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) !!!
- In which year, the new Industrial policy was introduced in India ?
5.None of theseAnswer – 4.1991
The new Industrial policy 1991 has made very significant changes in our main areas V12 Industrial licensing role of public sector
- India’s GDP is calculated by ________________
1.Ministry of Finance
2.Ministry of Statistics and Programme Implementation
3.Ministry of Home Affairs
4.Ministry of Consumer Affairs
5.None of theseAnswer – 2.Ministry of Statistics and Programme Implementation
GDP in India is calculated by Central Statistics Office (CSO, Ministry of Statistics and Programme Implementation)
- Which of the following related with oligopoly and monopolistic competition ?
1.Kinked-Demand curve theory
5.None of theseAnswer – 1.Kinked-Demand curve theory
The Kinked-Demand curve theory is an economic theory regarding oligopoly and monopolistic competition. Kinked demand was an initial attempt to explain sticky prices.
- Which sectors contribution highest in total gross savings ?
5.None of theseAnswer – 3.Household
India, domestic savings comprises of savings from household, private corporate and public sector. Household sector dominates with around 70% contribution to total gross savings. It consists of physical and financial savings. Private corporate sector contributes to around 20% followed by public sector of around 4% to total gross savings.
- Housing, machinery and furniture are considered as ____________
5.None of theseAnswer – 4.Physical Assets
Physical Assets: The physical assets include housing, machinery, furniture, fixture and real estate.
- In which year, the Minimum Wages Act was passed in India ?
5.None of theseAnswer – 4.1948
The Minimum Wages Act was passed in 1948 and it came into force on 15th March, 1948.
- Revision of minimum wage rates is based on a _______________
1.Cost of living Index
2.Cost of working Index
3.Cost of Wages Index
4.Cost of Economy Index
5.None of theseAnswer – 1.Cost of living Index
Revision of minimum wage rates is based on a ‘cost of living index’ and wages can be fixed for an entire state, part of the state, class or classes and employments pertaining to these categories. The fixation of wages is based on the norms mentioned and a wage board (different for different industry).
- Which Indian Economist related with National Income ?
5.None of theseAnswer – 1.V.K.R.V.Rao
K. R. V. Rao (Vijayendra Kasturi Ranga Varadaraja Rao) (1908–1991) was a prominent Indian economist, politician, professor and educator. Pioneering work on National Income had been done by V.K.R.V.Rao
- Financial Assets takes the form of currency from which of the following ?
3.Gold & Silver
4.Business like Real estate
5.None of theseAnswer – 2.Bank Deposits
Financial Assets takes the form of currency, bank deposits, shares and debentures, claims on government, mutual funds, national savings certificates, life insurance funds and provident and pension funds.
- MRTP Act came into force from 1st June of ________
5.None of theseAnswer – 3.1970
MRTP (Monopolies and Restrictive Trade Practices) Act came into force from 1st June, 1970. The act aims to prevent concentration of economic power, provide for control of monopolies, and protect consumer interest.
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