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  • Indian Economy Study Quiz 1 for Assam Police, PNRD, DHS, SSC, Railway Exam

    Assam GK Quiz

    Here we discuss about some Indian Economy Questions for all Competitive exams. This questions are most repeated and must known by everyone for any competitive exams.


    1. When there is affect on economic activity of an specific country due to import and export, then such economy are called-

    (a) Closed economy

    (b) Open economy

    (c) Agricultural economy

    (d) Industrial economy


    Ans. (b)

    Explanation :- When there is change in economy due to import and export, then such economy is called Open economy. India enacted Open economy in 1991.



    2. The Worldwide great depression happens in which year-

    (a) 1936

    (b) 1929

    (c) 1928

    (d) 1930


    Ans. (b)

    Expl:- The duration of great depression was different for different countries, but the starting of depression was 1929-32. The unemployment of America increases by +607%. Similarly in Germany by +214% & France by +214%.



    3. Which among the following is not the investment of goods & services?

    (a) Cost of machinery

    (b) Increase in cost of raw goods

    (c) Increasing deparment of company

    (d) Cost of buying house.


    Ans. (c) 

    Explanation :- Increasing the department of company is not the matter of investment on goods and services.



    4. Preparing butter and ghee for household consumption of own family is a part of –

    (a) Household investment production

    (b) Industrial production

    (c) Consumption

    (d) Own Account Production


    Ans. (d)

    Explanation :- Preparing butter and ghee by a family for household consumption is a part of own account production.



    5. Multinational firm is–

    (a) A company started by foreign governments

    (b) A single company established in different countries

    (c) A company in India started by U.S. government

    (d) A company started jointly by India and U.S.


    Ans. (b)

    Explanation :- The Multinational firms are spread in various part of world. There modern techniques are welt equipped & products of such firms are widely spread and preferred in all parts of worlds.



    6. Internal profit –

    (a) Happens when internal trade expands

    (b) Happens when business expands

    (c) Happens in economy when they increase

    (d) Happens in firms when they expand their product


    Ans. (d) 

    Explanation :- Internal profit are made to firms when they expand their products. High level productivity, labour-division and modern equipments when used in better way, then internal profit is made. They are called as internal because firms increase their quality & quantity of production then only they gain internal profit.



    7. The best Example of capital intensive industry in India is –

    (a) Textile industry

    (b) Steel industry

    (c) Tourism industry

    (d) Spare goods industry.


    Ans. (b) 

    Explanation :- Intensive industry are those industries which need large amount of capital for investment.



    8. The Removal of prohibitions and hindrance by government is called.

    (a) Globalisation

    (b) Privatisation

    (c) Liberalisation

    (d) Bilateral understanding.


    Ans. (c)



    9. Which of the following is related to South-South debate?

    (a) Cooperation between developing countries

    (b) Defence Organisation

    (c) Sitting between developed & developing countries

    (d) All of the above.


    Ans. (a) 

    Explanation :- South-South organization was held from 14-16 December 1978 in Tanzania. Its aim was to put focus for “new international economic view.”



    10. In a economy “Development Stage” means-

    (a) Starting of steadily increasing economy

    (b) Bad economy

    (c) Economy is on the verge of destroying

    (d) All tariff to be removed.


    Ans. (a)

    Explanation :- In economy “development stage” means starting of steadily increasing economy.



    11. The tree like structure of records in a database in –

    (a) Network Model

    (b) Hierarchical Model

    (c) Relational Model

    (d) Multi-Dimenmoral Model


    Ans. (b)

    Explanation :- Hierarchical structures were widely used in the early mainframe database management system, such as the Information Management System.



    12. According to Kenz, consumption function shows relation between.

    (a) Total Consumption and Total Population

    (b) Total Consumption and Normal Price Rate

    (c) Total Consumption and Total Income

    (d) Total Consumption and Rate of Interest


    Ans. (c)

    Explanation :- The Consumption function shows relation between Total Consumption and Total Income. It shows that consumption and income are inversely related



    13. The interest in infrastructure is less because

    (a) There is large invest in it

    (b) There needs a desired project

    (c) Time to finish the infrastructure is more

    (d) Profit is gained after long time.


    Ans. (d)



    14. “World Bank” is also called as –

    (a) International Bank for Reconstruction and development

    (b) International, rehabilation and development bank

    (c) International rehabilated and development bank

    (d) None of these.


    Ans. (a)

    Explanation :- See the explanation of above question.



    15. What will happen if labour productivity is increased ?

    (a) Balanced cash wage will decrease

    (b) Competitive firms will be forced to invest more

    (c) Labour demand curve will shift towards right

    (d) None of the above.


    Ans. (c)

    Explanation :- If there is low marginal labour production, then after giving wages there will be profit from marginal labourer. Ultimately, demand of labour will increase and labour demand curve will shift towards right.



    16. Socialism is successful in achieving because of –

    (a) Excess socialistic approach in society

    (b) To increase standard of living

    (c) Equal distribution of income

    (d) None of the above


    Ans. (a)

    Explanation :- Making social welfare is the success of socialism



    17. Which among of the following is not a positive sign for any industry.

    (a) Decrease in profit

    (b) Labour instability

    (c) Decrease in market

    (d) Decrease in demand


    Ans. (a)

    Explanation :- Decrease in profit is not a sudden positive sign.



    18. IMF was established to meet which of the following objectives.

    (i) Promoting International Monetary Cooperation

    (ii) Expending International Trade

    (iii) Lessening the inequlibrium in trade

    (iv) Avoiding competitive exchange depreciations.


    (a) i,ii,iii

    (b) i, iii, iv

    (c) ii, iv

    (d) i, ii, iii, iv


    Ans. (b)

    Explanation :- IMF stands for international monetary fund. It publishes “World Economic outlook” every year, IMF is an organisation of 189 countries, working to faster global monetary co-orperation, secur. The International Monetary Fund (IMF) is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.



    19. The capital of IMF is made up by the contribution of –

    (a) Credit

    (b) Deficit Financing

    (c) Member Nations

    (d) Borrowings


    Ans. (c)

    Explanation :- IMF was established on 27th Dec 1945 by Bretton Woods conference. It started working from 1st March, 1947. Every member nations gives 25% money in terms of gold or US dollars.



    20. The term “Micro Economics” and “Macro Economics” was coined by –

    (a) Alfred Marshal

    (b) Ragner Nurkse

    (c) Ragner Frisch

    (d) J.M. Keynes


    Ans. (c)

    Explanation :- The difference between micro and macro economics is simple. Microeconomics is the study of economics at an individual, group or company level. Macroeconomics, on the other hand, is the study of a national economy as a whole. Microeconomics focuses on issues that affect individuals and companies.

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