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 181 Discuss
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According to Ministry of Agriculture and Farmers Welfare, what was the total food grain production of India in the year 2022-23?

A
2266.23 lakh tonnes
B
2876.17 lakh tonnes
C
2491.58 lakh tonnes
D
3296.87 lakh tonnes

Answer & Explanation

Correct Option: D

Advanced estimates from the Ministry indicated a record-breaking food grain production of over 3,296 lakh tonnes in 2022-23, driven by strong rice and wheat yields.
Question 182 Discuss
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Rotating Savings and Credit Association (ROSC(A) was introduced by Shirley Ardener in the year .

A
1970
B
1964
C
1963
D
1955

Answer & Explanation

Correct Option: B

Shirley Ardener's foundational comparative studies on informal financial institutions like ROSCAs were prominently published and introduced to broader socio-economic discourse in 1964.
Question 183 Discuss
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Which of the following is a key health indicator used in the Global Multidimensional Poverty Index (MPI)?

A
Sleep Deprivation
B
Undernutrition
C
Lack of Housing
D
Lack of Clothing

Answer & Explanation

Correct Option: B

In the Global Multidimensional Poverty Index, undernutrition is a critical health dimension indicator used to measure acute deprivations faced by individuals.
Question 184 Discuss
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What is the role of a commercial bank in the economy?

A
To print and issue currency
B
To regulate the money supply
C
To provide financial services, such as accepting deposits, lending money and facilitating payments
D
To set interest rates for the entire banking system

Answer & Explanation

Correct Option: C

Commercial banks play a pivotal intermediary role by accepting deposits from savers and utilizing those funds to offer loans and credit to individuals and businesses.
Question 185 Discuss
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As per the National Multidimensional Poverty Index 2021, which of the following groups of states is the poorest?

A
Punjab, Himachal Pradesh, Uttarakhand
B
Kerala, Karnataka, Tamil Nadu
C
Bihar, Uttar Pradesh, Jharkhand
D
Gujarat, Maharashtra, Telangana

Answer & Explanation

Correct Option: C

The 2021 National MPI baseline report released by NITI Aayog identified Bihar, Jharkhand, and Uttar Pradesh as the states with the highest proportion of multidimensionally poor populations.
Question 186 Discuss
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What is the primary objective of Microfinance Institutions (MFIs) in India?

A
To provide financial services to large corporations
B
To offer financial assistance and services to low-income individuals and entrepreneurs
C
To generate profits for shareholders
D
To fund government projects

Answer & Explanation

Correct Option: B

Microfinance institutions primarily focus on financial inclusion by providing small loans, savings, and insurance to low-income populations lacking access to traditional banking.
Question 187 Discuss
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What is Gross Domestic Product (GDP) in the context of National Income Accounting?

A
The total exports of a country
B
The total savings of a nation
C
The total income of a country's government
D
The total value of all goods and services produced within a country's borders in a specific period

Answer & Explanation

Correct Option: D

GDP measures the total monetary value of all final goods and services produced within a country's geographic borders over a specific period, usually a year.
Question 188 Discuss
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Which of the following is NOT included in the national income?

A
Income received by a household for the use of their land
B
Income received by a person for the use of his capital
C
Income received by a household for the use of their entrepreneurial skill
D
Income received by a person as a donation

Answer & Explanation

Correct Option: D

Donations and gifts are considered transfer payments, which do not involve the production of new goods or services, and are therefore excluded from national income calculations.
Question 189 Discuss
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Which financial products are commonly offered by Microfinance Institutions in India?

A
Complex investment options
B
Savings, credit and insurance services tailored for low-income individuals
C
Specialised services for multinational corporations
D
Exclusive services for high-income individuals

Answer & Explanation

Correct Option: B

MFIs aim to empower the unbanked and underbanked by offering basic financial products like microcredit, micro-savings, and micro-insurance tailored to their economic capacities.
Question 190 Discuss
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…….was launched by the Government of India in 2020 to make the country and its citizens independent and self-sufficient in all respects.

A
Aatmanirbhar Bharat Abhiyan
B
annual exposed budget
C
revised budget
D
state budget

Answer & Explanation

Correct Option: A

Launched in May 2020 during the COVID-19 pandemic, the Aatmanirbhar Bharat Abhiyan (Self-Reliant India Mission) aimed to promote local manufacturing and economic self-sufficiency.
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