Important questions and answers of GK Set-2 related to Economics language for various competitive exams
Economy GK – Set 2: – GK Questions related to Economics below Section-2 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 is the largest tax payment sector in India?
- Agricultural Sector
- Industrial Area
- Transport Sector
- Banking Sector
[su_spoiler title = “See correct answer” style = “fancy”] Answer: Industrial Area[/su_spoiler]
Question 2. How many% of the population in India depend on agriculture industry?
65%
85%
58.9%
54%
[su_spoiler title = “Show Answer” style = “fancy”] Answer: 58.9%[/su_spoiler]
Question 3. Which of the following most closely approximates our definition of nobility?
- Cigarette Industry
- Barber Shops
- Gasoline Station
- Wheat farmers
[su_spoiler title = “See correct answer” style = “fancy”] Answer: Gasoline station[/su_spoiler]
Question 4. Which method is acceptable in the following?
10 rupee note
Draft
Check
all of which
[su_spoiler title = “Show Answer” style = “fancy”] Answer: 10 rupee note[/su_spoiler]
Question 5. Economics is what it should be. This statement refers to?
- Regulatory Economics
- Positive Economics
- Monetary Economics
- Fiscal Economics
[su_spoiler title = “See correct answer” style = “fancy”] Answer: Regulatory economics[/su_spoiler]
Question 6. Which district of Bihar has the highest per capita income?
Shivhar
Patna
Gone
Nalanda
[su_spoiler title = “Show Answer” style = “fancy”] Answer: Patna[/su_spoiler]
Question 7. A demand is created only when it is supported by ____?
- Affordability
- Need to Buy
- Willingness to Buy
- Product Utility
[su_spoiler title = “See the correct answer” style = “fancy”] Answer: Willingness to buy[/su_spoiler]
Question 8. When was the Planning Commission formed in India?
15 March 1950
20 September 1951
22 October 1952
22 March 1952
[su_spoiler title = “Show Answer” style = “fancy”] Answer: 15 March 1950[/su_spoiler]
Question 9. The ‘break-even’ point is where _____?
- Marginal revenue equals marginal cost
- Average revenue equals average cost
- Total revenue equals total cost
- none of these
[su_spoiler title = “See correct answer” style = “fancy”] Answer: Total revenue equals total cost[/su_spoiler]
Question 10. Which action is done by the teacher teaching his son?
Uneconomical
Economic
Both of them
None of these
[su_spoiler title = “Show Answer” style = “fancy”] Answer: Both[/su_spoiler]
Question 11. What is the national income of a country based on?
- Taxes earned by the state
- Sum of all factor income
- Personal income of all citizens
- Surplus of exports on imports
[su_spoiler title = “See correct answer” style = “fancy”] Answer: Personal income of all citizens[/su_spoiler]
Question 12. Which of the following is called primary field?
To agriculture
Industrial sector
To the service sector
None of these
[su_spoiler title = “Show Answer” style = “fancy”] Answer: Agriculture sector[/su_spoiler]
Question 13. What is the purchase of shares and bonds of Indian companies by foreign institutional investors?
- Foreign Direct Investment
- Share Group Investment
- NRI Investments
- Foreign Indirect Investment
[su_spoiler title = “See correct answer” style = “fancy”] Answer: Foreign Indirect Investment[/su_spoiler]
Question 14. In which year was the right to service in Bihar implemented?
2011
2014
1971
1995
[su_spoiler title = “Show Answer” style = “fancy”] Answer: 2011[/su_spoiler]
Question 15. By whom is the rate of interest determined?
- Rate of return on capital invested
- Central Government
- Liquidity Preference
- Commercial Bank
[su_spoiler title = “See correct answer” style = “fancy”] Answer: Liquidity preference[/su_spoiler]
Question 16. What are the different grounds for explaining economic development?
Economic welfare basis
Gross national product
Per capital income
All of these
[su_spoiler title = “Show Answer” style = “fancy”] Answer: All of these[/su_spoiler]
