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MYUPSC IAS Prelims Exam 2020 Test – 1

Geography and Economy

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Mock Test – 1

Section – 1 (Geography MCQ)

1. Consider the following statements;

1. Continent-making movements are called Epeirogenic movements.

2. Mountain-making movements are called orogenic movements.

Which of the statement(s) given above is/are incorrect?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) None of these

2. Which of the following conditions does not favour the formation of a tropical cyclone?

(a) Temperature above 27°C

(b) Significant vertical wind difference

(c) High humidity levels

(d) Divergence in the upper atmosphere

3. Consider the following statements;

1. Prairies are called Parklands.

2. Tropical rainforests are known as Selva.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) None of these

4. Which one of the following countries of South-West Asia does not open out to the Mediterranean Sea?

(a) Syria

(b) Jordan

(c) Lebanon

(d) Israel

5. Which one of the following is also known as Top Slip?

(a) Simlipal National Park

(B) Periyar Wildlife Sanctuary

(C) Manjira Wildlife Sanctuary

(d) Indira Gandhi Wildlife Sanctuary and National Park

6. Consider the following statements;

1. Visakhapatnam is the deepest port of India.

2. Kochi is a natural harbour.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) None of these

7. Consider the following statements;

1. Assam shares a border with Bhutan and Bangladesh.

2. West Bengal shares a border with Bhutan and Nepal.

3. Mizoram shares a border with Bangladesh and Myanmar.

Which of the statements given above are correct?

(A) 1 and 3

(b) 1 and 2

(c) 2 and 3

(d) All of these

8. Which of the following pairs is incorrectly matched?

(a) Kosi: Consequent River

(b) Narmada: Rift Valley River

(c) Sutlej: Antecedent River

(d) Ghaggar: River with interior drainage

9. Consider the following statements;

1. Groundnut is not grown in kharif season.

2. Sesame is a kharif crop in North India and Rabi crop in South India.

3. Cotton is not grown in Rabi season.

Which of the statements given above are correct?

(A) 1 and 2

(b) 1 and 3

(c) 1, 2 and 3

(d) None of these

10. In which one of the following environment does one expect the presence of dispersed rural settlements?

(a) Alluvial plains of the Ganga

(b) Arid and semi-arid regions of Rajasthan

(c) Lower valleys of the Himalayas

(d) Forests and hills in the North-East

11. In the context of ecosystem productivity, marine upwelling zones are important as they increase the marine productivity by bringing the?

1. Decomposer micro-organisms to the surface.

2. Nutrients to the surface.

3. bottom-dwelling organisms to the surface.

Which of the statement(s) given above is/are correct?

(A) 1 and 2

(b) Only 2

(c) 2 and 3

(d) Only 3

12. Which of the following is called as the ‘lighthouse of the Mediterranean’?

(a) Mount Vesuvius

(b) Mount Fujiyama

(c) Mount Chimborazo

(d) Mount Stromboli

13. Consider the following statements;

1. The winds which blow between 30°N and 60°S latitudes throughout the year are known as Westerlies.

2. the most air masses that cause winter rains in North-Western region of India are part of Westerlies.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) Neither 1 nor 2

14. Consider the following statements;

1. Namdapha National Park is in Assam.

2. Kaimur Wildlife Sanctuary is in Bihar.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) None of these

15. The type of fault in which the rock blocks are displaced in opposite directions and one of the blocks moves downwards is called?

(a) Normal fault

(b) Reverse fault

(c) Thrust fault

(d) Step fault

16. Consider the following statements;

1. River Ken is a left bank tributary of Ganga.

2. River Chenab is the largest tributary of Indus.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) None of these

17. Consider the following statements;

1. between the valley of Narmada and Tapti lies Satpura.

2. Banas and its tributaries lies to the East of Aravallis.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) None of these

18. Shallow ploughing only to the depth need to ensure quick seed germination and leaving crop residues and ground litter to protect the soil is?

