Indian Economy GK Questions with answers - Set 03

G.K. Practice Test: Question Set - 03

1. Guarantee to an exporter that the importer of his goods will pay immediately for the goods ordered by him, is known as
    (A) Letter of Credit (L/C)
    (B) Laissez-faire
    (C) Inflation
    (D) None of the above

2. Economic goods are
    (A) All commodities that is limited in quantity as compared to their demand
    (B) Commodities that is available according to their demand
    (C) Commodities that is available more as compared to demand
    (D) None of the above

3. Free market is
    (A) A condition in the international market where nations do not impose customs duty or other taxes on import of goods
    (B) Market where the price of a commodity is determined by free play of the forces of supply and demand
    (C) Ports that are exempted from payment of customs duty on articles of commerce, primarily to encourage tourism
    (D) None of the above

4. The RBI does not transact the business of which state government?
    (A) Nagaland
    (B) J & K
    (C) Punjab
    (D) Assam

5. Which of the following is not an objective of India’s economic planning?
    (A) Population Growth
    (B) Industrial Growth
    (C) Economic Growth
    (D) Employment Generation

6. The Planning Commission of India was established in
    (A) 1942
    (B) 1947
    (C) 1950
    (D) 1951

7. Which of the following is the largest single source of the Government’s earnings from tax revenue?
    (A) Excise duties
    (B) Custom duties
    (C) Corporation tax
    (D) Income tax

8. How many banks are nationalized now in India (as on 2015)?
    (A) 19
    (B) 21
    (C) 17
    (D) 23

9. Recession is
    (A) Slowing down of economic activity over a limited period
    (B) Period during which unemployment may rise and demand and output may fall, leading to slump in trade
    (C) Period that results from accumulation of unsold goods, owing to fall in demand
    (D) All of the above

10. Unofficial, and usually illegal, system of providing people with more then their share of goods and services where their prices are controlled, is called
    (A) Black money
    (B) Blue chip
    (C) Black market
    (D) Black economy

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Economics and Indian Economy:
  Set 01      Set 02      Set 03      Set 04      Set 05      Set 06      Set 07      Set 08      Set 09
  Set 10      Set 11
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