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 94 of 111
Question #1861
The 'Estimates Committee' in Parliament examines:
A. judicial appointments
B. budget estimates and efficiency of expenditure
C. foreign policy
D. CAG reports
Discuss
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Correct Answer: Option B

Explanation:
Estimates Committee examines budget estimates and efficiency of expenditure.
This question belongs to: Economy GK Economy Set 1
Question #1862
The 'Comptroller and Auditor General' of India submits audit reports to:
A. Prime Minister
B. President
C. Finance Minister
D. RBI Governor
Discuss
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Correct Answer: Option B

Explanation:
CAG submits audit reports to the President or Governor.
This question belongs to: Economy GK Economy Set 1
Question #1863
The 'Public Accounts Committee' is chaired by a member of:
A. RBI
B. opposition party
C. NITI Aayog
D. ruling party
Discuss
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Correct Answer: Option B

Explanation:
The PAC is traditionally chaired by a member of the opposition.
This question belongs to: Economy GK Economy Set 1
Question #1864
The 'Finance Committee' of Parliament is:
A. a standing committee
B. an ad hoc committee
C. a constitutional body
D. a statutory body
Discuss
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Correct Answer: Option A

Explanation:
The Finance Committee is a parliamentary standing committee.
This question belongs to: Economy GK Economy Set 1
Question #1865
The 'National Investment Fund' was created with the proceeds of:
A. foreign aid
B. borrowings
C. disinvestment of central public sector enterprises
D. taxes
Discuss
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Correct Answer: Option C

Explanation:
National Investment Fund was created with disinvestment proceeds.
This question belongs to: Economy GK Economy Set 1
Question #1866
The 'disinvestment target' in the Union Budget is classified as:
A. capital expenditure
B. revenue receipt
C. capital receipt
D. revenue expenditure
Discuss
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Correct Answer: Option C

Explanation:
Disinvestment proceeds are capital receipts.
This question belongs to: Economy GK Economy Set 1
Question #1867
The 'strategic sale' in disinvestment means:
A. buyback of shares
B. sale of controlling shareholding to a private or strategic buyer
C. merger of two PSUs
D. sale of shares in the stock market
Discuss
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Correct Answer: Option B

Explanation:
Strategic sale involves transfer of management control.
This question belongs to: Economy GK Economy Set 1
Question #1868
The 'exchange traded fund' for disinvestment of public sector enterprises is managed by:
A. IRDAI
B. PFRDA
C. RBI
D. SEBI-registered asset management companies
Discuss
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Correct Answer: Option D

Explanation:
PSU ETFs are managed by SEBI-registered asset management companies.
This question belongs to: Economy GK Economy Set 1
Question #1869
The 'Index of Industrial Production' covers which sectors?
A. Services
B. Only manufacturing
C. Agriculture and forestry
D. Mining, manufacturing and electricity
Discuss
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Correct Answer: Option D

Explanation:
IIP covers mining, manufacturing and electricity.
This question belongs to: Economy GK Economy Set 1
Question #1870
The 'eight core industries' in India include:
A. coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, electricity
B. agriculture, textiles, chemicals
C. IT services, banking, insurance
D. coal, petroleum, pharmaceuticals, textiles
Discuss
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Correct Answer: Option A

Explanation:
The eight core industries are coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity.
This question belongs to: Economy GK Economy Set 1
Question #1871
The 'National Economic Census' is conducted by:
A. Ministry of Statistics and Programme Implementation
B. SEBI
C. NITI Aayog
D. RBI
Discuss
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Correct Answer: Option A

Explanation:
Economic Census is conducted by MoSPI.
This question belongs to: Economy GK Economy Set 1
Question #1872
The 'Annual Survey of Industries' collects data on:
A. registered manufacturing industries
B. foreign trade
C. service sector only
D. agricultural output
Discuss
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Correct Answer: Option A

Explanation:
Annual Survey of Industries covers registered manufacturing establishments.
This question belongs to: Economy GK Economy Set 1
Question #1873
The 'National Sample Survey' collects data on:
A. only prices
B. only foreign trade
C. only government expenditure
D. household consumption, employment and other socio-economic characteristics
Discuss
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Correct Answer: Option D

Explanation:
NSS collects data on household consumption, employment and socio-economic indicators.
This question belongs to: Economy GK Economy Set 1
Question #1874
The 'Periodic Labour Force Survey' provides estimates of unemployment by:
A. daily only
B. weekly only
C. usual status, CWS and current daily status
D. monthly
Discuss
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Correct Answer: Option C

Explanation:
PLFS gives unemployment estimates by usual status, current weekly status and current daily status.
This question belongs to: Economy GK Economy Set 1
Question #1875
The 'worker population ratio' is defined as:
A. workers divided by total population
B. unemployed divided by labour force
C. workers divided by population in relevant age group
D. labour force divided by population
Discuss
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Correct Answer: Option C

Explanation:
Worker population ratio is workers as a percentage of population in the relevant age group.
This question belongs to: Economy GK Economy Set 1
Question #1876
The 'unemployment rate' under usual status considers a person unemployed if:
A. retired
B. not working for one day
C. not working for a week
D. not working for a long period and seeking work
Discuss
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Correct Answer: Option D

Explanation:
Usual status unemployment refers to unemployment over a long reference period.
This question belongs to: Economy GK Economy Set 1
Question #1877
The 'current daily status' of unemployment measures unemployment on:
A. weekly basis
B. yearly basis
C. monthly basis
D. a day basis
Discuss
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Correct Answer: Option D

Explanation:
Current daily status measures unemployment for each day of the reference week.
This question belongs to: Economy GK Economy Set 1
Question #1878
The 'labour force participation rate' is calculated as labour force divided by:
A. working-age population
B. total population
C. employed persons
D. unemployed persons
Discuss
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Correct Answer: Option A

Explanation:
LFPR is labour force as a percentage of working-age population.
This question belongs to: Economy GK Economy Set 1
Question #1879
The 'dependency ratio' is higher when:
A. death rate is high
B. working-age population is large
C. birth rate is low
D. dependent population is large relative to working-age population
Discuss
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Correct Answer: Option D

Explanation:
Dependency ratio rises with a larger dependent population relative to working-age population.
This question belongs to: Economy GK Economy Set 1
Question #1880
The 'demographic dividend' can be reaped when:
A. dependency ratio is high
B. working-age population is large and productive
C. elderly population is large
D. birth rate is high
Discuss
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Correct Answer: Option B

Explanation:
Demographic dividend arises from a large productive working-age population.
This question belongs to: Economy GK Economy Set 1
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