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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Total Questions

Practice Questions

Page 55 of 111
Question #1081
The 'Silver Revolution' is associated with:
A. fish production
B. milk production
C. egg and poultry production
D. wool production
Discuss
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Correct Answer: Option C

Explanation:
Silver Revolution refers to rapid growth in egg and poultry production.
This question belongs to: Economy GK Economy Set 1
Question #1082
The 'Brown Revolution' is associated with:
A. coffee and cocoa production
B. fertilizer production
C. food processing
D. leather and cocoa
Discuss
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Correct Answer: Option A

Explanation:
Brown Revolution is associated with coffee and cocoa production.
This question belongs to: Economy GK Economy Set 1
Question #1083
The 'Evergreen Revolution' concept is associated with:
A. increasing fertilizer use
B. reducing crop diversity
C. sustainable agriculture with high productivity
D. only organic farming
Discuss
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Correct Answer: Option C

Explanation:
Evergreen Revolution refers to sustainable agriculture while maintaining high productivity.
This question belongs to: Economy GK Economy Set 1
Question #1084
The 'Pradhan Mantri Krishi Sinchai Yojana' aims at:
A. improving irrigation and water-use efficiency
B. crop insurance
C. promoting exports
D. providing tractors
Discuss
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Correct Answer: Option A

Explanation:
PMKSY aims to improve irrigation coverage and water-use efficiency.
This question belongs to: Economy GK Economy Set 1
Question #1085
The 'KUSUM' scheme aims to promote:
A. wind energy in industries
B. nuclear power
C. biogas in urban areas
D. solar power in agriculture
Discuss
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Correct Answer: Option D

Explanation:
PM-KUSUM promotes solar power in agriculture including solar pumps and grid-connected solar plants.
This question belongs to: Economy GK Economy Set 1
Question #1086
The 'Food Safety and Standards Authority of India' works under which ministry?
A. Ministry of Health and Family Welfare
B. Ministry of Food Processing Industries
C. Ministry of Agriculture
D. Ministry of Commerce
Discuss
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Correct Answer: Option A

Explanation:
FSSAI functions under the Ministry of Health and Family Welfare.
This question belongs to: Economy GK Economy Set 1
Question #1087
The 'Essential Commodities Act' was amended in 2020 to deregulate which commodities?
A. Cereals, pulses, oilseeds, edible oils and onion
B. Medicines
C. Fertilizers
D. Petroleum products
Discuss
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Correct Answer: Option A

Explanation:
The Essential Commodities (Amendment) Act 2020 deregulated cereals, pulses, oilseeds, edible oils and onion.
This question belongs to: Economy GK Economy Set 1
Question #1088
The 'PM Formalization of Micro Food Processing Enterprises' scheme is associated with which sector?
A. IT services
B. Textiles
C. Steel
D. Food processing
Discuss
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Correct Answer: Option D

Explanation:
PM FME scheme supports micro food processing enterprises.
This question belongs to: Economy GK Economy Set 1
Question #1089
The 'One District One Product' initiative aims to promote:
A. single tax rate
B. uniform industrial policy
C. uniform education
D. district-specific products and exports
Discuss
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Correct Answer: Option D

Explanation:
One District One Product promotes production of unique products in each district for economic development and exports.
This question belongs to: Economy GK Economy Set 1
Question #1090
The 'Index of Eight Core Industries' comprises which proportion of the weight in the Index of Industrial Production?
A. 60%
B. 80%
C. 20%
D. 40%
Discuss
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Correct Answer: Option D

Explanation:
The eight core industries have a combined weight of about 40.27% in the Index of Industrial Production.
This question belongs to: Economy GK Economy Set 1
Question #1091
Which of the following is not one of the eight core industries?
A. Textiles
B. Natural gas
C. Crude oil
D. Coal
Discuss
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Correct Answer: Option A

Explanation:
Textiles is not among the eight core industries; they are coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity.
This question belongs to: Economy GK Economy Set 1
Question #1092
The 'Government e-Marketplace' is primarily a platform for:
A. stock trading
B. retail e-commerce
C. foreign exchange trading
D. public procurement of goods and services
Discuss
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Correct Answer: Option D

Explanation:
GeM is an online platform for government procurement of goods and services.
This question belongs to: Economy GK Economy Set 1
Question #1093
The 'TReDS' platform is meant for:
A. foreign exchange trading
B. trading government securities
C. financing of receivables of MSMEs
D. commodity futures
Discuss
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Correct Answer: Option C

Explanation:
TReDS is an electronic platform for financing trade receivables of MSMEs from corporate buyers.
This question belongs to: Economy GK Economy Set 1
Question #1094
The 'Account Aggregator' framework in India deals with:
A. tax collection
B. deposit insurance
C. merging bank accounts
D. sharing of financial data with user consent
Discuss
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Correct Answer: Option D

Explanation:
Account Aggregator framework enables consent-based sharing of financial information.
This question belongs to: Economy GK Economy Set 1
Question #1095
The 'National Payments Corporation of India' operates which of the following?
A. UPI and RuPay
B. NSE
C. BSE
D. IRDAI
Discuss
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Correct Answer: Option A

Explanation:
NPCI operates retail payment systems such as UPI, RuPay, NACH and IMPS.
This question belongs to: Economy GK Economy Set 1
Question #1096
The 'Atal Pension Yojana' is primarily targeted at:
A. unorganized sector workers
B. government employees only
C. organized sector employees only
D. children
Discuss
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Correct Answer: Option A

Explanation:
Atal Pension Yojana provides pension to workers in the unorganized sector.
This question belongs to: Economy GK Economy Set 1
Question #1097
The 'Pradhan Mantri Shram Yogi Maandhan' provides pension to:
A. only government employees
B. unorganized sector workers in the age group of 18 to 40 years
C. only farmers
D. all citizens
Discuss
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Correct Answer: Option B

Explanation:
PM-SYM provides monthly pension to unorganized workers aged 18-40.
This question belongs to: Economy GK Economy Set 1
Question #1098
The 'National Pension System' in India is regulated by:
A. IRDAI
B. PFRDA
C. SEBI
D. RBI
Discuss
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Correct Answer: Option B

Explanation:
The National Pension System is regulated by the Pension Fund Regulatory and Development Authority.
This question belongs to: Economy GK Economy Set 1
Question #1099
The 'Employees' Provident Fund Organisation' operates under which ministry?
A. Ministry of Finance
B. Ministry of Social Justice
C. Ministry of Corporate Affairs
D. Ministry of Labour and Employment
Discuss
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Correct Answer: Option D

Explanation:
EPFO operates under the Ministry of Labour and Employment.
This question belongs to: Economy GK Economy Set 1
Question #1100
The 'Employees' State Insurance Corporation' provides which type of social security?
A. education loans
B. old age pension only
C. housing loans
D. health insurance, sickness and maternity benefits
Discuss
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Correct Answer: Option D

Explanation:
ESIC provides health insurance, sickness, maternity and disability benefits to insured workers.
This question belongs to: Economy GK Economy Set 1
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Practice Mix
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The Right to Education Act was enacted in:
Select the antonym of 'KNOTTY'.
A man buys a book for Rs. 150 and sells it for Rs. 180. What is the gain percent?