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 54 of 111
Question #1061
The Rostow stages of growth model lists which of the following as the first stage?
A. Take-off
B. Traditional society
C. Drive to maturity
D. Age of high mass consumption
Discuss
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Correct Answer: Option B

Explanation:
Rostow's first stage is traditional society, followed by preconditions for take-off, take-off, etc.
This question belongs to: Economy GK Economy Set 1
Question #1062
The 'take-off' stage in Rostow's model is characterized by:
A. decline in investment
B. rapid increase in investment and industrialization
C. decrease in savings
D. agricultural stagnation
Discuss
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Correct Answer: Option B

Explanation:
Take-off is marked by a sharp rise in investment and industrial growth.
This question belongs to: Economy GK Economy Set 1
Question #1063
The Gini coefficient value of zero indicates:
A. perfect inequality
B. high poverty
C. perfect equality of income distribution
D. no unemployment
Discuss
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Correct Answer: Option C

Explanation:
A Gini coefficient of zero indicates perfect equality in income distribution.
This question belongs to: Economy GK Economy Set 1
Question #1064
A Gini coefficient value close to one indicates:
A. low inflation
B. perfect equality
C. perfect inequality
D. high growth
Discuss
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Correct Answer: Option C

Explanation:
A Gini coefficient close to one indicates perfect inequality.
This question belongs to: Economy GK Economy Set 1
Question #1065
The 'multidimensional poverty index' considers how many equally weighted dimensions?
A. Two
B. Five
C. Ten
D. Three
Discuss
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Correct Answer: Option D

Explanation:
MPI has three equally weighted dimensions: health, education and standard of living.
This question belongs to: Economy GK Economy Set 1
Question #1066
The 'Pradhan Mantri Awaas Yojana - Gramin' aims to provide:
A. skill training
B. crop loans
C. urban housing
D. pucca houses to rural poor
Discuss
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Correct Answer: Option D

Explanation:
PMAY-G provides pucca houses with basic amenities to rural poor households.
This question belongs to: Economy GK Economy Set 1
Question #1067
The 'Ayushman Bharat Pradhan Mantri Jan Arogya Yojana' provides health insurance coverage of:
A. Rs 2 lakh per family per year
B. Rs 1 lakh per family per year
C. Rs 5 lakh per family per year
D. Rs 10 lakh per family per year
Discuss
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Correct Answer: Option C

Explanation:
AB-PMJAY provides health cover of Rs 5 lakh per family per year for secondary and tertiary care.
This question belongs to: Economy GK Economy Set 1
Question #1068
The 'National Food Security Act, 2013' provides subsidized food grains under which category?
A. Urban households only
B. All income groups equally
C. Farmers only
D. Priority households and Antyodaya Anna Yojana households
Discuss
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Correct Answer: Option D

Explanation:
NFSA covers priority households and Antyodaya Anna Yojana households with subsidized food grains.
This question belongs to: Economy GK Economy Set 1
Question #1069
The 'Pradhan Mantri Ujjwala Yojana' aims to provide:
A. broadband connectivity
B. electricity connections
C. LPG connections to poor households
D. water connections
Discuss
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Correct Answer: Option C

Explanation:
PMUY provides free LPG connections to poor households to promote clean cooking fuel.
This question belongs to: Economy GK Economy Set 1
Question #1070
The 'Swachh Bharat Mission' was launched in which year?
A. 2014
B. 2012
C. 2019
D. 2016
Discuss
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Correct Answer: Option A

Explanation:
Swachh Bharat Mission was launched on 2 October 2014.
This question belongs to: Economy GK Economy Set 1
Question #1071
The 'Digital India' programme includes which of the following pillars?
A. Digital infrastructure, governance and digital empowerment
B. Only manufacturing
C. Only defence
D. Only agriculture
Discuss
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Correct Answer: Option A

Explanation:
Digital India rests on digital infrastructure, digital governance and digital empowerment.
This question belongs to: Economy GK Economy Set 1
Question #1072
The 'BharatNet' project aims to provide broadband connectivity to:
A. all Gram Panchayats
B. all industrial towns
C. all state capitals only
D. all urban households
Discuss
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Correct Answer: Option A

Explanation:
BharatNet aims to provide broadband connectivity to all Gram Panchayats.
This question belongs to: Economy GK Economy Set 1
Question #1073
The 'Pradhan Mantri Mudra Yojana' is implemented through which institutions?
A. Banks, NBFCs, MFIs and other intermediaries
B. Insurance companies
C. NABARD only
D. Post offices only
Discuss
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Correct Answer: Option A

Explanation:
MUDRA loans are provided through banks, NBFCs, microfinance institutions and other intermediaries.
This question belongs to: Economy GK Economy Set 1
Question #1074
The 'Stand-Up India' scheme provides loans to SC/ST and women entrepreneurs for:
A. agriculture only
B. setting up greenfield enterprises
C. foreign travel
D. purchasing vehicles only
Discuss
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Correct Answer: Option B

Explanation:
Stand-Up India provides loans to SC/ST and women entrepreneurs to set up greenfield enterprises.
This question belongs to: Economy GK Economy Set 1
Question #1075
The 'National Skill Development Corporation' was set up as a:
A. government department
B. regulatory body
C. public-private partnership
D. state-owned company only
Discuss
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Correct Answer: Option C

Explanation:
NSDC is a public-private partnership for skill development.
This question belongs to: Economy GK Economy Set 1
Question #1076
The 'Rashtriya Krishi Vikas Yojana' aims at:
A. agricultural development and infrastructure
B. industrial growth
C. tourism development
D. urban housing
Discuss
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Correct Answer: Option A

Explanation:
RKVY aims at promoting agricultural development and related infrastructure.
This question belongs to: Economy GK Economy Set 1
Question #1077
The 'Paramparagat Krishi Vikas Yojana' promotes:
A. hydroponics only
B. organic farming
C. GM crops
D. chemical farming
Discuss
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Correct Answer: Option B

Explanation:
PKVY promotes organic farming through cluster-based approach.
This question belongs to: Economy GK Economy Set 1
Question #1078
The 'National Bamboo Mission' is related to:
A. wildlife conservation
B. silk production
C. promoting bamboo cultivation and industry
D. fisheries development
Discuss
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Correct Answer: Option C

Explanation:
National Bamboo Mission promotes bamboo cultivation, processing and marketing.
This question belongs to: Economy GK Economy Set 1
Question #1079
The 'Blue Revolution' in India is associated with:
A. oilseeds production
B. fisheries and aquaculture development
C. poultry farming
D. milk production
Discuss
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Correct Answer: Option B

Explanation:
The Blue Revolution refers to the development of fisheries and aquaculture.
This question belongs to: Economy GK Economy Set 1
Question #1080
The 'Yellow Revolution' in India is associated with:
A. sugarcane
B. horticulture
C. oilseeds production
D. pulses production
Discuss
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Correct Answer: Option C

Explanation:
Yellow Revolution is associated with increased production of oilseeds.
This question belongs to: Economy GK Economy Set 1
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Practice Mix
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A man buys a book for Rs. 150 and sells it for Rs. 180. What is the gain percent?