(a) no-tillage farming

(b) Minimum tillage farming

(c) Contour cropping

(d) Gully reclamation

19. According to the Demographic Transition Model;

1. Late expanding stage has declining fertility and mortality rates.

2. Early expanding stage has high fertility and declining mortality rates.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) None of these

20. Which one of the following countries is the first country in the world to propose a carbon tax for its people to address the global warming?

(a) Australia

(b) Germany

(c) Japan

(d) New Zealand

21. Consider the following statements;

1. Cement industry is not a weight losing industry.

2. Hindustan Aluminium Corporation is located at Jaykaynagar.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) None of these

22. Which of the following add/adds nitrogen to soil?

1. Excretion of urea by animals.

2. Burning of coal by man.

3. Death of vegetation.

Select the correct answer using the codes given below

(a) Only 1

(b) 2 and 3

(c) 1 and 3

(d) All of these

23. Consider the following statements;

1. The desert proper is known as Marusthali.

2. The shifting sand-dunes are locally known as Durian.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) None of the above

24. Which of the following have short life cycle and may form a fairly dense stand after rainfall?

(a) Perennials

(b) Ephemerals

(c) Succulents

(d) Both ‘a’ and ‘b’

25. In which of the following types of age-sex pyramids, both birth and death rates are low and declining?

(A) Progressive

(b) Regressive

(C) Stationary

(d) Intermediate

26. Brunt land Commission is also known as

(a) The World Commission on Environmental and Development

(b) The World Commission on Reduction of Greenhouse Gases

(c) The World Commission on Ozone Depletion

(d) The World Commission on Protection of Spice

27. Volcanic activity occurs in which of the following tectonic settings?

1. Sea floor spreading 2. Subduction

3. Hotspot

Select the correct answer using the codes given below

(A) 1 and 2

(b) Only 3

(c) 2 and 3

(d) All of these

28. Which one of the following rivers has the highest replenishable groundwater resource in the country?

(a) The Indus

(b) The Ganga

(c) The Brahmaputra

(d) The Godavari

29. Consider the following statements;

1. Cork, Oak, Jarrah, Karri, Cedar, Sequoia trees are found in tropical rainforest.

2. Quinine is extracted from the bark of Cinchona trees.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) None of these

30. Which one of the following pairs is correctly matched?

(a) Vikramshila Monastery: Uttar Pradesh

(b) Hemkund Gurudwara: Himachal Pradesh

(c) Udayagiri Caves: Maharashtra

(D) Amaravati Buddhist Stupa: Andhra Pradesh

31. Which of the following findings are evident for the climate change?

1. Carbon dioxide concentration in the atmosphere now reached about 398 PPM that is highest in last 65000 years.

2. Global surface temperature increased about 0.6°C from the average temperature.

3. Arctic ice sheet is declining at a rate of 11.5% per decade.

4. The global average sea level has risen 4-8 inches over the past century.

5. 2000 to 2009 was the warmest decade on record.

Select the correct answer using the codes given below;

(A) 1 and 2

(b) 1, 2 and 3

(c) 2, 4 and 5

(d) All of these

32. Economic density is?

(a) Total number of people per unit of land

(b) Agricultural population per unit area of land

(c) Agricultural population per unit area of cultivated land

(d) Ratio between the requirements of population and the resources made available to it

33. Consider the following statements;

1. Length of a terrestrial mile is lesser than that of a nautical mile.

2. Harmattan is a dusty land-wind of the East African coast.

3. Greece and Albania form a part of the lberian Peninsula.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) 2 and 3

(c) Only 3

(d) All of these

34. Which one of the following phenomenons happens when the sun shines vertically over the Tropic of Capricorn in the Southern hemisphere?

