Economics Jkssb Economics Set 2 Mcqs (342 MCQs) | JKSSB & SSC Quiz

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jkssb economics set 2 mcqs

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Practice Questions

342 Total
Question 101 Discuss
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Who has been named "Governor of the Year" for 2023 at Central Banking Awards 2023?

A
Raghuram Rajan
B
D. Subbarao
C
Urjit Patel
D
Shaktikanta Das

Answer & Explanation

Correct Option: D

Reserve Bank of India Governor Shaktikanta Das was awarded the "Governor of the Year" title in 2023 for his steady, effective leadership through the COVID-19 pandemic and subsequent global inflationary pressures.
Question 102 Discuss
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What is the function of the Reserve Bank of India (RBI), with respect to monetary policy?

A
Collecting income taxes
B
Regulating foreign trade
C
Managing fiscal policy
D
Issuing currency notes

Answer & Explanation

Correct Option: D

As the nation's central monetary authority, the RBI regulates the financial system, implements monetary policy, and possesses the exclusive statutory right to issue currency notes in India.
Question 103 Discuss
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In banking terminology, what does 'SLR' stand for?

A
Statutory Legal Ratio
B
Statutory Liquidity Ratio
C
State Liquidity Ratio
D
State Legal Ratio

Answer & Explanation

Correct Option: B

The Statutory Liquidity Ratio (SLR) is the minimum percentage of deposits that commercial banks are required by the RBI to maintain in safe, liquid assets (such as government bonds or gold) before they can lend.
Question 104 Discuss
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In India, the dependency ratio of children is a measure of the number of dependents aged .

A
0 to 14
B
0 to 16
C
0 to 18
D
0 to 21

Answer & Explanation

Correct Option: A

In demographic and economic studies, the child dependency ratio specifically compares the population of children aged 0 to 14 years against the working-age population (aged 15 to 64 years).
Question 105 Discuss
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Read the following about the Green Revolution in India: A) It modernized farming techniques. B) It created regional disparities.

A
Only B
B
Neither A nor B
C
Both A and B
D
Only A

Answer & Explanation

Correct Option: C

While the Green Revolution drastically modernized agriculture with high-yield seeds and machinery (Statement A), it concentrated wealth in specific equipped states like Punjab, leading to noticeable regional economic disparities (Statement B).
Question 106 Discuss
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Economists call unemployment prevailing in Indian farms as unemployment.

A
disguised
B
frictional
C
open
D
closed

Answer & Explanation

Correct Option: A

Disguised unemployment occurs heavily in Indian agriculture when more people are employed on a plot of land than are actually required, rendering the marginal productivity of the extra workers effectively zero.
Question 107 Discuss
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What is the time period of the Eleventh five-year plan in India?

A
2009-2014
B
2010-2015
C
2007-2012
D
2008-2013

Answer & Explanation

Correct Option: C

The Eleventh Five-Year Plan of India spanned from 2007 to 2012, with its central operational theme focused on achieving "faster and more inclusive growth."
Question 108 Discuss
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The government of India to introduced a new economic policy in

A
1995
B
1980
C
1991
D
1947

Answer & Explanation

Correct Option: C

In 1991, facing a severe balance of payments crisis, the Government of India introduced comprehensive economic reforms centered around Liberalisation, Privatisation, and Globalisation (LPG).
Question 109 Discuss
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Which of the following sectors is the most labour absorbing sector of the economy?

A
Industry
B
Agriculture
C
Service
D
Banking

Answer & Explanation

Correct Option: B

Despite its steadily declining share in the overall GDP over the decades, the agricultural sector continues to be the largest employer in the Indian economy, absorbing a vast majority of the rural workforce.
Question 110 Discuss
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…….is a state or condition in which an individual or community lacks the financial resources and essentials for a minimum standard of living.

A
Poverty
B
Illiteracy
C
Unethical
D
Unemployment

Answer & Explanation

Correct Option: A

Poverty is fundamentally defined as an absolute lack of the material possessions, income, and financial resources necessary to satisfy basic human survival needs like food, shelter, and clothing.
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