Economics GK Questions Practice Question and Answer
8 Q: In the law of demand, the statement “Other things remain constant” means
463 0638f109434f83f147296ab4d
638f109434f83f147296ab4d- 1income of consumer should not changefalse
- 2price of other goods should not changefalse
- 3taste of consumer should not changefalse
- 4All of the abovetrue
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Answer : 4. "All of the above"
Q: Under which crop is the maximum agricultural land in India?
1234 05efbfc7f30aa3b4ee606a66e
5efbfc7f30aa3b4ee606a66e- 1Ricetrue
- 2Cottonfalse
- 3Maizefalse
- 4Wheatfalse
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Answer : 1. "Rice"
Q: What do you understand by closed economy?
616 06052f0aea01bc44789ad1a4b
6052f0aea01bc44789ad1a4b- 1Import offfalse
- 2Export stoppedfalse
- 3controlled capitalfalse
- 4Stop Import-Exporttrue
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Answer : 4. "Stop Import-Export"
Q: The study of factor pricing is alternatively called the theory of
2496 05dc15b8fee5d9e2ea2b32a9e
5dc15b8fee5d9e2ea2b32a9e- 1functional distributiontrue
- 2personal distributionfalse
- 3Income distributionfalse
- 4wealth distributionfalse
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Answer : 1. "functional distribution "
Q: Which of the following industries has the highest labor force in India?
1202 05efbf5c3196e681f76e96f43
5efbf5c3196e681f76e96f43- 1Cement Industryfalse
- 2textile industrytrue
- 3Jute Industryfalse
- 4Iron-steel industryfalse
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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?
1394 05f7d4fc81e5cb657ce31da52
5f7d4fc81e5cb657ce31da52- 1Americafalse
- 2Indiatrue
- 3Chinafalse
- 4Russiafalse
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Answer : 2. "India"
Q: Which currency is legally recognized in our country?
4049 05fc217a096415e6951aee167
5fc217a096415e6951aee167- 1Good moneyfalse
- 2Credit-currencyfalse
- 3letter moneytrue
- 4Checkfalse
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Answer : 3. "letter money"
Q: What is the maximum contribution to the national income of India?
691 06052f21d4999e13f2a6bb4ae
6052f21d4999e13f2a6bb4ae- 1Service Sectortrue
- 2Business Areafalse
- 3Agricultural sectorfalse
- 4Industry Sectorfalse
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