Answer Key For Post Of Economic Investigator In The Establishment Of District Industries Center Paper - 2

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1. Ankit is cleverer than Sujay. Akash is cleverer than Ankit, but not more than Puja. Payal is the cleverest of them all. If they are arranged in ascending order of cleverness, then who among the following will hold the middle position?
(A) Ankit
(B) Sujay
(C) Akash
(D) Puja
Answer: (B) Sujay

2.Aeroplane: Cockpit: : Train : ?
(A) Wagon
(B) Coach
(C) Compartment
(D) Engine
Answer: (D) Engine

3. Amnesia : Memory : : Paralysis : ?
(A) Movement
(B) Limbs
(C) Handicapped
(D) Legs
Answer: (A) Movement

4. Meningitis : Brain : : Cirrhosis : ?
(A) Lungs
(B) Brain
(C) Liver
(D) Heart
Answer: (C) Liver

5. Book : Publisher : : Film : ?
(A) Producer
(B) Director
(C) Editor
(D) Writer
Answer: (A) Producer

6. Forecast : Future : : Regret : ?
(A) Present
(B) Atone
(C) Past
(D) Sins
Answer: (C) Past

7. “Study the following information carefully and answer the questions given below:
P, Q, R. S, T. V and W are sitting around a circle facing at the centre. V is second to
the left of P and second to the right of W. T is third to the right of Q and is not an
immediate neighbour of V. S is third to the right of R.
Who is to the immediate left of S?”
(A) V
(B) T
(C) Q
(D) W
Answer: (D) W

8.”Study the following information carefully and answer the questions given below:
P, Q, R. S, T. V and W are sitting around a circle facing at the centre. V is second to
the left of P and second to the right of W. T is third to the right of Q and is not an
immediate neighbour of V. S is third to the right of R.
Who is to the immediate right of R?”
(A) W
(B) T
(C) P
(D) Data inadequate
Answer: (B) T

9. As ‘Steal’ is related to ‘Factory’ in the same way ‘Wheat’ is related to what?
(A) Field
(B) Sky
(C) Godown
(D) Market
Answer: (A) Field

10.A can do a certain work in the same time in which B and C together can do it. If A and B together could do it in 15 days, and C alone in 30 days, in what time could B alone do it?
(A) 40 days
(B) 60 days
(C) 45 days
(D) 35 days
Answer: (B) 60 days

11. “Study the following arrangement carefully and answer the questions given
below:
R5#3$MDP14FÂ©A6EW

J2@8K8Q7%UTIV9

Which of the following is the seventh to the left of the nineteenth from the left end of
the above’s arrangement?”

(A) D

(B) U

(D) 8

Answer: (C) C

12. “Study the following arrangement carefully and answer the questions given below: R5#3$MDP14FÂ©A6EW

J2@8K8Q7%UTI*V9

What should come next In the following series based on the above arrangement?

53$ P4F 6WJ 88Q ?”

(A) UI

(B) UT

(D) UTV

Answer: (A) UI

13. “Study the following information carefully and answer the questions that follow them
6 friends A, B, C, D, E and F are sitting on a straight bench, all facing south, towards
your face.
A and B are not at the ends.
F is at one of the ends.
A, who is 2nd from left, is between C and F, as seen by you.
D is at 3rd position from C.
A and B are equidistant from the centre.
Which 2 persons occupy the end seats?”
(A) F and A
(B) F and D
(C) F and E
(D) F and C
Answer: (B) F and D

14.Line : Square : : Arc : ?
(A) Ring
(B) Sphere
(C) Circle
(D) Ball
Answer:(C) Circle

15. As ‘Fly’ is related to ‘Parrot’ in the same way ‘Creep’ is related to what?
(A) Snake
(B) Rabbit
(C) Fish
(D) Crocodile
Answer: (A) Snake

16. “Study the following information carefully and answer the questions that follow them. 6 friends A, B, C, D, E and F are sitting on a straight bench, all facing south, towards your face. A and B are not at the ends. F is at one of the ends. A, who is 2nd from left, is between C and F, as seen by you. D is at 3rd position from C. A and B are equidistant from the Centre.
Who is between A and E?”
(A) C
(B) D
(C) E
(D) F
Answer: (A) C

