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 90 of 111
Question #1781
The 'National Statistical Office' was formed by merging:
A. Labour Bureau and NSSO
B. RBI and SEBI
C. CSO and NSSO
D. CSO and Labour Bureau
Discuss
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Correct Answer: Option C

Explanation:
NSO was formed by merging Central Statistics Office and National Sample Survey Office.
This question belongs to: Economy GK Economy Set 1
Question #1782
The 'Ministry of Statistics and Programme Implementation' is responsible for:
A. monetary policy
B. official statistics and programme implementation
C. banking regulation
D. foreign trade
Discuss
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Correct Answer: Option B

Explanation:
MoSPI handles official statistics and programme implementation.
This question belongs to: Economy GK Economy Set 1
Question #1783
The 'Periodic Labour Force Survey' provides estimates of:
A. GDP
B. foreign exchange reserves
C. employment and unemployment
D. inflation
Discuss
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Correct Answer: Option C

Explanation:
PLFS provides labour force, employment and unemployment estimates.
This question belongs to: Economy GK Economy Set 1
Question #1784
The 'Consumer Expenditure Survey' in India is conducted by:
A. NITI Aayog
B. RBI
C. Ministry of Finance
D. National Statistical Office
Discuss
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Correct Answer: Option D

Explanation:
Consumer Expenditure Survey is conducted by NSO.
This question belongs to: Economy GK Economy Set 1
Question #1785
The 'National Family Health Survey' is conducted under the stewardship of:
A. Ministry of Finance
B. NITI Aayog
C. RBI
D. Ministry of Health and Family Welfare
Discuss
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Correct Answer: Option D

Explanation:
NFHS is conducted under the Ministry of Health and Family Welfare.
This question belongs to: Economy GK Economy Set 1
Question #1786
The 'World Bank' in India provides loans primarily for:
A. elections
B. development projects and economic reforms
C. stock markets
D. defence
Discuss
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Correct Answer: Option B

Explanation:
World Bank loans in India finance development projects and economic reforms.
This question belongs to: Economy GK Economy Set 1
Question #1787
The 'International Monetary Fund' in India provides advice on:
A. macroeconomic policy and balance of payments
B. elections
C. defence strategy
D. criminal justice
Discuss
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Correct Answer: Option A

Explanation:
IMF advises on macroeconomic policy and balance of payments.
This question belongs to: Economy GK Economy Set 1
Question #1788
The 'Asian Development Bank' in India funds projects related to:
A. military
B. elections
C. space research
D. infrastructure, energy, urban development and social sectors
Discuss
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Correct Answer: Option D

Explanation:
ADB funds infrastructure, energy, urban and social sector projects.
This question belongs to: Economy GK Economy Set 1
Question #1789
The 'New Development Bank' was established by BRICS in which year?
A. 2014
B. 2016
C. 2012
D. 2015
Discuss
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Correct Answer: Option A

Explanation:
The New Development Bank was established by BRICS in 2014 and began operations in 2015.
This question belongs to: Economy GK Economy Set 1
Question #1790
The 'Asian Infrastructure Investment Bank' was established in which year?
A. 2015
B. 2013
C. 2017
D. 2016
Discuss
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Correct Answer: Option A

Explanation:
AIIB was established in 2015.
This question belongs to: Economy GK Economy Set 1
Question #1791
The 'Belt and Road Initiative' was announced by China in which year?
A. 2015
B. 2013
C. 2017
D. 2008
Discuss
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Correct Answer: Option B

Explanation:
Belt and Road Initiative was announced in 2013.
This question belongs to: Economy GK Economy Set 1
Question #1792
The 'Regional Comprehensive Economic Partnership' was signed in which year?
A. 2020
B. 2021
C. 2022
D. 2015
Discuss
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Correct Answer: Option A

Explanation:
RCEP was signed in November 2020.
This question belongs to: Economy GK Economy Set 1
Question #1793
The 'India-UAE Comprehensive Economic Partnership Agreement' came into force in which year?
A. 2020
B. 2023
C. 2021
D. 2022
Discuss
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Correct Answer: Option D

Explanation:
India-UAE CEPA came into force in May 2022.
This question belongs to: Economy GK Economy Set 1
Question #1794
The 'BIMSTEC' grouping includes how many member countries?
A. 10
B. 8
C. 5
D. 7
Discuss
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Correct Answer: Option D

Explanation:
BIMSTEC has 7 member countries.
This question belongs to: Economy GK Economy Set 1
Question #1795
The 'SAARC' grouping includes how many member countries?
A. 10
B. 12
C. 8
D. 6
Discuss
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Correct Answer: Option C

Explanation:
SAARC has 8 member countries.
This question belongs to: Economy GK Economy Set 1
Question #1796
The 'G20' comprises how many members?
A. 24 countries
B. 22 countries
C. 20 countries
D. 19 countries plus EU
Discuss
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Correct Answer: Option D

Explanation:
G20 comprises 19 countries and the European Union.
This question belongs to: Economy GK Economy Set 1
Question #1797
The 'ASEAN' grouping has how many member countries?
A. 10
B. 14
C. 12
D. 8
Discuss
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Correct Answer: Option A

Explanation:
ASEAN has 10 member countries.
This question belongs to: Economy GK Economy Set 1
Question #1798
The 'European Union' currently has how many member countries after Brexit?
A. 27
B. 30
C. 28
D. 25
Discuss
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Correct Answer: Option A

Explanation:
After Brexit, the EU has 27 member states.
This question belongs to: Economy GK Economy Set 1
Question #1799
The 'World Trade Organization' has how many members?
A. 164
B. 200
C. 190
D. about 120
Discuss
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Correct Answer: Option A

Explanation:
The WTO has 164 members.
This question belongs to: Economy GK Economy Set 1
Question #1800
The 'United Nations' has how many member states?
A. 220
B. 193
C. 150
D. 200
Discuss
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Correct Answer: Option B

Explanation:
The United Nations has 193 member states.
This question belongs to: Economy GK Economy Set 1
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