(a) High pressure develops over the North-Western India due to low temperatures

(b) Low pressure develops over the North-Western India due to high temperatures

(c) No changes in temperature and pressure occur in the North-Western India

(d) ‘Loo’ blows in the North-Western India

35. Which one of the following sets of elements was primarily responsible for the origin of life on the Earth?

(a) Hydrogen, Oxygen, Sodium

(b) Carbon, Hydrogen, Nitrogen

(c) Oxygen, Hydrogen, Phosphorus

(d) Carbon, Hydrogen, Potassium

36. Which of the following signifies an elimination of thin fertile film of soil from large area?

(a) Rill erosion

(b) Sheet erosion

(c) Gully erosion

(d) Slip erosion

37. Which one of the following is not one of the missions in India’s National Action Plan on Climate Change?

(a) National Mission on Sustainable Agriculture

(b) National Water Mission

(c) National Mission on Sustainable Habitat

(d) National Pollution Mission

38. Which of the following is true about Coriolis force?

1. Occurs as a result of Earth’s rotation from West to East.

2. Deflection of wind/current occurs to the right in North hemisphere and left in South hemisphere.

3. Coriolis effect is maximum at the equator and minimum at poles.

Select the correct answer using the codes given below;

(A) 1 and 2

(b) 1 and 3

(C) All of these

(d) None of these

39. Through which one of the following groups of countries does the equator pass?

(a) Brazil, Zambia and Malaysia

(b) Columbia, Kenya and Indonesia

(c) Brazil, Sudan and Malaysia

(d) Venezuela, Ethiopia and Indonesia

40. Consider the following statements;

1. Air borne plants that form symbiotic relationships with host plants is called epiphytes.

2. Low lying broad leaved plants is called as Forbes.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) None of the above

41. In the context of CO2 emission and global warming, what is the name of a market driven device under the UNFCC that allows developing countries to get funds/ incentives from the developed countries to adopt better technologies to reduce greenhouse gas emissions?

(a) Carbon Footprint

(b) Carbon Credit Rating

(c) Clean Development Mechanism

(d) Emission Reduction Norm

42. Consider the following statements;

1. Thein Dam Project provides drinking water to Delhi.

2 The purpose of Damodar Project is both flood control and irrigation.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) None of the above

43. Which one of the following facts was not considered by those while discussing the concept of sea floor spreading?

(a) Volcanic activity along the mid-oceanic ridges

(b) Stripes of normal and reverse magnetic field observed in the rocks of ocean floor

(c) Distribution of fossils in different continents

(d) Age of rocks from the ocean floor

44. If there were no Himalayan ranges, what would have been the most likely geographical impact on India?

1. Much of the country would experience the cold waves from Siberia.

2. Indo-Gangetic plain would be devoid of such extensive alluvial soils.

3. The pattern of monsoon would be different from what it is at present.

Select the correct answer using the codes given below?

(a) Only 1

(b) 1 and 3

(c) 2 and 3

(d) All of these

45. In India, which type of forest among the following occupies the largest area?

(A) Montane wet temperate forest

(b) Sub-tropical dry evergreen forest

(c) Tropical moist deciduous forest

(d) Tropical wet evergreen forest

46. Ecotone is?

(a) Mixed ecosystem

(b) Borders of ecosystem

(c) Transitional region between ecosystems

(d) Core of ecosystem

47. Which of the following substances are found in the beach sands of many parts of Kerala?

1. Ilmenite

2. Zircon

3. Sillimanite

4. Tungsten

Select the correct answer using the codes given below

(A) 1 and 2

(b) 1, 2 and 3

(c) 3 and 4

(d) All of the above

48. Most of the winter precipitation of lowlands in the middle latitudes is of?

(a) Cyclonic origin

(b) Convectional origin

(c) Orographic origin

(d) Monsoonal origin

49. The ‘Red Data Books’ published by the International Union for Conservation of Nature and Natural Resources (IUCN) contain lists of?

1. Endemic plant and animal species present in the biodiversity hotspots.

2. threatened plant and animal species.

3. Protected sites for conservation of nature and natural resources in various countries.

Which of the statement(s) given above is/are correct?