17.”Study the following information carefully and answer the questions that follow them.
6 friends A, B, C, D, E and F are sitting on a straight bench, all facing south, towards
your face.
A and B are not at the ends.
F is at one of the ends.
A, who is 2nd from left, is between C and F, as seen by you.
D is at 3rd position from C.
A and B are equidistant from the centre.
In a row of forty students R is fifth from the right end and there are ten students
between R and D. What is the D’s position from the left end of the row?”
(A) 26th
(B) 23rd
(C) 24th
(D) 25th
Answer: (D) 25th

18. She is____ home.
(A) at
(B) in
(C) on
(D) from
Answer: (B) in

19. She eats___ apple.
(A) a
(B) an
(C) the
(D) two
Answer: (B) an

20. Why _ she come late? (A) do (B) does (C) is (D) are Answer: (B) does 21. I_ a pen.
(A) has had
(B) have
(C) has
(D) want
Answer: (B) have

22. These _ books. (A) are (B) is (C) am (D) is a Answer: (A) are 23. 60 minutes is___.
(A) one hour
(B) half an hour
(C) two hours
(D) three hours
Answer: (A) one hour

24. Do you work_____night?
(A) at
(B) in
(C) on
(D) for
Answer: (A) at

25. I_________ a horse.
(A) ride
(B) drive
(C) fly
(D) none of them
Answer: (A) ride

26. There_____ many people in the office.
(A) are
(B) is
(C) am
(D) have
Answer: (A) are

27. She______ the dishes yesterday.
(A) washes
(B) washed
(C) wash
(D) has have
Answer: (B) washed

28.____ do you work?

(A) what

(B) where

(D) whom

Answer: (B) where

29.__________do you work for?

(A) which

(B) whom

(D) why

Answer: (B) whom

30. Select the antonym of demure

(A) bold

(B) humble

Answer: (B) humble

31.In the sentence identify the segment which contains the grammatical error: Cows are amongst the gentlest of animals; none shows more passionate tenderness towards their young.

