Economy - GK (PDF-2) 

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

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

3. General Insurance Corporation (GIC) was established in ? --> 1972

4. Life Insurance Corporation (LIC) of India was established in ? --> 1956

5. National Housing Bank (NHB) was established in ? --> 1988

6. National Bank for Agriculture and Rural Development (NABARD) was established in ? --> 1982

7. Export-Import bank of India was established in ? --> 1982

8. National Rural Employment Guarantee Programme started in ? --> 2006

9. Pradhan Mantri Gramodaya Yojana started in ? --> 2000

10. Mahila Samridhi Yojana started in ? --> 1993

11. National Rural Employment Programme started in ? --> 1980

12. Green Revolution started in --> 1966-67

13. When community development programme (CDP) started ? --> 1952

14. What is NSSO ? --> National Sample Survey Organisation

15. The data of estimation of India's National income is issued by ? --> Central Statistical Organsation
16. Which is not a Kharif Crop ? --> Wheat

17. National Agriculture Insurance Scheme was implemented on --> Oct. 1999

18. India holds the third position in production of Sugar cane. --> False

19. Which state is the biggest tea producer in the country ? --> Assam

20. The progress in increase of fish production was called --> Blue revolution

21. The increase in oil seeds production was due to ? --> Yellow revolution

22. Small Industries Development Bank of India (SIDBI) was established in : --> 1989

23. Industrial Credit and Investment Corporation of India (ICICI) was established in : --> 1991

24. Industrial Finance Corporation of India (IFCI) was established in : --> 1948

25.     Industrial Development Bank of India (IDBI) established in --> 1964

26. First Regional Rural Bank came into existence in --> 1975

27. Banking regulation act was passed in ? --> 1949

28. Reserve bank of India was established on --> 1st April, 1935
29. National Development Council was constituted on -->    6 August, 1952

30. Planning Commission was constituted on ? --> 15 March, 1950

31. Which five year plan focused on "Growth with social justice and equity". --> Ninth Five Year Plan

32. Which five year plan is also known as "Gadgil Yojana" ? --> Fourth Five Year Plan

33. First five year plan was based on ? --> Herold -Domar Model

34. First five year plan in India was from --> 1951 - 1956

35. The concept of Economic Planning in India is derived from ? --> Russia
36. Who was the father of Operation Flood ? --> Dr. Verghese Kurien

37. What is the mainstay of Indian economy ? --> Agriculture

38. The best indicator of economic development of any country is ? --> Its per capita income
39. How much population is living below poverty line in India ? --> Approx 26%

40. Contribution of agriculture to Gross National Product is approximately ? --> 17.5%

41. Approx __ % of Indian population is still Agriculturist --> 58%

42. The terms "Micro Economics" and "Macro Economics" were coined by --> Ragner Frisch

43. In Economics the terms ‘Utility’ and ‘Usefulness’ have --> Different meaning

44. The Draft of the Five Year Plans in India is approved by the --> National Development Council

45. Production function explains the relationship between --> Initial inputs and ultimate output
46. An exceptional demand curve is one that moves --> Upward to the right
47. Gross Domestic Product is defined as the value of all --> Final goods and services produced in an economy in a year

48. Revealed Preference Theory was propounded by --> P. A. Samuelson

49. The term stagflation refers to a situation where --> Rate of growth is slower than the rate of price increase

50. Full convertibility of a rupee means --> Determination of rate of exchange between rupee and foreign currencies freely by the market forces of demand and supply

51. A situation where we have people whose level of income is not sufficient to meet the minimum consumption expenditure is considered as --> Absolute Poverty

52. The present Indian monetary system is based on --> Minimum Reserve System

53. Money supply is governed by the --> Reserve Bank of India

54. National income is generated from --> any money making activity

55. Who estimated the National Income for the first time in India? --> Dadabhai Naoroji
56. According to Goldman Sachs’ review of emerging economies, by 2050 which one of the following would be the order of the largest economies in the world? --> China-USA-India-Brazil-Mexico

57. The TEAM-9 initiative is a techno economic cooperation venture between India and eight countries of --> West Africa

58. National income ignores --> Sale of land

59.  Special Drawings Rights (SDRs) relate to --> The International Monetary Fund

60. Fiscal policy in India is formulated by -->     The Finance Ministry

61. When the productive capacity of the economic system of a State is inadequate to create sufficient number of jobs, it is called --> Structural unemployment

62. Liquidity Preference Theory of Interest was propounded by --> J.M. Keynes

63. National income of a country is based on  --> personal incomes of all the citizens

64. An essential attribute of Inflation is --> increase in prices

65. Indirect tax means --> There is no direct relationship between the tax payer and the government

66. The Indian economy can be most appropriately described as a --> Mixed economy

67. Who said ‘Supply creates its own demand’? --> J. B. Say

68. Personal disposable income is --> Equal to personal income minus direct taxes paid by household

69. Structural unemployment arises due to --> Inadequate productive capacity

70. Interest on public debt is a part of --> Transfer payments by the govt.

71. The major aim of devaluation is to --> Encourage exports

72. Who coined the term "Hindu rate of growth for Indian economy"? --> Raj Krishna

73. Excise Duty is a tax levied o --> Commodities that are produced and consumed within the country

74. The fringe benefit tax was introduced in the budget of --> 2005-06

75. Inflation redistributes income and wealth in favour of --> Rich

76. When there is an official change in the exchange rate of domestic currency, then it is called --> Revaluation

77. An individual’s actual standard of living can be assessed by --> Per Capita Income

78. The purchase of shares and bonds of Indian companies by Foreign Institutional Investors is called? --> Foreign Indirect Investment

79. Rate of interest is determined by --> Liquidity preference

80. The 'break-even' point is where --> total revenue equals total cost

81. A want becomes a demand only when it is backed by the --> Ability to purchase

82. The excess of price a person is to pay rather than forego the consumption of the commodity is called --> Consumer Surplus

83. Economics is what it ought to be. This statement refers to --> Normative Economics

84. Which is the biggest tax paying sector in India? --> Industrial sector

85. During periods of inflations, tax rates should --> Increase

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