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Generate QuizEconomics – Fill in the Blank – GK Questions
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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.
Mixed economy means co-existence of ___ and private sectors.
- public
- 279A
- increase
- base
Answer: public
Co-existence of government and private business entities.
FRBM Act was enacted in ___.
- 40
- 2003
- durable (or capital / physical)
- two
Answer: 2003
Fiscal Responsibility and Budget Management Act.
Fiscal deficit = Total expenditure - ___.
- Total receipts excluding borrowings
- IDA
- durable (or capital / physical)
- Unfunded
Answer: Total receipts excluding borrowings
It indicates the total borrowing requirement of the government.
GST is a ___ tax.
- indirect
- trust (or confidence / faith)
- final
- banks
Answer: indirect
Levied on the supply of goods and services.
Bank rate is for ___ term lending.
- long
- Refinery Products
- Net Factor Income from Abroad (NFIA)
- 1998
Answer: long
No collateral is required unlike the repo rate.
CRR is maintained as a percentage of ___.
- below
- 1999
- NDTL
- gig
Answer: NDTL
Net Demand and Time Liabilities.
RBI's monetary policy committee has ___ members.
- two
- Commerce and Industry
- low (or zero / no)
- six
Answer: six
3 members from RBI and 3 external members nominated by Govt.
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.
Gresham's law: Bad money ___ good money.
- jobless growth
- Refinery Products
- quantitative
- drives out
Answer: drives out
People tend to hoard good money and circulate bad money.
M1 = Currency + ___ + Other deposits.
- employment elasticity (or labor market)
- Demand deposits
- 112
- Peer (or P2P)
Answer: Demand deposits
M1 is the narrowest measure of money supply.
Per capita income = National Income / ___.
- Population
- short
- less
- 3.5
Answer: Population
Represents the average income per person in the country.
Real GDP is adjusted for ___.
- open market borrowings (or debt / bonds)
- inflation
- countervailing
- PT (or PY)
Answer: inflation
Real GDP uses base year prices to remove inflation effects.
NNP at factor cost is known as ___.
- below
- National Income
- collusion
- frictional
Answer: National Income
It is the purest measure of a country's national income.
Total cost = Total fixed cost + ___.
- Foreign Currency Assets (FCA)
- Total variable cost
- 1998
- Okun's
Answer: Total variable cost
TC is the sum of TFC and TVC.
MRTS is the slope of ___.
- isoquant
- final
- interest
- NPCI (or National Payments Corporation of India)
Answer: isoquant
Marginal Rate of Technical Substitution.
Law of variable proportions applies to ___ run.
- short
- drives out
- TRIMs (or Trade-Related Investment Measures)
- Treasury
Answer: short
Analyzes the effect of adding variable inputs to fixed ones.
Cartel is a form of ___.
- India Debt Resolution Company Ltd (IDRCL)
- Countercyclical
- collusion
- arbitrage (or resale)
Answer: collusion
Cartels are formal collusive agreements among firms.
Duopoly has ___ sellers.
- two
- Diminishing Marginal
- middle-income (and creditworthy low-income)
- Refinery Products
Answer: two
Duopoly means exactly two sellers dominate the market.
Monopolistic competition features ___ differentiation.
- product
- working
- lender of last resort
- purchasing (or buying)
Answer: product
Products are similar but differentiated by brand/features.