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Generate QuizEconomics – Medium Level – GK Questions
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FERA was replaced by ___.
- multiplier
- rivalrous (or unregulated common)
- Capital
- FEMA
Answer: FEMA
Foreign Exchange Management Act, passed in 1999.
Current account includes FDI.
- True
- False
Answer: False
FDI and FII flows are recorded in the Capital account.
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.
World Bank's lending agency for poorest countries is ___.
- NPCI (or National Payments Corporation of India)
- quantitative
- Production
- IDA
Answer: IDA
International Development Association.
Demographic dividend is due to ___ age group.
- notice
- working
- Consumer Price Index (CPI)
- Triffin
Answer: working
Refers to the 15-59 years working-age population.
HDI includes life expectancy.
- True
- False
Answer: True
Components are Health (life expectancy), Education, and Standard of living.
Father of Indian economic reforms?
- Nehru
- Manmohan Singh
- Modi
- Vajpayee
Answer: Manmohan Singh
Served as the Finance Minister during the 1991 crisis.
Finance Commission constituted under Article?
- 280
- 275
- 265
- 110
Answer: 280
Appointed by the President of India every 5 years.
FRBM Act was enacted in ___.
- 40
- 2003
- durable (or capital / physical)
- two
Answer: 2003
Fiscal Responsibility and Budget Management Act.
Primary deficit = Fiscal deficit - Interest payments.
- True
- False
Answer: True
Shows the borrowing requirement excluding past interest obligations.
Fiscal deficit = Total expenditure - ___.
- Total receipts excluding borrowings
- IDA
- durable (or capital / physical)
- Unfunded
Answer: Total receipts excluding borrowings
It indicates the total borrowing requirement of the government.
Progressive tax rate ___ with income.
- Decreases
- Increases
- Remains same
- Fluctuates
Answer: Increases
Higher income groups pay a higher percentage of tax.
Base rate system replaced?
- PLR
- BPLR
- MCLR
- RLLR
Answer: BPLR
Benchmark Prime Lending Rate.
Bank rate is for ___ term lending.
- long
- Refinery Products
- Net Factor Income from Abroad (NFIA)
- 1998
Answer: long
No collateral is required unlike the repo rate.
OMO involves buying/selling govt securities.
- True
- False
Answer: True
Open Market Operations are used to manage system liquidity.
SLR is maintained in?
- Cash only
- Liquid assets
- Gold only
- FDs
Answer: Liquid assets
Cash, gold, or approved government securities.
CRR is maintained as a percentage of ___.
- below
- 1999
- NDTL
- gig
Answer: NDTL
Net Demand and Time Liabilities.
RBI's monetary policy committee has ___ members.
- two
- Commerce and Industry
- low (or zero / no)
- six
Answer: six
3 members from RBI and 3 external members nominated by Govt.
Cost-push inflation is due to supply shocks.
- True
- False
Answer: True
Rising input costs like wages and raw materials push prices up.
Demand-pull inflation is caused by?
- Supply shock
- Excess demand
- Tax hike
- Wage cut
Answer: Excess demand
Too much money chasing too few goods.