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 131 Discuss
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Which of the following is the time period of the Tenth Five Year Plan?

A
1997-2002
B
2012 −2017
C
2002 −2007
D
2007-2012

Answer & Explanation

Correct Option: C

The Tenth Five-Year Plan was actively implemented from 2002 to 2007 under the leadership of Prime Ministers Atal Bihari Vajpayee and later Manmohan Singh, initially aiming for an 8% GDP growth rate.
Question 132 Discuss
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What is the literacy rate among males in India according to the Literacy Rate 2011 census?

A
74.04%
B
82.14%
C
65.46%
D
39.3%

Answer & Explanation

Correct Option: B

According to the 2011 Census of India, the overall national literacy rate stood at 74.04%, with the male literacy rate substantially higher at 82.14% compared to the 65.46% female literacy rate.
Question 133 Discuss
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Under the Industrial Policy Resolution 1956, industries in India have been classified into how many categories?

A
Two
B
Three
C
Four
D
Five

Answer & Explanation

Correct Option: B

The Industrial Policy Resolution of 1956 classified industries into three distinct categories: Schedule A (state monopoly), Schedule B (mixed sector), and Schedule C (private sector).
Question 134 Discuss
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Read the following about Goods and Service Tax (GST):

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

Answer & Explanation

Correct Option: C

The Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based indirect tax levied on every value addition, successfully subsuming most other indirect taxes across India since its implementation.
Question 135 Discuss
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What was the target growth rate of the first five year plan in India?

A
3.1 percent
B
4.1 percent
C
2.1 percent
D
1.1 percent

Answer & Explanation

Correct Option: C

The target growth rate for India's First Five-Year Plan (1951-1956) was set at a highly conservative 2.1%, but the agrarian-focused economy overperformed and achieved an actual growth rate of 3.6%.
Question 136 Discuss
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When calculating Net National Product (NNP), what is deducted from Gross National Product (GNP)?

A
Subsidies
B
Personal income
C
Depreciation
D
Indirect taxes

Answer & Explanation

Correct Option: C

Net National Product (NNP) is standardly calculated by taking the Gross National Product (GNP) and explicitly subtracting depreciation, which represents the wear and tear of a nation's capital assets.
Question 137 Discuss
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refers to buying and selling of bonds issued by the Government.

A
Open Market Operations
B
Moral suasion
C
Marginal requirement
D
Closed Market Operations

Answer & Explanation

Correct Option: A

Open Market Operations (OMO) refers directly to the active buying and selling of government securities in the open market by the central bank to strategically regulate the overall money supply.
Question 138 Discuss
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What is the total literacy rate of Bihar according to the 2011 census of India?

A
61.8 percent
B
66.8 percent
C
65.8 percent
D
63.8 percent

Answer & Explanation

Correct Option: A

According to the 2011 Census, Bihar recorded the lowest overall literacy rate in the country at 61.80%, with significant internal disparities between its male (71.20%) and female (51.50%) populations.
Question 139 Discuss
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ATM booths come under which sector of the economic activity?

A
Tertiary Sector
B
Primary sector
C
Quaternary sector
D
Secondary sector

Answer & Explanation

Correct Option: A

The tertiary sector, widely known as the service sector, encompasses financial and retail banking services, which inherently includes the operation and maintenance of Automated Teller Machine (ATM) booths.
Question 140 Discuss
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Which of the following statements is correct regarding Central Goods and Services Tax (Amendment) Bill, 2023? I. It was introduced in Lok Sabha in August, 2023. II. It amends the Central Goods and Services Tax (CGST) Act, 2017.

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

Answer & Explanation

Correct Option: D

The Central Goods and Services Tax (Amendment) Bill, 2023, was formally introduced in the Lok Sabha in August 2023 to amend the CGST Act of 2017, specifically providing clear definitions regarding the taxation of online money gaming.
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