(A) 1 and 3

(b) Only 2

(c) 2 and 3

(d) Only 3

50. If a tropical rainforest is removed, it does not regenerate quickly as compared to a tropical deciduous forest. This is because

(a) The soil of rainforest is deficient in nutrients

(b) Propagules of the trees in a rainforest have poor viability

(c) The rainforest species are slow growing

(d) Exotic species invade the fertile soil of rainforest

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Section – 2: Practice Test – 1 (Economy MCQ)

1. Which of the following statement(s) is true about HDI?

1. Since 2010, UNDP began using the new method of calculating HDI.

2. It is based on life expectancy, per capita income mean years of schooling and expected years of schooling.

3. HDI is the arithmetic mean of the Life Expectancy Index, Education Index and Income Index.

Select the correct answer using the codes given below

(a) Only 1

(b) 2 and 3

(c) 1 and 2

(d) All of these

2. Deficit financing leads to inflation in general, but it can be checked if?

(a) Government expenditure leads to increase in aggregate supply in ratio of aggregate demand

(b) Only aggregate demand is increased

(c) All the expenditure is devoted to the payment of national debt

(d) All of the above

3. Name the bank announced to be set-up in the budget for regulating and refinancing all Micro-Finance Institutions (MFI) which are in the business of lending to micro/small business entities engaged in manufacturing, trading and services activities?

(a) Micro Bank

(b) MUDRA Bank

(c) SIDBI Bank

(d) Micro-Finance Bank

4. Which of the following are the main causes of slow rate of growth of per capita income in India?

1. High level of fiscal deficits.

2. High capital output ratio.

3. High rate of household savings.

4. High rate of growth of population.

5. High rate of capital formation.

Select the correct answer using the codes given below

(a) 1, 2 and 4

(b) 2 and 4

(c) 3 and 4

(d) 2, 3 and 5

5. Which of the following statements are true regarding the TRIPS agreement of the WTO?

1. TRIPS are related to protecting the intellectual property rights.

2. Developing countries were supposed to pass TRIPS Complaint National Legislation by 2005. While for developed countries the time limit was till 1995.

Select the correct answer using the codes given below

(a) Only 2

(b) Only 1

(c) Both 1 and 2

(d) Neither 1 nor 2

6. Consider the following statements regarding the OPEC

1. At present, OPEC has total 14 members’ countries.

2. The objective of OPEC was to control production and price of petroleum so as to safeguard the interests of oil exporting countries.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) Neither 1 nor 2

7. Consider the following regarding the functions of WTO

1. To provide facilities for implementation, administration and operation of multilateral agreements of the World Trade.

2. To provide a platform to member countries to decide future strategies related to trade and tariff.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) Neither 1 nor 2

8. Consider the following statements;

1. Geographical indication is granted to a community or group or an institution that represents the interests of the world.

2. It is given to a product for a specific period of time (10 years in India).

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) Neither 1 nor 2

9. The GST Bill comprises –

1. The CGST Bill – The Central Goods and Services Tax Bill, 2017

2. The IGST Bill – The Integrated Goods and Services Tax Bill, 2017

3. The UTGST Bill- The Union Territory Goods and Services Tax Bill, 2017

4. The Compensation Bill – The Goods and Services Tax (Compensation to the States) Bill, 2017

Select the correct answer using the codes given below

(a)Only 1

(b) 1 and 2

(C) 1, 2 and 3

(d) 1, 2, 3 and 4

10. After a gap of over 20 years, ` 1 note has been released in the country on 6th March, 2015 by Finance Secretary Rajiv Mehrishi. The new ` 1 note bears the signature of

(A) Finance Minister

(B) RBI Governor

(C) Finance Secretary

 (d) Home Secretary

11. The capital account convertibility of the Indian Rupee implies

(a) That the Indian Rupee can be exchanged by the authorised dealers for travel

(b) That the Indian Rupee can be exchanged for any major currency for the purpose of trade in goods and services

(c) That the Indian Rupee can be exchanged for any major currency for the purpose of trading financial assets

(d) None of the above

12. World Bank provides long-run capital to member countries for economic reconstruction and development.

World Bank provides capital mainly for the following purposes

1. To rehabilitate war ruined economics.

2. To finance productive efforts according to peacetime requirements.

3. To develop resources and production facilities in underdeveloped countries.

Which of the statement(s) given above are correct?

