Economics GK & MCQ
Q.1. From which sector does India get the highest National Income ? āĻĒā§ā§°āĻļā§āύ: āĻāĻžā§°āϤāϤ āϏ⧰ā§āĻŦāĻžāϧāĻŋāĻ ā§°āĻžāώā§āĻā§ā§°ā§āϝāĻŧ āĻāϝāĻŧ āĻā§āύ āĻāĻŖā§āĻĄā§° āĻĒā§°āĻž āĻāĻšā§ ?
Ans: Service Sector (āϏā§ā§ąāĻž āĻāĻŖā§āĻĄ)
Exp: Service sector contributes the highest share to GDP. āĻŦā§āϝāĻžāĻā§āϝāĻž: āϏā§ā§ąāĻž āĻāĻŖā§āĻĄā§ āĻāĻžā§°āϤ⧰ GDP-āϤ āϏ⧰ā§āĻŦāĻžāϧāĻŋāĻ āĻ
ā§ąāĻĻāĻžāύ āĻāĻāĻŦāĻĸāĻŧāĻžāϝāĻŧāĨ¤
Q.2. When did the Green Revolution start in India ? āĻĒā§ā§°āĻļā§āύ: āĻāĻžā§°āϤāϤ āϏā§āĻāĻ āĻŦāĻŋāĻĒā§āĻ˛ā§ą āĻā§āϤāĻŋāϝāĻŧāĻž āĻā§°āĻŽā§āĻ āĻšā§āĻāĻŋāϞ?
Ans: 1966
Exp: It increased food grain production using HYV seeds. āĻŦā§āϝāĻžāĻā§āϝāĻž: āĻāύā§āύāϤ āĻŦā§āĻ āĻŦā§āĻ¯ā§ąāĻšāĻžā§°ā§ āĻāĻžāĻĻā§āϝ āĻā§āĻĒāĻžāĻĻāύ āĻŦā§āĻĻā§āϧāĻŋ āĻā§°āĻŋāĻāĻŋāϞāĨ¤
Q.3. Who gave the slogan “Garibi Hatao” in India ? āĻĒā§ā§°āĻļā§āύ: āĻāĻžā§°āϤāϤ “āĻā§°āĻŋāĻŦā§ āĻšāĻāĻžāĻ” āύāĻžā§°āĻž āĻā§āύ⧠āĻĻāĻŋāĻāĻŋāϞ ?
Ans: Indira Gandhi (1971)
Exp: It focused on poverty eradication. āĻŦā§āϝāĻžāĻā§āϝāĻž: āĻāĻ āύāĻžā§°āĻžāĻā§ā§° āϞāĻā§āώā§āϝ āĻāĻāĻŋāϞ āĻĻāĻžā§°āĻŋāĻĻā§ā§°ā§āϝ āĻĻā§ā§° āĻā§°āĻžāĨ¤
Q.4. When was the Planning Commission established in India ? āĻĒā§ā§°āĻļā§āύ: āĻāĻžā§°āϤāϤ āĻĒā§°āĻŋāĻāϞā§āĻĒāύāĻž āĻāϝāĻŧā§āĻ āĻā§āϤāĻŋāϝāĻŧāĻž āĻāĻ āύ āĻšā§āĻāĻŋāϞ ?
Ans: 1950
Exp: It was formed for planned economic development. āĻŦā§āϝāĻžāĻā§āϝāĻž: āĻĒā§°āĻŋāĻāϞā§āĻĒāĻŋāϤ āĻ
ā§°ā§āĻĨāύā§āϤāĻŋāĻ āĻāύā§āύāϝāĻŧāύ⧰ āĻŦāĻžāĻŦā§ āĻāĻ āύ āĻā§°āĻž āĻšā§āĻāĻŋāϞāĨ¤
Q.5. When was the Reserve Bank of India nationalised ? āĻĒā§ā§°āĻļā§āύ: āĻāĻžā§°āϤā§āϝāĻŧ ā§°āĻŋāĻāĻžā§°ā§āĻ āĻŦā§āĻāĻ āĻā§āϤāĻŋāϝāĻŧāĻž ā§°āĻžāώā§āĻā§ā§°ā§āϝāĻŧāĻā§°āĻŖ āĻā§°āĻž āĻšā§āĻāĻŋāϞ ?
Ans: 1949
Exp: RBI came under government control. āĻŦā§āϝāĻžāĻā§āϝāĻž: RBI āĻā§°āĻāĻžā§°ā§° āĻ
āϧā§āύāϞ⧠āĻāĻšāĻŋāĻāĻŋāϞāĨ¤
Q.6. Where is the headquarters of WTO located ? āĻĒā§ā§°āĻļā§āύ: WTO-ā§° āĻŽā§āĻā§āϝ āĻāĻžā§°ā§āϝāĻžāϞāϝāĻŧ āĻ’āϤ āĻ
ā§ąāϏā§āĻĨāĻŋāϤ ?
