SET 3 – Economy Questions and Answers

Important questions and answers of GK Set-3 related to Economics language for various competitive exams

Economy GK – Set 3: – GK Questions related to Economics below Section-3 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 class consists of redistribution of income and wealth in favor of inflation?

  1. Pensioner
  2. Poor
  3. Middle Class
  4. Rich Class
See correct answer
Answer: Rich class

Question 2. When did the new economic policy program on economic reform start?
July 1982
July 1993
July 1991
July 1994

Show Answer
Answer: July, 1991

Question 3. When was the Fringe Benefit Tax introduced in the budget?

  1. 2003-04
  2. 2004-05
  3. 2005-06
  4. 2006-07
See correct answer
Answer: 2005-06

Question 4. Which place is India based on PPP (Purchasing Power Parity)?

Show Answer
Answer: 3

Question 5. Excise duty is a tax of ________?

  1. Items that are exported
  2. Items that are imported
  3. Both exported and imported goods
  4. Goods produced and consumed within the country
See correct answer
Answer: Goods produced and consumed within the country

Question 6. India has got more success in which industry sector?
computer software
computer hardware
None of these

Show Answer
Answer: Computer Software

Question 7. What does indirect tax mean?

  1. There is no direct connection between the taxpayer and the government
  2. Direct relationship between taxpayer and government
  3. Tax base income is
  4. The event and effect is on the person who is taxed
See correct answer
Answer: There is no direct connection between taxpayer and government

Question 8. The pace of economic growth due to population growth is _________?
Gets faster
Stays normal
Gets dim
Nothing happens

Show Answer
Answer: dims

Question 9. One of the essential conditions of full competition is ______?

  1. Product differentiation
  2. Multiplicity of prices for similar products at any one time
  3. Many sellers and few buyers
  4. Only one price for the same goods at any one time
See the correct answer
Answer: Multiplicity of prices for similar products at any one time

Question 10. The basic structure of an economy is created by
By industries
By services
By agriculture
By three

Show Answer
Answer: by trio

Question 11. “Hindu rate of development for Indian economy” Who said the word “Hindu rate of growth for Indian economy”?

  1. A.K. Sen
  2. Kirit S. Parikh
  3. Raj Krishna
  4. Montek Singh Ahluwalia
See correct answer
Answer: Raj Krishna

Question 12. In which year was the Golden Jubilee Urban Employment Scheme launched?

Show Answer
Answer: 1997

Question 13. Which of the following is not an example of indirect tax?

  1. Sales Tax
  2. Excise
  3. Customs
  4. Expenditure Tax
See correct answer
Answer: Spending Tax

Question 14. The Cooperative Planning Committee was formed under whose leadership?
R. G. Saraiya

Show Answer
Answer: R. G. Saraiya

Question 15. What is the main purpose of devaluation?

  1. Encourage Import
  2. Encourage Export
  3. Encourage both exports and imports
  4. Discouraging both exports and imports
See correct answer
Answer: Encourage export

Economics Questions – SET 4

Economics Questions – SET 2

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