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 21 Discuss
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What is the primary purpose of Minimum Support Price (MSP) in Indian agriculture?

A
To determine the prices for various farm products purchased by the government
B
To determine the price of seeds used in agriculture
C
To determine the prices for various farm products for sale in the open market
D
To determine the price of fertiliser and electricity paid by farmers

Answer & Explanation

Correct Option: A

The Minimum Support Price (MSP) is an agricultural product price set by the Government of India to purchase directly from the farmer, safeguarding them against sharp falls in farm prices.
Question 22 Discuss
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Which of the following is the most traditional mode of entering into the foreign market?

A
Exporting
B
Undertaking portfolio investment
C
Mergers and acquisitions
D
Setting up fully owned manufacturing facilities

Answer & Explanation

Correct Option: A

Exporting, which simply involves producing goods in the home country and shipping them for sale abroad, is historically the oldest and most traditional method of international market entry.
Question 23 Discuss
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Which instrument was used to measure economic growth during the planning era?

A
Per Capita Gross Domestic Product
B
Gross Domestic Product
C
Per Capita Income
D
National Income

Answer & Explanation

Correct Option: B

Gross Domestic Product (GDP) has been the standard and most widely utilized macroeconomic measure to evaluate the aggregate economic growth and output of India over its planning periods.
Question 24 Discuss
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In 2011-12, what percentage of Indian workforce was engaged in secondary sector?

A
30.0%
B
60.4%
C
24.3%
D
15.8%

Answer & Explanation

Correct Option: C

According to National Sample Survey Office (NSSO) labor force data from 2011-12, approximately 24.3% of the Indian workforce was employed in the secondary sector, which covers manufacturing and construction.
Question 25 Discuss
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Selling of bonds by the RBI will cause money supply to 。

A
increase
B
No relationship exists between selling bonds and money supply
C
fluctuate
D
decrease

Answer & Explanation

Correct Option: D

Through Open Market Operations, when the RBI sells government bonds, it absorbs liquidity from commercial banks, thereby decreasing the overall money supply in the economy.
Question 26 Discuss
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What is the national male workforce participation rate as per the Census of India 2011?

A
51.26%
B
53.26%
C
50.26%
D
52.26%

Answer & Explanation

Correct Option: B

The 2011 Census recorded the male Work Participation Rate (WPR) in India at 53.26%, reflecting the proportion of the male population engaged in economically productive activities.
Question 27 Discuss
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As per the National Multidimensional Poverty Index Report 2023, which of the following UTs has the lowest poverty rate?

A
Jammu and Kashmir
B
Ladakh
C
Lakshadweep
D
Puducherry

Answer & Explanation

Correct Option: D

According to the National MPI 2023 report released by NITI Aayog, Puducherry registered the lowest proportion of multidimensionally poor individuals among all Union Territories.
Question 28 Discuss
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If tax rate decreases with increase in taxable base, then this type of taxation is called:

A
regressive
B
increasing
C
progressive
D
degressive

Answer & Explanation

Correct Option: A

A regressive tax structure is characterized by the tax rate decreasing as the taxable income increases, which places a disproportionately higher financial burden on lower-income earners.
Question 29 Discuss
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Growth, as envisaged in the five-year plans, refers to:

A
increase in the country's capacity to produce the output of goods and services within the country
B
improvement in the state of equity in the country
C
improvement in the level of education and primary health in the country
D
self-reliance in producing all goods and services it requires, within its geographical boundaries

Answer & Explanation

Correct Option: A

In the macroeconomic framework of India's Five-Year Plans, economic growth fundamentally signifies a steady, long-term increase in the nation's real GDP and its productive capacity.
Question 30 Discuss
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With progressive delicensing of industries as part of liberalisation, which of the following is the industry that is removed from the requirement of license?

A
Cigars and cigarettes of tobacco, and manufactured tobacco substitutes
B
Industrial explosives
C
Hazardous chemicals
D
Coal and lignite

Answer & Explanation

Correct Option: D

Following the 1991 economic reforms, compulsory licensing was abolished for most sectors; coal and lignite were eventually delicensed, while sensitive sectors like hazardous chemicals and explosives remained regulated.
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