Ans: Geneva, Switzerland
Exp: World Trade Organization regulates international trade. āĻŦā§āϝāĻžāĻā§āϝāĻž: WTO āĻŦāĻŋāĻļā§āĻŦ āĻŦāĻžāĻŖāĻŋāĻā§āϝ āύāĻŋāϝāĻŧāύā§āϤā§ā§°āĻŖ āĻā§°ā§āĨ¤
Q.7. Who estimates National Income in India ? āĻĒā§ā§°āĻļā§āύ: āĻāĻžā§°āϤāϤ ā§°āĻžāώā§āĻā§ā§°ā§āϝāĻŧ āĻāϝāĻŧ āĻā§āύ⧠āĻāĻŖāύāĻž āĻā§°ā§ ?
Ans: CSO (Central Statistics Office)
Exp: It compiles economic statistics. āĻŦā§āϝāĻžāĻā§āϝāĻž: āĻ
ā§°ā§āĻĨāύā§āϤāĻŋāĻ āϤāĻĨā§āϝ āϏāĻāĻā§ā§°āĻš āĻā§°ā§āĨ¤
Q.8. When was NABARD established ? āĻĒā§ā§°āĻļā§āύ: āύāĻžāĻŦāĻžā§°ā§āĻĄ āĻā§āϤāĻŋāϝāĻŧāĻž āĻāĻ āύ āĻā§°āĻž āĻšā§āĻāĻŋāϞ ?
Ans: 1982
Exp: It supports agriculture and rural development. āĻŦā§āϝāĻžāĻā§āϝāĻž: āĻā§āώāĻŋ āĻā§°ā§ āĻā§ā§°āĻžāĻŽā§āϝ āĻāύā§āύāϝāĻŧāύ⧰ āĻŦāĻžāĻŦā§āĨ¤
Q.9. Which was the first bank in India ? āĻĒā§ā§°āĻļā§āύ: āĻāĻžā§°āϤ⧰ āĻĒā§ā§°āĻĨāĻŽ āĻŦā§āĻāĻ āĻā§āύāĻā§ āĻāĻāĻŋāϞ ?
Ans: Bank of Hindustan (1770)
Exp: First European bank in India. āĻŦā§āϝāĻžāĻā§āϝāĻž: āĻāĻžā§°āϤ⧰ āĻĒā§ā§°āĻĨāĻŽ āĻāĻā§°ā§āĻĒā§āϝāĻŧ āĻŦā§āĻāĻāĨ¤
Q.10. When were 14 major banks nationalised in India ? āĻĒā§ā§°āĻļā§āύ: āĻāĻžā§°āϤāϤ ā§§ā§ĒāĻāĻž āĻĄāĻžāĻā§° āĻŦā§āĻāĻ āĻā§āϤāĻŋāϝāĻŧāĻž ā§°āĻžāώā§āĻā§ā§°ā§āϝāĻŧāĻā§°āĻŖ āĻā§°āĻž āĻšā§āĻāĻŋāϞ ?
Ans: 1969
Exp: Banking services expanded nationwide. āĻŦā§āϝāĻžāĻā§āϝāĻž: āĻŦā§āĻāĻ āϏā§ā§ąāĻž āĻŦāĻŋāϏā§āϤā§āϤ āĻšā§āĻāĻŋāϞāĨ¤
Q.11. When was WTO established ? āĻĒā§ā§°āĻļā§āύ: WTO āĻā§āϤāĻŋāϝāĻŧāĻž āĻāĻ āύ āĻā§°āĻž āĻšā§āĻāĻŋāϞ ?
Ans: 1995
Exp: It replaced GATT. āĻŦā§āϝāĻžāĻā§āϝāĻž: GATT-ā§° āĻ āĻžāĻāϤ āĻāĻ āύ āĻšā§āĻāĻŋāϞāĨ¤
Q.12. Where are the headquarters of IMF and World Bank ? āĻĒā§ā§°āĻļā§āύ: IMF āĻā§°ā§ āĻŦāĻŋāĻļā§āĻŦ āĻŦā§āĻāĻā§° āĻŽā§āĻā§āϝ āĻāĻžā§°ā§āϝāĻžāϞāϝāĻŧ āĻ’āϤ ?
Ans: Washington D.C., USA
Exp: International Monetary Fund and World Bank provide financial assistance. āĻŦā§āϝāĻžāĻā§āϝāĻž: āĻŦāĻŋāĻļā§āĻŦ āĻ
ā§°ā§āĻĨāύā§āϤāĻŋāϤ āϏāĻšāĻžāϝāĻŧ āĻā§°ā§āĨ¤
Q.13. Which policy did India adopt in 1991 ? āĻĒā§ā§°āĻļā§āύ: ⧧⧝⧝⧧ āĻāύāϤ āĻāĻžā§°āϤ āĻā§āύāĻāύ āύā§āϤāĻŋ āĻā§ā§°āĻšāĻŖ āĻā§°āĻŋāĻāĻŋāϞ ?
