Economics – MCQ – GK Questions

Liberalization, Privatization, and Globalization.

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

Appointed by the President of India every 5 years.

Occurs when revenue expenditure exceeds revenue receipts.

Higher income groups pay a higher percentage of tax.

Deals with government taxation and expenditure.

Benchmark Prime Lending Rate.

Cash, gold, or approved government securities.

Short-term lending to banks against approved securities.

Established on April 1, 1935, based on the Hilton Young Commission.

Prices are still rising, but at a slower pace than before.

Too much money chasing too few goods.

M3 = M1 + Time deposits with banks.

Fiat money has no intrinsic value and is backed by govt decree.

National Statistical Office (NSO).

Measures the overall change in price level in the economy.

Only the value added at each stage of production is counted.

Net indirect taxes are subtracted to find factor cost.

Economic cost includes both explicit and implicit costs.

MC intersects AC exactly at its lowest point.