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 11 Discuss
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Why are the intermediate goods NOT included in the National Income?

A
Intermediate goods increases the income.
B
Intermediate goods decreases the income.
C
For the prevention of double accounting.
D
Intermediate goods are not reliable.

Answer & Explanation

Correct Option: C

Intermediate goods are excluded from National Income calculations to avoid double counting, because their economic value is already embedded in the price of the final goods.
Question 12 Discuss
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Who among the following was awarded the Bharat Ratna for his contribution to the Green Revolution in India?

A
Govind Ballabh Pant
B
PV Kane
C
C Subramaniam
D
APJ Abdul Kalam

Answer & Explanation

Correct Option: C

C. Subramaniam, serving as the Minister of Food and Agriculture, provided the crucial political vision and leadership during the Green Revolution, for which he was posthumously awarded the Bharat Ratna in 1998.
Question 13 Discuss
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Which sector promotes modernisation and stable employment in the economy?

A
Service sector
B
Agriculture sector
C
Energy sector
D
Industrial sector

Answer & Explanation

Correct Option: D

The industrial (manufacturing) sector is historically viewed as the engine of economic modernization because it absorbs surplus agricultural labor and provides stable, productive employment.
Question 14 Discuss
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As per Census 2011, what is the percentage of rural population in India?

A
52.4%
B
59.3%
C
65.2%
D
68.8%

Answer & Explanation

Correct Option: D

According to the final data of the 2011 Census of India, approximately 68.84% of the country's total population resided in rural areas.
Question 15 Discuss
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Which of the following was NOT an advantage of privatisation?

A
Reduced competition
B
Overall improved performance
C
Additional source of revenue for the government
D
Low interference of political motives

Answer & Explanation

Correct Option: A

Privatisation generally aims to break monopolies and increase market competition, meaning "reduced competition" is contrary to its intended benefits.
Question 16 Discuss
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In how many categories are loans provided under the MUDRA loan scheme?

A
1
B
4
C
2
D
3

Answer & Explanation

Correct Option: D

The Pradhan Mantri MUDRA Yojana categorizes loans into three groups based on the funding needs of the micro-enterprise: Shishu (up to ₹50,000), Kishore (₹50,001 to ₹5 Lakh), and Tarun (₹500,001 to ₹10 Lakh).
Question 17 Discuss
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If the value/percentage of the cash reserve ratio falls, then the value of money multiplier .

A
falls
B
None of the above
C
remains stable
D
rises

Answer & Explanation

Correct Option: D

The money multiplier is inversely proportional to the Cash Reserve Ratio (CRR); a decrease in the CRR frees up more capital for banks to lend, thereby causing the money multiplier to rise.
Question 18 Discuss
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For which of the following sources of financial resources may financial intermediation NOT be required?

A
Raising equity via public offering
B
Borrowing from banks
C
Family funds
D
Borrowing from All India Development Financial Institutions

Answer & Explanation

Correct Option: C

Financial intermediation involves routing funds from savers to borrowers through third-party institutions (like banks or markets); sourcing funds directly from family members bypasses this formal system entirely.
Question 19 Discuss
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What distinguishes a bank from other financial institutions?

A
Lending
B
Accepting deposits
C
Providing long term loans
D
Accepting loans and borrowings

Answer & Explanation

Correct Option: B

While many non-banking financial companies (NBFCs) can lend money, only commercial banks possess the distinct legal authority to accept demand deposits (like savings and checking accounts) from the general public.
Question 20 Discuss
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Which of the following statements about privatisation is FALSE?

A
There was an increase in the cases of disinvestment after the economic reforms of 1991 as compared to the pre-1991 period.
B
Improved performance is one of the advantages of privatisation.
C
Maruti Udyog Limited was a public sector enterprise before the 1991 economic reforms.
D
There is no possibility of exploitation of monopoly power by private companies after privatisation.

Answer & Explanation

Correct Option: D

Privatisation without proper regulatory frameworks can lead to the creation of private monopolies, which retain the ability to exploit consumers and reduce market efficiency.
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