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Generate QuizEconomics – GK Questions
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Dumping means selling abroad at?
- High price
- Lower than domestic price
- Cost price
- Premium
Answer: Lower than domestic price
Considered an unfair trade practice under WTO rules.
Quota is a ___ restriction on trade.
- tangent
- quantitative
- Washington
- National Income
Answer: quantitative
Imposes a strict physical limit on the quantity imported.
Tariff is a tax on imports.
- True
- False
Answer: True
Used primarily to protect domestic industries from foreign competition.
Devaluation of currency helps?
- Imports
- Exports
- Both
- Neither
Answer: Exports
Makes domestic goods cheaper and more competitive abroad.
FERA was replaced by ___.
- multiplier
- rivalrous (or unregulated common)
- Capital
- FEMA
Answer: FEMA
Foreign Exchange Management Act, passed in 1999.
Current account includes FDI.
- True
- False
Answer: False
FDI and FII flows are recorded in the Capital account.
Balance of Payments records?
- Only exports
- All economic transactions
- Only imports
- Only gold
Answer: All economic transactions
A systematic record of all economic transactions with the world.
World Bank's lending agency for poorest countries is ___.
- NPCI (or National Payments Corporation of India)
- quantitative
- Production
- IDA
Answer: IDA
International Development Association.
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.
Poverty line in India is estimated by?
- NITI Aayog / Tendulkar
- RBI
- World Bank
- NSSO only
Answer: NITI Aayog / Tendulkar
Historically estimated by Planning Commission using Tendulkar/Rangarajan methods.
Demographic dividend is due to ___ age group.
- notice
- working
- Consumer Price Index (CPI)
- Triffin
Answer: working
Refers to the 15-59 years working-age population.
HDI includes life expectancy.
- True
- False
Answer: True
Components are Health (life expectancy), Education, and Standard of living.
Father of Indian economic reforms?
- Nehru
- Manmohan Singh
- Modi
- Vajpayee
Answer: Manmohan Singh
Served as the Finance Minister during the 1991 crisis.
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.