Current Affairs PDF

GK Questions: Indian Economy – Set 27

By
Sheerin
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Hello Aspirants.

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

  1. ………………… is based on the principle of surplus value
    1.Idealism
    2.Communism
    3.Capitalism
    4.Activism
    5.None of these
    Answer – 3.Capitalism
    Explanation :
    Surplus value, Marxian economic concept that professed to explain the instability of the capitalist system.

  2. Economic Growth refers to
    1.Continuous growth of per capita real income over a period of one fiscal year
    2.Continuous growth of per capita real income for two years
    3.Continuous growth of per capita real income for one year
    4.Continuous growth of per capita real income over a period of time
    5.None of these
    Answer – 4.Continuous growth of per capita real income over a period of time
    Explanation :
    Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP, usually in per capita terms

  3. Feature of free market economy is
    1.General Balance
    2.Consumer’s Sovereignty
    3.Allocation of Resources
    4.Welfare
    5.None of these
    Answer – 2.Consumer’s Sovereignty
    Explanation :
    “Consumer sovereignty” is one of those concepts that flourish and are widely influential long before they are explicitly recognized and named.

  4. ………………. Economics arises when there is an expansion in an Industry
    1.External
    2.Mixed
    3.Indirect
    4.Internal
    5.None of these
    Answer – 4.Internal
    Explanation :
    Internal economies are internal to a firm when its costs of production are reduced and output increases, Internal economies which accrue to a firm when it expands are caused by two factors: (1) indivisibility, and (2) specialisation.

  5. Which price in the market is determined by the equality between marginal cost and marginal revenue ?
    1.Equilibrium price
    2.Total Price
    3.Marginal Price
    4.Gross Price
    5.None of these
    Answer – 1.Equilibrium price
    Explanation :
    Equilibrium price = MR = MC.
    which are determined by equality between marginal cost and marginal revenue

  6. ………………………… indicates Macro Approach in national context.
    1.Sales
    2.Income
    3.Inflation
    4.Exports & Imports
    5.None of these
    Answer – 3.Inflation
    Explanation :
    Inflation indicates Macro Approach in national context.
    Inflation is defined as a sustained increase in the general level of prices for goods and services. It is measured as an annual percentage increase

  7. ……………………….. is related to marginal cost
    1.Prime cost
    2.Average Cost
    3.Variable Cost
    4.Fixed Price
    5.None of these
    Answer – 1.Prime cost
    Explanation :
    Marginal cost = Prime cost + Total variable overheads

  8. The business in Stock markets and other securities markets is regulated by
    1.Stock and Exchange Board of India
    2.Securities and Exchange Bank of India
    3.Stock and Exchange Bank of India
    4.Securities and Exchange Board of India
    5.None of these
    Answer – 4.Securities and Exchange Board of India
    Explanation :
    Indian Capital Markets are regulated and monitored by the Ministry of Finance, The Securities and Exchange Board of India and The Reserve Bank of India. The business in Stock markets and other securities markets is regulated by Securities and Exchange Board of India

  9. Non-Insurable or uncertainty risk is
    1.Fire
    2.Flood
    3.Earthquake
    4.Theft
    5.All of these
    Answer – 5.All of these
    Explanation :
    Non insurable risks are risks such as fire, flood, earthquake, theft etc.

  10. In the case of ………………the payment liability and the ultimate burden of the tax lies upon.
    1.Indirect taxes
    2.Direct taxes
    3.Income tax
    4.Both 1 and 2
    5.None of these
    Answer – 3.The person on whom it has been imposed
    Explanation :
    In case of direct taxes the payment liability and ultimate burden of the tax lies upon the person on whom it has been imposed





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