OTEE Economics and Finance 2

Question 1

Which Five Year Plan in India was based on the Harrod-Domar model?

Accepted Answer

First Five Year Plan

Answer

The First Five Year Plan (1951–56) was based on the Harrod-Domar model and focused primarily on agriculture and irrigation.

Question 2

NITI Aayog replaced which body in 2015?

Accepted Answer

Planning Commission

Answer

NITI Aayog (National Institution for Transforming India) replaced the Planning Commission on January 1, 2015.

Question 3

The term 'Balance of Payments' refers to:

Accepted Answer

Record of all economic transactions between a country and the world

Answer

The Balance of Payments is a comprehensive record of all economic transactions between residents of a country and the rest of the world over a period.

Question 4

What is 'Repo Rate'?

Accepted Answer

Rate at which RBI lends money to commercial banks

Answer

Repo Rate is the interest rate at which the Reserve Bank of India lends short-term money to commercial banks against government securities.

Question 5

Goods and Services Tax (GST) in India was implemented on:

Accepted Answer

July 1, 2017

Answer

GST was implemented in India on July 1, 2017, replacing a complex system of central and state indirect taxes.

(OTEE) Officer Trainee Entrance Exam Practice Test

(OTEE) Officer Trainee Entrance Exam Practice Test

OTEE Economics and Finance 2