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 21 Discuss
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Which of the following is an example of a non tax revenue source for the government?

A
Fees and fines
B
Personal income tax
C
Corporate income tax
D
Value-added tax

Answer & Explanation

Correct Option: A

Non-tax revenue consists of government income from sources other than taxes, such as fees, fines, dividends from public enterprises, and interest receipts.
Question 22 Discuss
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Which of the following documents provides a framework, rules and regulations for setting up public and private industries in India?

A
Industrial policy
B
Annual report of the trade union
C
Company's financial statement
D
Union Budget

Answer & Explanation

Correct Option: A

An Industrial Policy is an official strategic effort by the government to encourage the development and growth of part or all of the manufacturing sector.
Question 23 Discuss
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The central bank of India or Reserve Bank of India was created before Independence, in the year 1934. The recommendation to create a central bank was made by a commission called:

A
Simon Commission
B
Hunter Commission
C
Cabinet Mission
D
Hilton Young Commission

Answer & Explanation

Correct Option: D

The Reserve Bank of India was conceptualized according to the guidelines presented by the Hilton Young Commission, also known as the Royal Commission on Indian Currency and Finance.
Question 24 Discuss
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Which Five-Year Plan primarily focused on the 'Garibi Hatao' initiative?

A
Sixth Five-Year Plan
B
Fourth Five-Year Plan
C
Fifth Five-Year Plan
D
Third Five-Year Plan

Answer & Explanation

Correct Option: C

The 'Garibi Hatao' (Eradicate Poverty) slogan was the primary theme of the Fifth Five-Year Plan (1974-1979) drafted by D.P. Dhar.
Question 25 Discuss
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Match the concepts in column A with their respective descriptions in column B. Column A

A
a-2, b-1, c-3, d-4
B
a-3, b-1, c-2, d-4
C
a-3, b-4, c-1, d-2
D
a-4, b-3, c-2, d-1

Answer & Explanation

Correct Option: C

Matching questions require associating economic concepts with their correct definitions or corresponding five-year plans to demonstrate comprehensive understanding.
Question 26 Discuss
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The term 'Microfinancing' was first used in the 1970s during the development of Grameen Bank of Bangladesh, which was founded by .

A
Muhammad Yunus
B
Adam Smith
C
Jeremy Bentham
D
Alfred Marshall

Answer & Explanation

Correct Option: A

Muhammad Yunus, a Bangladeshi economist, pioneered the concepts of microcredit and microfinance by founding the Grameen Bank, earning him a Nobel Peace Prize.
Question 27 Discuss
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What is the economic justification for subsidies in the agriculture sector?

A
It is mostly used to provide benefits for rich farmers.
B
It is a part of government expenditure in the service sector.
C
It is an incentive to provide the benefits of advanced technology and decrease the cost of production.
D
It is used to provide benefits for capital goods producers in agriculture.

Answer & Explanation

Correct Option: C

Agricultural subsidies are designed to make critical inputs like fertilizers and machinery affordable, encouraging farmers to adopt modern techniques and boost overall food production.
Question 28 Discuss
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What is net investment?

A
Sum of all the investments in a country
B
Gross investment + depreciation
C
Gross capital investment - indirect taxes
D
Gross investment - depreciation

Answer & Explanation

Correct Option: D

Net investment represents the actual addition to the capital stock of an economy, calculated by subtracting the depreciation (wear and tear) from the gross investment.
Question 29 Discuss
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What is subtracted from GDP to arrive at NDP?

A
Subsidies
B
Depreciation
C
Net indirect taxes
D
Net factor income from abroad

Answer & Explanation

Correct Option: B

Net Domestic Product (NDP) is an annual measure of the economic output of a nation that is calculated by subtracting depreciation from the Gross Domestic Product (GDP).
Question 30 Discuss
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What is the relationship between interest rate and demand for money?

A
No relationship exists
B
Inverse
C
Direct
D
Proportionate

Answer & Explanation

Correct Option: B

The demand for money is inversely related to the interest rate; as interest rates rise, the opportunity cost of holding liquid cash increases, decreasing the demand for money.
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