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. In which year, the new Industrial policy was introduced in India ?
    1.1990
    2.1981
    3.1985
    4.1991
    5.None of these
    Answer – 4.1991
    Explanation :
    The new Industrial policy 1991 has made very significant changes in our main areas V12 Industrial licensing role of public sector

  2. 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 these
    Answer – 2.Ministry of Statistics and Programme Implementation
    Explanation :
    GDP in India is calculated by Central Statistics Office (CSO, Ministry of Statistics and Programme Implementation)

  3. Which of the following related with oligopoly and monopolistic competition ?
    1.Kinked-Demand curve theory
    2.Keynesian Theory
    3.Indifference Curve
    4.Laffer curve
    5.None of these
    Answer – 1.Kinked-Demand curve theory
    Explanation :
    The Kinked-Demand curve theory is an economic theory regarding oligopoly and monopolistic competition. Kinked demand was an initial attempt to explain sticky prices.

  4. Which sectors contribution highest in total gross savings ?
    1.Public
    2.Private
    3.Household
    4.Government
    5.None of these
    Answer – 3.Household
    Explanation :
    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.

  5. Housing, machinery and furniture are considered as ____________
    1.Non-Profit Assets
    2.Housing Assets
    3.Financial Assets
    4.Physical Assets
    5.None of these
    Answer – 4.Physical Assets
    Explanation :
    Physical Assets: The physical assets include housing, machinery, furniture, fixture and real estate.

  6. In which year, the Minimum Wages Act was passed in India ?
    1.1973
    2.1961
    3.1950
    4.1948
    5.None of these
    Answer – 4.1948
    Explanation :
    The Minimum Wages Act was passed in 1948 and it came into force on 15th March, 1948.

  7. 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 these
    Answer – 1.Cost of living Index
    Explanation :
    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).

  8. Which Indian Economist related with National Income ?
    1.V.K.R.V.Rao
    2.I.G.Patel
    3.Kaushik Basu
    4.Amartya Sen
    5.None of these
    Answer – 1.V.K.R.V.Rao
    Explanation :
    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

  9. Financial Assets takes the form of currency from which of the following ?
    1.Monthly Income
    2.Bank Deposits
    3.Gold & Silver
    4.Business like Real estate
    5.None of these
    Answer – 2.Bank Deposits
    Explanation :
    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.

  10. MRTP Act came into force from 1st June of ________
    1.1992
    2.1990
    3.1970
    4.1988
    5.None of these
    Answer – 3.1970
    Explanation :
    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.