Indian Economy Questions # series 1

Here are some questions regarding Indian economy which will be helpful for competitive exams.

1. In which year did Indian Special Economic Rules amendment come? – 2006

2. In which year was FEMA (Foreign Exchange Management Act) finally implemented? – 2002

3. Which five year plans witnessed the highest growth rate in India? – Eleventh plan

4. Where is the shore-based steel plant located? – Vishakhapatnam

5. A portion of an individual’s total income is spent on consumption. What is the remaining part called? – Savings

6. What is an increase in the Bank Rate generally? – Central Bank is following a tight money policy

7. By which method the National Income in India is estimated? – Product and income methods

8. Stagflation refers to a situation by which is this characterized? – Inflation and rising unemployment

9. Of which branch is externality theory is the basic theory of Economics? – Environomics

10. To which market situation does Bilateral monopoly refer? – One seller and one buyer

11. What is the mean of disguised unemployment generally? – Marginal productivity of labour is zero

12. According to Ricardo, why does rent for the land arises? – Because of difference in soil quality

13. By which name a company which arranges capital by selling its share in the market? – Joint stock company

14. Which committee is related to the estimation of poverty in India? – Suresh Tendulkar Committee

15. To obtain full benefits of demographic dividend, what should India do? – Promoting skill development

16. To which is the national income of a country for a period equal? – Money value of final goods and services produced

17. Supply of money remaining the same when there is an increase in demand for money, what will be? – An increase in the rate of interest

18. What do we calll the The demand for a product which is wanted for itself? – Direct or Autonomous Demand

19. Into howmany sectors is Social accounting system in India classified– Public sector, Private sector and Joint sector

20. In which terms the Government of India refers to the absolute poverty line ? – Household consumption

21. In order to provide pensions to workers of the unorganized sector, which scheme has been launched by the Government? – Swavalamban

22. According to the Companies Act, 2013, what does the ‘nominal capital’ imply? – The maximum amount of share capital of a company

23. By which commission in India, mergers and acquisition of firms are regulated? – Competition Commission of India

24. Which item has maximum weight in wholesale price index in India? – Manufactured product

25. In India, why has the price of petroleum products been deregulated mainly? – Reduce the burden of subsidies given to the oil companies

26. Which economist believed that unemployment is impossible and the market mechanism has a built-in regulatory system to meet any ups and downs– J. B. Say

27. How is the effect of a government surplus upon the equilibrium level of NNP (Net National Product) substantially? – Same as an increase in consumption

28. What will be, if the average total cost is declining? – The marginal cost must be less than the average total cost

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