Indian Economy-Objective GK Questions

Indian Economy-Objective GK Questions

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121. According to the S.K. Sharma panel, which of the following documents should be revalidated after a certain period so that it cannot be misused by the people—
(A) PAN Card
(B) Credit Card
(C) Driving Licence
(D) ID Cards issued by the election commission
(E) None of these

122. How many items are reserved for small scale industries in India as on October 2008 ?
(A) 60
(B) 68
(C) 100
(D) 21
(E) None of these

123. Inflation occurs when aggregate supply is—
(A) More than aggregate demand
(B) Less than aggregate demand
(C) Equal to aggregate demand
(D) None of the above

124. In economics, production means—
(A) Manufacturing
(B) Making
(C) Creating utility
(D) Farming

125. The government of India decides the minimum support price of which of the following commodities ?
(A) Sugar cane
(B) Green vegetable
(C) Medicinal plants
(D) Milk
(E) All of these

126. The mid-day meal scheme is launched by the Union Ministry of—
(A) Home Affairs
(B) Social Welfare
(C) Human Resource Development
(D) Rural Development
(E) None of these

127. Which of the following products/commodities is under the partial control of the union government and is purchased as compulsory levy at a fixed price from the factories/ producers ?
(A) Milk
(B) Sugar
(C) Cloth
(D) Pharma products
(E) None of these

128. As per the estimates given by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), India’s Trade with SAARC countries is at which of the following levels at present ?
(A) Rs. 15,000 crore
(B) Rs. 20,000 crore
(C) Rs. 25,000 crore
(D) Rs. 30,000 crore
(E) Rs. 35,000 crore

129. The subject matter of the recently published report of Kelkar Committee is—
(A) Agricultural debt
(B) Share market scam
(C) Tax system of India
(D) Foreign trade

130. Where was the Annual Summit of World Bank–IMF held during sept 16–20, 2006 ?
(A) Singapore
(B) Shanghai
(C) Geneva
(D) Washington

131. The economic growth of how much per cent has the IMF, IBRD and ADB predicted in current fiscal year 2009-10 ?
(A) 5 to 6 %
(B) Between 4 to 5%
(C) 6 to 7%
(D) 7 to 8%

132. The term National income represents—
(A) Gross national product at market prices minus depreciation
(B) Gross national product at market prices minus depreciation plus net factor income from abroad
(C) Gross national product at market prices minus depreciation and indirect taxes plus subsidies
(D) Gross national product at market prices minus net factor income from abroad.

133. According the modern thinking, the law of diminishing returns applies to—
(A) Agriculture
(B) Industry
(C) Mining
(D) All fields of production

134. In a system of free enterprise, consumers decide what goods and services shall be produced and in what quantities. It is known as—
(A) Consumer protection
(B) Consumer’s decision
(C) Consumer preference
(D) Consumer’s sovereignty

135. For International payments, the Indian currency is linked to—
(A) American Dollar
(B) British Sterling
(C) International Oil Price
(D) Gold Standard

136. GNP (Gross National Product) is the money value of—
(A) Final goods and services produced annually with the economy
(B) Annual service generation in the economy
(C) Tangible goods available in the economy
(D) Tangible goods produced annually in the economy

137. Match the following—
List-I
(a) Basic Industries
(b) Strategic Industries
(c) Critical Industries
(d) Goods based Industries
List-II
1. Fertilizer
2. Petroleum
3. Automobile
4. Arms and Ammunition
Codes :
(a) (b) (c) (d)
(A) 4 2 3 1
(B) 4 1 2 3
(C) 1 4 2 3
(D) 2 4 3 1

138. The main function of IMF is to—
(A) Finance investment loans to developing countries
(B) Act as a private sector lending arm of the World Bank
(C) Help to solve balance of payment problems of members countries
(D) Arrange International deposits from banks

139. Consider the following statements—
1. Income tax Permanent Account number (PAN) is a 8-digit alphanumeric number.
2. India is divided into 10 zones for postal pin code classification.
Which of the statements given above is/are correct ?
(A) 1 only
(B) 2 only
(C) Both 1 and 2
(D) Neither 1 nor 2

140. In which one of the following states is the falta Special Economic Zone located ?
(A) Kerala
(B) Gujarat
(C) Orissa
(D) West Bengal

141. On the basis of census 2001, which Indian state has the highest population after Uttar Pradesh ?
(A) Bihar
(B) West Bengal
(C) Maharashtra
(D) Tamil Nadu

142. For the purpose of census 2001, which one of the following was taken as being literate ?
(A) A person aged 10 years and above, who can both read and write with understanding in any language
(B) A person aged 9 years and above, who can both read and write with understanding in any language
(C) A person aged 8 years and above, who can both read and write with understanding in any language
(D) A person aged 7 years and above, who can both read and write with understanding in any language

143. Consider the following statements—
1. BSE sensex is a value weighted index consisting of 50 most actively traded stocks on the BSE.
2. The depository system enables paperless trading and transfer of shares.
Which of the statements given above is/are correct ?
(A) 1 only
(B) 2 only
(C) Both 1 and 2
(D) Neither 1 nor 2

144. Consider the following statements—
1. In India the share of different sectors in the installed electricity generation capacity is central sector > state sector > private sector.
2. The percentage of thermal power out of the total installed electricity generation capacity in India is about 40%.
Which of the statements given above is/are correct ?
(A) 1 only
(B) 2 only
(C) Both 1 and 2
(D) Neither 1 nor 2

145.‘CAPART’ is engaged primarily with which one of the following in India ?
(A) e-governance
(B) Share-market
(C) Rural development
(D) Pollution control

146. In what capacity was P.C. Mahalanobis associated with the formulation of the economic policy of independent India ?
(A) As an applied statistician
(B) As Deputy Chairman of the Planning Commission
(C) As a leading industrialist
(D) As a minister of the Union Cabinet

147. Sea water, fresh air etc. are regarded in economics as—
(A) Giffen goods
(B) Inferior goods
(C) Free goods
(D) Normal goods

148. If the price of tea falls, demand for coffee will—
(A) Increase
(B) Fall
(C) Remain same
(D) None of the above

149. Which of the following does not determine supply of labour ?
(A) Age-structure of population
(B) Nature of work
(C) Marginal productivity of labour
(D) Work-leisure ratio

150. At present the National commission on population is under—
(A) Planning Commission
(B) Ministry of Human Resource Development
(C) Cabinet Secretariat
(D) Ministry of Health

Answers :
121. (A) 122. (D) 123. (B) 124. (C) 125. (A) 126. (C) 127. (B)
128. (C) Estimate made by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) are that India’s annual trade with SAARC countries can touch Rs. 50,000 crore by 2010 and Rs. 1,00,000 crore by 2015 from the present level of Rs. 25,000 crore.
129. (C)
130. (A) Annual meetings of IMF and World Bank group were recently held at Singapore during Sept. 16–20, 2006.
131. (B) 132. (C) 133. (D) 134. (D) 135. (A) 136. (A) 137. (A) 138. (C)
139. (D) Income tax permanent account number is a 10-digit alphanumeric number. India is divided into eight zones for postal pin code classification.
140. (D) 141. (C) 142. (D) 143. (B) 144. (A) 145. (C) 146. (A) 147. (C) 148. (B) 149. (D)150. (D)