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 281 Discuss
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Which of the following is a reason for India trade deficit?

A
India has stopped imports
B
India's exports and imports are equal
C
India's imports are less than its exports
D
India's exports are less than its imports

Answer & Explanation

Correct Option: D

A trade deficit fundamentally occurs when a nation imports a greater value of goods and services than it exports, a condition that India has historically faced.
Question 282 Discuss
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The amount of Cash Reserves that commercial banks are required to keep with the RBI is referred to as:

A
SLR
B
Bank Rate
C
Repo Rate
D
CRR

Answer & Explanation

Correct Option: D

The Cash Reserve Ratio (CRR) is the specified minimum percentage of total deposits that commercial banks must hold in the form of liquid cash reserves with the RBI.
Question 283 Discuss
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Which of the following periods was declared 'Plan Holiday' by the government?

A
1967-1969
B
1965-1968
C
1966-1971
D
1966-1969

Answer & Explanation

Correct Option: D

Due to severe economic crises stemming from war and successive droughts, the government postponed the Fourth Five-Year Plan and instead implemented three annual plans between 1966 and 1969, known as the 'Plan Holiday'.
Question 284 Discuss
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Which of the following steps promoted the growth of the economy as a whole by stimulating the development of industrial and tertiary sectors?

A
Green Revolution
B
Colonial rule
C
Independence
D
Planning

Answer & Explanation

Correct Option: D

The introduction of systematic economic planning through the Five-Year Plans specifically aimed to diversify India's economy by actively promoting the industrial and tertiary sectors.
Question 285 Discuss
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Which of the following is an impact of globalisation on India's trade?

A
It has reduced the dependency on foreign markets
B
It has reduced the competition and challenges of trade
C
It has increased the volume and diversity of trade
D
It has increased the self-reliance and autonomy of trade

Answer & Explanation

Correct Option: C

Economic liberalization and globalization since 1991 connected India to global supply chains, dramatically increasing both the total volume and the diversity of its international trade.
Question 286 Discuss
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Which of the below mentioned elements occurs when the government's revenue expenditure is more than its revenue receipts?

A
Fiscal Deficit
B
Capital Deficit
C
Budgetary Deficit
D
Revenue Deficit

Answer & Explanation

Correct Option: D

A revenue deficit indicates that a government's regular, recurring expenses (revenue expenditure) have exceeded its ongoing income streams (revenue receipts).
Question 287 Discuss
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Small-scale industries in India in 1950 were defined as all those industries in which the maximum investment amounted to:

A
₹5 lakh
B
₹7 lakh
C
₹6 lakh
D
₹8 lakh

Answer & Explanation

Correct Option: A

Based on early industrial policy and the Karve Committee, a small-scale industrial unit in 1950 was legally defined by a maximum capital investment limit of rupees five lakhs.
Question 288 Discuss
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Generally, with development, the share of agricultural sector .

A
decreases
B
increases
C
remains constant
D
remains stable

Answer & Explanation

Correct Option: A

As a standard pattern of economic development, structural transformation causes the agricultural sector's relative share of total GDP to decrease as manufacturing and services expand.
Question 289 Discuss
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What was the estimated growth target of the Second Five-Year Plan in India?

A
3.5%
B
4.0%
C
4.5%
D
5.0%

Answer & Explanation

Correct Option: C

The Second Five-Year Plan, heavily focused on rapid industrialization through the Mahalanobis model, set an ambitious annual national growth target of 4.5%.
Question 290 Discuss
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What is the trade-strategy, which India adopted in the first-seven Five-Year Plans?

A
Inward-looking trade strategy
B
Partially outward-looking trade strategy
C
Partially inward-looking trade strategy
D
Outward-looking trade strategy

Answer & Explanation

Correct Option: A

Prior to 1991, India pursued an inward-looking trade strategy characterized by import substitution, utilizing strict tariffs and quotas to nurture and protect domestic industries.
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