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prelims GK > economics > Flashcards

economics Flashcards

1
Q

The total value of goods and services produced in a country during a given period is called

A

National income

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2
Q

Which institution is responsible for calculating the
GDP/National Income of India?

A

Central Statistics Office

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3
Q

The difference between Gross National Product and Net National Product (GNP - NNP) equals

A

Depreciation

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4
Q

In which Five-Year Plan were Removal of Poverty (Gar- ibi Hatao) and Self-Reliance declared as major plan objectives?

A

Fifth Five-Year Plan

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5
Q

Banking, Courier, Real Estate, Power, Transport, communication and business/services comes under which sector of economic growth?

A

Tertiary sector

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6
Q

The Monetary and Credit Policy is framed/announced by

A

Reserve Bank of India

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7
Q

The Government Budget is a statement of estimates of
the government receipts and expenditure for the com- ing financial year. The financial year for India is the period from to

A

April 1 to March 31

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8
Q

Which is an apex institution in the sphere of Agriculture credit in India?

A

NABARD (National Bank for Agriculture and Rural Development)

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9
Q

In which year was the Reserve Bank (Central Bank) of India established?

A

1st April 1935

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10
Q

refers to sale and purchase of government securities by RBI in the open market with the aim of influ- encing liquidity in the economy in the medium term.

A

Open Market Operations

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11
Q

Agriculture, Dairy, Fishing comes under which sector of economic activity?

A

Primary Sector

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12
Q

The duration of the Twelfth Five Year Plan is

A

1April, 2012 to 31 March, 2017

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13
Q

Bank rate is the rate of interest:

A

At which Commercial Banks borrow money from R.B.L

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14
Q

The term ‘Mixed Economy’ denotes

A

Existence of both private and public sectors

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15
Q

A occurs when a government’s total expenditures exceed the revenue that it generates, excluding money from borrowings.

A

Fiscal Deficit

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16
Q

The World Trade Organisation, which replaced GATT, has its Headquarters in

A

Geneva, Switzerland

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17
Q

Inflation is caused by

A

increase in money supply and decrease in production

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18
Q

is the interest rate at which the Reserve Bank absorbs liquidity from banks against the collateral of eligible government securities under the LAF.

A

Reverse Repo Rate

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19
Q

The first Five-Year Plan’s main emphasis was to improve the condition of agriculture in India. The plan
began in the year:

A

1st april 1951

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20
Q

A situation where the expenditure of the government
exceeds its revenue is called

A

Budget Deficit (Deficit Financing)

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21
Q

This underemployment is hidden in contrast to some- one who does not have a job and is clearly visible as unemployed. Hence, it is also called

A

Disguised employment

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22
Q

What type of unemployment is generally found in agricultural sector of India?

A

Disguised unemployment

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23
Q

The objective of the 12th 5 year Plan was

A

Faster, sustainable and more inclusive growth

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24
Q

Which policy involves integrating the domestic econo- my with the world economy?

A

Globalisation

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25
Q

Which state of India has the highest per capita in- come?

A

Goa

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26
Q

Production function explains the relationship between

A

Initial inputs and ultimate output

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27
Q

The Reserve Bank of India issues currency motes (Monetary System) under

A

Minimum reserve system

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28
Q

The Economic Survey of India is published by:

A

Ministry of Finance (Department of Economic Af- fairs)

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29
Q

The standard of living/economic growth in a country
is represented by its

A

Per capita income

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30
Q

The aggregate value of goods and services produced in an economy can be calculated by three methods:
income method, expenditure method and method.

A

product / value added

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31
Q

Mahalanobis Model has been associated with which
Five-Year Plan?

A

Second Five-Year Plan

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32
Q

Which committee was formed to estimate poverty in
India?

A

Tendulkar committee

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33
Q

The situation in which total Revenues equals total cost, is known as:

A

Break even point

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34
Q

An economy in which there are no flows of labour,
goods or money to and from other nations is a/an .

A

Closed economy

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35
Q

measures the aggregate production of final goods and services taking place within the domestic economy during a year.
:

A
  • Gross domes tic product
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36
Q

What are the four main factors of production?

A

Land, Labour, Capital, Entrepreneur

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37
Q

Currency notes and coins of one rupee and lower de- nominations are issued by the

A

Ministry of Finance

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38
Q

A commodity market has a __________________ structure, if there is one seller of the commodity, the commodity has no
substitute, and entry into the industry by another firm is prevented.

A

Monopoly

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39
Q

Indian economy is an example of a mixed economy because

A

private sector coexists with public sector enter- prises

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40
Q

The average product curve, marginal product curve, average variable cost curve, short run average cost curve, short run marginal cost curve are inverse ______________ shaped.

A

U

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41
Q

The fourteen major banks in India were nationalised in the year.

A

1969

42
Q

As per Reserve Bank of India’s master direction (2022),
a microfinance loan is defined as a collateral-free loan
given to a household having annual household income up to _________

A

300000

43
Q

The Reserve Bank of India was natlonallsed on

A

1st January 1949

44
Q

Money in India consists of

A

1) Paper Currency 2) Current deposits 3) Metallic coins

45
Q

The Index of Industrial Production (IIP) is computed and published by the Central Statistical Organisation (CSO) on a monthly basis. For the calculation of the
index, which financial year was taken as the base year?

A

2011 - 2012

46
Q

Who is called the Father of Economics?

