Economics GK Practice Question and Answer

Q:

What is the total stock of money in circulation among the public at a particular point of time called? 

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  • 1
    Money order
    Correct
    Wrong
  • 2
    Money supply
    Correct
    Wrong
  • 3
    Short money
    Correct
    Wrong
  • 4
    Money laundering
    Correct
    Wrong
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Answer : 2. "Money supply "

Q:

A form of financial service which provides small loans and other financial services to poor and low-income households is called ______. 

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  • 1
    microfinance
    Correct
    Wrong
  • 2
    commercial mortgage
    Correct
    Wrong
  • 3
    invoice financing
    Correct
    Wrong
  • 4
    personal finance
    Correct
    Wrong
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Answer : 1. " microfinance "

Q:

Which of the following concepts implies that sustainable development should take a holistic approach towards notions of progress and give equal importance to non-economic aspects of wellbeing?

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  • 1
    Gross Domestic Product
    Correct
    Wrong
  • 2
    Gross National Product
    Correct
    Wrong
  • 3
    Gross National Happiness
    Correct
    Wrong
  • 4
    Net National Product
    Correct
    Wrong
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Answer : 3. "Gross National Happiness"
Explanation :

1. Gross Domestic Product (GDP) is the standard measure of value added created through the production of goods and services in a country during a given period.

2. It also measures the income earned from that production or the total amount spent on final goods and services (less imports).

Q:

The Reserve Bank of India introduced a comprehensive regulatory framework for NBFC-MFI on __________.

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  • 1
    10 December 2015 
    Correct
    Wrong
  • 2
    2 December 2011 
    Correct
    Wrong
  • 3
    8 December 2013 
    Correct
    Wrong
  • 4
    5 December 2012
    Correct
    Wrong
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Answer : 2. "2 December 2011  "
Explanation :

1. The Reserve Bank of India introduced a comprehensive regulatory framework for NBFC-MFIs on 2 December 2011.

Q:

Which of the following is called the ‘father of white revolution’ in India? 

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  • 1
    Hargovind Khurana
    Correct
    Wrong
  • 2
    V. Kurien
    Correct
    Wrong
  • 3
    M.S. Swaminathan
    Correct
    Wrong
  • 4
    P.K. Sethi
    Correct
    Wrong
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Answer : 2. "V. Kurien"

Q:

The ______ was nationalised in the year 1949.

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  • 1
    Union Bank of India
    Correct
    Wrong
  • 2
    Reserve Bank of India
    Correct
    Wrong
  • 3
    Central Bank of India
    Correct
    Wrong
  • 4
    Imperial Bank of India
    Correct
    Wrong
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Answer : 2. "Reserve Bank of India"
Explanation :

1. The Reserve Bank of India was nationalized on January 1, 1949.

2. Earlier, the Reserve Bank of India was a privately owned bank, established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934.

2. After India's independence on 15 August 1947, RBI was nationalized on 1 January 1949.

4. After nationalization, the Reserve Bank of India came under the complete ownership of the Government of India.

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Answer : 4. "A and B only"
Explanation :

The following statements are correct regarding the new Integrated Food Security Scheme of the Government of India.

A. This New Integrated Food Security Scheme has been started from 1 January 2023.
 B. The Government of India targeted to supply food grains to more than 80 crore beneficiaries under the National Food Security Act.

Q:

Bombay Stock Exchange is the ______ stock exchange of Asia.

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  • 1
    First
    Correct
    Wrong
  • 2
    second
    Correct
    Wrong
  • 3
    fourth
    Correct
    Wrong
  • 4
    third
    Correct
    Wrong
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Answer : 1. "First"
Explanation :

1. Bombay Stock Exchange is the oldest stock exchange in Asia, and also the tenth oldest stock exchange in the world.

2. The Bombay Stock Exchange became the first stock exchange in India to issue commodity derivative contracts in gold and silver.

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