Economics – Easy Level – GK Questions

The Gini coefficient measures the distribution of income or wealth within a population, ranging from 0 to 1. A value of 0 represents perfect equality (everyone has the exact same income), while a value of 1 represents perfect inequality (one person holds all the income).

Frictional unemployment is a natural and inevitable part of any dynamic labor market. It represents the time lag between workers leaving one job and finding another that better matches their skills and salary expectations.

The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) provides an annual financial benefit of Rs. 6,000 to small and marginal farmer families. This amount is transferred directly into their bank accounts in three equal installments of Rs. 2,000 every four months.

Buffer stocks are maintained to intervene in the market during times of shortage or surplus. By releasing stocks during scarcity, the government prevents price spikes, and by procuring during bumper harvests, it prevents price crashes, thereby protecting both consumers and farmers.

Used primarily to protect domestic industries from foreign competition.

IMF provides short/medium term Balance of Payments support.

Established on Jan 1, 1995, replacing GATT.

Also famously known as the White Revolution in India.

Primarily focused on high-yielding varieties of wheat and rice.

Liberalization, Privatization, and Globalization.

Co-existence of government and private business entities.

The First Five Year Plan covered the period 1951-1956.

Formed on January 1, 2015, via a cabinet resolution.

It is directly levied on the net profits of corporations.

Levied on the supply of goods and services.

The incidence and impact fall on the exact same person.

Deals with government taxation and expenditure.

Reverse repo rate is always kept lower than the repo rate.

Short-term lending to banks against approved securities.

Nationalized on January 1, 1949.