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 Indian Economy Questions

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Q:

Saving is that portion of money income that is .....

A) spent for development of Industries B) not spent on consumption
C) spent on health and education D) spent for consumer durables
 
Answer & Explanation Answer: B) not spent on consumption

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Q:

PMVVY (Pradhan Mantri Vaya Vandana Yojana) pension limit extends to which timeline?

A) March, 2021 B) March, 2019
C) March, 2022 D) March, 2020
 
Answer & Explanation Answer: D) March, 2020

Explanation:

PMVVY (Pradhan Mantri Vaya Vandana Yojana) pension limit extends to March, 2020.
The Union Cabinet, chaired by Prime Minister Narendra Modi approved extending the investment limit from Rs 7.5 lakh to Rs 15 lakh under the Pradhan Mantri Vaya Vandana Yojana (PMVVY).
It also extended the last date for a subscription to the scheme till March 31, 2020. The time limit was earlier supposed to end on May 4, 2018.
The PMVVY is being implemented through Life Insurance Corp (LIC) to provide social security during old age and protect the elderly aged 60 years and above against a future fall in their interest income due to uncertain market conditions. The scheme provides an assured pension based on a guaranteed rate of return of 8 percent per annum for 10 years.

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Q:

Movement along the supply curve is known as ______

A) Contraction of supply B) Expansion of supply
C) Increase in supply D) Expansion and contraction of supply
 
Answer & Explanation Answer: D) Expansion and contraction of supply

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Q:

The __________ exchange rate is the relative price of foreign goods in terms of domestic goods.

A) Artificial B) Nominal
C) Fixed D) Real
 
Answer & Explanation Answer: D) Real

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Q:

A commodity market has a _________ structure, if there is one seller of the commodity, the commodity has no substitute, and entry into the industry by another firm is prevented.

A) Perfect Competition B) Monopoly
C) Oligopoly D) Monopolistic Competition
 
Answer & Explanation Answer: B) Monopoly

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Q:

Goods which are consumed together are called?

A) Inferior goods B) Normal goods
C) Complementary goods D) Substitute goods
 
Answer & Explanation Answer: C) Complementary goods

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Q:

The market structure called monopoly exists where there is exactly ______ seller in any market.

A) One B) Two
C) Five D) Ten
 
Answer & Explanation Answer: A) One

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Q:

The word development in economics pertains to

A) democratic countries B) third world countries
C) advanced countries D) undeveloped countries
 
Answer & Explanation Answer: B) third world countries

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