Economy - General Awareness Questions and Answers


General Awareness » Economy

QUESTION

Identify the FALSE statement in the context of money supply.

A)

The money held by the government is not included in the measure of money supply.

B)

Commercial banks use primary deposits to create credit.

C)

Total stock of money alone in an economy determines the overall liquidity in the economy.

D)

Credit money refers to money whose money value is more than commodity value.

General Awareness » Economy

QUESTION

Which of the following has been designated as the self-regulatory origination for Micro finance institutions in India?

A)

Sab-Dhan

B)

Dhan

C)

Jan-Dhan

D)

Sa-Dhan

General Awareness » Economy

QUESTION

Which method of calculating the national income is also known as ‘Industrial Origin Method’?

A)

Monetary Measures Method

B)

Expenditure Method

C)

Income Method

D)

Value Added Method

General Awareness » Economy

QUESTION

____________ is a situation in the bonds market when the rate of interest falls to its lowest level and the speculative demand for money becomes perfectly elastic.

A)

Liquidity trap

B)

Zero money velocity

C)

Cash crunch

D)

Infinite supply

General Awareness » Economy

DIRECTION

Which of the following statements is/are correct?

QUESTION

I.Only marketed goods are considered while estimating Gross Domestic Product (GDP).
II. The work done by a woman at her home is outside the purview of Gross Domestic Product.
III. In estimating GDP, only final goods and services are considered.

A)

I, II and III

B)

Only II and III

C)

Only II

D)

Only I and III

General Awareness » Economy

QUESTION

The allocation towards health and well-being was increased by ______ over the previous year in Union Budget 2021-22.

A)

137%

B)

125%

C)

 100%

D)

140%

General Awareness » Economy

QUESTION

Which of the following is an Indirect Tax in India?

A)

Goods and Services Tax

B)

Capital Gains Tax

C)

Income Tax

D)

Corporation Tax

General Awareness » Economy

QUESTION

In February 2021, the Finance Minister of India announced the setting up of a Dispute Resolution Committee (DRC) for taxpayers with taxable income up to ______ and disputed income up to ______ .

A)

₹50 lakh, ₹10 lakh

B)

₹10 lakh, ₹2 lakh

C)

₹20 lakh, ₹5 lakh

D)

₹5 lakh, ₹1 lakh

General Awareness » Economy

QUESTION

NIP related to India’s budget, which was announced in December 2019 by the Union Finance Minister of India stands for:

A)

 Negotiable Instrument Protocol

B)

 National Indigenous Project

C)

 National Infrastructure Pipeline

D)

 Neutral Interventions on Payments

General Awareness » Economy

QUESTION

Which bank is referred to as ‘The lender of last resort’?

A)

World Bank

B)

 Dena Bank

C)

 Central Bank

D)

 State Bank

General Awareness » Economy

QUESTION

As per the Economic Survey 2020–21, net FPI (Foreign Portfolio Investment) recorded an all-time monthly high of US$9.8 billion in ______.

A)

October 2020

B)

November 2020

C)

December 2020

D)

September 2020

General Awareness » Economy

QUESTION

As per the Union Budget 2021-22, the government plans to continue on the path of fiscal consolidation, achieving a fiscal deficit level below 4.5% of GDP by ______.

A)

2024-25

B)

2025-26

C)

2023-24

D)

2022-23

General Awareness » Economy

QUESTION

As per the Union Budget of 2021-22, how many textile parks are to be set up in 3 years?

A)

 Eight

B)

 Six

C)

 Seven

D)

 Five

General Awareness » Economy

QUESTION

The value of the Gross Domestic Product (GDP) of India is published by PIB in ______.

A)

US Dollar

B)

Indian Rupee

C)

Yuan

D)

Yen

General Awareness » Economy

QUESTION

What is the repo rate given by the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) as on 7 April 2021?

A)

3%

B)

5%

C)

2%

D)

4%

General Awareness » Economy

QUESTION

As per the Economic Survey, 2020, how many banks of India are there in the list of the top global 100?

A)

 Three

B)

 Two

C)

 None

D)

 One

General Awareness » Economy

QUESTION

In December 2020, ______ became the first country in the world to approve sale of lab-grown chicken products.

A)

Taiwan

B)

Vietnam

C)

Singapore

D)

Japan

General Awareness » Economy

QUESTION

In which year had India's ratio of public debt to GDP gone up to a record 84.2%?

A)

1991

B)

2003

C)

1999

D)

2001

General Awareness » Economy

QUESTION

The Cabinet Committee on Economic Affairs (CCEA) approved an increase in the Minimum Support Prices (MSPs) for all mandated Rabi crops for the marketing season 2021–22 in line with the recommendations of the ______ Commission.

A)

 Swaminathan

B)

 Nanavati

C)

 Kothari

D)

 Mukherjee

General Awareness » Economy

QUESTION

______ is a tax system that collects a greater share of income from those with high incomes than from those with lower incomes.

A)

Progressive tax

B)

Payroll tax

C)

Proportional tax

D)

Regressive tax