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Generate QuizEconomics – Easy Level – GK Questions
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The Securities and Exchange Board of India (SEBI) was given statutory powers through an ordinance in the year ___.
- Solow (or Solow-Swan)
- Production
- 1992
- indirect
Answer: 1992
Although SEBI was initially set up as a non-statutory body in 1988, it lacked enforcement teeth. It was granted statutory status and comprehensive regulatory powers over the securities market via the SEBI Act, which was passed by Parliament in 1992.
What is the maturity period of instruments traded in the 'Call Money Market'?
- 1 day
- 2 to 14 days
- 15 to 90 days
- 1 year
Answer: 1 day
The call money market deals in extremely short-term, uncollateralized loans between banks to meet their immediate reserve requirements. Funds borrowed for exactly one day are called 'call money', whereas funds borrowed for 2 to 14 days are termed 'notice money'.
A Gini coefficient of '0' indicates:
- Perfect inequality
- Perfect equality
- High inflation
- Zero unemployment
Answer: Perfect equality
The Gini coefficient measures the distribution of income or wealth within a population, ranging from 0 to 1. A value of 0 represents perfect equality (everyone has the exact same income), while a value of 1 represents perfect inequality (one person holds all the income).
The short-term unemployment that occurs when workers are transitioning between jobs or searching for their first job is known as ___ unemployment.
- drives out
- social
- milk
- frictional
Answer: frictional
Frictional unemployment is a natural and inevitable part of any dynamic labor market. It represents the time lag between workers leaving one job and finding another that better matches their skills and salary expectations.
Under the PM-KISAN scheme, what is the total annual income support provided to eligible farmer families?
- Rs. 2,000
- Rs. 4,000
- Rs. 6,000
- Rs. 10,000
Answer: Rs. 6,000
The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) provides an annual financial benefit of Rs. 6,000 to small and marginal farmer families. This amount is transferred directly into their bank accounts in three equal installments of Rs. 2,000 every four months.
What is the primary purpose of maintaining a 'Buffer Stock' of food grains by the government?
- To export to foreign countries
- To stabilize market prices and ensure food security
- To provide free food to all citizens
- To generate revenue for the FCI
Answer: To stabilize market prices and ensure food security
Buffer stocks are maintained to intervene in the market during times of shortage or surplus. By releasing stocks during scarcity, the government prevents price spikes, and by procuring during bumper harvests, it prevents price crashes, thereby protecting both consumers and farmers.
Tariff is a tax on imports.
- True
- False
Answer: True
Used primarily to protect domestic industries from foreign competition.
IMF provides long-term development loans.
- True
- False
Answer: False
IMF provides short/medium term Balance of Payments support.
WTO was established in?
- 1991
- 1995
- 2000
- 1947
Answer: 1995
Established on Jan 1, 1995, replacing GATT.
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.