A

Adam Smith

47
Q

The annual record for all the monetary/economic
transactions of a country with other countries of the
world is known as:

A

Balance of payment

48
Q

The largest source of revenue to the Union Government is

A

Corporation Tax

48
Q

What do we call the stock of food grains purchased by
the Government of India from the farmers through the Food Corporation of India (FCI) ?

A

Buffer stock

49
Q

Who had estimated National Income in India first?

A

Dadabhai Naoroji

50
Q

Personal disposable income is

A

equal to personal income minus direct taxes

51
Q

What belongs to Central tax?

A

Excise duty, Custom duty and Income tax

52
Q

Which is a basic characteristic of ‘Oligopoly™

A

Few sellers (large) and many buyers

53
Q

Launched in 1951, India’s first five-year plan was
based on which economic model to focus on agricul- ture and irrigation to boost farm output?

A

Harrod-Domar Model

54
Q

The demand for a normal good increases with in
the consumer’s income.

A

Increase

55
Q

Stagflation (stagnation and inflalion) refers to a situation whlch is characterised by

A

Inflation and rising unemployment

56
Q

RBI does not transact the business of which State
Government?

A

Jammu and Kashmir

57
Q

Which committee recommended the formation of a new category of NBFC i.., Non-Banking Financial Company-Micro Finance Institution?

A

Malegam Committee

58
Q

How is per capita income calculated?

A

National Income/ Population

59
Q

MTNL/ Engineers India Limited comes under which category?

A

Navratna

60
Q

Micro-economics is also called

A

Price theory

61
Q

Who has the sole right of issuing currency (except one rupee coins and notes) in India?

A

Reserve Bank of India

62
Q

Who decides repo rate, reverse repo rate and bank
rate?

A

Reserve Bank of India

63
Q

As a Banker to Banks, the _______________ also acts as the
“lender of the last resort”.

A

Reserve bank of India

64
Q

The basic regulatory authority for mutual funds, security and stock markets lies with the

A

Securities and Exchange Board of India

65
Q

The Largest component of National Income in India is

A

Tertiary or Service Sector

66
Q

How many Navratnas CPSEs (Central Public Sector Enterprises) are there in India?

A

14

67
Q

When was the Minimum Wages Act enacted in India?

A

1948

68
Q

Planning Commission was constituted in India in which year?

A

1950

69
Q

In which year ‘New Economic Policy’ was announced
in India?

A

1991

70
Q

In which year did the Government of India introduce
value-added tax (VAT) as an indirect tax in the Indian taxation system to replace the existing general sales
tax?

A

2005

71
Q

The number of Nationalised Banks in India is

A

12 (as on 01.03.2022)

72
Q

When was National Bank for Agriculture and Rural Development (NABARD) established?

A

12th July 1982

73
Q

e amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda (BoB) came into effect from:

A

1st April 2019

74
Q

At independence, which was the major employment-producing sector?

A

Agriculture

75
Q
A
76
Q

Which are correctly matched?

A

1) First Five Year Plan 1951-56
2) Second Five Year Plan 1956-61
3) Third Five Year Plan 1961-66

77
Q

The other name of Per Capita Income is

A

Average Income

78
Q

Gresham’s Law means:

A

Bad money replaces good money in circulation

79
Q

‘Double coincidence of wants’is a feature of which sys- tem?

A

Barter system

80
Q

When there is only one buyer and one seller of product, it is called _____________ situation.

A

Bilateral monopoly

81
Q

Who was the first Indian governor of the Reserve Bank
of India?

A

C.D. Deshmukh

82
Q

The concept that under a system of free enterprise/
market, it is consumers who decide what goods and services shall be produced and in what quantities is known as

A

Consumer’s Sovereignty

83
Q

Selling cost mean:

A

Cost Incurred in advertisement

84
Q

is the certain percentage of deposits that banks
have to maintain with the central bank.

A

CRR (Cash Reserve Ratio)

85
Q

Who is the President of the World Bank?

A

Ajay Banga

86
Q

The demand of a commodity is a direct demand but the demand of a factor of production (e.g. labour) is called a

A

Derived demand

87
Q

What was the prime target of the first five-year plan of
India?

A

Development of agriculture

88
Q

Gross primary deficit is equal to __________

A

difference between gross fiscal deficit and inter- est payments

89
Q

The sale or liquidation of assets by the government,
u\uallv Central and State public sector enterprises,
projects , or other fixed assets is called

A

Disinvestment

90
Q

Which type of unemployment is generally seen in ur- ban areas?

A

Educated unemployment

91
Q

Indicative planning was adopted in India during the
__ Five-Year Plan.

A

Eighth

92
Q

Devaluation is majorly done to

A

encourage export

93
Q

is calculated by dividing the nominal GDP in a given year by the real GDP for the same year and mul- tiplying it by 100

A

GDP Deflator

94
Q

is an Indirect Tax in India.

A

GST`

95
Q

states that ‘bad money drives good money out of
circulation’.

A

Gresham’s Law

96
Q

What does the Lorenz Curve indicate?

A

Income distribution

97
Q

When too much money is chasing too few goods, the situation is

A

inflation

98
Q

The single largest item of expenditure of the Central
Government in India in recent years is

A

Interest payrnent

99
Q

“Supply creates its own demand” - Who said this?

A

J. B. Say

100
Q
A

prelims GK (12 decks)

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