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 85 of 111
Question #1681
The 'Central Information Commission' is a:
A. statutory body
B. private body
C. executive body
D. constitutional body
Discuss
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Correct Answer: Option A

Explanation:
The Central Information Commission is a statutory body under RTI Act.
This question belongs to: Economy GK Economy Set 1
Question #1682
The 'Central Vigilance Commission' is a:
A. private body
B. statutory body
C. constitutional body
D. judicial body
Discuss
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Correct Answer: Option B

Explanation:
The Central Vigilance Commission is a statutory body.
This question belongs to: Economy GK Economy Set 1
Question #1683
The 'Lokpal' in India is a:
A. private body
B. judicial body
C. constitutional body
D. statutory body
Discuss
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Correct Answer: Option D

Explanation:
Lokpal is a statutory body established under the Lokpal and Lokayuktas Act, 2013.
This question belongs to: Economy GK Economy Set 1
Question #1684
The 'National Human Rights Commission' is a:
A. constitutional body
B. private body
C. statutory body
D. judicial body
Discuss
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Correct Answer: Option C

Explanation:
NHRC is a statutory body under the Protection of Human Rights Act, 1993.
This question belongs to: Economy GK Economy Set 1
Question #1685
The 'National Commission for Women' is a:
A. private body
B. statutory body
C. constitutional body
D. judicial body
Discuss
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Correct Answer: Option B

Explanation:
The National Commission for Women is a statutory body established in 1992.
This question belongs to: Economy GK Economy Set 1
Question #1686
The 'National Commission for Protection of Child Rights' is a:
A. statutory body
B. constitutional body
C. judicial body
D. private body
Discuss
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Correct Answer: Option A

Explanation:
NCPCR is a statutory body under the Commissions for Protection of Child Rights Act, 2005.
This question belongs to: Economy GK Economy Set 1
Question #1687
The 'Reserve Bank of India' was established on:
A. 1 July 1934
B. 1 April 1934
C. 1 April 1935
D. 1 January 1935
Discuss
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Correct Answer: Option C

Explanation:
The RBI was established on 1 April 1935.
This question belongs to: Economy GK Economy Set 1
Question #1688
The 'Reserve Bank of India' was nationalized on:
A. 1 January 1947
B. 26 January 1950
C. 15 August 1947
D. 1 January 1949
Discuss
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Correct Answer: Option D

Explanation:
The RBI was nationalized on 1 January 1949.
This question belongs to: Economy GK Economy Set 1
Question #1689
The 'Reserve Bank of India' is headquartered in:
A. New Delhi
B. Chennai
C. Mumbai
D. Kolkata
Discuss
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Correct Answer: Option C

Explanation:
The RBI headquarters is in Mumbai.
This question belongs to: Economy GK Economy Set 1
Question #1690
The 'Reserve Bank of India' has how many regional offices?
A. 10
B. 19
C. 25
D. 31
Discuss
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Correct Answer: Option B

Explanation:
The RBI has 19 regional offices.
This question belongs to: Economy GK Economy Set 1
Question #1691
The 'Reserve Bank of India' issues currency notes of denominations up to:
A. Rs 10,000
B. Rs 100
C. Rs 1,000
D. Rs 5,000
Discuss
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Correct Answer: Option C

Explanation:
RBI issues currency notes up to Rs 1,000 denomination, while one rupee notes are issued by Government of India.
This question belongs to: Economy GK Economy Set 1
Question #1692
The 'one rupee note' in India is issued by:
A. Ministry of Finance, Government of India
B. RBI
C. SBI
D. SEBI
Discuss
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Correct Answer: Option A

Explanation:
The one rupee note is issued by the Government of India, not RBI.
This question belongs to: Economy GK Economy Set 1
Question #1693
The 'currency note' in India bears the signature of:
A. Finance Minister
B. RBI Governor
C. President
D. Prime Minister
Discuss
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Correct Answer: Option B

Explanation:
Currency notes except one rupee bear the signature of the RBI Governor.
This question belongs to: Economy GK Economy Set 1
Question #1694
The 'one rupee note' bears the signature of:
A. Finance Secretary
B. RBI Governor
C. Finance Minister
D. President
Discuss
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Correct Answer: Option A

Explanation:
The one rupee note bears the signature of the Finance Secretary.
This question belongs to: Economy GK Economy Set 1
Question #1695
The 'Coinage Act' in India is administered by:
A. RBI
B. Government of India
C. SEBI
D. SBI
Discuss
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Correct Answer: Option B

Explanation:
Coins are issued by the Government of India under the Coinage Act.
This question belongs to: Economy GK Economy Set 1
Question #1696
The 'currency chests' in India are operated by:
A. banks on behalf of RBI
B. treasury departments
C. RBI only
D. post offices
Discuss
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Correct Answer: Option A

Explanation:
Currency chests are operated by selected banks on behalf of the RBI for currency storage and distribution.
This question belongs to: Economy GK Economy Set 1
Question #1697
The 'Clean Note Policy' of RBI aims to:
A. reduce currency in circulation
B. print more currency
C. ensure good quality currency notes in circulation
D. ban all old notes
Discuss
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Correct Answer: Option C

Explanation:
Clean Note Policy aims to keep currency notes in good quality.
This question belongs to: Economy GK Economy Set 1
Question #1698
The 'Rs 2000 note' in India was introduced after demonetization in:
A. 2018
B. 2014
C. 2020
D. 2016
Discuss
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Correct Answer: Option D

Explanation:
Rs 2000 note was introduced in November 2016 after demonetization.
This question belongs to: Economy GK Economy Set 1
Question #1699
The 'demonetization' of high-value currency notes in 2016 included notes of which denominations?
A. Rs 500 and Rs 1,000
B. Rs 100 and Rs 500
C. Rs 100 and Rs 1,000
D. Rs 1,000 and Rs 2,000
Discuss
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Correct Answer: Option A

Explanation:
Demonetization in November 2016 invalidated old Rs 500 and Rs 1,000 notes.
This question belongs to: Economy GK Economy Set 1
Question #1700
The 'Digital rupee' is a central bank digital currency that has been launched by RBI in a pilot.
A. Only for foreign trade
B. False
C. True
D. Only for banks
Discuss
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Correct Answer: Option C

Explanation:
RBI has launched pilot projects for the Digital Rupee, a central bank digital currency.
This question belongs to: Economy GK Economy Set 1
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