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Easy Indian Economics GK Questions and Answers

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Q :  

Which has become the most expensive city according to the Worldwide Cost of Living Index 2021?

(A) Tel Aviv

(B) Paris

(C) Syria

(D) Singapore

Correct Answer : D
Explanation :

Singapore maintains its spot as the world's most expensive city, tying with Zurich, Switzerland. This is the ninth time in 11 years that Singapore has topped the list.


Q :  

In August 2020, the Cabinet Committee on Economic Affairs declared the Fair and Remunerative Price of ______ per quintal for sugarcane for the marketing year starting October 2020.

(A) ₹265

(B) ₹275

(C) ₹285

(D) ₹315

Correct Answer : D
Explanation :

Keeping in view the interest of sugarcane farmers (GannaKisan), the Cabinet Committee on Economic Affairs chaired by Prime Minister Shri Narendra Modi has approved Fair and Remunerative Price (FRP) of sugarcane for sugar season 2023-24 (October - September) at Rs. 315/qtl for a basic recovery rate of 10.25%.


Q :  

Which policy of the Life Insurance Corporation is not specifically for the benefit of children?

(A) Jeevan Sukanya

(B) Jeevan Chhaya

(C) Life Security

(D) Jeevan Kishore

Correct Answer : C
Explanation :

Child insurance plan is an investment cum insurance plan from life insurance companies, which offers financial safety to your child's dreams and goals. You can use a child insurance plan to invest in the big life goals of your child like higher education and marriage.


Q :  

Which of the following is the most important source sector of NRI remittances in India?

(A) North America

(B) Middle East

(C) South America

(D) Europe

Correct Answer : A
Explanation :

with Malaysia, Singapore and the United States being the largest sources of remittance. Research work on remittances to India is listed in the India Migration Bibliography.


Q :  

RBI Authorized which bank to collect indirect taxes on behalf of the Central Board of Indirect Taxes and Customs (CBIC)?

(A) CSB Bank

(B) RBL Bank

(C) Karnataka Bank

(D) City Union Bank

Correct Answer : B
Explanation :

Detailed Solution. The correct answer is RBL Bank. RBI has authorized RBL Bank to collect indirect taxes on behalf of the Central Board of Indirect Taxes and Customs (CBIC).


Q :  

Which of the following is NOT an advantage of E-Commerce?

(A) Cost saving and price reduction

(B) Late response to customer needs

(C) Wider choice

(D) Improved customer services

Correct Answer : B
Explanation :

The correct answer is Late response to customer needs. A late response to customer needs is NOT an advantage of E-Commerce.


Q :  

In 2015, the Planning Commission was replaced with the ___________.

(A) Monetary Policy Committee

(B) Competition Commission of India

(C) NaBFID

(D) NITI Aayog

Correct Answer : D
Explanation :

The Planning Commission was replaced with the NITI Aayog. The NITI Aayog acts as a platform that brings together states to discuss the entire nation's progress. It comprises all Chief Ministers, Lt. Governors of the Union Territories, and the Prime Minister, who is also its chairman.


Q :  

The value of GDP at the current prevailing prices is called _______.

(A) Nominal GDP

(B) Current GDP

(C) Domestic GDP

(D) Real GDP

Correct Answer : A
Explanation :

Nominal GDP is the value of GDP at the current prevailing prices.


Q :  

In India census is held regularly every ______ year.

(A) 8th

(B) 10th

(C) 12th

(D) 5th

Correct Answer : B
Explanation :

Regular census in India are held every 10 years.


Q :  

Plan revenue expenditure relates to _______.

I. Five-year plans

II. Salaries and pensions

(A) Only I

(B) Neither I nor II

(C) Both I and II

(D) Only II

Correct Answer : A
Explanation :

Any expenditure that is incurred on programmes which are detailed under the current (Five Year) Plan of the centre or centre's advances to state for their plans is called plan expenditure. Plan expenditure is further sub-classified into Revenue Expenditure and Capital Expenditure.


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