer is Option (c)


Q.23. When was the Union Budget presented this year?    (D.U. LL.B., 2017)
(a)
February 1
(b) February 28
(c) March 1
(d) March 15

Correct Answer is Option (a)


Q.24.  Recently, the Prime Minister of India has announced that pregnant women in 650 districts will get ____ directly in bank accounts to meet medical expenses, etc.    (D.U. LL.B., 2017)
(a) Rs. 10,000
(b) Rs. 7,000
(c) Rs. 6,000
(d) Rs. 5,000.

Correct Answer is Option (c)


Q.25.  In World Economic Forum's Inclusive Development Index in 2018, India was ranked ____ among 74 emerging economies.    (D.U. LL.B., 2017)
(a)
37th
(b) 60th
(c) 5th
(d) 62nd

Correct Answer is Option (d)


Q.26. According to World Bank, India's 2018-19 economic growth estimate was ____ .    (D.U. LL.B., 2017)
(a) 6.8%
(b) 7%
(c) 7.3%
(d) 8.2%.

Correct Answer is Option (c)


Q.27.  Dr. Norman Borlaugh is famous as father of the Green Revolution in 1960s. His initial goal was to create varieties of wheat adapted to the climate of:    (CLAT, 2013)
(a)
Mexcio
(b) India
(c) USA
(d) China.

Correct Answer is Option (a)


Q.28. In 2012-13, India's target is to restrict the fiscal deficit to x% of the GDP, where x is:    (CLAT, 2013)
(a) 
10
(b) 8.3
(c) 15
(d) 5.1.

Correct Answer is Option (d)


Q.29. POSCO steel project to come up but being strongly protested by the people is located in:    (CLAT, 2013)
(a) 
Chhattisgarh
(b) Jharkhand
(c) Odisha
(d) Andhra Pradesh.

Correct Answer is Option (c)


Q.30. Duration to which Five Years Plan was 2007-2012?    (CLAT, 2013)
(a)
X
(b) XII
(c) IX
(d) XI

Correct Answer is Option (d)


Q.31. As per census 2011, which State has the lowest sex ratio (877:1000)?    (CLAT, 2013)
(a) 
Punjab
(b) Haryana
(c) Uttar Pradesh
(d) Bihar.

Correct Answer is Option (b)


Q.32. The term fiscal deficit means     (NLU, Delhi, 2013)
(a) total receipts minus expenditure
(b) total receipts minus interest payments on external debt
(c) revenue receipts minus expenditure
(d) revenue receipts minus defence expenditure.

Correct Answer is Option (c)


Q.33. The functions of the Reserve Bank of India are
(I) issuing all notes and coins
(II) distributing all notes and coins
(III) formulating monetary policy
(IV) acting as agent of government in respect of India's membership of the IMF    (NLU, Delhi, 2013)
(a) 
I, II and III
(b) II and III
(c) II, III and IV
(d) I, II, III and IV.

Correct Answer is Option (c)


Q.34. What do you understand by Bear Raid?     (NLU, Delhi, 2013)
(a) An attempt to bring down the price of strong short selling

(b) Simultaneous buying of shares and debentures in view of getting more values in near future
(c) Higher rate of price paid for particular government share or debentures
(d) Any of the above.

Correct Answer is Option (a)


Q.35. The foreign exchange reserves of India include     (NLU, Delhi, 2013)
(a) Gold
(b) SDRs
(c) Foreign currencies
(d) All of these.

Correct Answer is Option (d)


Q.36. Among the remedies of inflation, we cannot include    (NLU, Delhi, 2013)
(a)
better capacity utilisation
(b) lowering bank rate
(c) reducing budgetary deficit
(d) an efficient public distribution system.

Correct Answer is Option (b)


Q.37. According to 2011 census, which is the second most populous State in India?    (D.U. LL.B., 2013)
(a)
Bihar
(b) West Bengal
(c) Maharashtra
(d) Andhra Pradesh.

