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 86 of 111
Question #1701
The 'Central Bank Digital Currency' is a:
A. cryptocurrency like Bitcoin
B. private digital token
C. digital form of fiat currency issued by the central bank
D. mutual fund unit
Discuss
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Correct Answer: Option C

Explanation:
CBDC is a digital form of central bank issued fiat currency.
This question belongs to: Economy GK Economy Set 1
Question #1702
The 'Unified Payments Interface' was launched in which year?
A. 2018
B. 2016
C. 2017
D. 2014
Discuss
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Correct Answer: Option B

Explanation:
UPI was launched in April 2016.
This question belongs to: Economy GK Economy Set 1
Question #1703
The 'Bharat QR code' is used for:
A. passport verification
B. railway ticket booking
C. digital payments at merchant locations
D. land records
Discuss
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Correct Answer: Option C

Explanation:
Bharat QR code is used for QR-based digital payments at merchants.
This question belongs to: Economy GK Economy Set 1
Question #1704
The 'Bharat Bill Payment System' is operated by:
A. SBI
B. SEBI
C. NPCI
D. RBI
Discuss
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Correct Answer: Option C

Explanation:
BBPS is operated by NPCI for bill payments.
This question belongs to: Economy GK Economy Set 1
Question #1705
The 'Aadhaar Payment Bridge System' enables:
A. foreign exchange trading
B. stock trading
C. insurance claims
D. direct benefit transfers using Aadhaar number
Discuss
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Correct Answer: Option D

Explanation:
APBS enables direct benefit transfers using Aadhaar number.
This question belongs to: Economy GK Economy Set 1
Question #1706
The 'Immediate Payment Service' is an interbank electronic fund transfer service available:
A. only during banking hours
B. only at branches
C. only on weekdays
D. 24x7
Discuss
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Correct Answer: Option D

Explanation:
IMPS is available 24x7 for instant interbank fund transfers.
This question belongs to: Economy GK Economy Set 1
Question #1707
The 'NEFT' settlement in India has been made available on a:
A. batch basis only on weekdays
B. monthly basis
C. only at branches
D. 24x7 basis since December 2019
Discuss
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Correct Answer: Option D

Explanation:
NEFT is available 24x7 since December 2019.
This question belongs to: Economy GK Economy Set 1
Question #1708
The 'RTGS' system in India is used for transactions of minimum amount:
A. Rs 5,00,000
B. Rs 2,00,000
C. Rs 10,00,000
D. Rs 1,000
Discuss
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Correct Answer: Option B

Explanation:
RTGS minimum amount is Rs 2,00,000.
This question belongs to: Economy GK Economy Set 1
Question #1709
The 'UPI' transaction limit per transaction set by NPCI is generally:
A. Rs 1,00,000
B. Rs 10,00,000
C. Rs 5,00,000
D. Rs 10,000
Discuss
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Correct Answer: Option A

Explanation:
The general UPI transaction limit is Rs 1 lakh per transaction, though it varies by bank/category.
This question belongs to: Economy GK Economy Set 1
Question #1710
The 'NACH' system is used for:
A. bulk payments such as subsidies and salary credits
B. cryptocurrency
C. stock trading
D. foreign exchange trading
Discuss
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Correct Answer: Option A

Explanation:
NACH is used for bulk electronic payments.
This question belongs to: Economy GK Economy Set 1
Question #1711
The 'Pradhan Mantri Jan Dhan Yojana' accounts were opened primarily to:
A. provide loans to large companies
B. promote stock trading
C. promote savings and financial inclusion
D. collect taxes
Discuss
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Correct Answer: Option C

Explanation:
PMJDY aims at financial inclusion through zero-balance savings accounts.
This question belongs to: Economy GK Economy Set 1
Question #1712
The 'Rupay Kisan Card' is a:
A. credit card
B. forex card
C. debit card for farmers
D. gift card
Discuss
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Correct Answer: Option C

Explanation:
Rupay Kisan Card is a debit card for farmers.
This question belongs to: Economy GK Economy Set 1
Question #1713
The 'Financial Literacy' in India is promoted by RBI through:
A. tax collection
B. financial education initiatives and awareness campaigns
C. import duties
D. stock exchanges
Discuss
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Correct Answer: Option B

Explanation:
RBI promotes financial literacy through various campaigns and initiatives.
This question belongs to: Economy GK Economy Set 1
Question #1714
The 'National Strategy for Financial Education' is formulated by:
A. Ministry of Defence
B. RBI and financial sector regulators
C. SEBI only
D. World Bank
Discuss
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Correct Answer: Option B

Explanation:
The National Strategy for Financial Education is formulated by RBI and other financial regulators.
This question belongs to: Economy GK Economy Set 1
Question #1715
The 'Banking Ombudsman' scheme was introduced in India in which year?
A. 2005
B. 2000
C. 1990
D. 1995
Discuss
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Correct Answer: Option D

Explanation:
The Banking Ombudsman scheme was introduced in 1995.
This question belongs to: Economy GK Economy Set 1
Question #1716
The 'Banking Ombudsman' is appointed for a tenure of:
A. 3 years
B. 6 years
C. 5 years
D. 1 year
Discuss
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Correct Answer: Option A

Explanation:
Banking Ombudsmen are appointed for a three-year term.
This question belongs to: Economy GK Economy Set 1
Question #1717
The 'Reserve Bank of India' transfers its surplus profit to:
A. Government of India
B. banks
C. state governments
D. SEBI
Discuss
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Correct Answer: Option A

Explanation:
The RBI transfers its surplus profit to the Government of India.
This question belongs to: Economy GK Economy Set 1
Question #1718
The 'balance of payments' crisis of 1991 in India was partly caused by:
A. fiscal surplus
B. high exports
C. high oil import bill and declining remittances
D. high foreign exchange reserves
Discuss
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Correct Answer: Option C

Explanation:
The 1991 BoP crisis was triggered by high oil prices, declining remittances and low reserves.
This question belongs to: Economy GK Economy Set 1
Question #1719
The 'New Economic Policy 1991' devalued the rupee by about how much in two stages?
A. 5%
B. 50%
C. 18%
D. 30%
Discuss
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Correct Answer: Option C

Explanation:
In July 1991, the rupee was devalued by about 18% in two steps.
This question belongs to: Economy GK Economy Set 1
Question #1720
The 'New Economic Policy 1991' was introduced under which Prime Minister?
A. P.V. Narasimha Rao
B. Rajiv Gandhi
C. Atal Bihari Vajpayee
D. Manmohan Singh
Discuss
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Correct Answer: Option A

Explanation:
The New Economic Policy of 1991 was introduced under Prime Minister P.V. Narasimha Rao.
This question belongs to: Economy GK Economy Set 1
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