Explore your knowledge of the Indian Economy and Economics GK by solving questions and answers provided below within the article. within the majority of designs of competitive exams; questions that supported the Indian Economy are asked. Here, we have compiled quite questions on the varied sections of the Indian Economy and Economics GK which will be very useful for each quite competitive exam like UPSC, PSC, SSC, CDS, and others.
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Q : Who is known as the father of Blue Revolution in India?
(A) Verghese Kurien
(B) Sam Pitroda
(C) Hiralal Chaudhuri
(D) M.S. Swaminathan
Hiralal Chaudhuri and Dr. Arun Krishnsnan are known as Father of Blue revolution. The Blue Revolution in India was launched during the 7th Five Year Plan (1985-1990) during the sponsorship of the Fish Farmers Development Agency (FFDA) by the Central Government of India.
Labour Intensive Technique would get chosen in a–
(A) Labour Surplus Economy
(B) Capital Surplus Economy
(C) Developed Economy
(D) Developing Economy
Expl:- Labour Intensive Technique will be chosen in Labour Surplus Economy because in such economy labour cost is low.
The Relationship between rate of interest and consumption level was firstly estimated by–
(A) Amartya Sen
(B) Milton Freedman
(C) Irwing Fischer
(D) James Duezan Berry
Explain: -With increase in rate of interest there is decrease in consumption level i.e. there is inverse relation between rate of interest and consumption level.
Rent is a cost paid for–
(A) Land
(B) Restaurant
(C) Building
(D) Factory
Explain: -Rent is a cost paid for land as wages and interest are paid for labour and capital respectively.
The Social Accounting system in India is classified into–
(A) Assets, Liabilities and Debt Position
(B) Public sector, Private Sector and Joint Sector
(C) Income, Product and Expenditure
(D) Enterprise, Households and Government
Explain: -The Social Accounting system in India is classified into income, Product and Expenditure Social accounting (also known as social accounting and auditing, social accountability, social and environmental accounting, corporate social reporting, corporate social responsibility reporting, non-financial reporting or accounting) is the process of communicating the social and environmental effects of organizations.
“Micro” and “Macro” words was firstly used by–
(A) Ragnar Frisch
(B) I. Fischer
(C) James Tobin
(D) Garle
Explain: -In 1933, Ragnar Frisch firstly used the words “Micro” and “Macro”
The capital of IMF is made up by the contribution of–
(A) Credit
(B) Deficit Financing
(C) Member Nations
(D) Borrowings
Explain: -IMF was established on 27th Dec 1945 by Bretton Woods conference. It started working from 1st March, 1947. Every member nations gives 25% money in terms of gold or US dollars.
Which among of the following is not a positive sign for any industry.
(A) Decrease in profit
(B) Labour instability
(C) Decrease in market
(D) Decrease in demand
Explain: -Decrease in profit is not a sudden positive sign.
IMF was established to meet which of the following objectives.
(i) Promoting International Monetary Cooperation
(ii) Expending International Trade
(iii) Lessening the inequlibrium in trade
(iv) Avoiding competitive exchange depreciations.
(A) i,ii,iii
(B) i, iii, iv
(C) ii, iv
(D) i, ii, iii, iv
Explain: -IMF stands for international monetary fund. It publishes “World Economic outlook” every year, IMF is an organisation of 189 countries, working to faster global monetary co-orperation, secur. The International Monetary Fund (IMF) is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
What will happen if labour productivity is increased?
(A) Balanced cash wage will decrease
(B) Competitive firms will be forced to invest more
(C) Labour demand curve will shift towards right
(D) None of the above.
Explanation:- If there is low marginal labour production, then after giving wages there will be profit from marginal labourer. Ultimately, demand of labour will increase and labour demand curve will shift towards right.
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