Economics – GK Questions

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Showing 41–60 of 500 questions
economics medium Fill in the Blank Macroeconomics - Money UPSC Prelims, SSC CGL, Banking

The 'Velocity of Money' refers to the average number of times a single unit of currency is used to purchase domestically produced goods and services within a specific time period, and it is mathematically expressed in the equation MV = ___.

  1. Current
  2. PT (or PY)
  3. InvITs (or Infrastructure Investment Trusts)
  4. Okun's
economics medium True/False Indian Economy - Agriculture UPSC Prelims, SSC CGL, Railway

The 'National Food Security Act (NFSA), 2013' legally entitles up to 75% of the rural population and 50% of the urban population to receive highly subsidized food grains, covering approximately 67% of India's total population.

  1. True
  2. False
economics medium MCQ International Economics - Institutions UPSC Prelims, Banking, SSC

The 'Special Drawing Rights' (SDR) is an international reserve asset created by the IMF. Which of the following currencies is currently NOT part of the SDR valuation basket?

  1. Chinese Renminbi (Yuan)
  2. Japanese Yen
  3. British Pound Sterling
  4. Swiss Franc
economics hard Fill in the Blank Public Finance - Taxation UPSC Prelims, Banking

The 'Base Erosion and Profit Shifting' (BEPS) project, initiated by the OECD and G20, aims to combat tax avoidance strategies used by multinational corporations that exploit gaps and mismatches in tax rules to shift profits to ___-tax jurisdictions.

  1. final
  2. Governing Council
  3. low (or zero / no)
  4. Washington
economics hard True/False Microeconomics - Market Structures UPSC Prelims, SSC CGL

In a natural monopoly, the long-run average cost curve is continuously declining over the entire range of market demand, meaning that a single large firm can supply the entire market at a lower per-unit cost than multiple smaller competing firms.

  1. True
  2. False
economics hard MCQ Macroeconomics - Growth UPSC Prelims, SSC CGL

In the context of economic growth models, the 'Harrod-Domar' model emphasizes that the rate of economic growth depends primarily on:

  1. Exogenous technological progress and human capital
  2. The national savings rate and the capital-output ratio
  3. The volume of international trade and foreign exchange reserves
  4. The degree of income inequality and wealth redistribution
economics easy Fill in the Blank Indian Economy - Schemes SSC, Railway, UPSC

The 'PM SVANidhi' scheme was launched to provide collateral-free working capital loans of up to Rs. 10,000 specifically to ___ who were severely impacted by the pandemic lockdowns.

  1. destination (or consumption)
  2. street vendors
  3. FEMA
  4. Current
economics hard True/False Banking - Regulation Banking, UPSC Prelims, SSC

Under the Basel III framework, the 'Liquidity Coverage Ratio' (LCR) requires banks to hold sufficient high-quality liquid assets to survive a severe 30-day stress scenario, while the 'Net Stable Funding Ratio' (NSFR) ensures banks maintain a stable funding profile over a one-year horizon.

  1. True
  2. False
economics medium MCQ International Economics - Trade UPSC Prelims, SSC CGL, Banking

What is the primary economic rationale behind a country imposing a 'Countervailing Duty' (CVD) on specific imported goods?

  1. To punish a foreign country for violating human rights laws
  2. To offset the unfair price advantage gained by foreign imports that are heavily subsidized by their home government
  3. To protect domestic infant industries from all forms of foreign competition indefinitely
  4. To raise general revenue for the national exchequer during a fiscal crisis
economics hard Fill in the Blank Public Finance - Concepts UPSC Prelims, SSC CGL

The phenomenon where inflation pushes taxpayers into higher income tax brackets, resulting in an increase in their tax burden without any actual increase in their real purchasing power, is technically known as ___.

  1. countervailing
  2. Net Factor Income from Abroad (NFIA)
  3. dumping
  4. bracket creep (or fiscal drag)
economics hard True/False Macroeconomics - Curves UPSC Prelims, SSC CGL

The 'Kuznets Curve' hypothesizes an inverted-U shaped relationship between a country's per capita income and its level of environmental degradation, suggesting that pollution initially rises with growth but eventually falls as the economy matures.

  1. True
  2. False
economics medium MCQ Indian Economy - Digital Banking, UPSC Prelims, SSC

The 'Account Aggregator' (AA) framework in India's digital financial ecosystem primarily serves to:

  1. Aggregate small savings from rural post offices into a single national fund
  2. Enable secure, consent-based sharing of a user's financial data across different regulated financial institutions
  3. Act as a credit rating agency for large corporate borrowers
  4. Pool the non-performing assets of all commercial banks for auctioning
economics medium Fill in the Blank Indian Economy - Contemporary UPSC Prelims, Banking, SSC

The 'Bad Bank' structure established in India to resolve the massive legacy NPAs of public sector banks consists of two entities: the National Asset Reconstruction Company Ltd (NARCL) for acquiring bad loans, and the ___ for managing and recovering them.

  1. India Debt Resolution Company Ltd (IDRCL)
  2. lending (or credit)
  3. Production
  4. low (or zero / no)
economics medium True/False Microeconomics - Market Failure UPSC Prelims, SSC CGL

The 'Tragedy of the Commons' occurs when a resource is both excludable and non-rivalrous, leading to its over-exploitation by private monopolies.

  1. True
  2. False
economics easy MCQ Microeconomics - Market Structures SSC, Railway, UPSC

Which of the following is a mandatory characteristic of a 'Perfectly Competitive' market?

  1. Firms spend heavily on advertising to differentiate their brands
  2. There are significant barriers to entry and exit for new firms
  3. All firms sell perfectly homogeneous (identical) products and are price takers
  4. A single dominant firm dictates the market price for the entire industry
economics medium Fill in the Blank Microeconomics - Elasticity SSC, Railway, UPSC

If the cross elasticity of demand between two goods is highly positive, it indicates that the goods are strong ___, meaning an increase in the price of one leads to a surge in demand for the other.

  1. Lewis
  2. capital
  3. substitutes
  4. FEMA
economics medium True/False Microeconomics - Consumer Behavior UPSC Prelims, SSC CGL

An Indifference Curve is convex to the origin because of the assumption of the 'Diminishing Marginal Rate of Substitution', meaning consumers are willing to give up less and less of Good Y to acquire one more unit of Good X as they accumulate more of Good X.

  1. True
  2. False
economics medium MCQ Microeconomics - Consumer Behavior UPSC Prelims, SSC CGL

According to the Law of Diminishing Marginal Utility, as a consumer consumes more and more units of a specific commodity continuously:

  1. The total utility derived from the commodity becomes negative immediately
  2. The marginal utility (additional satisfaction) derived from each successive unit declines
  3. The price the consumer is willing to pay for each unit increases
  4. The consumer's total income must proportionately increase
economics medium Fill in the Blank Microeconomics - Concepts SSC, Railway, UPSC

The ___ Possibility Frontier (PPF) is a curve depicting all maximum output possibilities for two goods, given a set of inputs and resources, illustrating the concepts of scarcity, choice, and opportunity cost.

  1. Skewflation
  2. 2011-12
  3. Production
  4. Lewis
economics medium True/False Microeconomics - Concepts UPSC Prelims, SSC CGL, Banking

A 'Sunk Cost' is a cost that has already been incurred and cannot be recovered, and according to rational economic theory, it should heavily influence future decision-making and marginal analysis.

  1. True
  2. False