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. Ministry of Finance
B. RBI
C. NSO
D. NITI Aayog
Discuss
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Correct Answer: Option A

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. 31 March every year
B. 1 April every year
C. 1 March every year
D. 1 February every year
Discuss
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Correct Answer: Option D

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. 2018
B. 2015
C. 2017
D. 2019
Discuss
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Correct Answer: Option C

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. 1921
B. 1947
C. 1950
D. 1924
Discuss
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Correct Answer: Option D

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. Lok Sabha
B. either House
C. Rajya Sabha
D. joint session
Discuss
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Correct Answer: Option A

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. police
D. foreign affairs
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. one year
B. five years
C. three years
D. two months or up to six months
Discuss
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Correct Answer: Option D

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. there is a financial emergency
B. the government has full term
C. there is a war
D. elections are near or the government is in transition
Discuss
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Correct Answer: Option D

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 Supreme Court orders
B. the President orders
C. elections are complete and the new government takes office
D. the RBI requests
Discuss
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Correct Answer: Option C

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 Statistics
B. Ministry of Commerce
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. Ministry of Finance
B. RBI
C. NITI Aayog
D. Ministry of Commerce
Discuss
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Correct Answer: Option A

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. NITI Aayog
B. Ministry of Finance
C. RBI
D. Ministry of Statistics
Discuss
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Correct Answer: Option B

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. banking regulation
B. preparing the Economic Survey and advising on economic policy
C. stock market regulation
D. monetary policy
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. SEBI
B. Ministry of Finance
C. NITI Aayog
D. RBI
Discuss
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Correct Answer: Option B

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 110
B. Article 112
C. Article 280
D. Article 265
Discuss
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Correct Answer: Option B

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 plan expenditure
D. only foreign debt
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 not made public
B. contains only secret information
C. provides a summary of the budget
D. is prepared by RBI
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. Parliament
B. President
C. RBI
D. State governments
Discuss
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Correct Answer: Option A

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. stock market
B. foreign trade policy
C. Union Budget
D. monetary policy
Discuss
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Correct Answer: Option C

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. defence policy
B. budget estimates
C. audited appropriation accounts and CAG reports
D. foreign policy
Discuss
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Correct Answer: Option C

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