(A) towards their young

(B) cows are amongst

(D) none shows more

Answer: (B) cows are amongst

32. Choose the word which is nearly opposite in meaning to the word Insolent

(A) Affable

(B) Determined

(D) Rich

Answer: (B) Determined

33. Select the antonym of sacred

(A) hallowed

(B) pious

(D) profane

Answer: (B) pious

34. Select the most appropriate meaning of the given idiom: Let off the hook

(A) Made to pay for one’s actions

(B) Not made to wait for a long time

(D) Allowed to escape from blame

Answer: (A) Made to pay for one’s actions

35. Hima Das, is associated with which sport?

(A) Badminton

(B) Tennis

(D) Cricket

Answer: (C) Athletics

36.The ‘Bermuda Triangle’ lies in-

(A) Western North Atlantic ocean

(B) Eastern North Atlantic ocean

(D) South Indian ocean

Answer: (A) Western North Atlantic ocean

37.The Milky Way is classified as-

(A) Spiral galaxy

(B) Elliptical galaxy

(D) Round galaxy

Answer: (A) Spiral galaxy

38. Which animal is the symbol of the World Wildlife Fund?

(A) Tiger

(B) Giant Panda

(D) White Bear

Answer: (B) Giant Panda

39. Tea is grown in-

(A) Hot, wet and hilly region

(B) Flat region

(D) Very cold region

Answer: (A) Hot, wet and hilly region

40. Shyok is a tributary of-

(A) Brahmaputra

(B) Indus

(D) Sutlej

Answer: (B) Indus

41. The Sarvodaya Movement was started by-

(A) Mahatma Gandhi

(B) Jayaprakash Narayan

(D) Dada Dharmadhikari

Answer: (C) Vinoba Bhave

42. Who is the current Home Affairs minister of India?

(A) Dr. Harsh Vardhan

(B) Amit Shah

(D) Piyush Goyal

Answer: (B) Amit Shah

43. India is a-

(A) Union of Federal States

(B) Federal Union of States

(D) Union of States and Union Territories

Answer: (C) Union of States

44. Who is called the ‘Nightingale of India’?

(A) Vijaya Lakshmi Pandit

(B) Sarojini Naidu

(D) Sucheta Kriplani

Answer: (B) Sarojini Naidu

45. The first Muslim ruler to introduce the system of price control was-

(A) Balban

(B) Jalaluddin Khalji

(D) Allauddin Khalji

Answer: (D) Allauddin Khalji

46. The Theosophical Society was founded in the U.S.A. by?

(A) A. O. Hume

(B) Dr. Annie Besant

(D) Tilak and Gokhale

Answer: (C) Madam Blavatsky and Olcott

47. Who among the following Governor Generals created the Covenanted Civil Service of India which later came to be known as the Indian Civil Service?

(A) Warren Hastings

(B) Wellesley

(D) William Bentinck

Answer: (C) Cornwallis

48. Article 41 of the Indian Constitution “Right to work, to education and to public assistance in certain cases” deals with?

(A) The Union Government

(B) The directive principles of state policy

(D) The fundamental rights of the Indian Citizen…

Answer: (B) The directive principles of state policy

49. Which one of the following region is most rich in coal deposits?

(A) Brahmaputra Valley

(B) Damodar Valley

(D) Godavari Valley

Answer: (B) Damodar Valley

50. The reference to the National Capital Territory of Delhi is found in ?

(A) Article 239A

(B) Article 239AA

(D) Article 239BB

Answer: (B) Article 239AA

51. The supply of a good refers to

(A) Stock available for sale

(B) Total stock in the warehouse

(D) Quantity of the good offered for sale at a particular price per unit of time

Answer: (D) Quantity of the good offered for sale at a particular price per unit of time

52. The cost of one thing in terms of the alternative given up is called

(A) Real cost

(B) Production cost

(D) Opportunity cost

Answer: (D) Opportunity cost

53. Assume that consumer’s income and the number of sellers in the market for good X both falls. Based on this information, we can conclude with certainty that the equilibrium

(A) Price will decrease

(B) Price will increase

(D) Quantity will increase

Answer: (C) Quantity will decrease

54. The offer curves introduced by Alfred Marshall, helps us to understand how the is
established in international trade.
(A) Terms of trade
(B) Equilibrium price ratio
(C) Exchange rate
(D) Satisfaction level
Answer: (A) Terms of trade

55.The most frequency occurring number in a set of values is called
(A) mean
(B) median
(C) mode
(D) range
Answer: (C) mode

56. Which of the following conclusions is true about the statement ‘Rich people should be
taxed more’?
(A) The statement ‘rich people should be taxed more is an example of positive economic
analysis
(B) The statement ‘rich people should be taxed more is an example of productive
economic analysis
(C) The statement ‘rich people should be taxed more is an example of normative
economic analysis
(D) The statement ‘rich people should be taxed more is an example of negative economic
analysis
Answer: (C) The statement ‘rich people should be taxed more is an example of
normative economic analysis

57. Which of the following statements reflects the actual relationship between the
marginal opportunity cost and production possibility frontier?
(A) When the marginal opportunity cost remains constant, the production possibility
frontier is a downward sloping straight line
(B) When the marginal opportunity cost remains constant, the production possibility
frontier is an upward sloping straight line
(C) When the marginal opportunity cost remains constant, the production possibility
frontier is a central sloping straight line
(D) There is no relation between the marginal opportunity cost and the production
possibility frontier
Answer: (A) When the marginal opportunity cost remains constant, the production
possibility frontier is a downward sloping straight line

58. (x + y) (x – y) =
(A) x2 + 2xy − y2
(B) x2 − 2xy + y2
(C) x2 − y2
(D) x2 + yx − y2
Answer: (C) x2 − y2

59. For the demand and supply functions, Qd = 10 − P, QS = 3P − 2, the equilibrium
(P0, Q0) is:
(A) (6,4)
(B) (5,5)
(C) (7,3)
(D) (3,7)
Answer: (D) (3,7)

