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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Practice Questions

Page 87 of 111
Question #1721
The 'Finance Minister' who presented the 1991 budget and launched economic reforms was:
A. P. Chidambaram
B. Yashwant Sinha
C. Jaswant Singh
D. Manmohan Singh
Discuss
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Correct Answer: Option D

Explanation:
Manmohan Singh, as Finance Minister, presented the 1991 budget that launched reforms.
This question belongs to: Economy GK Economy Set 1
Question #1722
The 'liberalization' in 1991 reduced the number of industries reserved for the public sector to how many initially?
A. 18
B. 8
C. 6
D. 25
Discuss
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Correct Answer: Option B

Explanation:
The 1991 policy reduced the reserved industries for public sector to 8, later further reduced.
This question belongs to: Economy GK Economy Set 1
Question #1723
The 'industrial licensing' after 1991 was retained for certain industries related to:
A. food processing
B. consumer goods
C. textiles
D. security, strategic and environmental concerns
Discuss
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Correct Answer: Option D

Explanation:
Licensing was retained for industries related to security, strategic and environmental concerns.
This question belongs to: Economy GK Economy Set 1
Question #1724
The 'Foreign Direct Investment' limit in defence sector was increased to what percentage through the automatic route?
A. 74%
B. 26%
C. 49%
D. 100%
Discuss
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Correct Answer: Option A

Explanation:
FDI in defence under automatic route is allowed up to 74%, with higher under government route.
This question belongs to: Economy GK Economy Set 1
Question #1725
The 'FDI' in insurance sector is allowed up to what percentage?
A. 74%
B. 26%
C. 49%
D. 100%
Discuss
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Correct Answer: Option A

Explanation:
FDI in insurance is allowed up to 74%.
This question belongs to: Economy GK Economy Set 1
Question #1726
The 'FDI' in single brand retail is allowed up to what percentage?
A. 49%
B. 74%
C. 51%
D. 100%
Discuss
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Correct Answer: Option D

Explanation:
FDI in single brand retail is allowed up to 100%.
This question belongs to: Economy GK Economy Set 1
Question #1727
The 'FDI' in multi-brand retail is allowed up to what percentage?
A. 74%
B. 51%
C. 100%
D. 49%
Discuss
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Correct Answer: Option B

Explanation:
FDI in multi-brand retail is allowed up to 51% under government approval.
This question belongs to: Economy GK Economy Set 1
Question #1728
The 'Foreign Trade Policy' in India is usually announced for a period of:
A. 15 years
B. 10 years
C. 1 year
D. 5 years
Discuss
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Correct Answer: Option D

Explanation:
Foreign Trade Policy is normally announced for a five-year period.
This question belongs to: Economy GK Economy Set 1
Question #1729
The 'Directorate General of Foreign Trade' is under which ministry?
A. Ministry of Home Affairs
B. Ministry of Commerce and Industry
C. Ministry of External Affairs
D. Ministry of Finance
Discuss
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Correct Answer: Option B

Explanation:
DGFT operates under the Ministry of Commerce and Industry.
This question belongs to: Economy GK Economy Set 1
Question #1730
The 'Merchandise Exports from India Scheme' was replaced by which scheme from 2021?
A. EPCG
B. MEIS
C. RoDTEP
D. SEIS
Discuss
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Correct Answer: Option C

Explanation:
MEIS was replaced by the Remission of Duties and Taxes on Exported Products scheme.
This question belongs to: Economy GK Economy Set 1
Question #1731
The 'RoDTEP' scheme remits which taxes on exported products?
A. income tax
B. direct taxes
C. duties and taxes levied at central, state and local levels on inputs
D. wealth tax
Discuss
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Correct Answer: Option C

Explanation:
RoDTEP remits embedded central, state and local duties/taxes on exported products.
This question belongs to: Economy GK Economy Set 1
Question #1732
The 'Export Credit Guarantee Corporation of India' provides:
A. banking services to public
B. crop insurance
C. stock trading
D. credit risk insurance to exporters
Discuss
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Correct Answer: Option D

Explanation:
ECGC provides credit risk insurance to exporters against payment defaults.
This question belongs to: Economy GK Economy Set 1
Question #1733
The 'Export Import Bank of India' provides:
A. microfinance
B. retail banking
C. export credit and finance
D. crop loans
Discuss
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Correct Answer: Option C

Explanation:
EXIM Bank provides export credit and finance.
This question belongs to: Economy GK Economy Set 1
Question #1734
The 'India Trade Promotion Organisation' is responsible for:
A. stock trading
B. regulating banks
C. collecting taxes
D. organizing trade fairs and promoting exports
Discuss
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Correct Answer: Option D

Explanation:
ITPO organizes trade fairs and promotes India's external trade.
This question belongs to: Economy GK Economy Set 1
Question #1735
The 'special economic zone' policy in India was first announced in which year?
A. 2005
B. 1995
C. 2000
D. 2010
Discuss
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Correct Answer: Option C

Explanation:
SEZ policy was announced in April 2000.
This question belongs to: Economy GK Economy Set 1
Question #1736
The 'Special Economic Zones Act' was enacted in India in which year?
A. 2005
B. 2000
C. 2010
D. 2006
Discuss
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Correct Answer: Option A

Explanation:
The SEZ Act was enacted in 2005.
This question belongs to: Economy GK Economy Set 1
Question #1737
The 'National Manufacturing Policy' aims to create National Investment and Manufacturing Zones that are basically:
A. residential colonies
B. agricultural zones
C. industrial parks with world-class infrastructure
D. special economic zones only
Discuss
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Correct Answer: Option C

Explanation:
NIMZs are integrated industrial parks with advanced infrastructure.
This question belongs to: Economy GK Economy Set 1
Question #1738
The 'Department for Promotion of Industry and Internal Trade' is under which ministry?
A. Ministry of Heavy Industries
B. Ministry of Commerce and Industry
C. Ministry of MSME
D. Ministry of Finance
Discuss
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Correct Answer: Option B

Explanation:
DPIIT is under the Ministry of Commerce and Industry.
This question belongs to: Economy GK Economy Set 1
Question #1739
The 'GeM' portal is operated by which organization?
A. NITI Aayog
B. Ministry of Finance
C. Ministry of Commerce and Industry
D. RBI
Discuss
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Correct Answer: Option C

Explanation:
Government e-Marketplace is operated under the Ministry of Commerce and Industry.
This question belongs to: Economy GK Economy Set 1
Question #1740
The 'Startup India' initiative is implemented by which department?
A. Ministry of Skill Development
B. NITI Aayog
C. Ministry of Finance
D. Department for Promotion of Industry and Internal Trade
Discuss
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Correct Answer: Option D

Explanation:
Startup India is implemented by DPIIT.
This question belongs to: Economy GK Economy Set 1
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