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Updated: Apr 4, 2021


1. Assertion (A): Total income is not such a useful measure for comparison between countries.


Reason (R): Countries have different populations, comparing total income will not tell us what an average person is likely to earn.


a) Both A and R are true and R is the correct explanation of A

b) Both A and R are true but R is not the correct explanation of A

c) A is correct but R is wrong

d) A is wrong but R is correct


2. State True or False:


Grameen Bank is the success story that met the credit needs of the poor at reasonable rates in Bangladesh.


3. Assertion (A): Local businesses may set up a joint production process with MNCs and earn higher profits.


Reason (R): MNCs can provide money for additional investments, like buying new machines for faster production.


a) Both A and R are true and R is the correct explanation of A

b) Both A and R are true but R is not the correct explanation of A

c) A is correct but R is wrong

d) A is wrong but R is correct



4) Assertion (A): One cannot refuse a payment made in rupees in India.


Reason (R): It is authorized by the government of India.


a) Both A and R are true and R is the correct explanation of A

b) Both A and R are true but R is not the correct explanation of A

c) A is correct but R is wrong

d) A is wrong but R is correct



5) Assertion (A): Lenders ask for collateral while lending.


Reason (R): In case the borrower fails to repay the loan, the lender has the right to sell the asset or collateral to recover the loan money.


a) Both A and R are true and R is the correct explanation of A

b) Both A and R are true but R is not the correct explanation of A

c) A is correct but R is wrong

d) A is wrong but R is correct


6) Fill in the blank


Modern forms of money include ________ notes and coins.

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