Economics GK Questions Practice Question and Answer

Q:

As per Census 2011, under which of the following ranges does the literacy rate in India fall? 

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  • 1
    90% - 95%
    Correct
    Wrong
  • 2
    50% - 55%
    Correct
    Wrong
  • 3
    30% - 35%
    Correct
    Wrong
  • 4
    70% - 75%
    Correct
    Wrong
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Answer : 4. "70% - 75%"

Q:

Which Indian finance minister was India’s delegate to the World Monetary Conference at Bretton Woods in 1944?

414 0

  • 1
    KC Neogy
    Correct
    Wrong
  • 2
    CD Deshmukh
    Correct
    Wrong
  • 3
    John Mathai
    Correct
    Wrong
  • 4
    RK Shanmukham Chetty
    Correct
    Wrong
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Answer : 4. "RK Shanmukham Chetty"
Explanation :

1. In the World Monetary Conference at Bretton Woods in 1944, R. Of. Shanmukham Chetty served as the Indian Finance Minister.

 2. Served as Speaker of the Central Legislative Assembly of India, and also as Dewan of Cochin State from 1935 to 1941.

Q:

The difference between Revenue Receipts plus Non-debt Capital Receipts (NDCR) and total expenditure is called ______.

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  • 1
    Revenue Deficit
    Correct
    Wrong
  • 2
    Fiscal Deficit
    Correct
    Wrong
  • 3
    Effective Revenue Deficit
    Correct
    Wrong
  • 4
    Primary Deficit
    Correct
    Wrong
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Answer : 2. "Fiscal Deficit"
Explanation :

1. The difference between the sum of revenue receipts and Non-Debt Capital Receipts (NDCR) and total expenditure is called fiscal deficit.

2. Fiscal deficit is an important indicator of the financial position of the government.

3. It shows how much difference there is between the current income and expenditure of the government.

4. Fiscal deficit can be influenced by many factors, including.

- Economic situation: During an economic recession, the government often increases the fiscal deficit to provide stimulus to the economy.

- Political pressure: Governments often run up fiscal deficits to raise funds for social programs.

- Military spending: Governments often run fiscal deficits to increase military spending.

Q:

Which of the following is/are one of the United Nations Sustainable Development Goals?

(A) Zero Hunger

(B) Climate Action

(C) Life Below Water

(D) Quality Education

408 0

  • 1
    A, B, C and D
    Correct
    Wrong
  • 2
    A and B
    Correct
    Wrong
  • 3
    B and C
    Correct
    Wrong
  • 4
    A, C and D
    Correct
    Wrong
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Answer : 1. "A, B, C and D"
Explanation :

All these are the main goals of the United Nations Sustainable Development Goals.

(A) Zero Hunger
 (B) Climate Action
 (C) Life Below Water
 (D) Quality Education

Major goals of the UN Sustainable Development Goals:

1. Poverty Eradication: End extreme poverty for all people everywhere by 2030.

2. End hunger: Ensure food security and improved nutrition for all by 2030 and promote sustainable agriculture.

3. Health and Well-Being: To promote healthy lives and well-being for people of all ages.

4. Education for all: To ensure inclusive and equitable quality education for all by 2030.

5. Gender equality: Achieving gender equality and promoting the empowerment of women and girls.

6. Clean water and sanitation: Ensuring safe and accessible clean water and sanitation services for all.

Q:

One of the essential conditions of Monopolistic competition is

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  • 1
    Many buyers but one seller
    Correct
    Wrong
  • 2
    Price discrimination
    Correct
    Wrong
  • 3
    Product differentiation
    Correct
    Wrong
  • 4
    Homogeneous product
    Correct
    Wrong
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Answer : 3. "Product differentiation "

Q:

The demand for which of the following commodity will not rise in spite of a fall in its price?

394 0

  • 1
    Television
    Correct
    Wrong
  • 2
    Refrigerator
    Correct
    Wrong
  • 3
    Salt
    Correct
    Wrong
  • 4
    Meat
    Correct
    Wrong
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Answer : 3. "Salt "

Q:

Which Department of the Government of India launched ‘One Health’ pilot project in April 2022?

391 0

  • 1
    Department of Consumer Affairs
    Correct
    Wrong
  • 2
    Department of Animal Husbandry and Dairying
    Correct
    Wrong
  • 3
    Department of Pharmaceuticals
    Correct
    Wrong
  • 4
    Department of Commerce
    Correct
    Wrong
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Answer : 2. "Department of Animal Husbandry and Dairying "

Q:

The rate at which the central bank of any country borrows money from the commercial banks within its own territories is called:

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  • 1
    Primary Lending Rate
    Correct
    Wrong
  • 2
    Reverse Repo Rate
    Correct
    Wrong
  • 3
    Repo Rate
    Correct
    Wrong
  • 4
    Secondary Lending Rate
    Correct
    Wrong
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Answer : 2. "Reverse Repo Rate"
Explanation :

The reverse repo rate is the rate at which the Reserve Bank of India borrows funds from commercial banks in the country. It is the rate at which commercial banks in India park their excess money with the Reserve Bank of India, usually for the short term.

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