Economic Scene Challenge: Can You Ace This Ultimate Quiz?

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Question 1: What is the main objective of the "Make in India" initiative?

A) To promote foreign trade।

B) To encourage manufacturing within India

C) To reduce unemployment

D) To increase agricultural output

Question 2:Which institution is responsible for controlling monetary policy in India?

A) State Bank of India

B) Reserve Bank of India

C) Ministry of Finance

D) Securities and Exchange Board of India

Question 3:What is the full form of GST?

A) Goods and Serices Transfer

B) Goods and Services Tax

C) General Sales Tax

D) Government Sales Tax

Question 4: Which sector contributes the most to India's GDP?

A) Agriculture

B) Industry

C) Services

D) Manufacturing

Question 5: following is an example of a direct tax in India

A) Goods and Services

B) Corporate Tax

C) Custom Duty

D) Service Tax

Question 6:What does the term "Fiscal Deficit" mean?

A) The difference between exports and imports

B) The difference between total revenue and total expenditure of the government

C) The difference between direct and indirect taxes

D) The difference between GDP and GNP

Question 7:Which of the following is NOT a function of the Reserve Bank of India (RBI)?

A) Issuing currency

B) Regulating the stock market

C) Controlling inflation

D) Regulating th stock market

Question 8:What is "repo rate"?

A) The rate at which RBI leds mooney to commercial banks

B)The rate at which commercial banks lend to RBI

C) The interest rate on government bonds

D) The rate at which banks borrow money from the public

Question 9: What is the main purpose of the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA)?

A) To provide unemployment allowance

B) To provide at least 100 days of guaranteed wage employment in rural areas

C) To provide urban employment

D) To provide skill development

Question 10: Which of the following is a reason for inflation?

A) Increase in supply of goods

B) Decrease in demand for goods

C) Increase in the money supply in the economy

D) Increase in foreign trade

Question 11: What is "disguised unemployment"?

A) When people are employed but their productivity is zero or very low

B) When people are looking for jobs but can't find any

C) When people work part-time instead of full time

D) When people are employed in jobs below their skill level

Question 12:What is the primary focus of India's Economic planning?

A) Increase in international trade

B) Agricultural reforms

C) Industrial development

D) Economic growth and social justice

Question 13: What is "microeconomics"?

A) The study of national and global economies

B) The study of individual markets and consumer behavior

C) The study of foreign trade

D) The study of public finance

Question 14: Which body prepares the annual budget for the Government of India?

A) Planning Commission

B) Reserve Bank of India

C) Ministry of Finance

D) NITI Aayog

Question 15: What is the term for the minimum support price (MSP)?

A) The price at which government purchases crop from farmers

B) The price at which the government sells food grains to the public

C) The market price of agriculture products

D) The price at which farmers sell their produce in the open market

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Total Questions Attempted: 0

Correct Answers: 0

Wrong Answers: 0

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