Important Static GK Questions and Answers PDF – Indian Economy
The general awareness section is one of the most important scoring sections in the MBA entrance exams, such as CMAT, TISSNET, XAT, IIFT, etc. In the GK (General Knowledge) section, there will be two types of question that may arrive, which includes static GK and Current affairs. In this article, we will provide you with some important static GK questions and answers in PDF, which consist of important Indian Economy related questions. One can download the PDF by clicking the given below link.
Download Static GK Questions For MBA Exams (Economy)
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Question 1: In the context of economy, what is the full form of ‘NEER’?
a) Normal Efficient Exchange Return
b) New Easy Exchange Rate
c) Nominal Effective Exchange Rate
d) Negotiable Effective Exchange Return
e) Net Effective Exchange Rate
1) Answer (C)
Solution:
NEER ⇒ Nominal Effective Exchange Rate
Hence, option c is the correct answer.
Question 2: Who formulated the economic liberalisation policies in India?
a) Rajiv Gandhi
b) PV Narsimha Rao
c) Atal Bihari Vajpayee
d) Raghuram Rajan
e) Dr. Manmohan Singh
2) Answer (E)
Solution:
Dr. Manmohan Singh formulated the economic liberalisation policies in India
Question 3: NABARD was founded in which year?
a) 1998
b) 1982
c) 1995
d) 1987
3) Answer (B)
Question 4: Which of the following belongs to primary sector.
a) Textiles
b) Factories
c) Food Processing
d) Oil refineries
e) Mining
4) Answer (E)
Solution:
Mining belongs to the primary sector .
Question 5: What is meant by gilt-edged markets?
a) Market of private securities
b) Market of govt securities
c) Market of international securities
d) None of the above
5) Answer (B)
Question 6: Stagflation is the simultaneous appearance of :
a) slow growth, high employment, and rising prices in an economy
b) fast growth, high unemployment, and falling prices in an economy
c) fast growth, high employment, and falling prices in an economy
d) slow growth, high unemployment, and rising prices in an economy
e) slow growth, high unemployment, and falling prices in an economy
6) Answer (D)
Solution:
Stagflation is the simultaneous appearance of slow growth, high unemployment, and rising prices in an economy.
Hence, option d is the correct answer.
Question 7: Who maintains foreign exchange reserves in India?
a) SEBI
b) Ministry of Finance, Government of India
c) State Bank of India
d) Reserve Bank of India
e) EXIM Bank
7) Answer (D)
Solution:
The reserves are managed by the Reserve Bank of India for the Indian government and the main component is foreign currency assets. Foreign-exchange reserves act as the first line of defense for India in case of economic slowdown, but acquisition of reserves has its own costs.
Question 8: Human Development Index was first developed in which year?
a) 1985
b) 1980
c) 1995
d) 2001
e) 1990
8) Answer (E)
Solution:
Pakistani economist Mahbub ul Haq created HDI in 1990 which was further used to measure the country’s development by the United Nations Development Program (UNDP).
Question 9: How many women has served as RBI governor in India.
a) 2
b) 0
c) 1
d) 3
e) 5
9) Answer (B)
Solution:
The Reseve Bank of India has never had a female Governor since it was formed on April 1 1935.
Question 10: What is the abbreviation of PAN?
a) Permanent Account Number
b) Personal Access Number
c) Private Account Number
d) Public Access Number
10) Answer (A)
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Question 11: Who introduced Income Tax in India?
a) Jawaharlal Nehru
b) B R Ambedkar
c) Lord WIlliam Bentick
d) James Wilson
11) Answer (D)
Question 12: What is NPA?
a) It is a loan/advance for which the principal/interest payment remained overdue for a period of 120 days.
b) It is a loan for which the interest payment remained overdue for a period of 180 days.
c) It is a loan/advance for which the principal/interest payment remained overdue for a period of 90 days.
d) It is a loan for which the interest payment remained overdue for a period of 150 days.
e) None of the above
12) Answer (C)
Solution:
NPA is a loan/advance for which the principal/interest payment remained overdue for a period of 90 days.
Hence, option c is the correct answer.
Question 13: What are the sources of revenue for the central government in India?
a) Taxes on income and expenditure
b) State tax revenue
c) Income from state-run enterprises
d) None of the above
13) Answer (A)
Question 14: Which of the following is not the purpose of International Monetary Fund.
a) To foster global monetary cooperation.
b) To secure financial stability
c) To promote international trade .
d) To give loans to countries
e) To reduce poverty around the world
14) Answer (D)
Solution:
IMF do not give loans to countries, hence option D is the correct answer .
Question 15: Octroi tax comes under which type of Tax
a) Direct Tax
b) Indirect Tax
c) Wealth Tax
d) None of these
15) Answer (B)
Question 16: The term “bull and bear” is associated with ____________.
a) Banking sector
b) Stock market
c) Bull fighting
d) Parliament of India
16) Answer (B)
Solution:
The term “bull and bear” is associated with the Stock market.
Question 17: What is Disguised Unemployment?
a) It is a type of unemployment where people employed are less than actually needed.
b) It is a type of unemployment where there is a major mismatch between the worker’s skills and the availability of jobs.
c) It is a type of unemployment where people employed are more than actually needed.
d) It is a type of unemployment where people are working for a very short period of time with a contract.
e) It is a type of unemployment where people are working for a short period of time without a contract.
17) Answer (C)
Solution:
Disguised Unemployment is a type of unemployment where people employed are more than actually needed.
Hence, option c is the correct answer.
Question 18: Which country had first adopted GST?
a) France
b) India
c) China
d) Japan
18) Answer (A)
Question 19: What does D stand for in NDTL used in economics?
a) Demand
b) Development
c) Domestic
d) Derivative
19) Answer (A)
Question 20: The unemployment rate in india is calculated by which of the following?
a) RBI
b) BLO
c) NSSO
d) CSO
20) Answer (C)
Solution:
The unemployment rate in india is calculated by NSSO(National Sample Survey Office).
Hence, option c is the correct answer.
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. Most important GK questions for MBA exams such as CMAT, TISSNET, XAT, IIFT, etc.){kind=link}