(a) 1 and 2 (b) 2 and 3 (c) 1 and 3 (d) All of these

13. Consider the following statements

1. Ministerial conference is the highest decision-making body of the WTO, which usually meets once every 2 years.

2. Its headquarters is in Geneva.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) Neither 1 nor 2

14. Consider the following statement(s) regarding the International Monetary fund

1. IMF is controlled and managed by a Board of Governors.

2. Each Governor has the right of 250 votes on the basis of membership and one additional vote for each SDR 1 lakh quota.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) Neither 1 nor 2

15. Consider the following statements

1. General agreement on trade in services is a treaty of the

World Trade Organisation (WTO) that entered into force in

January, 1995.

2. All members of the WTO are signatories to the general agreement on trade in services.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) Neither 1 nor 2

16. IMF was established to meet which of the following objectives?

1. Promoting International Monetary Co-operation.

2. Expanding International Trade.

3. Lessening the disequilibrium in balance of trade.

4. Avoiding competitive exchange depreciations.

Select the correct answer using the codes given below

(a) 3 and 4

(b) 1, 2 and 3

(c) 2 and 3

(d) All of these

17. Consider the following statements about ‘Mega Food Park’

1. To provide good infrastructure facilities for food processing industries.

2. To increase processing perishable items and reduce wastage.

3. To provide emerging and eco friendly food processing technology to entrepreneurs.

Which of the statement(s) given above are correct?

(a) 2 and 3

(b) 1 and 2

(c) 1 and 3

(d) All of these

18. Which one of the following is related with the Baltic Dry index?

(a) An assessment of the price of moving the major raw materials by sea

(b) An index showing the rising and falling prices of shares and equities in the Baltic region

(c) An assessment showing the prices of the crude oil produced in the Baltic region

(d) None of the above

19. Which one of the following items has the highest share of India in the world exports?

(a) Coffee, Tea, Mate, Spices etc

(b) Pearls, Precious stones, Metals, Coins etc

(c) Lac, Gums, Resins, Vegetable Saps and extracts etc

(d) Vegetable Plaiting Materials, Vegetable Products etc

20. The fair and remuneration price of sugarcane is approved by the

(a) Cabinet Committee on Economic Affairs

(b) Commission for Agricultural Costs and Prices

(c) Directorate of Marketing and Inspection, Ministry of Agriculture

(d) Agricultural Produce Market Committee

21. Which one of the following factors is taken account to calculate the Balance of Payment (BOP), of a country?

(A) Current account

(b) Changes in the foreign exchange reserves

(c) Errors and omissions (d) All of these

22. Which one of the following international organisations offers political risk insurance guarantees to help investors to protect foreign direct investments made in developing countries against political risk?

(a) IDA

(b) IFC

(c) IMF

(d) MIGA

23. Examine the following statements in the context of the Base Rate system of interest rates

1. Corporate entities were able to get loans at interest rates lower than PLR while it is not possible with Base Rate.

2. Monetary policy is transmitted better through Base Rate system.

3. Base Rate is applicable only to loans given after 1st July, 2010.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) 2 and 3

(c) Only 2

(d) All of these

24. Consider the following statements

1. Regional Rural banks were set-up in 1975, under an Act of Parliament to exclusively cater to the credit needs of rural population.

2. The sponsor banks have the largest share in the equality of Regional Rural banks.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) Neither 1 nor 2

25. Which of these statements is true regarding the Special Drawing Rights (SDRs) of IMF?

1. The SDRs are equivalent to a currency and represent a claim on the IMF.

2. The value of SDRs in terms of its component currencies is fixed annually.

3. The basket of currencies of SDRs which presently consist of US Dollar, Euro, the Chinese renminbi, Pound and Yen is revised every 5 years.

