Indian Economics GK Quiz for SSC Exams
For the first time, the objective of self-reliance was incorporated in the ____ Five-Year Plan.
(A) 3rd
(B) 2nd
(C) 5th
(D) 1st
Correct Answer : A
Explanation :
The Fourth Five-Year Plan, spanning from 1969 to 1974, was implemented during the tenure of Indira Gandhi as Prime Minister, aimed at rectifying past shortcomings. It was developed following the Gadgil Formula and prioritized achieving growth with stability, as well as promoting self-reliance.
What are the examples of car and diesel?
(A) demand
(B) supply
(C) joint supply
(D) joint demand
Correct Answer : D
Which one of the following factors does not shift the demand curve for a product to the right?
(A) to advertise successfully
(B) fall in the price of its complements
(C) increase in the price of its substitutes
(D) fall in the price of the product itself
Correct Answer : B
Explanation :
A change in the price of a good does not shift the demand curve. Instead, it causes a movement along the demand curve.
The cost of advertising is called
(A) implicit cost
(B) surplus cost
(C) fixed cost
(D) selling cost
Correct Answer : D
Explanation :
The cost incurred in advertising is called selling cost.
The demand for which of the following goods is elastic?
(A) electricity
(B) medicine
(C) rice
(D) match box
Correct Answer : A
Explanation :
Among the given options, only the demand for electricity is elastic, whereas the demand for medicine, rice and matchbox is inelastic.
At a premium of Re 1, what amount of insurance cover is provided by the Indian Railways to the passengers?
(A) One lakh
(B) Fifty thousand
(C) Ten lakh
(D) Five lakh thousand
Correct Answer : C
Explanation :
Indian Railway: Get up to Rs 10 lakh insurance by paying just Re 1 - check how.
India's GST is based on the model of which country?
(A) Canada
(B) England
(C) France
(D) America
Correct Answer : A
Explanation :
Neo Malthusian theory is related to which of the following?
(A) Poverty
(B) Employment
(C) Lack of resources
(D) Income
Correct Answer : C
Explanation :
Neo-Malthusianism is the advocacy of population control programs, to ensure resources for current and future populations.
What would be the effect on the cash reserves of commercial banks if RBI sells the securities?
(A) increase or decrease
(B) decrease
(C) increase
(D) No effect
Correct Answer : B
Explanation :
If RBI conducts a sale of securities, it absorbs liquidity in the economy thereby reducing Cash Reserves in commercial banks.
What is produced by monopolistic competition?
(A) close substitute
(B) perfect substitute
(C) complementary goods
(D) homogeneous objects
Correct Answer : A
Explanation :
Monopolistic competition is a type of market structure where many companies are present in an industry, and they produce similar but differentiated products. None of the companies enjoy a monopoly, and each company operates independently without regard to the actions of other companies.
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Rajesh Bhatia
A Writer, Teacher and GK Expert. I am an M.A. & M.Ed. in English Literature and Political Science. I am highly keen and passionate about reading Indian History. Also, I like to mentor students about how to prepare for a competitive examination. Share your concerns with me by comment box. Also, you can ask anything at linkedin.com/in/rajesh-bhatia-7395a015b/.
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