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Economy - MOST IMPORTANT IB ACIO Previous Year Questions

Practice real questions from previous year exams of IB ACIO.

📘 Industrial Sector📚 Industrial Policy

Q1

How did the definition of ‘MRTP (Monopolies and Restrictive Trade Practices) Companies' evolve between 1969 and 1985 in terms of asset thresholds?

🎯 IB ACIO Grade-II 2025

A.

Increased from ₹ $\displaystyle 10$ crore to ₹ $\displaystyle 50$ crore

B.

Increased from ₹ $\displaystyle 25$ crore to ₹ $\displaystyle 100$ crore

C.

Reduced from ₹ $\displaystyle 50$ crore to ₹ $\displaystyle 25$ crore

D.

Remained fixed at ₹ $\displaystyle 25$ crore

📘 Fiscal Policy📚 FRBM Act (Fiscal Responsibility and Budget Management Act)

Q2

Under the Fiscal Responsibility and Budget Management Act, 2003, which of the following was banned after 2006-07?

🎯 IB ACIO Grade-II 2025

A.

Food subsidy release

B.

External sovereign bonds

C.

RBI financing of deficit

D.

Infrastructure grants to states

📘 Industrial Sector📚 Misc

Q3

According to ‘Indian Minerals Yearbook 2021', which of the following statements regarding Bauxite resources and production in India during 2020-21 are correct?

Odisha, contributing about 76% to national output, is the largest producer of bauxite, with key mining districts such as Lohardagga and Amarkantak.
Bauxite is primarily associated with laterite rocks and is generally found in regions with tertiary formations.
Maharashtra, with over 10% share in national production, is the second-largest producer of bauxite, ahead of Chhattisgarh and Gujarat.
Bauxite is used not only in the production of aluminium and its alloys but also in refractories, paints and chemical industries.

🎯 IB ACIO Grade-II 2025

A.

$\displaystyle 2$ , $\displaystyle 3$ and $\displaystyle 4$ only

B.

$\displaystyle 2$ and $\displaystyle 4$ only

C.

$\displaystyle 1$ , $\displaystyle 2$ and $\displaystyle 3$ only

D.

$\displaystyle 1$ and $\displaystyle 3$ only

📘 Tax Structure in India📚 Misc

Q4

What is 'Udranga' under the Gupta administration?

🎯 IB ACIO Grade-II 2025

A.

Name of a king

B.

Title of a king

C.

A type of army

D.

A tax

📘 Five Year Plans in India📚 First Five Year Plan

Q5

Which of the given statements is/are INCORRECT regarding the five year plans of India?

The First Five-Year Plan prioritised agricultural development to address food security.
The First Five-Year Plan was based on Harrod-Domar Model.

🎯 IB ACIO Grade-II 2025

A.

Statement $\displaystyle 2$ only

B.

Statement $\displaystyle 1$ only

C.

Both Statement $\displaystyle 1$ and Statement $\displaystyle 2$

D.

Neither Statement $\displaystyle 1$ nor Statement $\displaystyle 2$

📘 External Sector in India📚 Foreign Exchange Regulation Act (FERA)

Q6

Which of the following policies replaced the Foreign Exchange Regulation Act (FERA) during the economic reforms in the Indian Economy?

🎯 IB ACIO Grade-II 2025

A.

FIMC – Foreign Investment Management Code

B.

FEMA - Foreign Exchange Management Act

C.

FRMA – Foreign Reserve Monitoring Act

D.

FIAC – Foreign Investment and Audit Code

📘 Agriculture Sector📚 Agricultural Revolutions and Missions

Q7

Which seed scientist's work laid the foundation of the Green Revolution globally?

🎯 IB ACIO Grade-II 2025

A.

MS Swaminathan

B.

Norman Borlaug

C.

GK Chadha

D.

V Kurien

📘 Tax Structure in India📚 Goods and Services Tax (GST)

Q8

Which Constitutional Amendment introduced the Goods and Services Tax (GST) in India?

🎯 IB ACIO Grade-II 2025

A.

$\displaystyle 100$ th

B.

$\displaystyle 101$ st

C.

$\displaystyle 103$ rd

D.

$\displaystyle 102$ nd

📘 Literacy📚 India

Q9

According to the 2011 Census, the literacy rate of males in India is approximately ______.

🎯 IB ACIO–II/Exe Examination–17-01 2024 (Tier–I) Shift-I

A.

$\displaystyle 82$ %

B.

$\displaystyle 74$ %

C.

$\displaystyle 79$ %

D.

$\displaystyle 76$ %

📘 National Income Concepts and Methods of Calculation📚 Disposable Personal Income

Q10

Net direct tax is included in ______.

🎯 IB ACIO–II/Exe Examination–17-01 2024 (Tier–I) Shift-I

A.

Net current transfers

B.

Personal disposable income

C.

National disposable income

D.

Personal tax

📘 Infrastructure📚 Role of Infrastructure in different Sectors

Q11

Consider the following statements:

Tehri Dam, located on the Bhagirathi River in Uttarakhand, is the highest dam in India.
Kakrapar Atomic Power Plant is located in Tapi, Gujarat.
Narora Atomic Power Centre, located in Uttar Pradesh, is a major contributor to India's nuclear energy production.
Which of the above statements is/are correct?

🎯 IB ACIO–II/Exe Examination–17-01 2024 (Tier–I) Shift-I

A.

$\displaystyle 1$ , $\displaystyle 2$ and $\displaystyle 3$

B.

Only $\displaystyle 2$ and $\displaystyle 3$

C.

Only $\displaystyle 1$ and $\displaystyle 3$

D.

