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GK Questions: Indian Economy – Set 26

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Welcome to Online General Knowledgesection in Affairs cloud, which is important for all the competitive exams. We have created Some questions related to Indian GK(Indian Economy) !!!

  1. Who developed the innovation theory of Profit ?
    1.Schumpeter
    2.Adam Smith
    3.Robbins
    4.J.M.Keynes
    5.None of these
    Answer – 1.Schumpeter
    Explanation :
    The innovation theory of a trade cycle is propounded by J.A. Schumpeter. He regards innovations as the originating cause of trade cycles. The term “innovation” should not be confused with inventions

  2. ………………. is an active factor of production
    1.Product
    2.Labour
    3.Wages
    4.Price
    5.None of these
    Answer – 2.Labour
    Explanation :
    Some of the important factors of production are: (i) Land (ii) Labour (iii) Capital (iv) Enterprnuer. Land is a passive factor whereas labour is an active factor of production

  3. When total utility becomes maximum, then marginal utility will be
    1.Maximum
    2.Minimum
    3.Either maximum or minimum
    4.Zero
    5.None of these
    Answer – 4.Zero
    Explanation :
    When total utility is maximum at the 5th unit, marginal utility is zero

  4. Revealed Preference Theory was propounded by ………………..
    1.Robbins
    2.Smith
    3.Samuelson
    4.Schumpter
    5.None of these
    Answer – 3.Samuelson
    Explanation :
    Revealed preference theory, pioneered by American economist Paul Samuelson, is a method of analyzing choices made by individuals

  5. ‘Supply creates its own demand’ said by ………….
    1.Raj Krishna
    2.J.B.Say
    3.Walter Adams
    4.David Hume
    5.None of these
    Answer – 2.J.B.Say
    Explanation :
    French Economist, J.B. Say, enunciated the proposition that “supply creates its own demand

  6. Open Market  Operation is used in which sector of economy ?
    1.Marketing
    2.Insurance
    3.Banking
    4.Agriculture
    5.None of these
    Answer – 3.Banking
    Explanation :
    Open market operations (OMO) refers to the buying and selling of government securities in the open market in order to expand or contract the amount of money in the banking system, facilitated by the Federal Reserve (Fed).

  7.  Which of the following is the first Public Sector Corporation of Independent India ?
    1.Dedicated Freight Corridor Corporation of India
    2.Cochin Shipyard
    3.Hindustan Shipyard
    4.Damodar Valley Corporation
    5.None of these
    Answer – 4.Damodar Valley Corporation
    Explanation :
    The Damodar Valley Corporation is Public company which operates several power stations in the Damodar River area of West Bengal and Jharkhand states of India.

  8. Indian Institute of Foreign Trade is located in ………………….
    1.Mumbai
    2.New Delhi
    3.Pune
    4.Hyderabad
    5.None of these
    Answer – 2.New Delhi
    Explanation :
    The Indian Institute of Foreign Trade has extended beyond Delhi and has chosen West Bengal as the region to establish its first ever campus outside Delhi.

  9. The Board of Industrial and Financial Reconstruction(BIFR) came into existence in which year ?
    1.1987
    2.1978
    3.1982
    4.1990
    5.None of these
    Answer – 1.1987
    Explanation :
    The BIFR was established under The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA). The board was set up in January 1987 and became functional as of 15 May 1987

  10. Which Committee was set up to suggest change in Companies Act ?
    1.Naresh Chandra Committee
    2.Athreya Committee
    3.JJ Irani Committee
    4.Deepak Parikh Committee
    5.None of these
    Answer – 3.JJ Irani Committee
    Explanation :
    Committee under the Chairmanship of Dr. J.J. Irani formed to suggest a body set up under a under a 2002 amendment to the Companies Act currently faces.