Economics GK Questions Practice Question and Answer

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:

Which of the following will cause property prices to fall?

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  • 1
    More liquidity in the economy
    Correct
    Wrong
  • 2
    Reduction in reverse repo rate by RBI
    Correct
    Wrong
  • 3
    Increase in reverse repo rate by RBI
    Correct
    Wrong
  • 4
    Demand and Supply
    Correct
    Wrong
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Answer : 4. "Demand and Supply"
Explanation :

Demand and Supply: For any given area, demand in the real estate will always be inversely proportional to supply. If there is a decrease in supply, prices will obviously go up for the existing projects. With an overall increase in the number of unsold housing projects, prices will go down for each one of them.

Q:

Which of the following is popular as plastic currency?

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  • 1
    A. Tm
    Correct
    Wrong
  • 2
    paper note
    Correct
    Wrong
  • 3
    Check
    Correct
    Wrong
  • 4
    Draft
    Correct
    Wrong
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Answer : 1. "A. Tm"

Q:

The study of factor pricing is alternatively called the theory of 

2495 0

  • 1
    functional distribution
    Correct
    Wrong
  • 2
    personal distribution
    Correct
    Wrong
  • 3
    Income distribution
    Correct
    Wrong
  • 4
    wealth distribution
    Correct
    Wrong
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Answer : 1. "functional distribution "

Q:

Which of the following industries has the highest labor force in India?

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  • 1
    Cement Industry
    Correct
    Wrong
  • 2
    textile industry
    Correct
    Wrong
  • 3
    Jute Industry
    Correct
    Wrong
  • 4
    Iron-steel industry
    Correct
    Wrong
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Answer : 2. "textile industry"
Explanation :

In 2021, 43.96 percent of the workforce in India were employed in agriculture, while the other half was almost evenly distributed among the two other sectors, industry and services. While the share of Indians working in agriculture is declining, it is still the main sector of employment.

Q:

Which of the following countries has a mixed economy?

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  • 1
    America
    Correct
    Wrong
  • 2
    India
    Correct
    Wrong
  • 3
    China
    Correct
    Wrong
  • 4
    Russia
    Correct
    Wrong
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Answer : 2. "India"

Q:

Which currency is legally recognized in our country?

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  • 1
    Good money
    Correct
    Wrong
  • 2
    Credit-currency
    Correct
    Wrong
  • 3
    letter money
    Correct
    Wrong
  • 4
    Check
    Correct
    Wrong
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Answer : 3. "letter money"

Q:

What is the maximum contribution to the national income of India?

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  • 1
    Service Sector
    Correct
    Wrong
  • 2
    Business Area
    Correct
    Wrong
  • 3
    Agricultural sector
    Correct
    Wrong
  • 4
    Industry Sector
    Correct
    Wrong
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Answer : 1. "Service Sector"

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