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GK Questions: Indian Economy – Set 3

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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(Economy) !!!

  1. Who is known as the Father of Economics ?
    1.Dadabhai Naoroji
    2.Aristotle
    3.Adam Smith
    4.VKRV Rao
    5.None of these
    Answer – 3.Adam Smith
    Explanation :
    Adam smith is known as The Father Of Economics. Adam Smith is often touted as the world’s first free-market capitalist. While that designation is probably a bit overstated, Smith’s place in history as the father of moderneconomics and a major proponent of laissez-faire economic policies is quite secure.

  2. ………………….. examine the behaviour of  basic elements in the economy including individual agents and market and their interaction.
    1.Micro Economics
    2.Macro  Economics
    3.Modern  Economy
    4.Open  Economy
    5.None of these
    Answer – 1.Micro Economics
    Explanation :
    Micro Economics examine the behaviour of  basic elements in the economy including individual agents and market and their interaction.
    Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources. Typically, it applies to markets where goods or services are bought and sold.

  3. ……………………..studies the economy as a whole and its features like national income, unemployment, poverty, balance of payment and inflation
    1.Modern  Economy
    2.Modern  Economy
    3.Open Economy
    4.Macro Economics
    5.None of these
    Answer – 4.Macro Economics
    Explanation :
    Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. This includes national, regional, and global economies.

  4. Which of the following is generally free from trade barriers and where exports and imports from a large % of GDP ?
    1.Modern  Economy
    2.Open Economy
    3.Closed Economy
    4.Macro Economics
    5.None of these
    Answer – 2.Open Economy
    Explanation :
    An open economy is an economy in which there are economic activities between the domestic community and outside (people, and even businesses, can trade in goods and services with other people and businesses in the international community, and funds can flow as investments across the border).

  5. An economy in which no activity is conducted with outside economy is called ……………..
    1.Open Economy
    2.Modern Economy
    3.Closed Economy
    4.Micro Economics
    5.None of these
    Answer – 3.Closed Economy
    Explanation :
    A closed economy is self-sufficient, meaning that no imports are brought in and no exports are sent out. The goal is to provide consumers with everything that they need from within the economy’s borders.

  6. Which of the following is primary sectors of Indian Economy ?
    1.Agriculture
    2.Mining
    3.Business
    4.Community
    5.None of these
    Answer – 1.Agriculture
    Explanation :
    The primary sector of the economy is the sector of an economy making direct use of natural resources. This includes agriculture,forestry and fishing .

  7. Business, Transport, telecommunication, banking, insurance, real estate, community and personal services are ……………….. sectors of Indian Economy
    1.Primary Sectors
    2.Secondary Sectors
    3.All the above
    4.Tertiary sectors
    5.None of these
    Answer – 4.Tertiary sectors
    Explanation :
    The tertiary sector of the economy (also known as the service sector or the service industry) is one of the three economic sectors, the others being the secondary  sector
    (approximately the same as manufacturing) and the primary sector (agriculture, fishing, and extraction such as mining).

  8. Which of the following is secondary sectors of Indian Economy ?
    1.Construction
    2.Water Supply
    3.Manufacturing
    4.Gas
    5.All of these
    Answer – 5.All of these
    Explanation :
    The secondary sector of the economy includes those economic sectors that produce a finished, usable product: production and construction.

  9. In India financial year is from ………………….. to …………………..
    1.1st May to 30th July
    2.1st April to 31st March
    3.1st January to 30th September
    4.1st February to 30th  June
    5.None of these
    Answer – 1st April to 31st March
    Explanation :
    In India, the government’s financial year runs from 1 April to 31 March midnight. Example: 1 April 2015 to 31 March 2016 for the financial year2015–2016. It is also abbreviated as FY16. Companies following the Indian Depositary Receipt (IDR) are given freedom to choose their financial year.

  10. When the national income is measured at the base year price, it is called national income at …………….
    1.Indirect taxes
    2.Constant price
    3.Factor Cost
    4.Current year price
    5.None of these
    Answer – 2.Constant
    price

    Explanation :
    When the national income is measured at the base year price, it is called national income at Constant price and When the national income is measured at the current year price, it is called national income at current year price