Economy Set 1 MCQs

Economy GK

Economy Set 1 MCQs

Practice Economy GK MCQs on basic economic concepts including economy, economics, microeconomics, macroeconomics, goods and services, demand and supply, factors of production, opportunity cost, economic activities, sectors of economy and other fundamental concepts frequently asked in SSC, Railway, Banking, UPSC, JKSSB, JKPSC, Police, Defence and other competitive examinations.

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Practice Questions

Page 50 of 111
Question #981
The Minimum Support Price is announced by the government on the recommendation of:
A. RBI
B. Commission for Agricultural Costs and Prices
C. NABARD
D. Food Corporation of India
Discuss
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Correct Answer: Option B

Explanation:
MSP is recommended by the Commission for Agricultural Costs and Prices and announced by the government.
This question belongs to: Economy GK Economy Set 1
Question #982
The Green Revolution in India was primarily associated with:
A. horticulture
B. high-yielding varieties of wheat and rice
C. organic farming
D. increasing output of pulses
Discuss
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Correct Answer: Option B

Explanation:
The Green Revolution introduced high-yielding varieties of wheat and rice.
This question belongs to: Economy GK Economy Set 1
Question #983
Operation Flood is associated with:
A. wheat production
B. poultry development
C. milk production and dairy development
D. fish farming
Discuss
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Correct Answer: Option C

Explanation:
Operation Flood was a dairy development programme for increasing milk production.
This question belongs to: Economy GK Economy Set 1
Question #984
Land ceiling laws aim to:
A. limit the maximum land area an individual can hold
B. promote urbanization
C. abolish all private land ownership
D. increase land concentration
Discuss
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Correct Answer: Option A

Explanation:
Land ceiling laws limit the maximum landholding an individual can own to redistribute surplus land.
This question belongs to: Economy GK Economy Set 1
Question #985
Tenancy reforms in India primarily aim to:
A. abolish all tenancy
B. increase rent burden on tenants
C. provide security of tenure and fair rent to tenants
D. increase landowner rights only
Discuss
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Correct Answer: Option C

Explanation:
Tenancy reforms aim to provide security of tenure and fair rents to tenants.
This question belongs to: Economy GK Economy Set 1
Question #986
The e-NAM platform is a national network for:
A. tax payments
B. agricultural marketing
C. railway booking
D. banking transactions
Discuss
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Correct Answer: Option B

Explanation:
e-NAM is an electronic national agricultural market platform to integrate agricultural mandis.
This question belongs to: Economy GK Economy Set 1
Question #987
The Food Corporation of India is responsible for:
A. regulating stock exchanges
B. providing crop loans
C. controlling inflation
D. procurement, storage and distribution of food grains
Discuss
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Correct Answer: Option D

Explanation:
FCI handles procurement, storage and distribution of food grains for the public distribution system.
This question belongs to: Economy GK Economy Set 1
Question #988
Buffer stock of food grains is maintained by the government mainly to:
A. support private traders
B. meet shortages and stabilize prices
C. reduce agricultural production
D. increase exports
Discuss
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Correct Answer: Option B

Explanation:
Buffer stocks are maintained to meet emergencies and stabilize food grain prices.
This question belongs to: Economy GK Economy Set 1
Question #989
Pradhan Mantri Fasal Bima Yojana provides:
A. minimum support price for crops
B. fertilizer subsidy only
C. crop insurance against crop loss
D. free electricity to farmers
Discuss
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Correct Answer: Option C

Explanation:
PMFBY provides comprehensive crop insurance against crop loss due to natural calamities, pests and diseases.
This question belongs to: Economy GK Economy Set 1
Question #990
The Soil Health Card scheme provides farmers information on:
A. market prices
B. land ownership records
C. soil nutrient status and recommended fertilizer use
D. weather forecast
Discuss
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Correct Answer: Option C

Explanation:
Soil Health Cards provide information on soil nutrient status and fertilizer recommendations.
This question belongs to: Economy GK Economy Set 1
Question #991
PM-KISAN provides income support to farmer families of how much per year?
A. Rs 6,000
B. Rs 10,000
C. Rs 2,000
D. Rs 12,000
Discuss
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Correct Answer: Option A

Explanation:
PM-KISAN provides Rs 6,000 per year in three equal instalments to eligible farmer families.
This question belongs to: Economy GK Economy Set 1
Question #992
The New Industrial Policy was announced in India in which year?
A. 1956
B. 1991
C. 1948
D. 2000
Discuss
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Correct Answer: Option B

Explanation:
The New Industrial Policy was announced in 1991, removing most industrial licensing.
This question belongs to: Economy GK Economy Set 1
Question #993
After 1991, industrial licensing in India was abolished for:
A. no industries
B. only small scale industries
C. most industries except a short list related to security and strategic concerns
D. all industries including defence
Discuss
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Correct Answer: Option C

Explanation:
Industrial licensing was abolished for most industries, retaining a short list for strategic and security reasons.
This question belongs to: Economy GK Economy Set 1
Question #994
MSME classification in India is based on:
A. export earnings
B. number of employees only
C. investment in plant and machinery or equipment and turnover
D. location only
Discuss
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Correct Answer: Option C

Explanation:
MSMEs are classified based on investment in plant and machinery/equipment and annual turnover.
This question belongs to: Economy GK Economy Set 1
Question #995
Make in India initiative was launched in which year?
A. 2018
B. 2012
C. 2014
D. 2016
Discuss
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Correct Answer: Option C

Explanation:
Make in India was launched in September 2014 to promote manufacturing.
This question belongs to: Economy GK Economy Set 1
Question #996
Startup India initiative primarily aims to:
A. promote entrepreneurship and innovation
B. nationalize private companies
C. increase import duties
D. regulate stock markets
Discuss
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Correct Answer: Option A

Explanation:
Startup India aims to promote entrepreneurship, innovation and startup growth.
This question belongs to: Economy GK Economy Set 1
Question #997
Public-Private Partnership refers to:
A. complete private ownership of public assets
B. collaboration between government and private sector for infrastructure or service delivery
C. nationalization of private firms
D. merger of public sector banks
Discuss
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Correct Answer: Option B

Explanation:
PPP is a collaboration between government and private sector for infrastructure or public service delivery.
This question belongs to: Economy GK Economy Set 1
Question #998
PM Gati Shakti is a national master plan for:
A. multi-modal connectivity and integrated infrastructure planning
B. banking reforms
C. tax administration
D. agricultural exports
Discuss
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Correct Answer: Option A

Explanation:
PM Gati Shakti is a national master plan for multi-modal connectivity and integrated infrastructure planning.
This question belongs to: Economy GK Economy Set 1
Question #999
The largest component of India's GDP in recent years is contributed by the:
A. services sector
B. agriculture sector
C. mining sector
D. manufacturing sector
Discuss
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Correct Answer: Option A

Explanation:
The services sector is the largest contributor to India's GDP.
This question belongs to: Economy GK Economy Set 1
Question #1000
National Population Policy 2000 aims to achieve replacement level fertility by:
A. 2045
B. 2010
C. 2015
D. 2020
Discuss
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Correct Answer: Option B

Explanation:
The National Population Policy 2000 aimed to achieve replacement level fertility by 2010.
This question belongs to: Economy GK Economy Set 1
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