WBCS (West Bengal) · Previous Year Questions
Economy
14 WBCS Economy questions from past papers (2021–2022), each with the answer and a full solution. Economy, banking, budget, taxation and planning.
WBCS 20227 questions
- Q1
West Bengal Industrial Development Corporation Ltd. (WBIDC) was established in
- A1967
- B1981
- C1977
- D1983
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Correct answer: (A) 1967
The West Bengal Industrial Development Corporation Ltd. (WBIDC) was established in 1967 as the state's industrial promotion agency.
- Q2
The Reserve Bank of India was established in the year
- A1930
- B1935
- C1947
- D1951
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Correct answer: (B) 1935
The Reserve Bank of India was established on 1 April 1935 under the RBI Act, 1934, following the recommendations of the Hilton Young Commission.
- Q3
Which of the following taxes is within the Jurisdiction of the Central Government?
- ACorporation Tax
- BProfessional Tax
- CLand Revenue
- DExcise on alcoholic liquors
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Correct answer: (A) Corporation Tax
Corporation Tax (tax on company profits) is levied and collected by the Central Government; professional tax, land revenue and excise on alcoholic liquor fall under state jurisdiction.
- Q4
The earlier name of WTO was
- AUNCTAD
- BGATT
- CUNIDO
- DOECD
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Correct answer: (B) GATT
The World Trade Organization (WTO), established in 1995, replaced the earlier General Agreement on Tariffs and Trade (GATT).
- Q5
SEBI stands for the
- AState Earnings Board of India
- BSecurities and Exchange Bank of India
- CSecurities and Exchange Board of India
- DState Exchange Bank of India
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Correct answer: (C) Securities and Exchange Board of India
SEBI stands for the Securities and Exchange Board of India, the statutory regulator of the country's securities market.
- Q6
Jawahar Rozgar Yojana for rural employment was started in the year
- A1959
- B1979
- C1969
- D1989
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Correct answer: (D) 1989
The Jawahar Rozgar Yojana, a rural wage-employment programme, was launched in 1989 by merging NREP and RLEGP.
- Q7
The name of Prasanta Chandra Mahalanobis is associated with
- AFirst Five-Year Plan
- BSecond Five-Year Plan
- CThird Five-Year Plan
- DFourth Five-Year Plan
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Correct answer: (B) Second Five-Year Plan
Statistician P.C. Mahalanobis designed the model underlying the Second Five-Year Plan (1956-61), which emphasised heavy industry.
WBCS 20217 questions
- Q8
Which is the Direct Tax in India?
- AVAT
- BGST
- CWealth Tax
- DExcise Duty
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Correct answer: (C) Wealth Tax
Wealth Tax is a direct tax, levied directly on a person's assets/net worth. VAT, GST and Excise Duty are indirect taxes passed on to the consumer.
- Q9
Neeti Ayog was formed on
- AJanuary 1, 2015
- BJanuary 1, 2016
- CJanuary 1, 2017
- DJanuary 1, 2018
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Correct answer: (A) January 1, 2015
NITI Aayog (National Institution for Transforming India) was constituted on 1 January 2015, replacing the Planning Commission as the government's premier policy think-tank.
- Q10
In West Bengal, Export Processing Zone (EPZ) has started functioning at
- ARaichak
- BFalta
- CKakdwip
- DHaldia
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Correct answer: (B) Falta
Falta, in South 24 Parganas, is the site of West Bengal's Export Processing Zone (now a Special Economic Zone), set up to promote export-oriented industries.
- Q11
The responsibility for printing currency notes in India lies in the hand of
- AMinistry of Finance
- BPrime Minister's office
- CReserve Bank of India
- DState Bank of India
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Correct answer: (C) Reserve Bank of India
The Reserve Bank of India is responsible for printing and issuing currency notes (except the Re 1 note, issued by the Ministry of Finance), under the RBI Act, 1934.
- Q12
Inflation is
- Aone time price level rise.
- Bincreasing profits in production.
- Cincrease in deficit financing.
- Dcontinuous increase in price level.
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Correct answer: (D) continuous increase in price level.
Inflation is defined as a sustained, continuous rise in the general price level over time, which reduces the purchasing power of money. A one-time price rise is not inflation.
- Q13
Which commodity tops the current list of imported commodity of India?
- AGold
- BPlatinum
- CPetrolium products
- DPetrolium crudes
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Correct answer: (D) Petrolium crudes
Crude petroleum (petroleum crude) tops India's import bill, as the country imports the bulk of its oil to meet domestic energy demand; it is distinct from refined petroleum products.
- Q14
When was the First Industrial Policy resolution taken?
- A1956
- B1947
- C1948
- D1951
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Correct answer: (C) 1948
India's first Industrial Policy Resolution was adopted in 1948, laying down a mixed-economy framework; the more comprehensive and better-known IPR came later in 1956.