Create a custom practice set
Pick category, difficulty, number of questions, and time limit. Start instantly with your own quiz.
Generate QuizEasy Level – GK Questions
Free practice for SSC, UPSC, Banking & Railway exams. No login required.
Operation Flood is related to ___ production.
- 3.5
- open market borrowings (or debt / bonds)
- milk
- 75
Answer: milk
Also famously known as the White Revolution in India.
Green revolution was for food grains.
- True
- False
Answer: True
Primarily focused on high-yielding varieties of wheat and rice.
LPG reforms were introduced in?
- 1985
- 1991
- 1995
- 2000
Answer: 1991
Liberalization, Privatization, and Globalization.
Mixed economy means co-existence of ___ and private sectors.
- public
- 279A
- increase
- base
Answer: public
Co-existence of government and private business entities.
Five Year Plans started in 1951.
- True
- False
Answer: True
The First Five Year Plan covered the period 1951-1956.
NITI Aayog replaced?
- Finance Commission
- Planning Commission
- CAG
- ECI
Answer: Planning Commission
Formed on January 1, 2015, via a cabinet resolution.
Corporation tax is a direct tax.
- True
- False
Answer: True
It is directly levied on the net profits of corporations.
GST is a ___ tax.
- indirect
- trust (or confidence / faith)
- final
- banks
Answer: indirect
Levied on the supply of goods and services.
Direct tax burden can be shifted.
- True
- False
Answer: False
The incidence and impact fall on the exact same person.
Fiscal policy is managed by?
- RBI
- Ministry of Finance
- SEBI
- NITI Aayog
Answer: Ministry of Finance
Deals with government taxation and expenditure.
Reverse repo is higher than repo rate.
- True
- False
Answer: False
Reverse repo rate is always kept lower than the repo rate.
Repo rate is rate at which RBI?
- Borrows from banks
- Lends to banks
- Lends to public
- Buys bonds
Answer: Lends to banks
Short-term lending to banks against approved securities.
RBI nationalized in 1949.
- True
- False
Answer: True
Nationalized on January 1, 1949.
RBI was established in?
- 1935
- 1947
- 1949
- 1969
Answer: 1935
Established on April 1, 1935, based on the Hilton Young Commission.
Deflation is a ___ in general price level.
- Pareto Efficiency (or Pareto Optimality)
- InvITs (or Infrastructure Investment Trusts)
- arbitrage (or resale)
- sustained decrease
Answer: sustained decrease
The exact opposite phenomenon of inflation.
Barter system requires double coincidence of wants.
- True
- False
Answer: True
Both parties must desire exactly what the other has to offer.
Legal tender can be refused.
- True
- False
Answer: False
Legally, it cannot be refused for the settlement of debts.
Fiat money is backed by?
- Gold
- Silver
- Government order
- Forex
Answer: Government order
Fiat money has no intrinsic value and is backed by govt decree.
Per capita income = National Income / ___.
- Population
- short
- less
- 3.5
Answer: Population
Represents the average income per person in the country.
Nominal GDP is always greater than Real GDP.
- True
- False
Answer: False
False during periods of deflation or in the base year.