Economics GK Practice Question and Answer

Q:

A form of financial service which provides small loans and other financial services to poor and low-income households is called ______. 

427 0

  • 1
    microfinance
    Correct
    Wrong
  • 2
    commercial mortgage
    Correct
    Wrong
  • 3
    invoice financing
    Correct
    Wrong
  • 4
    personal finance
    Correct
    Wrong
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Answer : 1. " microfinance "

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Answer : 4. "A and B only"
Explanation :

The following statements are correct regarding the new Integrated Food Security Scheme of the Government of India.

A. This New Integrated Food Security Scheme has been started from 1 January 2023.
 B. The Government of India targeted to supply food grains to more than 80 crore beneficiaries under the National Food Security Act.

Q:

Which of the following is an indirect tax?

400 0

  • 1
    Capital gains tax
    Correct
    Wrong
  • 2
    Goods and services tax
    Correct
    Wrong
  • 3
    Wealth tax
    Correct
    Wrong
  • 4
    Gift tax
    Correct
    Wrong
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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.

Q:

The ______ was nationalised in the year 1949.

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  • 1
    Union Bank of India
    Correct
    Wrong
  • 2
    Reserve Bank of India
    Correct
    Wrong
  • 3
    Central Bank of India
    Correct
    Wrong
  • 4
    Imperial Bank of India
    Correct
    Wrong
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Answer : 2. "Reserve Bank of India"
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:

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?

385 0

  • 1
    Government borrowings
    Correct
    Wrong
  • 2
    Depreciation
    Correct
    Wrong
  • 3
    Foreign exchange
    Correct
    Wrong
  • 4
    Inflation
    Correct
    Wrong
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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:

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

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  • 1
    10 December 2015 
    Correct
    Wrong
  • 2
    2 December 2011 
    Correct
    Wrong
  • 3
    8 December 2013 
    Correct
    Wrong
  • 4
    5 December 2012
    Correct
    Wrong
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Answer : 2. "2 December 2011  "
Explanation :

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

Q:

Which of the following concepts implies that sustainable development should take a holistic approach towards notions of progress and give equal importance to non-economic aspects of wellbeing?

350 0

  • 1
    Gross Domestic Product
    Correct
    Wrong
  • 2
    Gross National Product
    Correct
    Wrong
  • 3
    Gross National Happiness
    Correct
    Wrong
  • 4
    Net National Product
    Correct
    Wrong
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Answer : 3. "Gross National Happiness"
Explanation :

1. Gross Domestic Product (GDP) is the standard measure of value added created through the production of goods and services in a country during a given period.

2. It also measures the income earned from that production or the total amount spent on final goods and services (less imports).

Q:

Bombay Stock Exchange is the ______ stock exchange of Asia.

275 0

  • 1
    First
    Correct
    Wrong
  • 2
    second
    Correct
    Wrong
  • 3
    fourth
    Correct
    Wrong
  • 4
    third
    Correct
    Wrong
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Answer : 1. "First"
Explanation :

1. Bombay Stock Exchange is the oldest stock exchange in Asia, and also the tenth oldest stock exchange in the world.

2. The Bombay Stock Exchange became the first stock exchange in India to issue commodity derivative contracts in gold and silver.

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