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Indian Economics General Knowledge Questions and Answers

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Economics General Knowledge

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Indian Economics General Knowledge Questions and Answers          

  Q :  

How many member is in the GST Council of India?

(A) 33

(B) 34

(C) 36

(D) 27

Correct Answer : A

Q :  

The gradation and standardization of agricultural products are conducted through

(A) Food Corporation of India

(B) Directorate of Marketing and Inspection

(C) Indian Standards Institution

(D) Central Statistical Organization

Correct Answer : B

Q :  

What kind of economy is there in India?

(A) socialist

(B) Mixed

(C) Free

(D) Gandhian

Correct Answer : B

Q :  

Deficit financing means the government borrows money from the – 

(A) International Monetary Fund

(B) Ministry of Finance

(C) Reserve Bank of India

(D) World Trade Organization

Correct Answer : C

Q :  

Which among the following formulates fiscal policy? 

(A) RBI

(B) Finance Ministry

(C) SEBI

(D) Planning Commission

Correct Answer : A

Q :  

The Economic development depends on-

(A) Natural resources

(B) Capital formation

(C) Size of the market

(D) All of these

Correct Answer : D

Q :  

Value of Total Goods and Services produced in a country is its _____________ .

(A) Gross Domestic Product

(B) Gross Revenue Income

(C) Total Goods Revenue

(D) Total Income

Correct Answer : A

Q :  

What is the demand for labor called?

(A) Market demand

(B) Direct demand

(C) Derived demand

(D) Factory demand

Correct Answer : C

Q :  On which great mahatma's name is "National Rural Employment Guarantee Scheme?"

(A) Rajeev Gandhi

(B) Mahatama Gandhi

(C) Indira Gandhi

(D) Jawahar Lal Nehru

Correct Answer : B
Explanation :

The Government of India passed the Mahatma Gandhi National Rural Employment Guarantee Act, 2005 in September, 2005. The Act gives legal guarantee of a hundred days of wage employment in a financial year to adult members of a rural household who demand employment and are willing to do unskilled manual work.


Q :  

The process of curing inflation by reducing money supply is called 

(A) Cost - push inflation

(B) Demand - pull inflation

(C) Disinflation

(D) Reflation

Correct Answer : C

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