Create a custom practice set
Pick category, difficulty, number of questions, and time limit. Start instantly with your own quiz.
Generate QuizEconomics – MCQ – GK Questions
Free practice for SSC, UPSC, Banking & Railway exams. No login required.
Under the MGNREGA scheme, what is the minimum mandated percentage of workdays that must be generated for women?
- 25%
- 33%
- 50%
- No specific reservation
Answer: 33%
The Mahatma Gandhi National Rural Employment Guarantee Act legally mandates that at least one-third (33%) of the total beneficiaries or person-days generated under the scheme must be women. This provision is designed to ensure female participation in the rural workforce and promote grassroots economic empowerment.
Dumping means selling abroad at?
- High price
- Lower than domestic price
- Cost price
- Premium
Answer: Lower than domestic price
Considered an unfair trade practice under WTO rules.
Devaluation of currency helps?
- Imports
- Exports
- Both
- Neither
Answer: Exports
Makes domestic goods cheaper and more competitive abroad.
Balance of Payments records?
- Only exports
- All economic transactions
- Only imports
- Only gold
Answer: All economic transactions
A systematic record of all economic transactions with the world.
WTO was established in?
- 1991
- 1995
- 2000
- 1947
Answer: 1995
Established on Jan 1, 1995, replacing GATT.
Poverty line in India is estimated by?
- NITI Aayog / Tendulkar
- RBI
- World Bank
- NSSO only
Answer: NITI Aayog / Tendulkar
Historically estimated by Planning Commission using Tendulkar/Rangarajan methods.
Father of Indian economic reforms?
- Nehru
- Manmohan Singh
- Modi
- Vajpayee
Answer: Manmohan Singh
Served as the Finance Minister during the 1991 crisis.
LPG reforms were introduced in?
- 1985
- 1991
- 1995
- 2000
Answer: 1991
Liberalization, Privatization, and Globalization.
NITI Aayog replaced?
- Finance Commission
- Planning Commission
- CAG
- ECI
Answer: Planning Commission
Formed on January 1, 2015, via a cabinet resolution.
Finance Commission constituted under Article?
- 280
- 275
- 265
- 110
Answer: 280
Appointed by the President of India every 5 years.
Revenue deficit relates to?
- Capital account
- Current account
- Both
- Neither
Answer: Current account
Occurs when revenue expenditure exceeds revenue receipts.
Progressive tax rate ___ with income.
- Decreases
- Increases
- Remains same
- Fluctuates
Answer: Increases
Higher income groups pay a higher percentage of tax.
Fiscal policy is managed by?
- RBI
- Ministry of Finance
- SEBI
- NITI Aayog
Answer: Ministry of Finance
Deals with government taxation and expenditure.
Base rate system replaced?
- PLR
- BPLR
- MCLR
- RLLR
Answer: BPLR
Benchmark Prime Lending Rate.
SLR is maintained in?
- Cash only
- Liquid assets
- Gold only
- FDs
Answer: Liquid assets
Cash, gold, or approved government securities.
Repo rate is rate at which RBI?
- Borrows from banks
- Lends to banks
- Lends to public
- Buys bonds
Answer: Lends to banks
Short-term lending to banks against approved securities.
RBI was established in?
- 1935
- 1947
- 1949
- 1969
Answer: 1935
Established on April 1, 1935, based on the Hilton Young Commission.
Disinflation means?
- Negative inflation
- Fall in rate of inflation
- Rising prices
- Deflation
Answer: Fall in rate of inflation
Prices are still rising, but at a slower pace than before.
Demand-pull inflation is caused by?
- Supply shock
- Excess demand
- Tax hike
- Wage cut
Answer: Excess demand
Too much money chasing too few goods.
Broad money in India is?
- M1
- M2
- M3
- M4
Answer: M3
M3 = M1 + Time deposits with banks.