Correct Answer is Option (c)


Q.38. ____ is NOT a Central Government tax.    (D.U. LL.B., 2013)
(a)
Income Tax
(b) Custom Duty
(c) Land Revenue
(d) Service Tax

Correct Answer is Option (c)


Q.39. As per United Nations Report, which 2 countries will lead global urban population growth between 2010 and 2050.    (D.U. LL.B., 2013)
(a) 
Nigeria and USA
(b) India and China
(c) Ukraine and Brazil
(d) Pakistan and Bangladesh.

Correct Answer is Option (b)


Q.40. JNNURM means    (D.U. LL.B., 2013)
(a)
Jawaharlal Nehru National Urban Renewal Mission
(b) Jawaharlal Nehru Natural Urban Rural Mission
(c) Jawaharlal Nehru National Urban Rural Mission
(d) None of these.

Correct Answer is Option (a)


Q.41. Excess of money supply as compared to supply of goods results in    (CLAT, 2012)
(a)
Depression
(b) Deflation
(c) Trade deficit
(d) Inflation.

Correct Answer is Option (d)


Q.42. Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) completed how many years of operation in 2011?    (CLAT, 2012)
(a) 
3 years
(b) 4 years
(c) 5 years
(d) 6 years.

Correct Answer is Option (d)


Q.43. The XI Five-Year Plan envisaged the highest growth in the sector of    (CLAT, 2012)
(a)
Industry
(b) Agriculture
(c) Services
(d) Manufacturing.

Correct Answer is Option (c)


Q.44. To which country does India export the largest quantity of iron ore?    (CLAT, 2012)
(a)
USA
(b) China
(c) Egypt
(d) Germany.

Correct Answer is Option (b)


Q.45.  The National Development Council consists of    (NLU, Delhi, 2012)
(a)
Members of Planning Commission
(b) Cabinet Ministers and State Chief Ministers
(c) Representatives of Union Territories
(d) All of the above.

Correct Answer is Option (d)


Q.46.  What is the sequence in which the Indian economy has undergone the process of convertibility?
I. Rupee floated on trade account
II. Part convertibility under a dual exchange rate system
III. Introduction of eximscrips
IV. Rupee made convertible on current account    (NLU, Delhi, 2012)
(a)
I, II, III, IV
(b) II, I, III, IV
(c) III, II, I, IV
(d) IV, I, II, III.

Correct Answer is Option (c)


Q.47. Which of the following currency exchange rate mechanisms has been adopted by India?     (NLU, Delhi, 2012)
(a) Free Float
(b) Managed Float
(c) Floating with a Band
(d) Fixed-but-Adjustable.

Correct Answer is Option (b)


Q.48. The National Income estimates of India are prepared by    (NLU, Delhi, 2012)
(a) Ministry of Finance
(b) National Sample Survey
(c) Central Statistical Organisation
(d) Indian Statistical Institute.

Correct Answer is Option (c)


Q.49. The 'Year of Great Divide' refers to    (NLU, Delhi, 2012)
(a) 
rapid growth rate in population after 1921
(b) the declining sex ratio after 1921
(c) the slow down in death rate after 1921
(d) all of the above.

Correct Answer is Option (a)


Q.50.  A very rapid growth in prices in which money loses its value to the point where even barter may be preferable is known as     (NLU, Delhi, 2012)
(a) inflation
(b) hyper-inflation
(c) deflation
(d) disinflation.

Correct Answer is Option (b)


Q.51.  A temporary tax levied to obtain revenue is called    (D.U. LL.B., 2012)
(a)
Excise Duty
(b) Sales tax
(c) Surcharge
(d) Cess.

Correct Answer is Option (d)


Q.52.  Who prepares National Income Estimates?    (D.U. LL.B., 2012)
(a) Central Statistical Organisation
(b) National Sample Survey Organisation
(c) Indian Statistical Institute
(d) Planning Commission.

Correct Answer is Option (a)

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