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 56 of 111
Question #1101
The 'Goods and Services Tax Network' is a:
A. tax collection department
B. non-government IT company providing GST portal
C. ministry under government
D. regulatory authority
Discuss
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Correct Answer: Option B

Explanation:
GSTN is a non-government, private limited company that provides the IT infrastructure for GST.
This question belongs to: Economy GK Economy Set 1
Question #1102
The 'National Statistical Office' in India is responsible for:
A. currency printing
B. conducting elections
C. collection and publication of statistical data including national accounts
D. regulation of stock exchanges
Discuss
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Correct Answer: Option C

Explanation:
NSO collects and publishes official statistics including national accounts and price indices.
This question belongs to: Economy GK Economy Set 1
Question #1103
The 'Periodic Labour Force Survey' is conducted by:
A. NITI Aayog
B. RBI
C. National Statistical Office
D. Ministry of Labour
Discuss
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Correct Answer: Option C

Explanation:
The Periodic Labour Force Survey is conducted by the National Statistical Office.
This question belongs to: Economy GK Economy Set 1
Question #1104
The 'Consumer Expenditure Survey' is used primarily to:
A. regulate banks
B. set interest rates
C. calculate foreign reserves
D. update weights in price indices and estimate poverty
Discuss
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Correct Answer: Option D

Explanation:
Consumer expenditure surveys provide data for updating price index weights and poverty estimates.
This question belongs to: Economy GK Economy Set 1
Question #1105
The 'Wholesale Price Index' in India is compiled by:
A. NITI Aayog
B. Ministry of Finance
C. Office of Economic Adviser, Ministry of Commerce and Industry
D. RBI
Discuss
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Correct Answer: Option C

Explanation:
The WPI is compiled by the Office of Economic Adviser in the Ministry of Commerce and Industry.
This question belongs to: Economy GK Economy Set 1
Question #1106
The 'Consumer Price Index - Industrial Workers' is compiled by:
A. CSO
B. RBI
C. NITI Aayog
D. Labour Bureau
Discuss
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Correct Answer: Option D

Explanation:
CPI-IW is compiled by the Labour Bureau.
This question belongs to: Economy GK Economy Set 1
Question #1107
The 'National Income' estimates in India are prepared by:
A. RBI
B. National Statistical Office
C. NITI Aayog
D. Ministry of Statistics and Programme Implementation
Discuss
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Correct Answer: Option B

Explanation:
National income estimates are prepared by the National Statistical Office.
This question belongs to: Economy GK Economy Set 1
Question #1108
The 'Central Statistics Office' has been merged with which organization to form the National Statistical Office?
A. NITI Aayog
B. Labour Bureau
C. Registrar General of India
D. National Sample Survey Office
Discuss
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Correct Answer: Option D

Explanation:
CSO and NSSO were merged to form the National Statistical Office.
This question belongs to: Economy GK Economy Set 1
Question #1109
The 'First Advance Estimates' of GDP for a financial year in India are released by:
A. RBI
B. NITI Aayog
C. National Statistical Office
D. Ministry of Finance
Discuss
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Correct Answer: Option C

Explanation:
The NSO releases advance estimates of GDP.
This question belongs to: Economy GK Economy Set 1
Question #1110
The term 'Gross Value Added at basic prices' equals GDP at market prices minus:
A. indirect taxes net of subsidies plus net product taxes
B. depreciation
C. indirect taxes plus subsidies
D. factor income from abroad
Discuss
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Correct Answer: Option A

Explanation:
GVA at basic prices equals GDP at market prices minus net product taxes and other adjustments.
This question belongs to: Economy GK Economy Set 1
Question #1111
The 'Prime Minister's Economic Advisory Council' was reconstituted in which year?
A. 2019
B. 2017
C. 2014
D. 2020
Discuss
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Correct Answer: Option B

Explanation:
The PMEAC was reconstituted in September 2017.
This question belongs to: Economy GK Economy Set 1
Question #1112
The 'Economic Survey' in India is prepared by:
A. National Statistical Office
B. NITI Aayog
C. Department of Economic Affairs, Ministry of Finance
D. RBI
Discuss
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Correct Answer: Option C

Explanation:
The Economic Survey is prepared by the Department of Economic Affairs in the Ministry of Finance.
This question belongs to: Economy GK Economy Set 1
Question #1113
The 'Economic Survey' is tabled in Parliament before the:
A. Railway Budget
B. Monsoon Session
C. Union Budget
D. Winter Session
Discuss
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Correct Answer: Option C

Explanation:
The Economic Survey is tabled just before the Union Budget.
This question belongs to: Economy GK Economy Set 1
Question #1114
The 'Union Budget' is presented in Parliament by the:
A. Finance Minister
B. President
C. Finance Secretary
D. Prime Minister
Discuss
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Correct Answer: Option A

Explanation:
The Union Budget is presented by the Finance Minister.
This question belongs to: Economy GK Economy Set 1
Question #1115
The 'Vote on Account' is used to:
A. reduce fiscal deficit
B. obtain Parliament's approval for expenditure for part of the financial year
C. present the full budget for the year
D. impose new taxes
Discuss
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Correct Answer: Option B

Explanation:
Vote on Account authorizes government expenditure for a limited period, usually before elections.
This question belongs to: Economy GK Economy Set 1
Question #1116
The 'Finance Bill' is a bill that:
A. contains taxation proposals of the government
B. deals only with defence expenditure
C. deals with banking regulation
D. deals with foreign policy
Discuss
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Correct Answer: Option A

Explanation:
The Finance Bill contains tax proposals and other financial measures.
This question belongs to: Economy GK Economy Set 1
Question #1117
The 'Appropriation Bill' is passed by Parliament to:
A. impose new taxes
B. regulate banks
C. authorize withdrawal of funds from the Consolidated Fund of India
D. declare war
Discuss
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Correct Answer: Option C

Explanation:
The Appropriation Bill allows the government to withdraw funds from the Consolidated Fund of India.
This question belongs to: Economy GK Economy Set 1
Question #1118
The 'Consolidated Fund of India' includes:
A. all government revenues, borrowings and loans received
B. only foreign aid
C. only tax revenues
D. only borrowing
Discuss
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Correct Answer: Option A

Explanation:
The Consolidated Fund of India includes all government revenues, borrowings and receipts.
This question belongs to: Economy GK Economy Set 1
Question #1119
The 'Public Account of India' contains funds that:
A. are collected as taxes
B. belong to the government exclusively
C. are held by the government in a trustee capacity, such as provident funds
D. are borrowed from foreign countries
Discuss
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Correct Answer: Option C

Explanation:
Public Account includes funds held by government in fiduciary capacity, like provident funds and small savings.
This question belongs to: Economy GK Economy Set 1
Question #1120
The 'Contingency Fund of India' is held by:
A. Prime Minister
B. President
C. Finance Minister
D. RBI
Discuss
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Correct Answer: Option B

Explanation:
The Contingency Fund of India is placed at the disposal of the President.
This question belongs to: Economy GK Economy Set 1
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