Economics - Important Questions and Answers for All Competive Exams

1. If Nominal GDP is equal to real GDP, then
a. The GDP deflator is equal to zero
b. The GDP deflator is equal to one
c. The GDP deflator is less than one
d. None of the above is correct

Answer: The GDP deflator is equal to one

2. Fiscal policy in India is formulated by
a. The Planning Commission
b. The Reserve Bank of India
c. The Finance Ministry
d. The Securities and Exchange board of India

Answer: The Finance Ministry

3. Which one of the following does not affect credit creation power of Commercial Banks?
a. Cash reserve ratio
b. Statutory liquidity ratio
c. Adequacy ratio
d. Cash-deposit ratio

Answer: Adequacy ratio

4. Special Drawings Rights (SDRs) relate to
a. The International Monetary Fund
b. The World Bank
c. The Reserve Bank of India
d. The World Trade Organization

Answer: The International Monetary Fund

5. The present Indian monetary system is based on
a. Gold Reserve System
b. Proportional Reserve System
c. Convertible Currency System
d. Minimum Reserve System

Answer: Minimum Reserve System

6. A situation where we have people whose level of income is not sufficient to meet the minimum consumption expenditure is considered as
a. Absolute Poverty
b. Relative Poverty
c. Urban Poverty
d. Rural Poverty

Answer: Absolute Poverty

7. Investment in human capital is related with expenditure in
a. Education
b. Training
c. Health services
d. All the above

Answer: All the above

8. India is called a mixed economy because of the existence of
a. Public Sector & Private Sector
b. Joint Sector only
c. Cooperative Sector
d. None of these

Answer: Public Sector & Private Sector

9. Who estimated the National Income for the first time in India?
a. Mahalanobis
b. V.K.R.V. Rao
c. Sardar Patel
d. Dadabhai Naoroji

Answer: Dadabhai Naoroji

10. When the productive capacity of the economic system of a State is inadequate to create a sufficient number of jobs, it is called
a. Seasonal Unemployment
b. Structural Unemployment
c. Disguised Unemployment
d. Cyclical Unemployment

Answer: Structural Unemployment

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