Indian Economy MCQs GK for UPSC SSC RRB APSC Competitive Exam Set-2

Q.1. What was the nationality of Mahbub ul Haq, one of the pioneers of Human development theory and co-founder of the Human Development Report?

[A] Uk
[C] Pakistan
[D] India

Answer: C [Pakistan]

Human Development Report was first launched in 1990 by the Pakistani Economist Mahbub ul Haq and Indian Nobel laureate Amartya Sen.

Q.2. Which of the following countries collaborated with Bhilai Steel plant for its establishment?

[A] Britain
[C] Russia
[D] Japan

Answer: C [Russia]

The Bhilai plant and the Bokaro Steel Plant in Jharkhand were commissioned to collaborate with Russia. The agreement for constructing Bhilai plant was signed with the Soviet Union in 1955 after Indian Prime Minster Jawaharlal Nehru visited Magnitogorsk, the capital of Russian iron and steel works.

Q.3. What is the per capita consumption of honey in India?

[A] 100 g
[B] 300 g
[C] 150 kg
[D] 50 g

Answer: D [50 g]

The per capita honey consumption in India is as low as 50 grams per year in India, globally it ranges from 250 to 300 grams. Germany tops in per capita honey consumption which 2 kg per year.

Q.4. Which country sells the maximum movie tickets in the world?

[A] India
[B] China
[D] Germany

Answer: A [India]

India sells the maximum number of movie tickets in the world. China has the largest number of movie screens in the world.

Q.5. Which among the following are the types of shares?

  1. Common stock
  2. Preferred stock
  3. Open stock

Choose the correct option from the choices given below:

[A] 1 and 2 only
[B] 3 only
[C] 1 and 3 only
[D] 2 only

Answer: A [1 and 2 only]

The following are the types of shares:

  1. Common stock – Generally available stocks
  2. Preferred stock – Issued to banks by companies through retail investors.

Q.6. In which of the following conditions, an account becomes a NPA (Non Performing Asset) ?

[A] A bill purchased or discounted was overdue since last 87 days
[B] A cash Credit account is out of order for more than 90 Days
[C] Interest and Principal is not paid for not less than 75 days
[D] Where a loan taken in Rabi is not paid by coming up Kharif season

Answer: B [A cash Credit account is out of order for more than 90 Days]

Q.7. Which of the following industries is the major beneficiary of the Mumbai port ?

[A] Sugar and Cotton textile industry
[B] Cotton textile and Petrochemical industry
[C] Iron and Steel industry
[D] Engineering and Fertilizer industry

Answer: B [Cotton textile and Petrochemical industry]

Mumbai port has excellent harbor facilities for importing long staple cotton and machinery to meet the requirements of the petrochemical and cotton textile industries. Mumbai Port Trust is a port which lies midway on the West coast of India, on the natural deep water harbour of Mumbai in Maharashtra.

Q.8. In which state Indian Institute of Food Processing Technology located?

[A] Kerala
[B] Punjab
[C] Tamil Nadu
[D] Haryana

Answer: C [Tamil Nadu]

Indian Institute of Food Processing Technology (IIFPT) is a premier national Institute working under the administrative control of Ministry of Food Processing Industries (MoFPI), Government of India functioning from its headquarters in Thanjavur, Tamil Nadu.

Q.9. What is the teledensity of the telecommunication system in India?

[A] 87.45%
[B] 79.86%
[C] 80.43%
[D] 75.45%

Answer: A [87.45%]

India is also the world’s second-largest telecommunications market. It’s total telephone subscriber base and teledensity reached 1,177.02 million and 87.45 percent by the end of January 2020.

Q.10. The first commercial flight was operated in which year in India?

[A] 1912
[B] 1914
[C] 1913
[D] 1911

Answer: D [1911]

The first commercial flight in India took off on 18th February 1911. The route was Allahabad – Naini in the present Uttar Pradesh. The distance of the flight was 9.7 km

Q.11. Which among the following is essentially a debt under the seal of a company ?

[A] Share
[B] Preferential Share
[C] Zero Coupon Bond
[D] Debenture

Answer: D [Debenture]

Q.12. When was Amartya Sen awarded Bharat Ratna?

[A] 1998
[B] 1999
[C] 2000
[D] 1997

Answer: B [1999]

Amartya Sen was awarded the Bharat Ratna in 1999 after winning the Noble prize for economics.

Q.13. Who coined the term evergreen revolution?

[A] M.S.Swaminathan
[B] Manmohan singh
[C] Verghese Kurien
[D] Sam Pitroda

Answer: A [M.S.Swaminathan]

Evergreen revolution is coined by M.S.Swaminathan. It refers to increasing productivity without ecological and social harm. It involves combining ecological principles and technology development.

