National Income of India is estimated by – (A) Planning Commission (B) Finance Commission (C) Reserve Bank of India (D) Central Statistical Organisation Answer: (D)
Gross Domestic Product is measured in terms of – (A) Total value of money (B) Total value of goods (C) Total value of services (D) Total value of goods and services Answer: (D)
The concept of “Green GDP” emphasizes – (A) Economic growth (B) Growth with human development (C) Growth with sustainable development (D) Growth with savings Answer: (C)
Human Development Index (HDI) does NOT include – (A) Education (B) Life Expectancy (C) Gross Enrolment (D) Political Freedom Answer: (D)
Which one of the following is not part of the capital budget? (A) Expenditure on acquisition of assets (B) Loans and advances (C) Grants (D) Defence Expenditure Answer: (D)
Planning Commission was replaced by – (A) NITI Aayog (B) Finance Commission (C) RBI (D) National Council for Development Answer: (A)
The Reserve Bank of India was nationalized in – (A) 1935 (B) 1947 (C) 1949 (D) 1951 Answer: (C)
CRR refers to – (A) Cash Ratio Regulation (B) Cash Reserve Ratio (C) Credit Reserve Rate (D) Current Risk Ratio Answer: (B)
Repo Rate is – (A) Rate at which RBI gives loan to banks (B) Rate at which banks lend to RBI (C) Rate at which RBI lends to public (D) None of the above Answer: (A)
Fiscal policy deals with – (A) Money supply (B) Taxation and government spending (C) Interest rates (D) All of the above Answer: (B)
The largest source of revenue in India is – (A) Income Tax (B) GST (C) Excise Duty (D) Corporation Tax Answer: (B)
Disinvestment refers to – (A) Investing in public enterprises (B) Selling equity in public sector units (C) Reducing foreign investment (D) Increasing budget deficit Answer: (B)
The first Five-Year Plan in India was launched in – (A) 1947 (B) 1950 (C) 1951 (D) 1952 Answer: (C)
The term ‘inflation’ means – (A) Increase in GDP (B) Increase in prices (C) Decrease in money supply (D) Decrease in production Answer: (B)
‘Monetary Policy’ is formulated by – (A) Ministry of Finance (B) SEBI (C) RBI (D) NITI Aayog Answer: (C)
The base year for GDP calculation in India (current) is – (A) 2004–05 (B) 2011–12 (C) 2001–02 (D) 1999–2000 Answer: (B)
Which institution publishes the ‘World Economic Outlook’? (A) World Bank (B) IMF (C) WTO (D) OECD Answer: (B)
The ‘poverty line’ in India is based on – (A) Income (B) Expenditure (C) Consumption (D) All of the above Answer: (C)
FDI refers to – (A) Foreign Direct Income (B) Foreign Direct Investment (C) Fiscal Development Investment (D) Foreign Domestic Investment Answer: (B)
The National Development Council was set up in – (A) 1947 (B) 1950 (C) 1951 (D) 1952 Answer: (D)
Which tax is levied by the Union and collected by States? (A) Excise duty (B) Income tax (C) Stamp duty (D) GST Answer: (D)
The Goods and Services Tax (GST) was implemented in – (A) 2016 (B) 2015 (C) 2017 (D) 2018 Answer: (C)
The term ‘budget deficit’ refers to – (A) Total expenditure > total revenue (B) Total revenue > total expenditure (C) Fiscal deficit + revenue deficit (D) None of the above Answer: (A)
Full employment means – (A) 100% employment (B) Employment for all who seek work (C) Zero unemployment (D) No disguised unemployment Answer: (B)
NITI Aayog’s first Vice-Chairman was – (A) Arvind Panagariya (B) Raghuram Rajan (C) C. Rangarajan (D) Kaushik Basu Answer: (A)
The main feature of the Indian economy is – (A) Industrial economy (B) Agricultural economy (C) Mixed economy (D) Socialist economy Answer: (C)
India’s foreign exchange reserves are held by – (A) Ministry of Finance (B) RBI (C) SEBI (D) SBI Answer: (B)
The term ‘dumping’ in trade means – (A) Selling goods below cost price (B) Selling goods with profit (C) Exporting expensive goods (D) None of the above Answer: (A)
Which body regulates the stock market in India? (A) RBI (B) IRDA (C) SEBI (D) FICCI Answer: (C)
Balance of Payments includes – (A) Only imports and exports (B) All economic transactions with foreign countries (C) Domestic financial transfers (D) Budget receipts Answer: (B)
The term ‘stagflation’ refers to – (A) High inflation and high growth (B) High growth and low inflation (C) High inflation and high unemployment (D) Low growth and low unemployment Answer: (C)
Black money is – (A) Unaccounted money (B) Money kept in banks (C) Money from exports (D) Legitimate income Answer: (A)
The fiscal deficit is – (A) Revenue deficit + capital receipts (B) Total deficit minus revenue deficit (C) Total expenditure – total receipts excluding borrowings (D) None of these Answer: (C)
PPP stands for – (A) Purchasing Power Parity (B) Private Production Policy (C) Price Promotion Protocol (D) Public Price Planning Answer: (A)
Which of the following is a direct tax? (A) GST (B) Excise (C) Customs (D) Income Tax Answer: (D)
The GST Council is chaired by – (A) Prime Minister (B) Finance Secretary (C) Union Finance Minister (D) RBI Governor Answer: (C)
The World Bank is headquartered in – (A) Geneva (B) New York (C) Washington DC (D) Paris Answer: (C)
Which index measures inflation in wholesale prices? (A) CPI (B) WPI (C) GDP deflator (D) Base price index Answer: (B)
The term “inclusive growth” refers to – (A) Growth of all sectors (B) Growth benefiting all sections of society (C) Growth with imports (D) Industrial growth Answer: (B)
The Mahatma Gandhi National Rural Employment Guarantee Act was enacted in – (A) 2002 (B) 2003 (C) 2005 (D) 2006 Answer: (C)
The ‘Make in India’ initiative was launched in – (A) 2013 (B) 2014 (C) 2015 (D) 2016 Answer: (B)
The apex bank of rural credit in India is – (A) NABARD (B) SIDBI (C) RBI (D) SBI Answer: (A)
The IMF’s main function is – (A) Lending to poor countries (B) Monitoring global economic trends (C) Maintaining exchange rate stability (D) Facilitating trade Answer: (C)
A situation in which unemployment and inflation rise together is – (A) Recession (B) Stagflation (C) Deflation (D) Boom Answer: (B)
The poverty line in India is defined based on – (A) Income (B) Consumption (C) Calorie intake (D) Living standards Answer: (C)
What does GDR stand for in capital markets? (A) General Demand Ratio (B) Global Development Reserve (C) Global Depository Receipt (D) General Debt Receipt Answer: (C)
The Planning Commission was established in – (A) 1947 (B) 1950 (C) 1951 (D) 1955 Answer: (B)
The term ‘base year’ in GDP calculation refers to – (A) The year with the highest growth (B) The reference year for comparison (C) The latest year with available data (D) A fiscal year Answer: (B)
Which of the following is NOT a function of money? (A) Medium of exchange (B) Unit of account (C) Store of value (D) Standard of living Answer: (D)