Economics GK Quiz for Competitive Exams

NEW Economics GK Quiz for Competitive Exams

Welcome to our Economics GK Quiz for Competitive Exams blog! Whether you're preparing for government job tests, banking exams, or any other competitive assessments, our Economics GK Quiz blog is your go-to resource for mastering economics general knowledge. Dive into a comprehensive collection of quizzes designed to sharpen your understanding of fundamental economic principles, current financial trends, and key historical economic events. Stay ahead of the competition by testing your knowledge with our expertly crafted questions, detailed explanations, and tips for tackling even the toughest economics questions. Join us and elevate your exam preparation to the next level!

Economics GK Quiz

In this article Economics GK Quiz for Competitive Exams, we are sharing the latest and most important Indian Economics GK Quiz and Answers related to Indian Economy under the General Knowledge section for those learners who are preparing for upcoming competitive exams.

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Economics GK Quiz for Competitive Exams

Q :  

What is the per capita net national income of India during FY 2017-18?

(A) Rs. 1,11,782 per year

(B) Rs. 73,285 per year

(C) Rs. 82,269 per year

(D) Rs. 99,215 per year


Correct Answer : A
Explanation :

Explanation: Per capita net national income in India is estimated at Rs 1,11,782 (at current prices) during the financial year 2017-18, which shows an increase of 8.3% over the previous year. The per capita income during the financial year 2016-17 was Rs 1,03,219.


Q :  

Which of the following items is the major reason for WPI-based high inflation in India?

(A) Primary goods

(B) Fuel and electricity

(C) Manufacturing products

(D) None of the above


Correct Answer : C
Explanation :

Explanation: In India, three groups of commodities have major contribution in the calculation of inflation. In this, primary products contribute 20.1%, fuel and electricity (14.9%) and manufacturing products contribute 65%. Therefore, the biggest reason for high inflation in India is manufacturing products.


Q :  

At present, what is the contribution of the agriculture sector to the income of the Indian economy?

(A) 53%

(B) 25%

(C) 17%

(D) 33%


Correct Answer : C
Explanation :

Explanation: The share of agriculture sector in the income of Indian economy is about 17.1% in the financial year 2017-18. The service sector remains the foundation of the Indian economy and contributes about 59% to India's income.


Q :  

Which is the largest item exported from India from April 2017 to November 2017?

(A) Gems and jewelery

(B) Petroleum crude products

(C) Clothing and allied products

(D) Engineering goods


Correct Answer : D
Explanation :

Explanation: The largest export item exported from India during April 2017 to November 2017 is engineering goods which accounts for 26% of India's total exports. Chemical and related products rank second and contribute about 14.5% of total Indian exports.


Q :  

According to the new definition of Micro, Small and Medium Enterprises, an enterprise in the manufacturing sector will be called a small enterprise, if its…..

(A) Annual turnover is less than Rs 5 crore

(B) Annual turnover is between Rs 75 crore and Rs 250 crore

(C) Annual turnover is between Rs 5 crore and Rs 75 crore

(D) Annual turnover is between Rs 10 crore and Rs 50 crore


Correct Answer : C
Explanation :

Explanation: As per the new definition of micro, small and medium enterprises; The definition of micro, small and medium enterprises in the manufacturing sector is as follows;


Q :  

Which of the following is not qualitative control of credit by the central bank of a country?

(A) Rationing of credit

(B) Regulation of consumer credit

(C) Variation in margin requirements

(D) Regulation of margin requirements


Correct Answer : C
Explanation :

Methods of credit control There are two methods that the Reserve Bank of India uses to control the money supply in the economy. ,

•             Publicity ...

•             quantitative method ...


Q :  

If marginal returns increase at a decreasing rate, then total returns:

(A) Increases

(B) Decreases

(C) Remains Constant

(D) Income becomes


Correct Answer : B
Explanation :

This question talks about increasing marginal returns at a decreasing rate, which is actually a diminishing marginal return. In economics, the law of diminishing returns states: "If increasing amounts of a variable factor are applied to a fixed amount of other factors per unit of time, the increase in total output will increase at first but beyond a point it will According to Richard A. Bilas's law of diminishing returns, if investment of one resource is kept constant, the resulting increase in output will become smaller and smaller beyond a point. “So as marginal returns increase at a decreasing rate, total returns will eventually decrease.


Q :  

RRB is owned by:

(A) Central Government

(B) State Government

(C) Sponsor Bank

(D) Jointly by all of the above


Correct Answer : D
Explanation :

According to the Act, RRBs are owned by the Central Government (50%), State Government (15%), and sponsor banks (35%). RBI has no ownership of RRBs.


Q :  

Which scheme of the Government of India makes Indian cities free from slums?

(A) Indira Awas Yojana

(B) Central Rural Sanitation Program MME

(C) Rajiv Awas Yojana

(D) Antyodaya


Correct Answer : C
Explanation :

Rajiv Awas Yojana (RAY) has been launched to create a Slum Free India whose main objective is to ensure availability of proper shelter with basic infrastructure and social facilities to every citizen.


Q :  

Excessive use of resources is called the ‘tragedy of the commons’. It was propounded by:

(A) Garrett Hardin

(B) Seligman

(C) Adolf Wagner

(D) A.P. Lemier


Correct Answer : A
Explanation :

In 1968, biologist Garrett Hardin proposed a theory called The Tragedy of the Commons, in which he argued that finite resources such as forests, fisheries, clean air, and clean water that are commonly used will inevitably be wasted unless will go as long as their use is unregulated. ,


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    Rajesh Bhatia

    A Writer, Teacher and GK Expert. I am an M.A. & M.Ed. in English Literature and Political Science. I am highly keen and passionate about reading Indian History. Also, I like to mentor students about how to prepare for a competitive examination. Share your concerns with me by comment box. Also, you can ask anything at linkedin.com/in/rajesh-bhatia-7395a015b/.

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