60. A firm with total costs TC = 50 + 3Q for Q units of output, which sells its output at
price P = 5, breaks even at the output level:
(A) Q = 50/3
(B) Q = 50/8
(C) Q = 50/2
(D) Q = 45/3
Answer: (C) Q = 50/2

61. x2 + 7x + 12 = 0 implies:
(A) x = 6 or x = -2
(B) x = 4 or x = 3
(C) x = -4 or x = -3
(D) x = 6 or x = 2
Answer: (C) x = -4 or x = -3

62. Which of the following activities is not included in the calculation of the national
income of a country?
(A) A maid working for a family on a full-time basis
(B) A lawyer conducting their law practice
(C) A housewife performing housework chores
(D) A dispensary rendering medical services
Answer: (C) A housewife performing housework chores

63. Which of the following is true about the rate of interest under classical theory?
(A) The rate of interest is based on the demand of investment and the supply of money
(B) The rate of interest is based on the demand of investment and the price level
(C) The rate of interest is based on the demand for capital and the supply of savings
(D) The rate of interest is based on the demand for money and the supply of money
Answer: (C) The rate of interest is based on the demand for capital and the supply of savings

64. The amount of money in India is controlled by?
(A) Planning Commission
(B) Commercial Banks
(C) Government of India
(D) Reserve Bank of India
Answer: (D) Reserve Bank of India

65. To help the country’s credit situation, the RBI may:
(A) Repo Rates Should Be Reduced
(B) Purchase stocks and bonds in the open market.
(C) Reduce the cash reserve to debt ratio.
(D) Sell securities in the open market
Answer: (D) Sell securities in the open market

66. If a nation has an open economy it means that the nation:
(A) Allows private ownership of capital.
(B) Has flexible exchange rates
(C) Has fixed exchange rates
(D) Conducts trade with other countries
Answer: (D) Conducts trade with other countries

67. International trade is based on the idea that:
(A) Exports should exceed imports
(B) Imports should exceed exports
(C) Resources are more mobile internationally than are goods
(D) Resources are less mobile internationally than are goods
Answer: (D) Resources are less mobile internationally than are goods

68. Which of the following is a union tax?
(A) Corporation tax
(B) Taxes on agricultural income
(C) Capitation taxes
(D) Land revenues
Answer: (A) Corporation tax

69. The tax levied by the union government on income of individuals is known as
(A) Personal income tax
(B) Interest tax
(C) Wealth tax
(D) Corporation tax
Answer: (A) Personal income tax

70. Which one of the following is NOT a plausible remedy for near multicollinearity?
(A) Use principal components analysis
(B) Drop one of the collinear variables
(C) Use a longer run of data
(D) Take logarithms of each of the variables
Answer: (D) Take logarithms of each of the variables

71. What will be the properties of the OLS estimator in the presence of multicollinearity?
(A) It will be consistent unbiased and efficient
(B) It will be consistent and unbiased but not efficient
(C) It will be consistent but not unbiased
(D) It will not be consistent
Answer: (A) It will be consistent unbiased and efficient

72. Which of the following industries is the major beneficiary of the Mumbai port ?
(A) Sugar and Cotton textile industry
(B) Cotton textile and Petrochemical industry
(C) Iron and Steel industry
(D) Engineering and Fertilizer industry
Answer: (B) Cotton textile and Petrochemical industry

73. What is the difference between the Gross value added and Net value-added?
(A) Value added
(B) Depreciation
(C) Production flow
(D) Investment
Answer: (B) Depreciation

74. Who gives a welfare definition of economics?
(A) Adam Smith
(B) Alfred Marshall
(C) Lionel Robbins
(D) Paul Samuelson
Answer: (B) Alfred Marshall

75. The type of equilibrium that deals with the determination of price and quantity of only one
(A) General equilibrium
(B) Partial equilibrium
(C) Zero Equilibrium
(D) Pareto efficiency
Answer: (A) General equilibrium

76. Which is not a benefit of financial accounting?
(A) Maintaining systematic records
(B) Protecting and safeguarding business assets
(C) Historical in nature
(D)Facilitates rational decision making
Answer: (C) Historical in nature

