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 311 Discuss
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According to Census of India 2011, India's population accounts for what percentage of the world's population?

A
15.5%
B
17.5%
C
19.3%
D
21.7%

Answer & Explanation

Correct Option: B

Despite occupying only about 2.4% of the Earth's surface area, India supported roughly 17.5% of the total global population as of the 2011 Census.
Question 312 Discuss
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Which of the following institutions is referred to as the 'lender of last resort'?

A
State Bank of India
B
Finance Ministry
C
NABARD
D
Reserve Bank of India

Answer & Explanation

Correct Option: D

The Reserve Bank of India acts as the "lender of last resort" by providing crucial emergency liquidity to commercial banks that face severe short-term financial crises.
Question 313 Discuss
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Rank the following states in descending order of their percentage share of the population in the country's population, as per Census 2011. Bihar, West Bengal, Rajasthan, Madhya Pradesh

A
Rajasthan-Madhya Pradesh-Bihar-West Bengal
B
Madhya Pradesh-Bihar-Rajasthan-West Bengal
C
Bihar-West Bengal-Madhya Pradesh-Rajasthan
D
Bihar-Madhya Pradesh-Rajasthan-West Bengal

Answer & Explanation

Correct Option: C

Based on 2011 Census population figures, the correct descending order is Bihar (104M), West Bengal (91.2M), Madhya Pradesh (72.6M), and Rajasthan (68.5M).
Question 314 Discuss
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According to Census of India 2011, which state recorded negative population growth rate?

A
Manipur
B
Nagaland
C
Sikkim
D
Kerala

Answer & Explanation

Correct Option: B

Nagaland made demographic history in the 2011 Census by becoming the only Indian state to record a negative decadal population growth rate (-0.58%).
Question 315 Discuss
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What is the purpose of 'customs duty' in international trade?

A
To encourage unlimited imports
B
To protect domestic industries by taxing imports
C
To standardise products internationally
D
To regulate the export of goods

Answer & Explanation

Correct Option: B

Customs duty is an indirect tax levied on imported goods, primarily designed to generate state revenue and protect domestic industries from cheap foreign market competition.
Question 316 Discuss
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The office of the Registrar General and Census Commissioner works under which Ministry of Government of India?

A
Ministry of Finance
B
Ministry of Personnel, Public Grievances and Pensions
C
Ministry of Home Affairs
D
Ministry of Social Justice and Empowerment

Answer & Explanation

Correct Option: C

The massive decennial exercise of conducting the Indian Census is handled by the Registrar General and Census Commissioner, which functions under the Ministry of Home Affairs.
Question 317 Discuss
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What is the primary reason for a government to implement a Goods and Services Tax (GST)?

A
To simplify the tax structure
B
To discourage all kinds of consumption
C
To eliminate all indirect taxes
D
To increase the complexity of the tax system

Answer & Explanation

Correct Option: A

The central objective behind introducing GST was to consolidate multiple complex indirect taxes into a single structure, thereby simplifying tax compliance and mitigating the cascading effect of taxes.
Question 318 Discuss
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Private income minus tax payment minus non tax payment will give us the estimate for .

A
private income
B
gross income
C
personal disposable income
D
national income

Answer & Explanation

Correct Option: C

Personal disposable income represents the actual amount of money households retain for consumption and saving after paying off direct taxes and non-tax obligations to the government.
Question 319 Discuss
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Choose the correct statement/s from the following. i. It is difficult to carry one's wealth under a barter system of transactions. ii. Money is perishable and it cannot be stored. iii. An increase in the price level can diminish the purchasing power of currency.

A
i and iii
B
ii and iii
C
i and ii
D
Only ii

Answer & Explanation

Correct Option: A

Barter requires bulky goods making wealth storage difficult, and while money solves this by being a durable store of value, high inflation can erode its purchasing power.
Question 320 Discuss
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According to Census of India 2011, which state/union territory has the second highest sex ratio?

A
Chandigarh
B
Tamil Nadu
C
Puducherry
D
Himachal Pradesh

Answer & Explanation

Correct Option: C

Trailing only behind the state of Kerala, the Union Territory of Puducherry recorded an exceptionally high sex ratio of 1,037 females per 1,000 males in 2011.
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