SET 2 – Economy Questions and Answers

Important questions and answers of GK Set-2 related to Economics language for various competitive exams

Economy GK – Set 2: – GK Questions related to Economics below Section-2 Questions and answers have been written . All the economics related question banks, railways, SSC etc. published in this section will be important and helpful for you in all examinations.

Question 1. Which is the largest tax payment sector in India?

  1. Agricultural Sector
  2. Industrial Area
  3. Transport Sector
  4. Banking Sector
See correct answer
Answer: Industrial Area

Question 2. How many% of the population in India depend on agriculture industry?

Show Answer
Answer: 58.9%

Question 3. Which of the following most closely approximates our definition of nobility?

  1. Cigarette Industry
  2. Barber Shops
  3. Gasoline Station
  4. Wheat farmers
See correct answer
Answer: Gasoline station

Question 4. Which method is acceptable in the following?
10 rupee note
all of which

Show Answer
Answer: 10 rupee note

Question 5. Economics is what it should be. This statement refers to?

  1. Regulatory Economics
  2. Positive Economics
  3. Monetary Economics
  4. Fiscal Economics
See correct answer
Answer: Regulatory economics

Question 6. Which district of Bihar has the highest per capita income?

Show Answer
Answer: Patna

Question 7. A demand is created only when it is supported by ____?

  1. Affordability
  2. Need to Buy
  3. Willingness to Buy
  4. Product Utility
See the correct answer
Answer: Willingness to buy

Question 8. When was the Planning Commission formed in India?
15 March 1950
20 September 1951
22 October 1952
22 March 1952

Show Answer
Answer: 15 March 1950

Question 9. The ‘break-even’ point is where _____?

  1. Marginal revenue equals marginal cost
  2. Average revenue equals average cost
  3. Total revenue equals total cost
  4. none of these
See correct answer
Answer: Total revenue equals total cost

Question 10. Which action is done by the teacher teaching his son?
Both of them
None of these

Show Answer
Answer: Both

Question 11. What is the national income of a country based on?

  1. Taxes earned by the state
  2. Sum of all factor income
  3. Personal income of all citizens
  4. Surplus of exports on imports
See correct answer
Answer: Personal income of all citizens

Question 12. Which of the following is called primary field?
To agriculture
Industrial sector
To the service sector
None of these

Show Answer
Answer: Agriculture sector

Question 13. What is the purchase of shares and bonds of Indian companies by foreign institutional investors?

  1. Foreign Direct Investment
  2. Share Group Investment
  3. NRI Investments
  4. Foreign Indirect Investment
See correct answer
Answer: Foreign Indirect Investment

Question 14. In which year was the right to service in Bihar implemented?

Show Answer
Answer: 2011

Question 15. By whom is the rate of interest determined?

  1. Rate of return on capital invested
  2. Central Government
  3. Liquidity Preference
  4. Commercial Bank
See correct answer
Answer: Liquidity preference

Question 16. What are the different grounds for explaining economic development?
Economic welfare basis
Gross national product
Per capital income
All of these

Show Answer
Answer: All of these

Economics Questions – SET 3

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