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 93 of 111
Question #1841
The 'Economic Survey' in India is published by:
A. NITI Aayog
B. RBI
C. Ministry of Finance
D. NSO
Discuss
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Correct Answer: Option C

Explanation:
Economic Survey is published by the Ministry of Finance.
This question belongs to: Economy GK Economy Set 1
Question #1842
The 'Union Budget' in India is presented in Parliament on:
A. 1 February every year
B. 31 March every year
C. 1 April every year
D. 1 March every year
Discuss
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Correct Answer: Option A

Explanation:
Since 2017, the Union Budget is presented on 1 February.
This question belongs to: Economy GK Economy Set 1
Question #1843
The 'Rail Budget' in India was merged with the Union Budget in which year?
A. 2015
B. 2018
C. 2019
D. 2017
Discuss
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Correct Answer: Option D

Explanation:
Rail Budget was merged with Union Budget from 2017-18.
This question belongs to: Economy GK Economy Set 1
Question #1844
The 'General Budget' in India was separated from the Railway Budget in which year?
A. 1924
B. 1921
C. 1947
D. 1950
Discuss
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Correct Answer: Option A

Explanation:
Railway Budget was separated from the General Budget in 1924 on the Acworth Committee recommendation.
This question belongs to: Economy GK Economy Set 1
Question #1845
The 'Finance Bill' is a Money Bill and can be introduced only in:
A. joint session
B. Rajya Sabha
C. either House
D. Lok Sabha
Discuss
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Correct Answer: Option D

Explanation:
A Money Bill including Finance Bill can be introduced only in Lok Sabha.
This question belongs to: Economy GK Economy Set 1
Question #1846
The 'Money Bill' under Article 110 includes matters related to:
A. taxation, borrowing, expenditure from Consolidated Fund
B. defence
C. foreign affairs
D. police
Discuss
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Correct Answer: Option A

Explanation:
Money Bill deals with taxes, borrowing, custody of Consolidated Fund, etc.
This question belongs to: Economy GK Economy Set 1
Question #1847
The 'Vote on Account' is generally taken for a period of:
A. three years
B. two months or up to six months
C. one year
D. five years
Discuss
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Correct Answer: Option B

Explanation:
Vote on Account authorizes expenditure for part of the year, generally two months.
This question belongs to: Economy GK Economy Set 1
Question #1848
The 'Interim Budget' is presented when:
A. elections are near or the government is in transition
B. there is a financial emergency
C. the government has full term
D. there is a war
Discuss
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Correct Answer: Option A

Explanation:
An interim budget is presented before elections or a transition period.
This question belongs to: Economy GK Economy Set 1
Question #1849
The 'Full Budget' is presented after the interim budget when:
A. the RBI requests
B. elections are complete and the new government takes office
C. the President orders
D. the Supreme Court orders
Discuss
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Correct Answer: Option B

Explanation:
The new government presents a full budget after taking office.
This question belongs to: Economy GK Economy Set 1
Question #1850
The 'Budget Division' in India is a part of which ministry?
A. Ministry of Commerce
B. Ministry of Statistics
C. Ministry of Finance
D. NITI Aayog
Discuss
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Correct Answer: Option C

Explanation:
Budget Division is part of the Department of Economic Affairs, Ministry of Finance.
This question belongs to: Economy GK Economy Set 1
Question #1851
The 'Finance Secretary' in India is under the:
A. RBI
B. NITI Aayog
C. Ministry of Commerce
D. Ministry of Finance
Discuss
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Correct Answer: Option D

Explanation:
Finance Secretary is the administrative head of the Ministry of Finance.
This question belongs to: Economy GK Economy Set 1
Question #1852
The 'Economic Advisor' who compiles the Economic Survey is under the:
A. RBI
B. NITI Aayog
C. Ministry of Statistics
D. Ministry of Finance
Discuss
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Correct Answer: Option D

Explanation:
Chief Economic Adviser is under the Department of Economic Affairs, Ministry of Finance.
This question belongs to: Economy GK Economy Set 1
Question #1853
The 'Chief Economic Adviser' in India is responsible for:
A. monetary policy
B. preparing the Economic Survey and advising on economic policy
C. banking regulation
D. stock market regulation
Discuss
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Correct Answer: Option B

Explanation:
The Chief Economic Adviser prepares the Economic Survey and advises the government.
This question belongs to: Economy GK Economy Set 1
Question #1854
The 'Economic Survey' is the annual flagship document of:
A. NITI Aayog
B. RBI
C. SEBI
D. Ministry of Finance
Discuss
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Correct Answer: Option D

Explanation:
Economic Survey is the flagship annual document of the Ministry of Finance.
This question belongs to: Economy GK Economy Set 1
Question #1855
The 'Union Budget' of India is the annual financial statement under:
A. Article 112
B. Article 110
C. Article 280
D. Article 265
Discuss
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Correct Answer: Option A

Explanation:
Union Budget is the Annual Financial Statement under Article 112.
This question belongs to: Economy GK Economy Set 1
Question #1856
The 'Annual Financial Statement' shows:
A. only tax revenues
B. estimated receipts and expenditure of the government for a financial year
C. only foreign debt
D. only plan expenditure
Discuss
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Correct Answer: Option B

Explanation:
Annual Financial Statement shows estimated receipts and expenditure.
This question belongs to: Economy GK Economy Set 1
Question #1857
The 'Budget at a Glance' is a document that:
A. is prepared by RBI
B. contains only secret information
C. provides a summary of the budget
D. is not made public
Discuss
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Correct Answer: Option C

Explanation:
Budget at a Glance provides a summary of budget estimates.
This question belongs to: Economy GK Economy Set 1
Question #1858
The 'Detailed Demands for Grants' are presented to:
A. President
B. Parliament
C. State governments
D. RBI
Discuss
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Correct Answer: Option B

Explanation:
Detailed Demands for Grants are presented to Parliament.
This question belongs to: Economy GK Economy Set 1
Question #1859
The 'Demands for Grants' are part of:
A. monetary policy
B. Union Budget
C. foreign trade policy
D. stock market
Discuss
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Correct Answer: Option B

Explanation:
Demands for Grants are part of the Union Budget.
This question belongs to: Economy GK Economy Set 1
Question #1860
The 'Public Account Committee' examines:
A. budget estimates
B. foreign policy
C. defence policy
D. audited appropriation accounts and CAG reports
Discuss
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Correct Answer: Option D

Explanation:
Public Account Committee examines audited accounts and CAG reports.
This question belongs to: Economy GK Economy Set 1
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