Indian Economics GK Quiz Questions
When there is affect on economic activity of an specific country due to import and export, then such economy are called-
(A) Closed economy
(B) Open economy
(C) Agricultural economy
(D) Industrial economy
Correct Answer : B
Explanation :
Explain: -When there is change in economy due to import and export, then such economy is called Open economy. India enacted Open economy in 1991.
The Worldwide great depression happens in which year-
(A) 1936
(B) 1929
(C) 1928
(D) 1930
Correct Answer : C
Explanation :
Explain: -The duration of great depression was different for different for different countries, but the starting of depresion was 1929-32. The unemployment of America increase by +607%. Similiarly in Germany by +214% & France by +214%.
Which among the following is not the investment of goods & services?
(A) Cost of machinery
(B) Increase in cost of raw goods
(C) Increasing department of company
(D) Cost of buying a house.
Correct Answer : C
Explanation :
Explain: -Increasing the department of company is not the matter of investment on goods and services
Preparing butter and ghee for household consumption of own family is a part of –
(A) Household investment production
(B) Industrial production
(C) Consumption
(D) Own Account Production
Correct Answer : D
Explanation :
Explain: -Preparing butter and ghee by a family for household consumption is a part of own account production.
Multinational firm is–
(A) A company started by foreign governments
(B) A single company established in different countries
(C) A company in India started by U.S. government
(D) A company started jointly by India and U.S. Ans.
Correct Answer : B
The best Example of capital intensive industry in India is-
(A) Textile industry
(B) Steel industry
(C) Tourism industry
(D) Spare goods industry.
Correct Answer : B
Explanation :
Explain: -Intensive industry are those industries which need large amount of capital for investment.
Internal profit–
(A) Happens when internal trade expands
(B) Happens when business expands
(C) Happens in economy when they increase
(D) Happens in firms when they expand their product
Correct Answer : D
Explanation :
Explain: -Internal profit are made to firms when they expand their products. High level productivity, labour-division and modern equipments when used in better way, then internal profit is made. They are called as internal because firms increase their quality & quantity of production then only they gain internal profit.
The Removal of prohibitions and hindrance by the government is called.
(A) Globalisation
(B) Privatisation
(C) Liberalisation
(D) Bilateral understanding.
Correct Answer : C
Which of the following is related to South-South debate?
(A) Cooperation between developing countries
(B) Defence Organisation
(C) Sitting between developed & developing countries
(D) All of the above.
Correct Answer : A
Explanation :
Explain: -South-South organization was held from 14-16 December 1978 in Tanzania. Its aim was to put focus for “new international economic view.”
In a economy “Development Stage” means-
(A) Starting of steadily increasing economy
(B) Bad economy
(C) Economy is on the verge of destroying
(D) All tariff to be removed.
Correct Answer : A
Explanation :
Explain: -In economy “development stage” means starting of steadily increasing economy
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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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