Indian Economy Practice Question and Answer

Q:

Value of Total Goods and Services produced in a country is its _____________ .

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  • 1
    Gross Domestic Product
    Correct
    Wrong
  • 2
    Gross Revenue Income
    Correct
    Wrong
  • 3
    Total Goods Revenue
    Correct
    Wrong
  • 4
    Total Income
    Correct
    Wrong
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Answer : 1. "Gross Domestic Product"

Q:

The study of factor pricing is alternatively called the theory of 

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  • 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 is not an example of direct tax?

5732 1

  • 1
    Income tax
    Correct
    Wrong
  • 2
    Property tax
    Correct
    Wrong
  • 3
    Gift tax
    Correct
    Wrong
  • 4
    Sales tax
    Correct
    Wrong
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Answer : 4. "Sales tax"

Q:

When the price of a commodity falls, we can expect:

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  • 1
    The supply of it to increase
    Correct
    Wrong
  • 2
    The demand for it to fall
    Correct
    Wrong
  • 3
    The demand for it to stay constant
    Correct
    Wrong
  • 4
    The demand for it to increase
    Correct
    Wrong
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Answer : 4. "The demand for it to increase"

Q:

This personality is known as the Father of Economics. Can you identify him from the given options?

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  • 1
    J.M. Keynes
    Correct
    Wrong
  • 2
    Adam Smith
    Correct
    Wrong
  • 3
    Abraham Maslow
    Correct
    Wrong
  • 4
    J.K. Galbraith
    Correct
    Wrong
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Answer : 2. "Adam Smith"

Q:

Which Indian state has the least literacy rate?

58470 61

  • 1
    Bihar
    Correct
    Wrong
  • 2
    Rajasthan
    Correct
    Wrong
  • 3
    Arunachal Pradesh
    Correct
    Wrong
  • 4
    Orissa
    Correct
    Wrong
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Answer : 1. "Bihar"

Q:

If Reserve Bank of India reduces the cash reserve ratio, it will :

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  • 1
    increase credit creation
    Correct
    Wrong
  • 2
    decrease credit creation
    Correct
    Wrong
  • 3
    have no impact on credit creation
    Correct
    Wrong
  • 4
    have no definite impact on credit creation
    Correct
    Wrong
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Answer : 1. "increase credit creation"

Q:

In a cut motion, when the amount of demand is reduced by Rs 100/- , it is known as

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  • 1
    Disapproval of policy cut
    Correct
    Wrong
  • 2
    Economy cut
    Correct
    Wrong
  • 3
    Vote on Account
    Correct
    Wrong
  • 4
    Token cut
    Correct
    Wrong
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Answer : 4. "Token cut"

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