Economics Jkssb Economics Set 1 Mcqs (296 MCQs) | JKSSB & SSC Quiz

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jkssb economics set 1 mcqs

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Practice Questions

296 Total
Question 111 Discuss
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Price control and rationing are direct control measures to check .

A
disinflation
B
deflation
C
inflation
D
reflation

Answer & Explanation

Correct Option: C

Price controls and rationing are administrative measures used by governments to directly curb rising prices and manage the equitable distribution of scarce goods during inflation.
Question 112 Discuss
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Which of the following is NOT a feature of a monopoly?

A
Single seller
B
Large number of buyers and sellers
C
Barriers to entry
D
Price maker

Answer & Explanation

Correct Option: B

A monopoly is characterized by a single seller and high barriers to entry, whereas a market with a large number of buyers and sellers defines perfect competition.
Question 113 Discuss
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____is defined as excess of total expenditure over total receipts excluding borrowings during

A
Fiscal deficit
B
Income deficit
C
Structural deficit
D
Gross Primary deficit

Answer & Explanation

Correct Option: A

Fiscal deficit represents the government's total borrowing requirements, calculated as total expenditure minus total receipts (excluding borrowings) in a financial year.
Question 114 Discuss
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The UIDAI is under the jurisdiction of which of the following ministries?

A
Ministry of Finance
B
Ministry of Electronics and Information Technology
C
Ministry of Home Affairs
D
Ministry of Education

Answer & Explanation

Correct Option: B

The Unique Identification Authority of India (UIDAI) was established as a statutory authority under the Ministry of Electronics and Information Technology (MeitY) to issue Aadhaar numbers.
Question 115 Discuss
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Which of the following is the correct formula for calculating NNP?

A
NNP = GNP - DEPRECIATION
B
NNP = GNP + DEPRECIATION
C
NNP = GDP - INCOME
D
NNP = GDP - DEPRECIATION

Answer & Explanation

Correct Option: A

Net National Product (NNP) is derived by subtracting depreciation (the loss of value of capital assets) from the Gross National Product (GNP).
Question 116 Discuss
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Which of the following measures can be adopted by the government to reduce revenue deficit?

A
Offering freebies
B
Increasing subsidies
C
Increasing money supply
D
Tax reforms

Answer & Explanation

Correct Option: D

Implementing tax reforms broadens the tax base and improves collection efficiency, thereby increasing government revenue and reducing the revenue deficit.
Question 117 Discuss
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Which of the following options is INCORRECT regarding the goals of expansionary fiscal policy?

A
To reduce subsidies
B
To increase exports
C
To reduce fiscal deficit
D
To increase excise duty

Answer & Explanation

Correct Option: C

Expansionary fiscal policy involves increasing government spending and lowering taxes, which inherently increases the fiscal deficit rather than reducing it.
Question 118 Discuss
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National income at constant prices means:

A
income estimated for next year prices
B
income estimated at base year prices
C
income estimated at current year prices
D
income estimated at any year prices

Answer & Explanation

Correct Option: B

National income at constant prices, also known as real national income, is calculated using the prices of a fixed base year to adjust for inflation.
Question 119 Discuss
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According to the Census of India 2011, which of the following states is the most urbanised?

A
Goa
B
Kerala
C
Himachal Pradesh
D
Punjab

Answer & Explanation

Correct Option: A

According to the 2011 Census, Goa is the most urbanised state in India, with approximately 62.2% of its population living in urban areas.
Question 120 Discuss
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According to Census 2011, which union territory recorded the highest female literacy rate in India?

A
Delhi
B
Lakshadweep
C
Chandigarh
D
Puducherry

Answer & Explanation

Correct Option: B

The 2011 Census recorded Lakshadweep as having the highest female literacy rate among Union Territories at an impressive 87.95%.
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