Only $\displaystyle 1$ and $\displaystyle 2$

📘 Infrastructure📚 Role of Infrastructure in different Sectors

Q12

Consider the following statements regarding India's first Regional Rapid Transit System (RRTS):

It was inaugurated by Prime Minister Narendra Modi.
It was inaugurated on 20 October 2023.
It comes under the Ministry of Housing and Urban Affairs.
Delhi-Ghaziabad-Meerut RRTS corridor is India's first RRTS corridor.
Which of the above statements is/are incorrect?

🎯 IB ACIO–II/Exe Examination–17-01 2024 (Tier–I) Shift-I

A.

Statement $\displaystyle 1$

B.

Statement $\displaystyle 4$

C.

None of the above

D.

Statement $\displaystyle 2$ and $\displaystyle 3$

📘 Agriculture Sector📚 Agricultural Revolutions and Missions

Q13

Which of the following were aspects of the Green Revolution?
A. Use of high yielding variety seeds
B. Mechanization of agriculture
C. Use of chemical fertilizers and pesticides
D. Irrigation

🎯 IB ACIO–II/Exe Examination–17-01 2024 (Tier–I) Shift-I

A.

A, B, C, D

B.

Only A, C, D

C.

Only B, C, D

D.

Only A, B, C

📘 Important Indexes and Reports📚 Human Development Index

Q14

Consider the following statements:

In HDI (Human Development Index), the average achievement of a country is assessed in three dimensions: long and healthy life, knowledge, and a decent standard of living.
Kerala has consistently been at the top among Indian states in HDI ranking.
According to the Human Development Report 2021-22, India ranks 135th out of 191 countries, behind Bangladesh (129) and Sri Lanka (73).
Which of the above statements is/are correct?

🎯 IB ACIO–II/Exe Examination–17-01 2024 (Tier–I) Shift-I

A.

Only $\displaystyle 2$ and $\displaystyle 3$

B.

Only $\displaystyle 1$ and $\displaystyle 3$

C.

$\displaystyle 1$ , $\displaystyle 2$ and $\displaystyle 3$

D.

Only $\displaystyle 1$ and $\displaystyle 2$

📘 Important Indexes and Reports📚 Human Development Index

Q15

Consider the following statements:

HDI is a composite index that considers life expectancy at birth, average years of schooling, expected years of schooling, and per capita gross national income.
According to the UNDP report, a decline was observed in India's HDI value during the COVID-19 pandemic.
In India, the HDI of the female population is historically lower than that of the male population.
In Inequality-adjusted Human Development Index (IHDI), inequality in the distribution of each dimension across the population is considered.
Which of the above statements are correct?

🎯 IB ACIO–II/Exe Examination–17-01 2024 (Tier–I) Shift-I

A.

Only $\displaystyle 2$ , $\displaystyle 3$ and $\displaystyle 4$

B.

$\displaystyle 1$ , $\displaystyle 2$ , $\displaystyle 3$ and $\displaystyle 4$

C.

Only $\displaystyle 1$ , $\displaystyle 2$ and $\displaystyle 4$

D.

Only $\displaystyle 1$ , $\displaystyle 3$ and $\displaystyle 4$

📘 Health Related Plans📚 Health related plans information

Q16

Consider the following statements regarding "National Family Health Survey 2023-24":

This is the sixth survey of the NFHS series.
It was conducted by ICMR and National AIDS Research Institute (NARI), Pune.
Financial assistance was provided by ICMR and National AIDS Research Institute (NARI), Pune for some clinical, anthropometric and biochemical (CAB) tests.
Which of the above statements is/are correct?

🎯 IB ACIO–II/Exe Examination–17-01 2024 (Tier–I) Shift-I

A.

All are correct

B.

Statement $\displaystyle 2$

C.

Statement $\displaystyle 1$ and $\displaystyle 2$

D.

Statement $\displaystyle 2$ and $\displaystyle 3$

📘 Major Schemes📚 Other Schemes

Q17

Who are the eligible beneficiaries of Abua Awas Yojana?
A) Homeless or destitute persons.
B) Members of Particularly Vulnerable Tribal Groups (PVTGs) will get priority.
C) Current or retired government or semi-government employees.
Select the correct option:

🎯 IB ACIO–II/Exe Examination–17-01 2024 (Tier–I) Shift-I

A.

A, B, C

B.

A, C

C.

A, B

D.

B, C

📘 Agriculture Sector📚 Agricultural Revolutions and Missions

Q18

Which of the following were negative effects of Green Revolution?
(A) Increase in economic inequality between regions.
(B) Deficiency of micronutrients.
(C) Decrease in groundwater level.
(D) Physical and chemical degradation of soil.

🎯 IB ACIO–II/Exe Examination–17-01 2024 (Tier–I) Shift-I

A.

Only A, C, D

B.

Only B, C, D

C.

A, B, C, D

D.

Only A, B, C

📘 Infrastructure📚 Role of Infrastructure in different Sectors

Q19

Match the following ports with their respective states:
List-I (Port): A. Kandla, B. Haldia, C. Cochin, D. Paradip
List-II (State): (i) Odisha, (ii) West Bengal, (iii) Kerala, (iv) Gujarat

🎯 IB ACIO–II/Exe Examination–17-01 2024 (Tier–I) Shift-I

A.

A-iv B-ii C-iii D-i

B.

A-ii B-iii C-i D-iv

C.

A-i B-iv C-ii D-iii

D.

A-iii B-i C-iv D-ii

📘 Indian Population📚 India

Q20

According to the 2011 Census, in which state is the percentage of Jain population the highest?

🎯 IB ACIO–II/Exe Examination–17-01 2024 (Tier–I) Shift-I

A.

Maharashtra

B.

Delhi

C.

Gujarat

D.

Rajasthan

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