Economics GK Practice Question and Answer

Q:

Which of the following committee is not associated to the estimation of poverty in India?

511 0

  • 1
    V.K. Alagh Committee
    Correct
    Wrong
  • 2
    Suresh Tendulkar Committee
    Correct
    Wrong
  • 3
    Rangarajan Committee
    Correct
    Wrong
  • 4
    Vijay Kelkar Committee
    Correct
    Wrong
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Answer : 4. "Vijay Kelkar Committee"
Explanation :

It is related to the assessment of poverty in India.

(A) V.K. Alagh Committee

(B) Suresh Tendulkar Committee

(C) Rangarajan Committee

Q:

As per the Indian practices of national accounting, which of the following is adjusted in the nominal Gross Domestic Product (GDP) to arrive at the real GDP?

117 0

  • 1
    Government borrowings
    Correct
    Wrong
  • 2
    Depreciation
    Correct
    Wrong
  • 3
    Foreign exchange
    Correct
    Wrong
  • 4
    Inflation
    Correct
    Wrong
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Answer : 4. "Inflation"
Explanation :

As per Indian practices of national accounting, nominal gross domestic product (GDP) is inflation-adjusted to arrive at real GDP.

Q:

With which of the following sectors is the agency short-named as CIBIL associated

125 0

  • 1
    Insurance sector
    Correct
    Wrong
  • 2
    Automobile sector
    Correct
    Wrong
  • 3
    Banking sector
    Correct
    Wrong
  • 4
    Sugar sector
    Correct
    Wrong
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Answer : 3. "Banking sector"
Explanation :

The full name of CIBIL is Credit Information Bureau India Limited. It is a credit information company, which maintains records of all credit related activities of individuals and organizations. Banks, non-banking finance companies and other financial institutions submit customer credit information to the bureaus.

Q:

Which of the following is considered a capital expense?

326 0

  • 1
    Pension  
    Correct
    Wrong
  • 2
    Payment of salaries  
    Correct
    Wrong
  • 3
    Subsidies
    Correct
    Wrong
  • 4
    Construction of school buildings
    Correct
    Wrong
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Answer : 4. "Construction of school buildings"
Explanation :

1. Capital expenditure is money spent by the government on the development of machinery, equipment, buildings, health facilities, education etc.

2. It also includes expenditure by the government on the acquisition of fixed assets like land and investments which give future profits or dividends.

3. Creation of assets as well as repayment of loans is also capital expenditure, as it reduces liability.

Q:

Which of the following is NOT a public sector insurance company?

237 0

  • 1
    United India Insurance Company Limited
    Correct
    Wrong
  • 2
    The New India Assurance Company Limited
    Correct
    Wrong
  • 3
    SBI Life Insurance
    Correct
    Wrong
  • 4
    General Insurance Corporation of India
    Correct
    Wrong
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Answer : 3. "SBI Life Insurance"
Explanation :

There are public sector insurance companies.

1. United India Insurance Company Limited

2. The New India Assurance Company Limited

3. General Insurance Corporation of India

Q:

As per the recommendations of the National Statistical Commission, the Base Year of the GDP Series in India was revised from 2004-05 to ______ with effect from January 2015.

198 0

  • 1
    2011-12
    Correct
    Wrong
  • 2
    2013-14
    Correct
    Wrong
  • 3
    2005-06
    Correct
    Wrong
  • 4
    2009-10
    Correct
    Wrong
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Answer : 1. "2011-12"
Explanation :

1. From January 2015, as per the recommendations of the National Statistical Commission, the GDP in India The base year of the (GDP) series was revised from 2004-05 to 2011-12.

Q:

To which of the following sectors of the economy do Basel III norms belong?

225 0

  • 1
    Banking
    Correct
    Wrong
  • 2
    Capital market
    Correct
    Wrong
  • 3
    Automobile
    Correct
    Wrong
  • 4
    Aviation
    Correct
    Wrong
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Answer : 1. "Banking"
Explanation :

1. The Basel norms are international banking rules to strengthen the international banking system.

2. It is in the form of an agreement by the Basel Committee on Banking Supervision which mainly focuses on the risks to banks and the financial system.

Q:

Which of the following is an indirect tax?

174 0

  • 1
    Capital gains tax
    Correct
    Wrong
  • 2
    Goods and services tax
    Correct
    Wrong
  • 3
    Wealth tax
    Correct
    Wrong
  • 4
    Gift tax
    Correct
    Wrong
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Answer : 2. "Goods and services tax "
Explanation :

1. Of the following, Goods and Services Tax is an indirect tax.

2. There are many types of indirect taxes, which include service tax, excise duty, customs duty and VAT.

3. GST has simplified the indirect tax system.

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