Previous year MCQs

Economy UPPSC 1995 GS-I
Question

Who amongst the following benefits most from inflation?

Answer & Solution

Answer: (Detailed Solution Below)

Option B: Debtors

Detailed Solution:

The correct answer is “Debtors”.
Debtors benefit from inflation because the money they repay becomes less valuable over time. In other words, they pay back the loan with money that is worth less than when they borrowed it.

Similar Questions:

At present the share of agriculture in the Gross Domestic Product of India is in the range of:
  1. A) 10-15 per cent
  2. B) 16-20 per cent
  3. C) 21-25 per cent
  4. D) 26-30 per cent
Consider the following statements and select the correct answer using the code given below:

Assertion (A): Educated unemployment increases with high rate of economic growth.
Reason (R): It happens only when there is lack of professional education.

Code:
  1. A) Both A and R are correct and R is the correct explanation of A
  2. B) Both A and R are correct but R is not the correct explanation of A
  3. C) A is true but R is false
  4. D) A is false but R is true
The most appropriate measure of a country’s economic growth is its:
  1. A) Gross Domestic Product (GDP)
  2. B) Net Domestic Product (NDP)
  3. C) Net National Product (NNP)
  4. D) Per Capital Product (PCP)
Which of the following is an element?
  1. A) Sand
  2. B) Diamond
  3. C) Marble
  4. D) Sugar
Recent tax reforms in India have been undertaken on the recommendations of committee headed by:
  1. A) Raja Chelliah
  2. B) N.Narsimhan
  3. C) R.N. Malhotra
  4. D) Arjun Sen Gupta
ECGC is related to:
  1. A) Export promotion
  2. B) Export financing and insurance
  3. C) Export quality certification
  4. D) Export statistics publication
Balance of Payment includes
  1. A) Visible Trade
  2. B) Invisible Trade
  3. C) Debts
  4. D) All the above
Muslim League was established in 1906 at:
  1. A) Bombay
  2. B) Lahore
  3. C) Dhaka
  4. D) Delhi
Constituent Assembly of India was established on:
  1. A) 10.06.1946
  2. B) 06.12.1946
  3. C) 26.11.1949
  4. D) 26.12.1949
How many times Financial Emergency has been declared in India so far?
  1. A) 5 times
  2. B) 4 times
  3. C) Once
  4. D) Never
Which of the following is not an economic activity?
  1. A) Farming
  2. B) Service
  3. C) Voluntary Social Service
  4. D) Transportation
Trade related intellectual property rights over the following:

1. trademarks
2. industrial designs
3. geographical indications
4. Labour standards

Choose the correct answer with the aid of the code given below:
Code:
  1. A) 1 only
  2. B) 1 and 2
  3. C) 1, 2 and 3
  4. D) all of the above