Important questions and answers of GK Set-3 related to Economics language for various competitive exams
Economy GK – Set 3: – GK Questions related to Economics below Section-3 Questions and answers have been written . All the economics related question banks, railways, SSC etc. published in this section will be important and helpful for you in all examinations.
Question 1. Which class consists of redistribution of income and wealth in favor of inflation?
- Pensioner
- Poor
- Middle Class
- Rich Class
[su_spoiler title = “See correct answer” style = “fancy”] Answer: Rich class[/su_spoiler]
Question 2. When did the new economic policy program on economic reform start?
July 1982
July 1993
July 1991
July 1994
[su_spoiler title = “Show Answer” style = “fancy”] Answer: July, 1991[/su_spoiler]
Question 3. When was the Fringe Benefit Tax introduced in the budget?
- 2003-04
- 2004-05
- 2005-06
- 2006-07
[su_spoiler title = “See correct answer” style = “fancy”] Answer: 2005-06[/su_spoiler]
Question 4. Which place is India based on PPP (Purchasing Power Parity)?
5
6
9
3
[su_spoiler title = “Show Answer” style = “fancy”] Answer: 3[/su_spoiler]
Question 5. Excise duty is a tax of ________?
- Items that are exported
- Items that are imported
- Both exported and imported goods
- Goods produced and consumed within the country
[su_spoiler title = “See correct answer” style = “fancy”] Answer: Goods produced and consumed within the country[/su_spoiler]
Question 6. India has got more success in which industry sector?
computer software
computer hardware
Both
None of these
[su_spoiler title = “Show Answer” style = “fancy”] Answer: Computer Software[/su_spoiler]
Question 7. What does indirect tax mean?
- There is no direct connection between the taxpayer and the government
- Direct relationship between taxpayer and government
- Tax base income is
- The event and effect is on the person who is taxed
[su_spoiler title = “See correct answer” style = “fancy”] Answer: There is no direct connection between taxpayer and government[/su_spoiler]
Question 8. The pace of economic growth due to population growth is _________?
Gets faster
Stays normal
Gets dim
Nothing happens
[su_spoiler title = “Show Answer” style = “fancy”] Answer: dims[/su_spoiler]
Question 9. One of the essential conditions of full competition is ______?
- Product differentiation
- Multiplicity of prices for similar products at any one time
- Many sellers and few buyers
- Only one price for the same goods at any one time
[su_spoiler title = “See the correct answer” style = “fancy”] Answer: Multiplicity of prices for similar products at any one time[/su_spoiler]
Question 10. The basic structure of an economy is created by
By industries
By services
By agriculture
By three
[su_spoiler title = “Show Answer” style = “fancy”] Answer: by trio[/su_spoiler]
Question 11. “Hindu rate of development for Indian economy” Who said the word “Hindu rate of growth for Indian economy”?
- A.K. Sen
- Kirit S. Parikh
- Raj Krishna
- Montek Singh Ahluwalia
[su_spoiler title = “See correct answer” style = “fancy”] Answer: Raj Krishna[/su_spoiler]
Question 12. In which year was the Golden Jubilee Urban Employment Scheme launched?
1992
1982
2002
1997
[su_spoiler title = “Show Answer” style = “fancy”] Answer: 1997[/su_spoiler]
Question 13. Which of the following is not an example of indirect tax?
- Sales Tax
- Excise
- Customs
- Expenditure Tax
[su_spoiler title = “See correct answer” style = “fancy”] Answer: Spending Tax[/su_spoiler]
Question 14. The Cooperative Planning Committee was formed under whose leadership?
R. G. Saraiya
Chelmsford
Mclegan
Horesh
[su_spoiler title = “Show Answer” style = “fancy”] Answer: R. G. Saraiya[/su_spoiler]
Question 15. What is the main purpose of devaluation?
- Encourage Import
- Encourage Export
- Encourage both exports and imports
- Discouraging both exports and imports
[su_spoiler title = “See correct answer” style = “fancy”] Answer: Encourage export[/su_spoiler]
