Economics GK Questions – Welcome to GKcoaching.in! In today’s class we will discuss some Economics GK Questions and Answers. The topics which we cover here are Tax system, Demand, Commodity, National schemes & Yojanas, NABARD, Planning commission, Fiscal policy, National income, etc.
Economics GK Questions Answers
# If the Tax rate increases with higher level of income, then it is called?
a. Lumpsum tax
b. Progressive tax
c. Proportional tax
d. Regressive tax
Ans. b
# During which year the Sarva Siksha Abhiyan became operational in India?
a. 2000-2001
b. 1955-1956
c. 2005-2006
d. 2003-2004
Ans. a
# The Green Revolution was introduced in which 5 year plan?
a. 3rd
b. 4th
c. 6th
d. 2nd
Ans. b
# What is the full form of PAN?
a. Personal Account Number
b. Postal Account Number
c. Permanent Account Number
d. Public Account Number
Ans. c
# The demand of commodity is a Direct Demand, but the demand of a factor of production is called a?
a. Independent demand
b. Derived demand
c. Crossed demand
d. Joint demand
Ans. b
# National Statistics Day is observed on?
a. 19 June
b. 29 June
c. 29 July
d. 19 May
Ans. b
# Who is the chairman of Planning Commission?
a. Vice President
b. Finance minister
c. Prime Minister
d. President
Ans. c
# What are Gilt-Edged securities?
a. Securities issued by private sector
b. Securities issued by multinational companies
c. Securities issued by joint venture companies
d. Securities issued by government
Ans. d
# Where is the headquarters of NABARD?
a. Noida
b. Bengaluru
c. Mumbai
d. Delhi
Ans. c
> NABARD = National Bank for Agriculture and Rural Development
# NABARD was founded in the year?
a. 1984
b. 1982
c. 1985
d. 1990
Ans. b
# Economic planning is an essential feature of which of the following?
a. Mixed economy
b. Dual economy
c. Socialist economy
d. Capitalist economy
Ans. c
# Who has written the book ‘Planned Economy for India’?
a. Jawaharlal Nehru
b. Mahatma Gandhi
c. M. Visvesvaraya
d. Sardar Vallabhai Patel
Ans. c
# Fiscal policy in India is formulated by?
a. The Finance Ministry
b. RBI
c. The Planning Commission
d. SEBI
Ans. a
# Who is called the Father of Economics?
a. Karl Marx
b. Adam Smith
c. Max Muller
d. Alfred Marshall
Ans. b
Indian Economy GK Questions and Answers
# ‘The Wealth of Nations’ is a book written by?
a. Max Muller
b. Karl Marx
c. Adam Smith
Ans. c
# Who has the right to issue bank notes of all denominations?
a. Finance Ministry
b. SBI
c. RBI
d. Planning Commission
Ans. c
# Before nationalization State Bank of India was known as?
a. Grand bank
b. Imperial bank of India
c. General bank of India
d. Bank of Hindustan
Ans. b
# Jawahar Rojgar Yojana was launched in which 5 year plan?
a. 4th
b. 5th
c. 6th
d. 7th
Ans. d
# Government of India earns maximum revenue from?
a. Sales tax
b. Central bank of India
c. Corporate tax
d. Income tax
Ans. c
# SBI was founded in the year?
a. 1958
b. 1955
c. 1965
d. 1962
Ans. b
# Who was the first person who adopt a scientific method for estimating the National Income of India?
a. P.N. Dhar
b. Ashok Mitra
c. Prof. Sheroi
d. V.K.R.V. Rao
# What is the maximum number of employment days a rural poor gets under ‘MGNREGA’?
a. 120 days
b. 180 days
c. 90 days
d. 100 days
Ans. d
# National Income of India is compiled by?
a. National Development Council
b. Indian Statistical Institute
c. Central Statistical Organization
d. Finance Commission
Ans. c
# Indian Statistical Institute is located at?
a. Kolkata
b. Hyderabad
c. Delhi
d. Mumbai
Ans. a
# Which of the following is a tertiary activity?
a. Farming
b. Dairy
c. Trading
d. Manufacturing
Ans. c
# Which of the following is not an instrument of Fiscal policy?
a. Taxation
b. Public debt
c. Public expenditure
d. Credit rationing
Ans. d
# The Planning commission of India is a/an?
a. Constitutional body
b. Non-statutory body
c. Independent and autonomous body
d. Statutory body
Ans. b
# First Finance Minister to have risen to be the President of India is?
a. K.R. Narayanan
b. R. Venkataraman
c. Shankar Dayal Sharma
d. S. Radhakrishnan
Ans. b
# From the following who has presented the maximum number of budgets (10 budgets)?
a. P. Chidambaram
b. Pranab Mukherjee
c. Morarji Desai
d. Yashwant Sinha
Ans. c
# Which finance minister has introduced the Service Tax in India?
a. Indira Gandhi
b. J.K. Gujral
c. P. Chidambaram
d. Dr. Manmohan Singh
Ans. d
