Economics GK Questions & Answers: Economics Quiz

The best way to score a good score in this section is to go through as many Economics Questions and answers as well.

11) Who among the following was the chairman Financial Sector Legislative Reforms Commission (FSLRC)?

(A) Justice B N Srikrishna

(B) Justice Debi Prasad Pal

(C) Prof. Y H Malegam

(D) Justice Shivraj V patil

Answer: A (Justice B N Srikrishna)

12) Dr. N.C. Saxena Committee was set up by the Ministry of Rural Development to advise it on

1 Suitable methodology for BPL Census

2 Estimation of poverty

Choose the correct option:

(A) Only 1

(B) Only 2

(C) Both 1 & 2

(D) Neither 1 nor 2

Answer: A (Only 1)

13) Which among the following decides the Saving Banks Account Interest Rate in India?

(A) Ministry of Finance


(C) Indian Banks’ Association (IBA)

(D) Banks themselves

Answer: D (Banks themselves) 

14) How many key infrastructure sectors are known as Core sector in Indian Economy used for Index of Industrial Production (IIP) data?

(A) 9

(B) 6

(C) 5

(D) 8

Answer: D (8)

15) Bring out the only statement, which is not fully correct:

(A) An increase in the supply of money will always result in inflation

(B) Inflation occurs when the value of money declines

(C) Cost inflation occurs when prices rise to cover increased factor costs

(D) Inflation will have the effect of redistributing incomes within a country

Answer: A (An increase in the supply of money will always result in inflation)

16) The investment in Plant & Machinery up to which among the following amounts in India is called a Tiny Unit in India?

(A) Rs. 5 Lakh

(B) Rs. 10 Lakh

(C) Rs. 15 Lakh

(D) Rs. 25 Lakh

Answer: D (Rs. 25 Lakh)

17) In which of the following years, the Family Planning Insurance Scheme was launched in India?

(A) 2003

(B) 2005

(C) 2006

(D) 2008

Answer: B (2005)

18) Commercial Paper (CP) is an unsecured money market instrument issued in the form of a _____?

(A) Demand Draft

(B) Cheque

(C) Bill of Exchange

(D) Promissory Note

Answer: D (Promissory Note)

19) Central Employment Guarantee Council overlooks the progress of which among the following scheme?


(B) Food for Works Programme

(C) National Rural Livelihood Mission

(D) All of them

Answer: A (MGNREGA)

20) Interests payable on savings bank accounts in India is ___

(A) Regulated by RBI

(B) Not Regulated

(C) Regulated by Central Government

(D) Regulated by State Governments

Answer: B (Not regulated)

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