Economics GK Questions Practice Question and Answer

Q:

Which Indian finance minister was India’s delegate to the World Monetary Conference at Bretton Woods in 1944?

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  • 1
    KC Neogy
    Correct
    Wrong
  • 2
    CD Deshmukh
    Correct
    Wrong
  • 3
    John Mathai
    Correct
    Wrong
  • 4
    RK Shanmukham Chetty
    Correct
    Wrong
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Answer : 4. "RK Shanmukham Chetty"
Explanation :

1. In the World Monetary Conference at Bretton Woods in 1944, R. Of. Shanmukham Chetty served as the Indian Finance Minister.

 2. Served as Speaker of the Central Legislative Assembly of India, and also as Dewan of Cochin State from 1935 to 1941.

Q:

The rate at which the central bank of any country borrows money from the commercial banks within its own territories is called:

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  • 1
    Primary Lending Rate
    Correct
    Wrong
  • 2
    Reverse Repo Rate
    Correct
    Wrong
  • 3
    Repo Rate
    Correct
    Wrong
  • 4
    Secondary Lending Rate
    Correct
    Wrong
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Answer : 2. "Reverse Repo Rate"
Explanation :

The reverse repo rate is the rate at which the Reserve Bank of India borrows funds from commercial banks in the country. It is the rate at which commercial banks in India park their excess money with the Reserve Bank of India, usually for the short term.

Q:

Whose annual publication is the World Development Report?

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  • 1
    I.M.F.
    Correct
    Wrong
  • 2
    W.T.O.
    Correct
    Wrong
  • 3
    I.B.R.D
    Correct
    Wrong
  • 4
    None of these
    Correct
    Wrong
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Answer : 3. "I.B.R.D"

Q:

Which of the following is/are one of the United Nations Sustainable Development Goals?

(A) Zero Hunger

(B) Climate Action

(C) Life Below Water

(D) Quality Education

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  • 1
    A, B, C and D
    Correct
    Wrong
  • 2
    A and B
    Correct
    Wrong
  • 3
    B and C
    Correct
    Wrong
  • 4
    A, C and D
    Correct
    Wrong
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Answer : 1. "A, B, C and D"
Explanation :

All these are the main goals of the United Nations Sustainable Development Goals.

(A) Zero Hunger
 (B) Climate Action
 (C) Life Below Water
 (D) Quality Education

Major goals of the UN Sustainable Development Goals:

1. Poverty Eradication: End extreme poverty for all people everywhere by 2030.

2. End hunger: Ensure food security and improved nutrition for all by 2030 and promote sustainable agriculture.

3. Health and Well-Being: To promote healthy lives and well-being for people of all ages.

4. Education for all: To ensure inclusive and equitable quality education for all by 2030.

5. Gender equality: Achieving gender equality and promoting the empowerment of women and girls.

6. Clean water and sanitation: Ensuring safe and accessible clean water and sanitation services for all.

Q:

In which district agriculture is done on maximum area?

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  • 1
    barmer
    Correct
    Wrong
  • 2
    Rajsamand
    Correct
    Wrong
  • 3
    Ganganagar
    Correct
    Wrong
  • 4
    Chittorgarh
    Correct
    Wrong
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Answer : 1. " barmer"
Explanation :

The State of Rajasthan falls in the three Agroclimatic Zones, i.e. Zone–VI -Trans-Gangetic Plains region, Zone–VIII-Central Plateau and Hills region and Zone–Western Dry region.

Q:

If the change in demand for a commodity is at a faster rate than change in the price of the commodity, the demand is

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    perfectly inelastic
    Correct
    Wrong
  • 2
    elastic
    Correct
    Wrong
  • 3
    perfectly elastic
    Correct
    Wrong
  • 4
    inelastic
    Correct
    Wrong
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Answer : 3. "perfectly elastic "

Q:

When marginal utility is zero, the total utility is

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  • 1
    Minimum
    Correct
    Wrong
  • 2
    Increasing
    Correct
    Wrong
  • 3
    Maximum
    Correct
    Wrong
  • 4
    Decreasing
    Correct
    Wrong
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Answer : 3. "Maximum "

Q:

The four factors of production are

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  • 1
    land, labour, capital, organisation
    Correct
    Wrong
  • 2
    land, electricity, water, labour
    Correct
    Wrong
  • 3
    labour, capital, land, rainfall
    Correct
    Wrong
  • 4
    labour, climate, land, tools
    Correct
    Wrong
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Answer : 1. "land, labour, capital, organisation"

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