demand & supply, profit loss, inflation & price index section 1 Practice Questions Answers Test with Solutions & More Shortcuts

Question : 26 [UPPCS (Pre) 1995]

Who amongst the following benefits most from inflation?

a) Saving Bank Account Holders

b) Government Pensioners

c) Creditors

d) Debtors

Answer: (d)

Question : 27 [UPSC (Pre) 2018]

An increase in absolute and per capita real GNP do not connote a higher level of economic development, if

a) poverty and unemployment increase

b) imports grow faster than exports

c) industrial output fails to keep pace with agricultural output

d) agricultural output fails to keep pace with industrial output

Answer: (a)

An increase in absolute and per capita real GNP do not connote a higher level of economic development, if poverty and unemployment also increase, because this means the growth is not inclusive. The benefits of economic development are not reaped by many and growing inequality will rise. 

 

Question : 28 [UPSC (Mains) 2004]

Who has been recently made the chairman of the work group on revision of Wholesale Price Index Services?

a) K.C. Pant

b) Abhijit Sen

c) C. Rangrajan

d) P.R. Panchamukhi

Answer: (b)

Question : 29

Which of the following steps that will result in containing inflation?

  1. Increasing Cash Reserve Ratio (CRR)
  2. Decreasing Statutory Liquidity Ratio (SLR)
  3. Permitting Central/State agencies to import duty free pulses and sugar.
Select the correct answer using the codes given below:

a) 2 and 3 only

b) 1 only

c) 1 and 3 only

d) 1, 2 and 3

Answer: (c)

In order to curb inflation if CRR is increased, then it may take liquidity from markets as banks will have to deposit more money with RBI.

Moreover, inflation may also be curbed by Permitting Central/State agencies to import duty-free pulses and sugar.

However, Decreasing SLR will leave more money to banks to give loans, which in turn will lead to inflation.

Question : 30 [UPSC (Pre) 2013]

Consider the following statements.

  1. Inflation benefits the debtors.
  2. Inflation benefits the bond holders.
Which of the statement(s) given above is/are correct?

a) Both 1 and 2

b) Neither 1 nor 2

c) Only 1

d) Only 2

Answer: (c)

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