Economics GK Questions Practice Question and Answer

Q:

Who introduced this definition of Mudra itself which creates Mudra?

862 0

  • 1
    Marshal
    Correct
    Wrong
  • 2
    Hanson
    Correct
    Wrong
  • 3
    Crowther
    Correct
    Wrong
  • 4
    Crowmer
    Correct
    Wrong
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Answer : 4. "Crowmer"

Q:

'Gresham's law' is related to which of the following?

800 0

  • 1
    circulation of currency
    Correct
    Wrong
  • 2
    Supply and demand
    Correct
    Wrong
  • 3
    deficit economy
    Correct
    Wrong
  • 4
    circulation of currency
    Correct
    Wrong
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Answer : 4. "circulation of currency"

Q:

Central bank of our country is 

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  • 1
    State Bank of India
    Correct
    Wrong
  • 2
    Reserve Bank of India
    Correct
    Wrong
  • 3
    Central Bank of India
    Correct
    Wrong
  • 4
    Bank of Baroda
    Correct
    Wrong
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Answer : 2. "Reserve Bank of India "
Explanation :

1. The central bank of our country is the Reserve Bank of India.

2. It is the supreme bank of India and determines the monetary policy of the country.

3. RBI was established on April 1, 1935 under the Reserve Bank of India Act, 1934.

Q:

Disguised unemployment is commonly seen in India.

739 0

  • 1
    In the service sector
    Correct
    Wrong
  • 2
    In the agricultural sector
    Correct
    Wrong
  • 3
    Factory area
    Correct
    Wrong
  • 4
    All these
    Correct
    Wrong
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Answer : 2. "In the agricultural sector"

Q:

According to law of supply, if everything is equal then an increase in price results in ________. 

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  • 1
    Decrease in quantity supplied
    Correct
    Wrong
  • 2
    Increase in quantity supplied
    Correct
    Wrong
  • 3
    Decrease in quantity demanded
    Correct
    Wrong
  • 4
    Increase in quantity demanded
    Correct
    Wrong
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Answer : 2. "Increase in quantity supplied "

Q:

The national income is divided by the per capita income?

730 0

  • 1
    Area of the country
    Correct
    Wrong
  • 2
    Total population of the country
    Correct
    Wrong
  • 3
    Quantity of capital used
    Correct
    Wrong
  • 4
    None of these
    Correct
    Wrong
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Answer : 2. "Total population of the country"

Q:

Following region contributes most to India's GDP?

719 0

  • 1
    Primary Sector
    Correct
    Wrong
  • 2
    Tertiary sector
    Correct
    Wrong
  • 3
    Secondary sector
    Correct
    Wrong
  • 4
    None of these
    Correct
    Wrong
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Answer : 2. "Tertiary sector"

Q:

Under which scheme was the first emphasis on industrial development and mining development?

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  • 1
    First Five Year Plan
    Correct
    Wrong
  • 2
    Second Five Year Plan
    Correct
    Wrong
  • 3
    Third Five Year Plan
    Correct
    Wrong
  • 4
    Fourth Five Year Plan
    Correct
    Wrong
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Answer : 3. "Third Five Year Plan"
Explanation :

The Nehru-Mahalanobis approach, often referred to as the Second Five Year Plan, emphasized the development of basic and heavy industries as a means of accelerating economic growth. These included steel, copper, petrochemicals, paper, coal, and oil.

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