Indian Economy Quiz with Answers

Indian Economy Quiz with Answers
Q :  

Which of the following is NOT a public sector insurance company?

(A) United India Insurance Company Limited

(B) The New India Assurance Company Limited

(C) SBI Life Insurance

(D) General Insurance Corporation of India


Correct Answer : C
Explanation :

There are public sector insurance companies.

1. United India Insurance Company Limited

2. The New India Assurance Company Limited

3. General Insurance Corporation of India


Q :  

As per the recommendations of the National Statistical Commission, the Base Year of the GDP Series in India was revised from 2004-05 to ______ with effect from January 2015.

(A) 2011-12

(B) 2013-14

(C) 2005-06

(D) 2009-10


Correct Answer : A
Explanation :

1. From January 2015, as per the recommendations of the National Statistical Commission, the GDP in India The base year of the (GDP) series was revised from 2004-05 to 2011-12.


Q :  

In India, which of the following statements about the National Investment Fund is true?
 Statements:
 I. It was created in 2005.
 II. 75% of its annual income was to be used for schemes promoting health, education and employment.
 III. It was dissolved in 2018.

(A) Only statement I

(B) Only statement II

(C) Only statements I and III

(D) Only statements I and II


Correct Answer : D
Explanation :

All the statements about the National Investment Fund in India are true.

I. It was created in 2005.

II. 75% of its annual income was to be used for schemes promoting health, education and employment.


Q :  

Which of the following is considered a capital expense?

(A) Pension  

(B) Payment of salaries  

(C) Subsidies

(D) Construction of school buildings


Correct Answer : D
Explanation :

1. Capital expenditure is money spent by the government on the development of machinery, equipment, buildings, health facilities, education etc.

2. It also includes expenditure by the government on the acquisition of fixed assets like land and investments which give future profits or dividends.

3. Creation of assets as well as repayment of loans is also capital expenditure, as it reduces liability.


Q :  

In which year did the Government of India set up the first mutual fund by an Act of Parliament?

(A) 1979

(B) 1982

(C) 1963

(D) 1971


Correct Answer : C
Explanation :

1. The mutual fund industry in India began in 1963 with the formation of UTI by an Act of Parliament in 1963 and functioned under the regulatory and administrative control of the Reserve Bank of India (RBI).

2. Unit Trust of India (UTI) was established by an Act of Parliament in 1963.

3. UTI is the first mutual fund company established in India.


Q :  

Which of the following is/are one of the United Nations Sustainable Development Goals?

(A) Zero Hunger

(B) Climate Action

(C) Life Below Water

(D) Quality Education

(A) A, B, C and D

(B) A and B

(C) B and C

(D) A, C and D


Correct Answer : A
Explanation :

All these are the main goals of the United Nations Sustainable Development Goals.

(A) Zero Hunger
 (B) Climate Action
 (C) Life Below Water
 (D) Quality Education

Major goals of the UN Sustainable Development Goals:

1. Poverty Eradication: End extreme poverty for all people everywhere by 2030.

2. End hunger: Ensure food security and improved nutrition for all by 2030 and promote sustainable agriculture.

3. Health and Well-Being: To promote healthy lives and well-being for people of all ages.

4. Education for all: To ensure inclusive and equitable quality education for all by 2030.

5. Gender equality: Achieving gender equality and promoting the empowerment of women and girls.

6. Clean water and sanitation: Ensuring safe and accessible clean water and sanitation services for all.


Q :  

Assume that the exchange rate between the US Dollar and the Indian Rupee is $1 = ₹55. Now if this exchange rate increases to $1 = ₹60, then in this situation the Indian Rupee has depreciated against the US Dollar.

(A) depreciated

(B) appreciated

(C) appreciated

(D) overvalued


Correct Answer : A
Explanation :

मान लीजिए कि अमेरिकी डॉलर और भारतीय रुपये के बीच विनिमय दर $1= ₹55 है। अब यदि यह विनिमय दर बढ़कर $1 = ₹60 हो जाती है, तो इस स्थिति में अमेरिकी डॉलर की तुलना में भारतीय रुपये का _______ हुआ है।


Q :  

The national census does NOT recognise ______ groups within India.

(A) tribal

(B) ethnic

(C) religious

(D) scheduled caste


Correct Answer : B
Explanation :

A. National census does not identify ethnic groups within India.

B. Here are examples of some specific groups identified by the national census.

1. Tribal Groups: Santhal, Gond, Adivasi, Bodo, Meena, Kushwaha

2. Religious Groups: Hindu, Muslim, Christian, Sikh, Buddhist, Jain, Parsi

3. Linguistic Groups: Hindi, Bengali, Marathi, Tamil, Telugu, Urdu, Gujarati, Kannada, Punjabi, Assamese


Q :  

The ______ was nationalised in the year 1949.

(A) Union Bank of India

(B) Reserve Bank of India

(C) Central Bank of India

(D) Imperial Bank of India


Correct Answer : B
Explanation :

1. The Reserve Bank of India was nationalized on January 1, 1949.

2. Earlier, the Reserve Bank of India was a privately owned bank, established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934.

2. After India's independence on 15 August 1947, RBI was nationalized on 1 January 1949.

4. After nationalization, the Reserve Bank of India came under the complete ownership of the Government of India.


Q :  

The Reserve Bank of India introduced a comprehensive regulatory framework for NBFC-MFI on __________.

(A) 10 December 2015 

(B) 2 December 2011 

(C) 8 December 2013 

(D) 5 December 2012


Correct Answer : B
Explanation :

1. The Reserve Bank of India introduced a comprehensive regulatory framework for NBFC-MFIs on 2 December 2011.


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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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