Economics GK Quiz with Answers

The head office of India's Insurance Regulatory and Development Authority (IRDAI) is in Hyderabad. 

Insurance Regulatory and Development Authority of India (IRDAI): It was constituted by the recommendations of the Malhotra Committee report, in 1999. 

It is an autonomous body. 

It regulates and develops the insurance industry. 

The IRDA was incorporated as a statutory body in April 2000. Objective: Enhance customer satisfaction through increased consumer choice and lower premiums while ensuring the financial security of the insurance market. 

Today there are 34 general insurance companies and 24 life insurance companies operating in the country.

Following the recommendations of the Malhotra Committee report, in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry.

mportant Points Statement (A) is correct: Population density is the number of people living in a unit area of the earth’s surface. How crowded a country is, has little to do with its level of economic development. For example, both Bangladesh and Japan are very densely populated but Japan is far more economically developed than Bangladesh. Hence, an economically developed country could be a densely populated country. Statement (B) is not correct: The number of women and men in a country is an important demographic characteristic. The ratio between the number of women and men in the population is called the Sex Ratio. The sex ratio is an important information about the status of women in a country. In regions where gender discrimination is rampant, the sex ratio is bound to be unfavourable to women. Such areas are those where the practice of female foeticide, female infanticide and domestic violence against women are prevalent. One of the reasons could be lower socio-economic status of women in these areas. However more women in the population's base does not mean they have a better status. It could be that the men might have migrated to other areas for employment. Statement (C) is correct: Population composition refers to the structure of the population. The composition of population helps us to know how many are males or females, which age group they belong to, how educated they are and what type of occupations they are employed in, what their income levels and health conditions are. An important tool for studying the population composition of a country is by looking at the population pyramid.

Child insurance plan is an investment cum insurance plan from life insurance companies, which offers financial safety to your child's dreams and goals. You can use a child insurance plan to invest in the big life goals of your child like higher education and marriage.

The Competition (Amendment) Bill, 2022 proposes to reduce the timeline for the CCI to pass an order on transactions from 210 days to 150 days. It seeks to amend the Competition Act, 2002. The Act prohibits any person or enterprise from entering into a combination which may cause adverse effect on competition.

Industrial regions emerge when several industries locate close to each other and share the benefits of their closeness. Major industrial regions of the world are eastern North America, western and central Europe, eastern Europe and eastern Asia.

Corridor: The MSF rate and reverse repo rate determine the corridor for the daily movement in the weighted average call money rate.

The consumption function is an economic formula that measures the relationship between income and total consumption of goods and services in the economy. The consumption function was introduced by John Maynard Keynes.

When the demand of a quantity does not change as a result of a change in the price of a commodity, the demand of that commodity is called a perfectly inelastic demand. In this case, the elasticity of demand is zero.

Due to a mismatch in skills of the unemployed & skills needed for the available jobs Structural unemployment occurs. Structural unemployment is basically a type of long-term unemployment caused by shifts in the economy.