Indian Economy Questions & Answers for Competitive Exams

1. What is the mean of Hardening interest rate? – Interest rate is increasing 
2. In which year did Indian Special Economic Rules amendment come? – 2006 
3. In which year was FEMA (Foreign Exchange Management Act) finally implemented? – 2002 
4. Where is the shore-based steel plant located? – Vishakhapatnam 
5. Which five year plans witnessed the highest growth rate in India? – Eleventh plan 
6. What is an increase in the Bank Rate generally? – Central Bank is following a tight money policy 
7. By which method the National Income in India is estimated? – Product and income methods
8. Stagflation refers to a situation by which is this characterized? – Inflation and rising unemployment 
9. Of which branch is externality theory is the basic theory of Economics? – Environomics 
10. To which market situation does Bilateral monopoly refer? – One seller and one buyer 
11. A portion of an individual's total income is spent on consumption. What is the remaining part  called? – Savings
12. According to Ricardo, why does rent for the land arises? – Because of difference in soil quality 
13. By which name a  company which arranges capital by selling its share in the market? – Joint stock company 
14. What is the mean of disguised unemployment generally? – Marginal productivity of labour is zero 
15. To obtain full benefits of demographic dividend, what should India do? – Promoting skill development 
16. To which is the national income of a country for a period equal? – Money value of final goods and services produced 
17. Supply of money remaining the same when there is an increase in demand for money, what will be? – An increase in the rate of interest 
18. Which committee is related to the estimation of poverty in India? – Suresh Tendulkar Committee 
19. What is the most appropriate measure of a country's economic growth? – Per Capita Product (PCP) 
20. What do we calll the The demand for a product which is wanted for itself? – Direct or Autonomous Demand 
21. Into howmany sectors is Social accounting system in India classified– Public sector, Private sector and Joint sector 
22. In which terms the Government of India refers to the absolute poverty line ? – Household consumption 
23. In order to provide pensions to workers of the unorganized sector, which scheme has been launched by the Government? – Swavalamban 
24. By which commission in India, mergers and acquisition of firms are regulated? – Competition Commission of India 
25. Which item has maximum weight in wholesale price index in India? – Manufactured product 
26. In India, why has the price of petroleum products been deregulated mainly? – Reduce the burden of subsidies given to the oil companies 
27. According to the Companies Act, 2013, what does the 'nominal capital' imply? – The maximum amount of share capital of a company 
28. Which economist believed that unemployment is impossible and the market mechanism has a built-in regulatory system to meet any ups and downs– J. B. Say 
29. How is the effect of a government surplus upon the equilibrium level of NNP (Net National Product) substantially? – Same as an increase in consumption 
30. What will be, if the average total cost is declining? – The marginal cost must be less than the average total cost 


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