Q.14. What is India’s Patent Office rank among the top 10 Patent Filing Offices in the world?

[A] 4
[B] 5
[C] 7
[D] 9

Answer: C [7]

According to World Intellectual property organization, India’s Patent Office stands at the 7th position among the top 10 Patent Filing Offices in the world.

Q.15. Where is the headquarters of Dedicated Freight Corridor Corporation of India Limited(DFCCIL) located?

[A] Delhi
[B] Mumbai
[C] Chennai
[D] Kochi

Answer: A [Delhi]

Dedicated Freight Corridor Corporation of India Limited(DFCCIL) was started in 2006. It was registered under the companies act,1956. Its headquarters is in Delhi.

Q.16. Indian Currency Printing Institutions are located in which of the following places?

  1. Nasik
  2. Hoshangabad
  3. Hyderabad
  4. Aurangabad
  5. Devas

Select the correct option from the codes given below:

[A] 1 ,2 and 4
[B] 1, 2, 3 and 4
[C] 1, 2, 3 and 5
[D] All of the above

Answer: C [1, 2, 3 and 5]

There are currently four printing presses in India where currency notes are printed – Dewas, Salboni, Nasik, Mysore. Further, there are four mints where coins are minted at Kolkata, Hyderabad, Mumbai, Noida. Security Paper Mill was established in 1968 at Hoshangabad, Madhya Pradesh to make papers for bank notes.

Q.17. Who is the author of “What the Economy Needs Now”?

[A] Raguram Rajan
[B] Prannoy Roy
[C] Arvind Panagariya
[D] Kaushik Basu

Answer: A [Raguram Rajan]

Raghuram Rajan is the author of “What the Economy Needs Now”. It was published in 2019.

Q.18. Which country is top motor vehicle producer in the world?

[A] China
[B] Japan
[C] US
[D] India

Answer: A [China ]

China is the top motor vehicle producer in the world. The top 3 are China,US,Japan.

Q.19. In Which year was the repurchase option was started?

[A] 1991
[B] 1992
[C] 1994
[D] 1997

Answer: A [1991]

The repurchase option was started in 1991. Repo means selling a security under an agreement to repurchase it at a predetermined date and rate.

Q.20. In which year Dredging Corporation of India was established?

[A] 1976
[B] 1977
[C] 1979
[D] 1982

Answer: A [1976]

Dredging Corporation of India was established in the year 1976 to provide dredging services to the major ports of the country in India. It is in a schedule B and Mini Ratna Category-1 PSU. It is located in Visakhapatnam.

Q.21. Which among the following is / are components of Internal Debt?

  1. Market Borrowings
  2. Treasury Bills
  3. Special securities issued to RBI

Select the correct option from the codes given below:

[A] Only 1 & 2
[B] Only 2 & 3
[C] Only 1 & 3
[D] 1, 2 & 3

Answer: D [ 1, 2 & 3 ]

Internal debt is that part of the total debt that is owed to lenders within the country. It is the money the government borrows from its own citizens. The government borrows by issuing the Government Bonds and T-Bills (Treasury Bills). It also includes the Market borrowings by the government. The government bonds and T-Bills are traded in the market which is also known as Gilt Market.Please note that when government borrows from the domestic sources, the increase in inflation is less in comparison to simply printing the money and increased the more liquid forms of wealth (i.e., the money supply).

Q.22. Capitalist economic system is the feature of which of these countries?

[B] China
[C] Russia
[D] India

Answer: A [USA]

USA has a capitalist system followed in its economy. The prices are controlled by the market forces of demand and supply.

Q.23. What is the total value of all chemical exports from India?

[A] US 19.09 billion
[C] US$ 29.09 billion
[D] None of the above

Answer: B [US$ 19.09 billion]

The total export of chemicals which include dyes and dye intermediates, organic and inorganic chemicalsof India is US$ 19.09 billion during 2019-20. India is 6th largest producer of chemicals globally.

Q.24. In which year was the Clearing corporation of India was established?

[A] 2000
[B] 1999
[C] 2001
[D] 2002

Answer: C [2001]

Clearing Corporation of India Ltd (CCIL) is a Central Counterparty (CCP) which was set up in April 2001 to provide clearing and settlement for transactions in Government securities, foreign exchange and money markets in the country.

Q.25. Which among the following is the most commonly used Moderator in a nuclear reactor?

[A] Heavy Water
[B] Sodium
[C] Graphite
[D] Deuterium

Answer: C [Graphite]

Neutron moderators are a type of material in a nuclear reactor that work to slow down the fast neutrons. Graphite is the most commonly used Moderator in a nuclear reactor.

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