Economics – Medium Level – GK Questions

Structural unemployment arises due to fundamental shifts in the economy, such as technological advancements or changes in consumer demand, which render certain skills obsolete. It is a long-term issue that often requires retraining and education to resolve.

Disguised unemployment occurs when more people are employed than actually needed for a job, commonly seen in the Indian agricultural sector. If these extra workers are removed, the total output remains unaffected, meaning their marginal productivity is zero.

AB-PMJAY is the world's largest fully government-funded health assurance scheme. It provides a cover of Rs. 5 lakh per family per year on a family floater basis, targeting the bottom 40% of the Indian population identified through the SECC 2011 database.

FCI was set up in 1965 with the primary objective of safeguarding food security and ensuring price stability in the country. It is responsible for the procurement, maintenance, and distribution of food grains across India through the Public Distribution System (PDS).

MSP is an administrative policy decision taken by the Government of India based on the recommendations of the CACP. It does not have statutory or constitutional backing, meaning farmers cannot legally force the government or private buyers to purchase their produce at the announced MSP.

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.

Imposes a strict physical limit on the quantity imported.

Foreign Exchange Management Act, passed in 1999.

FDI and FII flows are recorded in the Capital account.

A systematic record of all economic transactions with the world.

International Development Association.

Refers to the 15-59 years working-age population.

Components are Health (life expectancy), Education, and Standard of living.

Served as the Finance Minister during the 1991 crisis.

Appointed by the President of India every 5 years.

Fiscal Responsibility and Budget Management Act.

Shows the borrowing requirement excluding past interest obligations.

It indicates the total borrowing requirement of the government.

Higher income groups pay a higher percentage of tax.

Benchmark Prime Lending Rate.