Friday, 6 October 2017

Economy - GK (PDF-1)


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1. Foreign Direct Investment ceilings in the telecom sector have been raised from 74 percent to --> 100%
2. Deficit financing implies --> public expenditure in excess of public revenue
3. Fiscal deficit in the Union Budget means --> the sum of budgetary deficit and net increase in internal and external borrowings

4. If the fiscal deficit of the Union Government is Rs. 75,000 crores relending to State is Rs. 25,000 crores, interest payments are Rs. 25,000 crores, what is the amount of the primary deficit? --> Rs. 50,000 crores

5. National Agricultural Insurance Scheme replacing Comprehensive Crop Insurance Scheme was introduced in the year --> 1999

6. Reserve Bank of India was nationalized in the year --> 1949

7. States earn maximum revenue through --> commercial taxes

8. The first wholly Indian Bank was set up in --> 1894

9. The central co-operative banks are in direct touch with --> state co-operative banks

10. In the state of India, the State Financial Corporation have given assistance mainly to develop --> medium and small-scale industries

11. The currency convertibility concept in its original form originated in --> Bretton Woods Agreement

12. In the last one decade, which one among the following sectors has attracted the highest foreign direct investment inflows into India? --> Telecommunication

13. Gilt-edged market means --> market of government securities

14. ICICI is the name of a --> financial institution

15. Development expenditure of the Central government does not include --> defence expenditure

16. The central banking functions in India are performed by the --> Reserve Bank of India

17. Since 1983, the RBI's responsibility with respect to regional rural banks was transferred to --> NABARD
18. Devaluation of currency leads to --> increase in domestic prices

19. The ARDC is now a branch of the --> NABARD

20. Paper currency first started in India in --> 1861

21. In utensils worth Rs 1000 are produced with copper worth Rs 500, wages paid are Rs 100, other material purchased is worth Rs 100 and depreciation of machinery is zero, then what is the value added in process? --> Rs 300

22. Depreciation means --> loss of equipment over time due to wear and tear

23. In the second nationalization of commercial banks, ___ banks were nationalized --> 6

24. Devaluation of a currency means --> reduction in the value of a currency vis-a-vis major internationally traded currencies

25. The budget deficit means --> difference between all receipts and all the expenditure

26. In India, which one among the following formulates the fiscal policy? --> Ministry of Finance

27. Short-term finance is usually for a period ranging up to --> 12 months

28. If the RBI adopts an expansionist open market operations policy, this means that it will --> offer commercial banks more credit in the open market

29. One of the reasons for India's occupational structure remaining more or less the same over the years has been that --> investment pattern has been directed towards capital intensive industries

30. The association of the rupee with pound sterling as the intervention currency was broken in --> 1992

31. India changed over to the decimal system of coinage in --> April 1957

32. If all the banks in an economy are nationalized and converted into a monopoly bank, the total deposits --> will neither increase nor decrease

33. The apex body for formulating plans and coordinating research work in agriculture and allied fields is --> Indian Council of Agricultural Research

34. Resurgent India Bonds were issued in US dollar, Pound Sterling and --> Deutsche Mark
35. Subsidies mean --> payment made by the government to business enterprises, without buying any goods and services

36. If the cash reserve ratio is lowered by the RBI, its impact on credit creation will be to --> increase it

37. On July 12, 1982, the ARDC was merged into --> NABARD

38. Gross domestic capital formation is defined as --> net addition to stock after depreciation

39. The average rate of domestic savings (gross) for the Indian economy is currently estimated to be in the range of --> 20 to 25 percent

40. The annual yield from which of the following Union Government taxes is the highest? --> Excise duties

41. In India, inflation measured by the --> Wholesale Price Index number

42. In India, the first bank of limited liability manages by Indians and founded in 1881 was --> Oudh Commercial Bank

43. How many banks were nationalized in 1969? --> 14

44. In pursuance with the recommendations of Narsimhan Committee, the RBI has framed new guidelines --> to govern entry of new private sector banks to make the banking sector more competitive

