Quiz on Indian Economy – GK GS Quiz for All Competitive Exams

11.With reference to India, consider the following:
1. Lower Trade Deficit
2. Higher Foreign Portfolio Investments
3. Higher External Commercial Borrowings
Which among the above help in lowering the Current Account Deficit?

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

View Answer

[C] 1, 2 & 3

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12.Which of the following is not a Semi Luxury Tourist Train in India?
[A] Heritage Circuit
[B] Tiger Express
[C] Desert Circuit
[D] The Golden Chariot

View Answer

Correct Answer: [D] The Golden Chariot

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13.What is the main objective of “Vanbandhu Kalyan Yojana”?
[A] To increase Forest Cover
[B] Protection of Wildlife
[C] Protection of Rivers
[D] Welfare of Tribals

View Answer

[D] Welfare of Tribals

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14.What is the aggregate of the gross balances of primary income of all resident institutional units knows as?
[A] Gross domestic Product
[B] Gross national product
[C] Gross National income
[D] Net national product

View Answer

[C] Gross National income

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15.What does a good with positive externalities known as?
[A] Giffen goods
[B] Public goods
[C] Merit goods
[D] Snob good

View Answer

[C] Merit goods

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16.Who is called founding father of modern economics?
[A] J.S.Mill
[B] Karl Marx
[C] David Ricardo
[D] Adam Smith

View Answer

[D] Adam Smith

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17.Which economist is the author of “Mathematical Analysis for Economists”?
[A] Jeffrey Sachs
[B] Milton Friedman
[C] R.G.D.Alien
[D] Ernst Fehr

View Answer

[C] R.G.D.Alien

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18.Which of the following are part of the Quaternary sector?
[A] Banking
[B] Agriculture
[C] Restaurant
[D] Information technology

View Answer

[D] Information technology

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19.On which date, NITI Aayog was established?
[A] 1 January 2015
[B] 25 January 2016
[C] 14 May 2014
[D] 1 July 2015

View Answer

[A] 1 January 2015

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20.What is approximately share of India in the global agri-trade?
[A] 2.5%
[B] 4.5%
[C] 8.5%
[D] 9.0%

View Answer

[A] 2.5%

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21.What is the contribution of agriculture to Indian GDP?
[A] 32%
[B] 41%
[C] 29%
[D] 17%

View Answer

[D] 17%

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22.Which sectors among the following are reserved for the government exclusively?
[A] Railways
[B] Roadways
[C] Airports
[D] None of the above

View Answer

Correct Answer: D [None of the above]
Notes: Atomic energy is the only Industry that is reserved for the government exclusively. The private sector was recently allowed in the railways which is Tejas express.

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23.What is an agglomeration economy?
[A] Industries using urban centre
[B] Industries using rural centre
[C] Industries providing different services
[D] None of these

View Answer

Correct Answer: A [Industries using urban centre]
Notes: agglomeration economy is where iIndustries coming together and using urban centres to provide different services like transport, banking, labour , a consultancy.

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24.Which is the most exported fertilizer from India?
[A] Urea
[B] Potash
[C] Nitrogen fertilizer
[D] None of the baove

View Answer

Correct Answer: A [Urea]
Notes: Urea is the most exported fertilizer from India. India stands 4th in the fertilizer exports globally.

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25.Which country is the largest importer of Engineering goods from India?
[A] USA
[B] Germany
[C] Japan
[D] Bangladesh

View Answer

Correct Answer: [A] USA
Notes: India exports engineering goods mostly to US and Europe, which account for over 60 per cent of the total export.

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26.What is the export target under the National capital goods policy 2016?
[A] 30% of production
[B] 50% of production
[C] 40% of production
[D] 60% of production

View Answer

Correct Answer: [C] 40% of production
Notes: The export target under the National capital goods policy 2016 is 40% of production. Currently, 27% of production is being exported.

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27.Where is Rashtriya Ispat Nigam Limited located?
[A] Hubli
[B] Visakhapatanam
[C] Rourkela
[D] Kolkata

View Answer

Correct Answer: B [Visakhapatanam]
Notes: RINL-Rashtriya Ispat Nigam Limited is located in Visakhapatanam. It is the first shore based steel plant of India. It was set up in 1971.

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28.When was National Stock Exchange created?
[A] 1990
[B] 1992
[C] 1987
[D] 1995

View Answer

Correct Answer: B [1992]
Notes: The National stock exchange was created in 1992. It started trading in 1994. It is located in Mumabi.

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29.What is Participatory Notes?
[A] Bonds to raise funds locally
[B] Bonds to raise funds from abroad
[C] Bonds by government to raise funds
[D] None

View Answer

Correct Answer: B [Bonds to raise funds from abroad]
Notes: Participatory Notes(P-Notes) are the Bonds of private companies to raise funds from abroad. They are to invest in the stock market indirectly.

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30.Which among the following are the types of funds available under the NIIF?
1. Master Fund
2. Funds of Funds
3. Strategic Fund
Choose the correct option from the choice given below:
[A] 1 only
[B] 1 and 3 only
[C] 1 and 2 only
[D] 1,2 and 3

View Answer

Correct Answer: D [1,2 and 3 ]

N otes: The three types of funds under the NIIF are:

  1. Master Fund: Is an infrastructure fund with the objective of primarily investing in operating assets in the core infrastructure sectors such as roads, ports, airports, power etc.
  2. Fund of Funds: Managed by fund managers who have good track records in infrastructure and associated sectors in India. Some of the sectors of focus include Green Infrastructure, Mid-Income & Affordable Housing, Infrastructure services and allied sectors.
  3. Strategic Investment Fund: Is registered as an Alternative Investment Fund II under SEBI in India. The objective is to invest largely in equity and equity-linked instruments. It will focus on green field and brown field investments in the core infrastructure sectors.
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