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 66 of 111
Question #1301
The 'zero-based budgeting' was first introduced in India in the budget of:
A. 1986-87
B. 1991-92
C. 1985-86
D. 2001-02
Discuss
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Correct Answer: Option A

Explanation:
Zero-based budgeting was introduced in the Union Budget 1986-87.
This question belongs to: Economy GK Economy Set 1
Question #1302
The 'Union Budget' is presented under which article of the Constitution?
A. Article 110
B. Article 112
C. Article 280
D. Article 265
Discuss
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Correct Answer: Option B

Explanation:
The Annual Financial Statement is presented under Article 112.
This question belongs to: Economy GK Economy Set 1
Question #1303
The 'Appropriation Bill' is passed under which article of the Constitution?
A. Article 110
B. Article 266
C. Article 280
D. Article 114
Discuss
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Correct Answer: Option D

Explanation:
The Appropriation Bill is passed under Article 114 to authorize withdrawal from the Consolidated Fund.
This question belongs to: Economy GK Economy Set 1
Question #1304
The 'Finance Bill' is passed under which article of the Constitution?
A. Article 280
B. Article 324
C. Article 117
D. Article 110
Discuss
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Correct Answer: Option C

Explanation:
The Finance Bill is a Money Bill passed under Article 117.
This question belongs to: Economy GK Economy Set 1
Question #1305
The 'Consolidated Fund of India' is established under which article?
A. Article 312
B. Article 266
C. Article 280
D. Article 263
Discuss
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Correct Answer: Option B

Explanation:
The Consolidated Fund of India is constituted under Article 266.
This question belongs to: Economy GK Economy Set 1
Question #1306
The 'Public Account of India' is constituted under which article?
A. Article 312
B. Article 266
C. Article 263
D. Article 280
Discuss
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Correct Answer: Option B

Explanation:
The Public Account of India is constituted under Article 266.
This question belongs to: Economy GK Economy Set 1
Question #1307
The 'Contingency Fund of India' is established under which article?
A. Article 267
B. Article 280
C. Article 312
D. Article 263
Discuss
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Correct Answer: Option A

Explanation:
The Contingency Fund of India is established under Article 267.
This question belongs to: Economy GK Economy Set 1
Question #1308
The 'Finance Commission' is appointed every how many years?
A. 5 years
B. 10 years
C. 3 years
D. 6 years
Discuss
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Correct Answer: Option A

Explanation:
The Finance Commission is constituted every five years under Article 280.
This question belongs to: Economy GK Economy Set 1
Question #1309
The 'Goods and Services Tax Council' is a constitutional body under which article?
A. Article 280
B. Article 279A
C. Article 324
D. Article 356
Discuss
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Correct Answer: Option B

Explanation:
The GST Council is constituted under Article 279A.
This question belongs to: Economy GK Economy Set 1
Question #1310
The 'NITI Aayog' was established through a resolution of:
A. Union Cabinet
B. President
C. Supreme Court
D. Parliament
Discuss
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Correct Answer: Option A

Explanation:
NITI Aayog was established by a Union Cabinet resolution on 1 January 2015.
This question belongs to: Economy GK Economy Set 1
Question #1311
The 'Planning Commission' was set up in 1950 by a resolution of the:
A. Parliament
B. Supreme Court
C. Government of India
D. President
Discuss
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Correct Answer: Option C

Explanation:
The Planning Commission was established by a Cabinet resolution in March 1950.
This question belongs to: Economy GK Economy Set 1
Question #1312
The 'National Development Council' was constituted in which year?
A. 1950
B. 1956
C. 1952
D. 1969
Discuss
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Correct Answer: Option C

Explanation:
The National Development Council was constituted in 1952.
This question belongs to: Economy GK Economy Set 1
Question #1313
The 'Yojana Aayog' is the Hindi name for:
A. GST Council
B. Planning Commission
C. Finance Commission
D. NITI Aayog
Discuss
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Correct Answer: Option B

Explanation:
The Planning Commission was known as Yojana Aayog in Hindi.
This question belongs to: Economy GK Economy Set 1
Question #1314
The 'NITI Aayog' full form is:
A. National Institution for Transforming India
B. National Integrated Transport Institute
C. National Institute for Transforming India
D. National Initiative for Trade and Industry
Discuss
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Correct Answer: Option A

Explanation:
NITI stands for National Institution for Transforming India.
This question belongs to: Economy GK Economy Set 1
Question #1315
The 'Think Tank' of the Government of India for economic policy is:
A. SEBI
B. NITI Aayog
C. RBI
D. Finance Commission
Discuss
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Correct Answer: Option B

Explanation:
NITI Aayog acts as the premier policy think tank of the Government of India.
This question belongs to: Economy GK Economy Set 1
Question #1316
The 'Chief Executive Officer' of NITI Aayog is appointed by:
A. President
B. Finance Minister
C. Prime Minister
D. Parliament
Discuss
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Correct Answer: Option C

Explanation:
The CEO of NITI Aayog is appointed by the Prime Minister.
This question belongs to: Economy GK Economy Set 1
Question #1317
The 'Governing Council' of NITI Aayog includes:
A. Chief Ministers and Lieutenant Governors
B. only RBI Governor
C. only finance secretaries
D. only central ministers
Discuss
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Correct Answer: Option A

Explanation:
The Governing Council includes Chief Ministers and Lieutenant Governors along with the Prime Minister and central ministers.
This question belongs to: Economy GK Economy Set 1
Question #1318
The 'National Institution for Transforming India' was formed on:
A. 1 January 2014
B. 1 January 2015
C. 26 January 2015
D. 15 August 2014
Discuss
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Correct Answer: Option B

Explanation:
NITI Aayog was established on 1 January 2015.
This question belongs to: Economy GK Economy Set 1
Question #1319
The 'Planning Commission' was replaced by NITI Aayog in which year?
A. 2017
B. 2016
C. 2015
D. 2013
Discuss
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Correct Answer: Option C

Explanation:
The Planning Commission was replaced by NITI Aayog in 2015.
This question belongs to: Economy GK Economy Set 1
Question #1320
The 'Twelfth Five Year Plan' period was:
A. 2007-2012
B. 2017-2022
C. 2012-2017
D. 2010-2015
Discuss
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Correct Answer: Option C

Explanation:
The Twelfth Five Year Plan covered 2012-2017.
This question belongs to: Economy GK Economy Set 1
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