Economics (Part – V)

Total Questions: 50

31. The concept of joint sector implies cooperation between - [S.S.C. Online C.G.L. (T-I) 1.09.2016 (Shift-II)]

Correct Answer: (a) Public sector and private sector industries
Solution:Joint sector industries are owned jointly by the government and private individuals who have contributed to the capital. In the joint sector, both public sector and private sector join hands to establish new enterpriser. The joint sector is an extension of the concept of mixed economy.

32. Market imperfections of a country are reflected in_______ . [S.S.C. Online CHSL (T-I) 6.03.2018 (Shift-II)]

Correct Answer: (d) All options are correct
Solution:Market imperfections of a country are reflected in things such as price rigidity, factor immobility, and lack of specialization.

33. Which of the following regulates the insurance business in India? [S.S.C. Online C.G.L. (T-I) 28.08.2016 (Shift-I)]

Correct Answer: (d) IRDA
Solution:

The Insurance Regulatory and Development Authority (IRDA) is an autonomous body, established in the year 1999 under the IRDA Act, 1999. The goal of this organization is to protect the interests of the policy holder, systematic regulation of insurance industry affairs, promotion and work on related and incidental matters.

34. Which among the following does not count in the development expenditure of the government? [S.S.C. Online CHSL (T-I) 10.01.2017 (Shift-II)]

Correct Answer: (d) Defence expenditure
Solution:Expenditures on economic services, expenditures on social and communist services, and grants to states are examples of developmental expenditures. Among the given options, defense expenditure is not an example of developmental expenditure.

35. Who among the following was the first Finance Minister of Independent India? [S.S.C. Online C.G.L. (T-I) 18.08.2021 (Shift-III)]

Correct Answer: (c) R.K. Shanmukham Chetty
Solution:R.K. Shanmukham Chetty (1892-1953) became the first finance minister of India after Independence in 1947. He was an economist. Chetty graduated from the prestigious Madras Christian College.

36. According to the 2016-17 budget, what is the largest source of capital for the Government of India? [S.S.C. Online C.G.L (T-I) 4.09.2016 (Shift-I)]

Correct Answer: (d) Borrowings and other liabilities
Solution:According to the time question asked and the current Budget 2023-24, the biggest source of capital for the Government of India is 'Borrowing and other Liabilities'.

In budget 2023-24

Source

Reciepts

'Debts' and other liabilities

Rs 1786816 crore

non tax revenue

Rs 301650 crore

Corporation tax

Rs 922675 crore

Income tax

Rs 900575 crore

37. The value of the Gross Domestic Product (GDP) of India is published by PIB in________ . [S.S.C. Online CGL (T-I) 12.04.2022 (Shift-I)]

Correct Answer: (d) Indian Rupee
Solution:PIB publishes the value of the GDP in the Indian Ru-pee.

38. What was the Gross Domestic Product (GDP) for India in 2016-17 Financial Year? [S.S.C. Online CHSL (T-I) 6.03.2018 (Shift-II)]

Correct Answer: (b) 7.10%
Solution:

In the question period, option (b) was the correct answer while according to budget estimates, 2023-24, India's Gross Domestic Product (GDP) would grow by 5.9 per cent in 2023-24, 6.4 per cent in 2022-23 percent and in the year 2022-23 is 6.4 percent.

39. India was able to achieve the fiscal deficit target for the Financial Year 2016-17. It was how much percent of GDP? [S.S.C. Online CHSL (T-I) 8.03.2018 (Shift-II)]

Correct Answer: (a) 3.50%
Solution:In the question period, option (a) was the correct answer, whereas as per the budget estimates, 2023-24, India's fiscal deficit was 6.7 per cent of the Gross Domestic Product (GDP) in the year 2021-22 (actual). In the budget estimate for the year 2022-23, it is 6.4 percent of GDP, fiscal deficit is 6.4 percent of GDP in the year 2022-23 and it is 5.9 percent of GDP in the year 2023-24.

40. As per Union Budget 2021-22, Fiscal deficit is estimated at________per cent of GDP in 2021-22. [S.S.C. Online CGL (T-I) 13.04.2022 (Shift-I)]

Correct Answer: (d) 6.8
Solution:According to the Union Budget 2021-2022, the pub-lic finance deficit in 2021-2022 is estimated to be 6.8 percent of GDP

Note- As per the union budget 2023-24, Fiscal defe-cit is estimated at 5.9 percent of GDP.