Economics GK Practice Question and Answer
8 Q: Which of the following committee is not associated to the estimation of poverty in India?
823 06329cb285c208a6bf7ddfeca
6329cb285c208a6bf7ddfeca- 1V.K. Alagh Committeefalse
- 2Suresh Tendulkar Committeefalse
- 3Rangarajan Committeefalse
- 4Vijay Kelkar Committeetrue
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Answer : 4. "Vijay Kelkar Committee"
Explanation :
It is related to the assessment of poverty in India.
(A) V.K. Alagh Committee
(B) Suresh Tendulkar Committee
(C) Rangarajan Committee
Q: As per the Indian practices of national accounting, which of the following is adjusted in the nominal Gross Domestic Product (GDP) to arrive at the real GDP?
414 06576f0a8e367ac7b2ea393a6
6576f0a8e367ac7b2ea393a6- 1Government borrowingsfalse
- 2Depreciationfalse
- 3Foreign exchangefalse
- 4Inflationtrue
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Answer : 4. "Inflation"
Explanation :
As per Indian practices of national accounting, nominal gross domestic product (GDP) is inflation-adjusted to arrive at real GDP.
Q: With which of the following sectors is the agency short-named as CIBIL associated
489 06576efbefd78a97b0a43f28a
6576efbefd78a97b0a43f28a- 1Insurance sectorfalse
- 2Automobile sectorfalse
- 3Banking sectortrue
- 4Sugar sectorfalse
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Answer : 3. "Banking sector"
Explanation :
The full name of CIBIL is Credit Information Bureau India Limited. It is a credit information company, which maintains records of all credit related activities of individuals and organizations. Banks, non-banking finance companies and other financial institutions submit customer credit information to the bureaus.
Q: Which of the following is considered a capital expense?
679 064c3960f29beb3482a3bcc49
64c3960f29beb3482a3bcc49- 1Pensionfalse
- 2Payment of salariesfalse
- 3Subsidiesfalse
- 4Construction of school buildingstrue
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Answer : 4. "Construction of school buildings"
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: Which of the following is NOT a public sector insurance company?
559 064c24509bd3d25480680f920
64c24509bd3d25480680f920- 1United India Insurance Company Limitedfalse
- 2The New India Assurance Company Limitedfalse
- 3SBI Life Insurancetrue
- 4General Insurance Corporation of Indiafalse
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Answer : 3. "SBI Life Insurance"
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.
497 064c24f74d3a6d4481eec7f3c
64c24f74d3a6d4481eec7f3c- 12011-12true
- 22013-14false
- 32005-06false
- 42009-10false
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Answer : 1. "2011-12"
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: To which of the following sectors of the economy do Basel III norms belong?
597 064c23891d3a6d4481eec4b7f
64c23891d3a6d4481eec4b7f- 1Bankingtrue
- 2Capital marketfalse
- 3Automobilefalse
- 4Aviationfalse
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Answer : 1. "Banking"
Explanation :
1. The Basel norms are international banking rules to strengthen the international banking system.
2. It is in the form of an agreement by the Basel Committee on Banking Supervision which mainly focuses on the risks to banks and the financial system.
Q: Which of the following is an indirect tax?
416 064b5226e23047f4c71bfdc02
64b5226e23047f4c71bfdc02- 1Capital gains taxfalse
- 2Goods and services taxtrue
- 3Wealth taxfalse
- 4Gift taxfalse
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Answer : 2. "Goods and services tax "
Explanation :
1. Of the following, Goods and Services Tax is an indirect tax.
2. There are many types of indirect taxes, which include service tax, excise duty, customs duty and VAT.
3. GST has simplified the indirect tax system.