77.Which is not a limitation of financial accounting?
(A)Inadequate information to fix up the price of products manufactured
(B)Lack of data for comparison of cost of operation of the firm with other firms in the
industry
(C)The data available is historical in nature
(D)Complies with the various legal requirements
Answer: (D) Complies with the various legal requirements

78. Accounting Standards are beneficial not only to the business enterprises but also to the………. as well.
(A) accountants & auditor
(B) Customers
(C) Family and Country
(D) Traders
Answer: (A) accountants & auditor

79. The important objective of accounting standards is to the ………. diverse accounting
policies and practices at present in use in Indi
(A) harmonies
(B) incomplete
(C) complex
(D) compact
Answer: (A) harmonies

80. AS-7 deals with accounting for construction contracts in financial statements of
(A) contractors
(B)Accountants
(C) Agents
(D) Dealers
Answer: (A) contractors

81. How many parties are there to a Promissory note?
(A) Two parties
(B) One party
(C) Four party
(D) Three parties
Answer: (C) Four party

82.Public Law is divided into categories?
(A)Three
(B)Four
(C)Two
(D)None
Answer: (B) Four

84. Direct expenses are also called ________.
(A) major expenses
(B) chargeable expenses
(C) overhead expenses
(D) sundry expenses
Answer: (B) chargeable expenses

85. The highest CGST rate legally permitted for intrastate supplies is……..
(A) 18%
(B) 40%
(C) 0.2
(D) 28%+cess
Answer: (B) 40%

86.The scatter in a series of values about the average is called:
(A) Central tendency
(B) Dispersion
(C) Skewness
(D) Symmetry
Answer: (B) Dispersion

87. The measures of dispersion can never be:
(A) Positive
(B) Zero
(C) Negative
(D) Equal to 2
Answer: (C) Negative

88. RBI, LIC, and UTI are the examples of
(A) Statutory Companies
(B) Registered Companies
(C) Chartered Companies
(D) Limited Liability Partnership Company
Answer: (A) Statutory Companies

89.When was the term Management Accounting coined?
(A)1970
(B)1950
(C)1940
(D)1931
Answer: (B) 1950

90.Which personnel of a financial firm play a key role in management accounting?
(A) Investors
(B)Managers
(C) Suppliers
(D)Customers
Answer: (B) Managers

91.All aspects of the merger need .
(A) Controlling
(B) Delegating
(C) Staffing
(D) Managing
Answer: (D) Managing

92. Companies Act’ 2013 consists of sections.
(A) 250
(B) 270
(C) 360
(D) 470
Answer: (D) 470

93. What year did the concept of sustainability first appear?
(A) 1992
(B) 1978
(C) 1980
(D) 1987
Answer: (C) 1980

94. The total of various heads of income is called:
(A) Total Income
(B) Gross Total Income
(C) Taxable Income
(D) Aggregate Income
Answer: (B) Gross Total Income

95. Which of the following is a demerit of barter system?
(A) Want of double coincidence
(B) Absence of money circulation
(C) Absence of natural resources
(D) Scarcity of goods
Answer: (A) Want of double coincidence

96. Difference between job time and attendance time is
(A) job time
(B) actual time
(C) over time
(D) idle time
Answer: (D) idle time

97. What is the primary goal of financial management?
(A)To minimize the risk
(B) To maximize the owner’s wealth
(C) To maximize the return
(D) To raise profit
Answer: (B) To maximize the owner’s wealth

98. Insurance helps to
(A) Prevent adverse situations from occurring
(B) Reduce the financial consequences of adverse situations
(C) Negate all consequences of adverse situations
(D) Make assets continuously productive
Answer: (B) Reduce the financial consequences of adverse situations.

99. What is the purpose of a pro forma invoice in the export process?
(A) To gather information about prospective buyers
(B) To assess the creditworthiness of the importer
(C) To provide details of the goods and terms of export
(D) To obtain an export license
Answer: (C) To provide details of the goods and terms of export.

100.What is the primary advantage of licensing?
(A) Greater control over manufacturing process
(B) Reduced financial investment required
(C) Access to new markets
(D) Improved brand recognition
Answer: (C) Access to new markets