General Knowledge Economics Practice Paper For CLAT 2020
GENERAL KNOWLEDGE – ECONOMICS
1. On the recommendation of which committee was NABARD established?
2. RBI was established on _____________.
1st April 1925
1st April 1935
1st April 1945
1St April 1955
trivia : It was established on the recommendation of – Hilton Young Committee
1st Governor : Osborne Smith
1st Governor ( Indian Origin) : CB Deshmukh
3. One Rupee note bears the signature of ___________
4. Which of the following organization is the Mutual Fund Market Regulator?
SEBI stands for Security exchange Board of India
5. What Does “T” in RTGS stand for ?
RTGS stands for Real Time Gross Settlement.
6. The Discounting rate at which RBI Borrows Government securities from commercial bank is known as ?
7. Which Among the following is an instrument of monetary policy used by the RBI?
CRR stands for Cash Reserve Ratio
8. RBI was nationalised in the year
9. When was Liberalized Exchange Rate Management System (LERMS) started in India ?
10. ___________ is the percentage of total deposits of a bank which it has to keep with itself in form of liquid Asset.
Statutory Liquidity Ratio (SLR)
Cash Reserve Ratio ( CRR)
Statutory Reserve Ratio
11. National Income of India is Estimated by –
Ministry of Statistics
Central Statistical Office
Ministry of Finance
12. The Exchange rate in India is dependent upon :
Demand Supply forces
II and III
I and II
I, II and III
13. ‘ Fiat Money’ is Defined as the Money which is
Accepted temporarily in lieu of Gold
Issued by Keeping Gold and Silver as Deposit
Decreed as Money by the government
14. In India which among the following is/are a part of legal Tender Money?
Both coins and currency notes
Both coins and bank drafts
Both currency notes and SDR’s
Only currency notes issued by RBI
15. Which of the following is not an instrument in the Hands of RBI to Check the inflation in our country?
Open Market Operations
Special Drawing Rights
Cash Reserve Ratio (CRR)
16. When RBI sells Government Securities, its result is that –
The Liquidity in the Banking System Increases
The Liquidity in the banking system remains unchanged
The liquidity In the banking system gets diminished
None of the above
17. Demand Pull Inflation can be caused by which among the following
A decline I consumption expenditure
A sharp increase in lending rates
A steep decline in Income Tax
An increase in direct taxation
18. RBI isn’t expected to play the role of –
Acting as cleaning House
Acting as banker to the government
Managing the forex
Accepting the deposits from general public
19. __________ is an agreement under which issuing Bank at the request of the Importer undertakes to make payment to the exporter against certain specified documents.
Bill of exchange
Letter of exchange
Letter of credit
Bill of entry
20. ____________ are the Beneficiaries of the “ Reserve Mortgage Scheme”.
Persons of BPL Category
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