Ans: New Economic Policy (LPG)
Exp: Liberalisation, Privatisation, Globalisation. āĻŦā§āϝāĻžāĻā§āϝāĻž: āĻ
ā§°ā§āĻĨāύā§āϤāĻŋāĻ āϏāĻāϏā§āĻāĻžā§° āĻā§°āĻŽā§āĻ āĻšā§āĻāĻŋāϞāĨ¤
Q.14. When was the Agricultural Prices Commission established ? āĻĒā§ā§°āĻļā§āύ: āĻā§āώāĻŋ āĻŽā§āϞā§āϝ āĻāϝāĻŧā§āĻ āĻā§āϤāĻŋāϝāĻŧāĻž āĻāĻ āύ āĻšā§āĻāĻŋāϞ ?
Ans: 1965
Exp: It recommends MSP for crops. āĻŦā§āϝāĻžāĻā§āϝāĻž: āĻā§āώāĻā§° āύā§āϝā§āύāϤāĻŽ āϏāĻŽā§°ā§āĻĨāύ āĻŽā§āϞā§āϝ āύāĻŋā§°ā§āϧāĻžā§°āĻŖ āĻā§°ā§āĨ¤
Q.15. For how many years is the Finance Commission constituted ? āĻĒā§ā§°āĻļā§āύ: āĻŦāĻŋāϤā§āϤ āĻāϝāĻŧā§āĻ āĻāĻŋāĻŽāĻžāύ āĻŦāĻā§°ā§° āĻŦāĻžāĻŦā§ āĻāĻ āύ āĻā§°āĻž āĻšāϝāĻŧ ?
Ans: 5 Years
Exp: It decides revenue distribution. āĻŦā§āϝāĻžāĻā§āϝāĻž: ā§°āĻžāĻāϏā§āĻŦ āĻŦāĻŖā§āĻāύ āύāĻŋā§°ā§āϧāĻžā§°āĻŖ āĻā§°ā§āĨ¤
Q.16. Where is the headquarters of RBI ? āĻĒā§ā§°āĻļā§āύ: RBI-ā§° āĻŽā§āĻā§āϝ āĻāĻžā§°ā§āϝāĻžāϞāϝāĻŧ āĻ’āϤ ?
Ans: Mumbai
Exp: RBI controls monetary policy. āĻŦā§āϝāĻžāĻā§āϝāĻž: āĻŽā§āĻĻā§ā§°āĻžāύā§āϤāĻŋ āύāĻŋāϝāĻŧāύā§āϤā§ā§°āĻŖ āĻā§°ā§āĨ¤
Q.17. What is the largest source of Direct Tax in India ? āĻĒā§ā§°āĻļā§āύ: āĻāĻžā§°āϤāϤ āϏ⧰ā§āĻŦāĻžāϧāĻŋāĻ āĻĒā§ā§°āϤā§āϝāĻā§āώ āĻā§° āĻā§āύāĻā§ ?
Ans: Income Tax
Exp: Major revenue source. āĻŦā§āϝāĻžāĻā§āϝāĻž: āĻā§°āĻāĻžā§°ā§° āĻŽā§āĻā§āϝ āĻāϝāĻŧ āĻā§āϏāĨ¤
Q.18. Who was the Prime Minister during the 1991 economic crisis ? āĻĒā§ā§°āĻļā§āύ: ⧧⧝⧝⧧ āĻāύ⧰ āĻ
ā§°ā§āĻĨāύā§āϤāĻŋāĻ āϏāĻāĻāĻāϤ āĻāĻžā§°āϤ⧰ āĻĒā§ā§°āϧāĻžāύāĻŽāύā§āϤā§ā§°ā§ āĻā§āύ āĻāĻāĻŋāϞ ?
Ans: P. V. Narasimha Rao
Exp: Economic reforms were launched. āĻŦā§āϝāĻžāĻā§āϝāĻž: āĻ
ā§°ā§āĻĨāύā§āϤāĻŋāĻ āϏāĻāϏā§āĻāĻžā§° āĻā§°āĻŽā§āĻ āĻšā§āĻāĻŋāϞāĨ¤
Q.19. Who publishes the Human Development Index (HDI) ? āĻĒā§ā§°āĻļā§āύ: āĻŽāĻžāĻ¨ā§ą āĻāύā§āύāϝāĻŧāύ āϏā§āĻāĻ āĻā§āύ⧠āĻĒā§ā§°āĻāĻžāĻļ āĻā§°ā§ ?