Select the correct answer using the codes given below

(a) Only 3

(b) Only 1

(c) Both 1 and 2

(d) All of these

26. Which of the following statements are true regarding Hedge Funds?

1. Hedge funds are open to only select group of investors.

2. Hedge funds have been allowed to function in India recently after registering with SEBI.

Select the correct answer using the codes given below

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) Neither 1 nor 2

27. Consider the following statements;

1. NABARD is the nodal agency for implementing the schemes in respect of co-operative credit and RRBs.

2. NABARD was the nodal agency for implementing the agricultural debt waiver and Debt Relief Scheme, 2008.

Which of the statement(s) given above is/are correct?

(a) Only 1 (b) Only 2

(c) Both 1 and 2 (d) neither 1 nor 2

28. Which of the following statements is true regarding the Agreement on Agriculture of the WTO?

1. Green box, blue box and amber box refer to domestic subsidies in agriculture.

2. There is no limit on green box subsidies for both developing and developed economies.

3. In the long-run, the agreement on agriculture is expected to benefit the developing countries.

Select the correct answer using the codes given below

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) All of these

29. Which State Government launched ‘Bhagya shree’ scheme in place of the Sukanya scheme which caters to girls from Below Poverty Line (BPL) families?

(a) Gujarat

(b) Kerala

(c) Maharashtra

(d) Haryana

30. Which of the following are the objectives of the Commission for Agricultural Costs and Prices (CACP)?

1. To stabilise agricultural prices.

2. To ensure meaningful real income levels to the farmers.

3. To protect the interest of the consumers by providing essential agricultural commodities at reasonable rate through PDS.

Select the correct answer using the codes given below

(A) 1 and 2

(b) 2 and 3

(c) 1 and 3

(d) All of the above

31. Which of these statements is true regarding the lending provisions of the IMF?

1. IMF lends to only member countries.

2. IMF lends only to help with Balance of Payments (BoP) problems.

3. IMF lending is also possible for specific projects relating to economic restructuring of an economy.

Select the correct answer using the codes given below

(A) 1 and 3

(b) Only 1

(c) 1 and 2

(d) Only 3

32. Which of the following statements is true regarding a Non-Banking Financial Company (NBFC)?

1. NBFC cannot accept demand deposits.

2. For a NBFC financial assets must be 50% more than its total assets.

3. Normal banks do all of the activities normally done by an NBFC.

Select the correct answer using the codes given below

(a)Only 1

(b) 2 and 3

(c) 1 and 2

(d) All of these

33. The Competition Commission of India (CCI) wants the rules tightened to bring a larger number of Mergers and Acquisitions (M and As) under its scrutiny. In this context, consider the following statements about CCI

1. Competition Commission of India (CCI) was established with effect from14th October, 2003.

2. The goal is to curtail the monopoly tendencies and foster the competition among public sector enterprises.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) Neither 1 nor 2

34. Which of the following statements is true regarding the innovation index measure?

1. It is developed by INSEAD, France.

2. Japan is the top country in this index.

3. The National Innovation Council (NIC) was formed to foster innovation in India especially in the area of growth.

Select the correct answer using the codes given below;

(a) 2 and 3

(b) 1 and 2

(c) 1 and 3

(d) All of the above

35. Examine these statements in the context of the financial instruments known as futures.

1. Futures are agreements between two parties to buy or sell shares at a future date.

2. Options are a class of futures where there is a right, but not the obligation to buy or sell at a future date.

3. Forwards are a particular class of futures.

Which of the statement(s) given above is/are correct?

(A) 1 and 3

(b) Only 1

(c) Only 2

(d) All of these

36. Which one of the following is likely to the most inflationary, in its effect?

(a) Repayment of public debt

(b) Borrowing from the public to finance a budget deficit

(c) Borrowing from banks to finance a budget deficit

(d) Creating new money to finance a budget deficit

37. Consider the following statements regarding Reserve Bank of India;

1. It is a banker to the Central Government.

2. It formulates and administers monetary policy.

3. It acts as an agent of the government in respect of India.

4. It handles the borrowing programme of Government of India.

Which of the statement(s) given above are correct?

