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.

2220
Total Questions

Practice Questions

Page 76 of 111
Question #1501
The 'Pradhan Mantri Matru Vandana Yojana' provides maternity benefits to:
A. pregnant and lactating mothers
B. only working women
C. all women
D. only adolescent girls
Discuss
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Correct Answer: Option A

Explanation:
PMMVY provides maternity benefits to pregnant and lactating mothers.
This question belongs to: Economy GK Economy Set 1
Question #1502
The 'National Social Assistance Programme' provides social assistance to:
A. elderly, widows and disabled persons in need
B. all citizens
C. government employees
D. children only
Discuss
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Correct Answer: Option A

Explanation:
NSAP provides social assistance to elderly, widows and persons with disabilities.
This question belongs to: Economy GK Economy Set 1
Question #1503
The 'Atal Pension Yojana' was launched in which year?
A. 2017
B. 2015
C. 2013
D. 2016
Discuss
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Correct Answer: Option B

Explanation:
Atal Pension Yojana was launched in 2015.
This question belongs to: Economy GK Economy Set 1
Question #1504
The 'Pradhan Mantri Suraksha Bima Yojana' provides insurance against:
A. health expenses
B. accidental death and disability
C. unemployment
D. crop loss
Discuss
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Correct Answer: Option B

Explanation:
PMSBY provides accidental death and disability insurance.
This question belongs to: Economy GK Economy Set 1
Question #1505
The 'Pradhan Mantri Jeevan Jyoti Bima Yojana' provides:
A. crop insurance
B. life insurance
C. health insurance
D. vehicle insurance
Discuss
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Correct Answer: Option B

Explanation:
PMJJBY provides life insurance cover.
This question belongs to: Economy GK Economy Set 1
Question #1506
The 'Pradhan Mantri Fasal Bima Yojana' provides crop insurance at what premium rate for Kharif crops?
A. 10% of sum insured
B. 2% of sum insured
C. 1.5% of sum insured
D. 5% of sum insured
Discuss
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Correct Answer: Option B

Explanation:
PMFBY premium for Kharif crops is 2% of sum insured, Rabi 1.5%, commercial/horticultural 5%.
This question belongs to: Economy GK Economy Set 1
Question #1507
The 'Pradhan Mantri Kisan Samman Nidhi' provides income support to all landholding farmer families, irrespective of landholding size.
A. Only for marginal farmers
B. True
C. Only for small farmers
D. False
Discuss
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Correct Answer: Option B

Explanation:
PM-KISAN covers all landholding farmer families subject to certain exclusions, irrespective of landholding size.
This question belongs to: Economy GK Economy Set 1
Question #1508
The 'PM-KISAN' income support is transferred in how many equal instalments per year?
A. 4
B. 3
C. 2
D. 6
Discuss
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Correct Answer: Option B

Explanation:
PM-KISAN provides Rs 6,000 in three equal instalments of Rs 2,000 each.
This question belongs to: Economy GK Economy Set 1
Question #1509
The 'Kisan Credit Card' was introduced in which year?
A. 1995
B. 2005
C. 2001
D. 1998
Discuss
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Correct Answer: Option D

Explanation:
Kisan Credit Card was introduced in 1998.
This question belongs to: Economy GK Economy Set 1
Question #1510
The 'Interest Subvention Scheme' for farmers is implemented by:
A. RBI
B. SEBI
C. NABARD and the Government
D. IRDAI
Discuss
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Correct Answer: Option C

Explanation:
The interest subvention scheme for farmers is implemented by NABARD and the government.
This question belongs to: Economy GK Economy Set 1
Question #1511
The 'National Agriculture Market' e-NAM was launched in which year?
A. 2017
B. 2014
C. 2016
D. 2018
Discuss
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Correct Answer: Option C

Explanation:
e-NAM was launched in 2016.
This question belongs to: Economy GK Economy Set 1
Question #1512
The 'National Agricultural Cooperative Marketing Federation of India' is known as:
A. CACP
B. NABARD
C. FCI
D. NAFED
Discuss
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Correct Answer: Option D

Explanation:
NAFED is the National Agricultural Cooperative Marketing Federation of India.
This question belongs to: Economy GK Economy Set 1
Question #1513
The 'Food Corporation of India' procures food grains at:
A. free of cost
B. market price
C. Minimum Support Price
D. minimum export price
Discuss
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Correct Answer: Option C

Explanation:
FCI procures food grains at Minimum Support Price.
This question belongs to: Economy GK Economy Set 1
Question #1514
The 'Minimum Support Price' is based on which cost concept?
A. A2 + FL cost
B. C3 cost only
C. C2 cost
D. only paid-out costs
Discuss
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Correct Answer: Option A

Explanation:
MSP is based on A2 plus family labour (FL) cost, though CACP recommends and government can consider C2.
This question belongs to: Economy GK Economy Set 1
Question #1515
The 'C2 cost' in agriculture includes A2 plus family labour plus:
A. only pesticide cost
B. interest on land and fixed capital
C. only seed cost
D. only fertilizer cost
Discuss
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Correct Answer: Option B

Explanation:
C2 cost includes A2 plus family labour plus interest on land and fixed capital.
This question belongs to: Economy GK Economy Set 1
Question #1516
The 'Agriculture Marketing' in India is primarily regulated by:
A. State Agricultural Produce Marketing Committee Acts
B. NABARD
C. RBI
D. SEBI
Discuss
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Correct Answer: Option A

Explanation:
Agricultural marketing is regulated by State APMC Acts.
This question belongs to: Economy GK Economy Set 1
Question #1517
The 'Farmers' Produce Trade and Commerce (Promotion and Facilitation) Act, 2020' was later:
A. extended to 2030
B. implemented fully
C. amended only
D. repealed in 2021
Discuss
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Correct Answer: Option D

Explanation:
The three farm laws of 2020 were repealed in 2021.
This question belongs to: Economy GK Economy Set 1
Question #1518
The 'Essential Commodities (Amendment) Act, 2020' deregulated which commodities?
A. Petroleum and diesel
B. Cereals, pulses, oilseeds, edible oils and onion
C. Medicines
D. Fertilizers
Discuss
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Correct Answer: Option B

Explanation:
The 2020 amendment removed cereals, pulses, oilseeds, edible oils and onion from the Essential Commodities Act.
This question belongs to: Economy GK Economy Set 1
Question #1519
The 'National Food Security Act' provides legal entitlement to subsidized food grains to:
A. covered households under priority and Antyodaya categories
B. only urban poor
C. only farmers
D. all citizens
Discuss
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Correct Answer: Option A

Explanation:
NFSA provides subsidized food grains to priority households and Antyodaya Anna Yojana households.
This question belongs to: Economy GK Economy Set 1
Question #1520
The 'Pradhan Mantri Annadata Aay Sanrakshan Abhiyan' is a scheme for:
A. crop insurance
B. fertilizer subsidy
C. ensuring remunerative prices to farmers
D. irrigation
Discuss
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Correct Answer: Option C

Explanation:
PM-AASHA aims to ensure remunerative prices to farmers through price support, price deficiency payment and private procurement.
This question belongs to: Economy GK Economy Set 1
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