Indian Economy MCQs GK for UPSC SSC RRB APSC Competitive Exam Set-1

[A] Demand Pull Inflation
[B] Cost Push Inflation
[C] Deflation
[D] Disinflation

Answer: B [Cost Push Inflation]

Q.2. Which among the following is a suitable term for the state of economy in which economic activity is slowing down but wages and prices continue to rise ?

[A] Inflation
[B] Deflation
[C] Skweflation
[D] Stagflation

Q.3. Which organization maintains buffer stock in India?


Q.4. Which state has the least literacy rate under census 2011?

[A] Odisha
[B] Bihar
[C] Jharkhand
[D] West Bengal

Q.5. Which country is called the financial capital of the world?

[A] United States
[B] Switzerland
[C] Russia
[D] China

Q.6. Which of the following commodities are directly affected by the fluctuations in international rates of the crude oil ?

[A] Edible Oils
[B] Cereals
[C] Gold & Silver
[D] Consumer nondurable

Q.7. Consider the following:

  1. Minor Irrigation Scheme: CCA less than 2000 Hectares
  2. Medium Irrigation Scheme : CCA more than 2000 Hectares but less than 10000 Hectares
  3. Major Irrigation Scheme : CCA more than 10000 Hectares

Which among the above statements is / are correct?

[A] Only 1 and 2 are correct
[B] Only 2 and 3 are correct
[C] all are correct
[D] all are incorrect

Q.8. How many edible oil seeds are produced in India?

[A] 7
[B] 6
[C] 9
[D] 8

Q.9. Which Indian city is known as the healthcare capital of India?

[A] Chennai
[B] Mumbai
[C] Hyderbad
[D] Pune

Q.10. Which among the following is an instrument of Liquid Adjustment facility?

  1. Repo Rate
  2. Reverse Repo Rate
  3. MCLR

Choose the correct option from the choices given below:

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

Q.11. In which of the following years 6 banks were nationalized?

[A] 1969
[B] 1975
[C] 1980
[D] 1991

Q.12. A Bank opened in Special Economic Zones in India comes under which among the following ?

[A] International Banking
[B] Domestic Banking
[C] Offshore Banking
[D] National banking

Answer: C [Offshore Banking]

Q.13. How much rubber demand is met by imports?

[A] 10%
[B] 5%
[C] 15%
[D] 25%

Q.14. What is the share of IT-ITeS sector in the global outsourcing market?

[A] 50%
[B] 56%
[C] 40%
[D] 60%

Q.15. What is the other name for Reserve Money?

[A] High Money
[B] Monetary Base
[C] Monetary money
[D] Low power Money

Q.16. Normally which of the following date of a month is observed as Customer day in Indian Banks on which the branch heads / officials are available to hear and redress customer grievances?

[A] 7th
[B] 10th
[C] 15th
[D] 20th

Answer: C [15th]

Q.17. Which among the following represents a fall in the prices?

  1. Stagflation
  2. Disinflation
  3. Deflation

Select the correct option from the codes given below:

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

Q.18. What is the processing level of the Indian Poultry Industry?

[A] 10%
[B] 20%
[C] 6%
[D] 21%

Q.19. What is the FDI allowed in IT-ITeS sector by the Government of India?

[A] 75%
[B] 100%
[C] 51%
[D] 49%

Q.20. On Which day of the week are the T-bills auctioned in India?

[A] Monday
[B] Wednesday
[C] Friday
[D] Saturday

Q.21. In context with banking in India, March 16, 1949 is a date which marks:

[A] Establishment of RBI
[B] Nationalization of RBI
[C] Banking Regulation act coming in Force
[D] Nationalization of Banks

Answer: C [Banking Regulation act coming in Force]

Q.22. Which of the following is / are correct statements with respect to the Saubhagya scheme?

  1. Its primary aim is to achieve universal household electrification
  2. The implementation agency for this scheme is Rural Electrification Corp.
  3. The scheme is 100% funded by Central Government

Which of the above statements is/are correct?

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

Q.23. Which is the largest shrimp exporting nation?

[A] Vietnam
[B] India
[D] China

Q.24. Which among the following have experienced highest growth rate in the IT and ITeS sector?

[A] IT services
[C] Software and Engineering services
[D] None

Q.25. What is the minimum maturity term for commercial term?

[A] 7 days
[B] 14 days
[C] 1 month
[D] 91 days

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