General Awareness: Economics Quiz 1

Economics Quiz for Competitive Exams Conducted By SSC, Railway Recruitment Board, UPSC, IBPS etc / Important Economics Question & Answers for SSC / Basic Economics Quiz

1 .The "Garibi Hatao" slogan was coined in
a) 1958
b) 1966        
c) 1971
d) 1980

2. The principal sources of revenue to the State Government in India is
a) Income Tax
b) Sales Tax
c)State Excise Duties
d) Land Revenue

3.  The modern economy is not characterised by?
a) Production for market
b) Capital intensive mode of production
c) Development of money economy
d) Self-sufficient village system

4.Gross domestic capital formation is defined as ?                                                
a ) flow of expenditure devoted to increased or maintaining of the capital stock
b) expenditure incurred on physical assets only
c) production exceeding demand
d) net addition to stock after depreciation

5. India opted for 'Mixed Economy' in?
a) First Five Year Plan
b) Second Five Year Plan
c) Industrial Policy of 1948
d) Framing of the Constitution

6. Depreciation means?
a) Closure of a plant due to labour trouble
b) Destruction of a plant in a fire accident
c) Loss of equipment over time due to wear and tear
d) Closure of a plant due to lock out

7. The apex institution in the area of rural finance is:
a) RBI
b) SBI
d) All of these

8. National Rural Employment Guarantee Scheme (NREGS)came into force in:
a) 2004
b) 2006
c) 2002
d) 2005

9. Service sector (tertiary sector) includes:
a) trade
b) transport
c) health and education
d) All of these

10. VAT has been introduced on the recommendation of:
a) Kelkar Committee
b) Rangarajan Committee
c) L K Jha Committee
d) None of these

11. Which one of the following statements most appropriately describes the nature of the Green Revolution?
a) Intensive cultivation of crops
b) Seed-fertilizer-water technology
c) Intensive agriculture district programme
d) High-yielding varieties programme

12. Who gave the call for ‘Evergreen Revolution’ in India?
a) MS Swaminathan
b) APJ Abdul Kalam
c) Dr Manmohan Singh
d) MS Ahluwalia

13. Abid Hussain Committee is related to reforms in industries.
a) private sector
b) large
c) public sector
d) small

14. Name the First Indian private company to sign an accord with Government of Myanmar for oil exploration in second offshore blocks in that country:
a) Reliance Energy
d) Essar Oil

15. In which area is the public sector most dominant in India?
a) Organized term lending financial institutions
b) Transport
c) Commercial banking
d) Steel production


1. C       2. B       3. D      4. D       5. C      6. C       7. C     8. B      9. D      10. C      11. B       12. A       13. C      14. D      15. C

Economics Quiz 2
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