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Economic Question-Answer with Explanation : Economy and Business GK Quiz

Is it important for aspirants to know Economic Question GK (General Knowledge of Economy and Business)? Yes, of course aspirants needs to know GK. Apart from all types of interviews, are any Competitive Exam and Entrance Test (WBCS, Railway, Bank, SSC, PSC, UPSC, CAT, GATE, GRE, MAT etc.) conducted without GK questions?  Of course not – almost all such exams have GK questions. But how to remember GK ? 

Mind it  – Practice is the only way to remember GK. So read Regular Economic Question GK on “JOB SITE INDIA” website and practice Economic Question GK Quiz. And never forget to give “Mock Test of GK Today”.

Economic Question : Economy and Business

1. Why was the “National Venture Fund” created?
A. For infrastructure
B. For privatization of airports
C. For science and technology
D. For software and information sector

  • Ans : D. For software and information sector

2. How many years later the Finance Commission was formed?
A. 5 years
B. 4 years
C. 3 years
D. 2 years

  • Answer : A. 5 years

3. Which of the following companies is a Capital Market Regulator?
A. NSE
B. RBI
C. SEBI
D. IRDA

  • Answer : C. SEBI
  • Explanation : NSE = National Stock Exchange of India Limited; RBI: Reserve Bank of India; SEBI = Securities and Exchange Board of India; IRDA: Insurance regulatory and Development Authority of India

4. Sir Chintaman Dwarkanath Deshmukh is a famous person in the Indian banking world. Who was he?
A. The first Indian to set up a bank in India
B. First Indian Chairman of State Bank
C. The first Governor of the Reserve Bank of India
D. Promoter of Indian trade

  • Answer : C. The first Governor of the Reserve Bank of India

5. Which of the following is the oldest public sector bank in India?
A. Punjab National Bank
B. Imperial Bank of India
C. Allahabad Bank
D. Central Bank of India

  • Answer : C. Allahabad Bank
  • Explanation : Allahabad Bank was established in India in 1865.

6. Lira is the currency of which country?
A. Russia
B. Italy
C. Japan
D. South Africa

  • Answer : B. Italy

7. Which of the following companies controls mutual funds in India?
A. RBI
B. SEBI
C. AMFI
D. NABARD

  • Answer : B. SEBI
  • Explanation : RBI: Reserve Bank of India SEBI: Securities and Exchange Board of India AMFI: Association of Mutual Funds in India NABARD: National Bank For Agriculture & Rural Development

8. From which date does the financial year of India begin?
A. 1st January
B. 1st April
C. 1st March
D. 1st July

  • Answer : B. 1st April

9. Expenditure for Public Administration falls under which category?
A. Expenditure in the planning sector
B. Expenditure in unplanned sector
C. Expenditure in the for-profit sector
D. None of the above

  • Ans : B. Expenditure in unplanned sector

10. Which was established as a result of the recommendation of Shivaraman Committee?
[A] NEFT
[B] SIDBI
[C] NABARD
[D] CBDT

  • Answer : [C] NABARD
  • Explanation : NEFT: National Electronic Fund Transfer; NABARD: National Bank for Agriculture and Rural Development SIDBI: Small Industries Development Bank of India; CBDT: Central Board for Direct Taxes. NABARD was established on 12 July 1982 on the recommendation of the Shivaraman Committee.

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11. Who are called Marginal Workers?
[A] Those who work less than 183 days a year
[B] Those who work more than 183 days a year
[C] Those who work 183 days a year
[D] None

  • Answer : [A] Those who work less than 183 days a year

12. According to the RBI notification, who will sign one Rupee currency note?
A. RBI Governor
B. Secretary of Finance
C. Minister of Finance
D. President of India

  • Answer : B. Secretary of Finance 

13. Which of the following taxes are indirect taxes levied by the Central Government?
A. Service tax
B. Company income tax
C. Scholarship tax
D. Agricultural income tax

  • Ans : A. Service tax

14. In which year the Reserve Bank of India was established?
A. 1935
B. 1940
C. 1947
D. 1949

  • Answer : A. 1935
  • Explanation : Established: 1 April 1935, Kolkata

15. When was the “World Trade Organization” established?
A. 1986
B. 1995
C. 2000
D. 2005

  • Answer : B.  1995
  • Explanation : The “World Trade Organization” (through the ‘Marrakesh Agreement’ signed by 123 countries on April 15, 1994) was officially launched on January 1, 1995. It is the largest international economic organization in the world.

16. From which port does the internal trade pass to Madras through the Palghat Gap?
A. Goa
B. Mangalore
C. Mumbai
D. Cochin

  • Answer : D. Cochin
  • Explanation : The Palghat Gap is a low mountain pass in the Western Ghats between Palakkad in Kerala and Coimbatore in Tamil Nadu.

17. Which of the following is related to AGMARK?
A. Agricultural products
B. Gems and ornaments
C. Capital goods
D. Minerals

  • Answer : A. Agricultural products
  • Explanation : AGMARK is the mark of a certificate employed in agricultural products in India.

18. What interest rate is meant by bank rate?
A. The rate at which banks lend money to depositors
B. The rate at which the Reserve Bank lends to other commercial banks
C. The rate at which commercial banks lend to industrial lenders
D. None of the above is correct

  • Answer :  B. The rate at which the Reserve Bank lends to other commercial banks

19. Which is the best indicator of economic development of a country?
A. Agriculture
B. Transportation
C. Total production
D. Per capita income

  • Answer : D. Per capita income

20. In which case is Indian money fully convertible?
A. Current account
B. Capital account
C. Trade account
D. None of the above

  • Answer : A. Current account

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21. What is Fiscal Deficiency?
A. Revenue Receipt + Capital Receipt (Only recoveries of loans and other receipts) – Total Expenditure
B. Budget deficit + debt and liabilities from the government market
C. Initial deficit + interest payments
D. All of the above

  • Answer : D. All of the above

22. Which is the oldest stock market in Asia?
[A] Bombay Stock Exchange
[B] Hong Kong Stock Exchange
[C] Shanghai Stock Exchange
[D] Taiwan Stock Exchange

  • Answer : [A] Bombay Stock Exchange
  • Explanation : The Bombay Stock Exchange was launched in 1855.

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Is it important for aspirants to know Economic Question GK (General Knowledge of Economy and Business)? Yes, of course aspirants needs to know GK. Apart from all types of interviews, are any Competitive Exam and Entrance Test (WBCS, Railway, Bank, SSC, PSC, UPSC, CAT, GATE, GRE, MAT etc.) conducted without GK questions?  Of course not – almost all such exams have Economic Question GK questions. But how to remember GK ? 

Mind it  – Practice is the only way to remember GK. So read Regular Economic Question GK on “JOB SITE INDIA” website and practice Economic Question GK Quiz. And never forget to give “Mock Test of GK Today”.

Is it important for aspirants to know Economic Question GK (General Knowledge of Economy and Business)? Yes, of course aspirants needs to know GK. Apart from all types of interviews, are any Competitive Exam and Entrance Test (WBCS, Railway, Bank, SSC, PSC, UPSC, CAT, GATE, GRE, MAT etc.) conducted without GK questions?  Of course not – almost all such exams have Economic Question GK questions. But how to remember GK ? 

Mind it  – Practice is the only way to remember GK. So read Regular Economic Question GK on “JOB SITE INDIA” website and practice Economic Question GK Quiz. And never forget to give “Mock Test of GK Today”.

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