Ans: UNDP
Exp: United Nations Development Programme publishes HDI. āĻŦā§āϝāĻžāĻā§āϝāĻž: āĻŽāĻžāĻ¨ā§ą āĻāύā§āύāϝāĻŧāύ āĻĒā§°āĻŋāĻŽāĻžāĻĒ āĻā§°ā§āĨ¤
Q.20. Which is the second largest employment sector in India ? āĻĒā§ā§°āĻļā§āύ: āĻāĻžā§°āϤāϤ āĻĻā§āĻŦāĻŋāϤā§āϝāĻŧ āϏ⧰ā§āĻŦāĻžāϧāĻŋāĻ āĻāĻžāĻā§°āĻŋ āĻĻāĻŋāϝāĻŧāĻž āĻāĻŖā§āĻĄ āĻā§āύāĻā§ ?
Ans: Industrial Sector
Exp: Comes after agriculture. āĻŦā§āϝāĻžāĻā§āϝāĻž: āĻā§āώāĻŋā§° āĻĒāĻŋāĻāϤā§āĨ¤
Q.21. Where was the first stock exchange of India established ? āĻĒā§ā§°āĻļā§āύ: āĻāĻžā§°āϤ⧰ āĻĒā§ā§°āĻĨāĻŽ āĻļā§āĻŦā§āϝāĻŧāĻžā§° āĻŦāĻāĻžā§° āĻ’āϤ āϏā§āĻĨāĻžāĻĒāύ āĻšā§āĻāĻŋāϞ ?
Ans: Mumbai (1875)
Exp: Now known as BSE. āĻŦā§āϝāĻžāĻā§āϝāĻž: āĻŦā§°ā§āϤāĻŽāĻžāύ BSE āĻŦā§āϞāĻŋ āĻāύāĻž āϝāĻžāϝāĻŧāĨ¤
Q.22. Which index is mainly used to measure inflation ? āĻĒā§ā§°āĻļā§āύ: āĻŽā§āĻĻā§ā§°āĻžāϏā§āĻĢā§āϤāĻŋ āĻŽāĻžāĻĒāĻŋāĻŦāϞ⧠āĻā§āύ āϏā§āĻāĻ āĻŦā§āĻ¯ā§ąāĻšāĻžā§° āĻā§°āĻž āĻšāϝāĻŧ ?
Ans: WPI
Exp: Measures wholesale price changes. āĻŦā§āϝāĻžāĻā§āϝāĻž: āĻĒāĻžāĻāĻāĻžā§°ā§ āĻŽā§āϞā§āϝ āĻĒā§°āĻŋāĻŦā§°ā§āϤāύāĨ¤
Q.23. When was Mudra Bank established ? āĻĒā§ā§°āĻļā§āύ: āĻŽā§āĻĻā§ā§°āĻž āĻŦā§āĻāĻ āĻā§āϤāĻŋāϝāĻŧāĻž āĻāĻ āύ āĻā§°āĻž āĻšā§āĻāĻŋāϞ ?
Ans: 2015
Exp: Supports small entrepreneurs. āĻŦā§āϝāĻžāĻā§āϝāĻž: āϏ⧰⧠āĻŦā§āĻ¯ā§ąāϏāĻžāϝāĻŧā§āĻ āϏāĻšāĻžāϝāĻŧ āĻā§°ā§āĨ¤
Q.24. Who controls monetary policy in India ? āĻĒā§ā§°āĻļā§āύ: āĻāĻžā§°āϤāϤ āĻŽā§āĻĻā§ā§°āĻžāύā§āϤāĻŋ āĻā§āύ⧠āύāĻŋāϝāĻŧāύā§āϤā§ā§°āĻŖ āĻā§°ā§ ?
Ans: RBI
Exp: Controls money supply. āĻŦā§āϝāĻžāĻā§āϝāĻž: āĻāĻāĻžā§° āϝā§āĻāĻžāύ āύāĻŋāϝāĻŧāύā§āϤā§ā§°āĻŖ āĻā§°ā§āĨ¤
Q.25. What was the main objective of the First Five-Year Plan ? āĻĒā§ā§°āĻļā§āύ: āĻĒā§ā§°āĻĨāĻŽ āĻĒāĻā§āĻāĻŦāĻžā§°ā§āώāĻŋāĻ āĻĒā§°āĻŋāĻāϞā§āĻĒāύāĻžā§° āĻŽā§āĻā§āϝ āĻāĻĻā§āĻĻā§āĻļā§āϝ āĻāĻŋ āĻāĻāĻŋāϞ ?
Ans: Agricultural Development
Exp: Focus on food production and irrigation. āĻŦā§āϝāĻžāĻā§āϝāĻž: āĻāĻžāĻĻā§āϝ āĻā§āĻĒāĻžāĻĻāύ āĻā§°ā§ āĻāϞāϏāĻŋāĻā§āĻāύāĨ¤