45. Excise duty is a tax levied on the --> production of goods

46. Debenture holders of a company are its --> creditors

47. The Board of Industrial and Financial Reconstruction (BIFR) came into existence in --> 1987

48. The co-operative credit societies have a --> three-tier structure

49. If an economy is equilibrium at the point where plans to save and to invest are equal, then government expenditure must be --> equal to government income

50. Revenue of the state governments are raised from the following sources, except --> agricultural income tax

51. Deficit financing means that the government borrows money from the --> RBI

52. The condition of indirect taxes in the country's revenue is approximately --> 86 percent

53. Non Tax revenues can be increased by improving the working of the --> commercial irrigation projects

54. The banks are required to maintain a certain ratio between their cash in the hand and totals assets. This is called --> Statutory Liquid Ratio (SLR)

55. Of the gross tax revenue of the Union Government the indirect taxes account for nearly --> 65%

56. Devaluation of currency will be more beneficial if --> prices of exports remain constant

57. The current price index (base 1960) is nearly 330. This means that --> weighted means of prices of certain item has increased 3-3 times

58. Debenture holders of a company are its ? --> Creditors

59. Deficit financing implies --> public expenditure in excess of public revenue

60. The head quarters of world trade organisation is in --> Geneva

61. Who is known as father of economics ? --> Adam Smith

62. National Sample Survey Organisation (NSSO) was established in --> 1950

63. What is term Hot Money used for ? --> a money which comes easily and goes easily too

64. "Blue sky laws" is a term used for laws which are : --> Which are created in hurry

65. Balance sheet shows --> Both assets and liabilities

66. What is Autarchy ? --> Self sufficiency and self reliance of economy.

67. Who has given "Big Push Theory" ? --> R. Rodan

68. On which position India is, if we talk about production of vegetables ? --> Second

69. The Executive head of a state Government is ? --> The Governor

70. Kudremukh Iron Ore project is in the state of --> Karnataka

71. "The Future of India" book is written by --> Bimal Jalan

72. Which is major rubber producing state in India ? --> Kerala

73. The first bank managed by Indians was ? --> Oudh Bank

74. Who have written the book "Capital and Growth" ? --> Hicks

75. Who fixes the poverty line ? --> Planning Commision

76. International Monetary Fund (IMF) was established on --> 27 December, 1945

77. What is FEMA ? --> Foreign Exchange Management Act

78. Iron and steel industry started in India in the year ? --> 1870

79. Abid Husain Committee is related to ? --> Reform in small industries
80. Which industry is the largest ? --> Textile

81. Sales Tax is --> Indirect Tax

82. National Rural Development Institute is situated at ? --> Hyderabad

83. The mineral in which India depends largely on imports is --> Mercury
84. Which is the most important source of income for Government of India ? --> Excise duty

85. India earns maximum foreign exchange by the export of ? --> Tea

86. Devaluation of currency leads to ? --> increase in domestic prices

87. In India paper currency started in ? --> 1861

88. Who was the winner of new Rupee symbol contest ? --> D Udaya Kumar

89. When was new rupee symbol was selected by Union Cabinet ? --> July 15, 2010
90. Exise duty is imposed on --> Production of an item

91. Which state has the highest Per Capita Income in India ? --> Punjab
92. Imperial Bank of India was old name of ? --> State Bank of India

93. The bank which has the highest number of branches in the world is ? --> State Bank of India

94. Which Indian got Nobel Prize for Economics ? --> Amarthiya Sen
95. Short-term finance is usually for a period ranging up to --> 1 Year

96. In India, Inflation measured by the : --> Consumer Price Index

97. The banks are required to maintain a certain ratio between their cash in hand and total assets. This is called ? --> Statutory Liquid Ratio

98. Deficit financing means that the government borrows money from the ? --> RBI

99. States earn maximum revenue through --> Commercial taxes

100. In the state of India, the State Financial Corporation have given assistance mainly to develop --> medium and small-scale industries

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