(A) 1 and 2

(b) 2, 3 and 4

(c) 3 and 4

(d) All of the above

38. Consider the following regarding World Trade organisation

1. The Uruguay round of GATT (1986-93) gave birth to WTO.

2. WTO was officially constituted as a permanent body on 1st January, 1995 as an effective formal organisation.

Which of the statements given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) Neither 1 nor 2

39. Under the WTO agreement, Agreement on Agriculture (AoA), developing countries won over with some concessional features and flexibilities. Its three pillars are?

1. Domestic support

2. Export subsidies

3. Market access

4. Non-tariff barriers

Which of the statement(s) given above are correct?

(a) 1, 2 and 3

(b) 2, 3 and 4

(c) 1, 3 and 4

(d) All of the above

40. Consider the following regarding WTO

1. WTO negotiations proceed not by consensus of all members, but by a process of informal negotiations between small groups.

2. Such negotiations are often called green room.

Which of the statement(s) given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) Neither 1 nor 2

41. Personal Income Tax limit was not changed in Union Budget 2016-17. What is the present Personal I-T exemption limit?

(a) 2.5 lakh

(b) 2.75 lakh

(c)  3 lakh

(d)  5 lakh

42. Which one of the following items has gained the highest growth rate in the import composition of the Indian economy in the last decade?

(a) Pearls, precious and semiprecious stones

(b) Gold and silver

(c) Oil-cake and other solid residues

(d) None of the above

43. Consider the following regarding the objectives of WTO

1. To improve the standard of living of people in member countries.

2. To ensure full employment and increase in effective demand.

3. To enlarge production and trade of goods and services.

Which of the statement(s) given above are correct?

(A) 1 and 2

(b) 2 and 3

(c) 1 and 3

(d) All of these

44. The Indian banking system consists of?

1. 26 public sector banks

2. 20 private sector banks

3. 43 foreign banks

4. 56 regional rural banks

5. 1589 urban cooperative banks

6. 93550 rural cooperative banks

Select the correct option from the codes given below:

(a) 1, 2 and 3

(b) 3, 4 and 5

(c) 1, 2, 3, 4 and 5

(d) All of these

45. Hawala transactions relate to payments

(a) Received in rupees against overseas currencies and vice versa without going through the official channels

(b) Received for sale or transfer of shares without going through the established stock exchanges

(c) Received as commission for services rendered to overseas investors, buyers or sellers in assisting them to get over the red tape and in getting preferential treatment

(d) Made to political parties or to individuals for meeting election expenses

46. The Reserve Bank of India (RBI) cancelled the certificate of registration of the 26 Non- Banking Financial Companies (NBFCs) including?

(a) Mathura Financial Services Limited

(b) SJ Finance & Consultants Private Limited

(c) Modern Vintrade Private Limited

(d) All of the above

47. The main cause of cyclical unemployment is that?

(a) Firms engage in race, gender and sex discrimination in their hiring practices

(b) Some individuals do not have marketable job skills

(c) The level of overall economic activity fluctuates

(d) Workers often voluntarily quit a job look for a better job

48. If the Cash Reserve ratio is lowered by the RBI, its impact upon credit creation will be to?

(a) Decrease it

(b) Increase it

(c) No impact

(d) None of these

49. Which of the following is true about money market in India?

1. the most active segment of money market is overight call market.

2. The money market instruments have maturity of less than 1 year.

3. The money market instruments in India are regulated by RBI and SBI.

Select the correct answer using the codes given below

(A) 1 and 2

(b) Only 2

(c) 2 and 3

(d) All of the above

50. With regard to proposed GST, which of the following is correct?

1. Taxes on items containing alcohol and petroleum product are kept out of GST.

2. Entertainment tax, luxury tax and taxes on gambling are part of GST.

Select the correct answer using the codes given below

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) Neither 1 nor 2

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