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GK QuizIndian Economy

Indian Economy Mixed Quiz: Set 84

  • 20 questions
  • 20 minutes
  • Difficulty: Medium
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About this quiz

Set 84 of the Indian Economy mixed quiz has 20 multiple-choice questions from 14 different topics of the subject: Planning in India and NITI Aayog, Commodity Market and Derivatives, Major Government Schemes and more. 10 of them were asked in real previous-year papers. A topic quiz checks one chapter; this set revises the whole subject at once, the way an exam paper does, where the next question can come from any chapter. Every question carries an explanation of why the correct option is right and why the others are wrong. Keep to the timer, read the explanations at the end, and go back to the notes of any topic where you slipped.

Questions in this quiz

20 questions with answers and explanations

Q1.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2019, GS Paper IHard

With reference to India's Five-Year Plans, which of the following statements is/are correct? 1. From the Second Five-Year Plan, there was a determined thrust towards substitution of basic and capital good industries. 2. The Fourth Five-Year Plan adopted the objective of correcting the earlier trend of increased concentration of wealth and economic power. 3. In the Fifth Five-Year Plan, for the first time, the financial sector was included as an integral part of the Plan. Select the correct answer using the code given below.

  1. A.1 and 2 only
  2. B.2 only
  3. C.3 only
  4. D.1, 2 and 3
Show answer
Correct answer: A. 1 and 2 only

Statements 1 and 2 describe real turns in Indian planning, while statement 3 does not.

Q2.Indian EconomyMedium

A call option gives its holder the right to:

  1. A.Buy the underlying asset at the strike price
  2. B.Sell the underlying asset at the strike price
  3. C.Borrow the underlying asset free of interest
  4. D.Cancel the contract without paying a premium
Show answer
Correct answer: A. Buy the underlying asset at the strike price

A call is the right to call the asset away from the seller, that is to buy it, and a buyer purchases a call when he expects the price of the underlying to rise above the strike price.

Q3.Indian EconomyAsked in: CDS · CDS-II 2026, GKMedium

With reference to Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, which of the following statements is/are correct?

1. It provides health insurance coverage to vulnerable families

2. It covers both secondary and tertiary care hospitalization

3. It is applicable to all citizens irrespective of income

Select the answer using the code given below:

  1. A.1 only
  2. B.2 only
  3. C.1 and 2
  4. D.2 and 3
Show answer
Correct answer: C. 1 and 2

Statements 1 and 2 describe the scheme correctly, while statement 3 does not, because the scheme is targeted at poor and vulnerable families rather than every citizen.

Q4.Indian EconomyEasy

The National Pension System (NPS) in India is regulated by:

  1. A.SEBI
  2. B.IRDAI
  3. C.PFRDA
  4. D.RBI
Show answer
Correct answer: C. PFRDA

The Pension Fund Regulatory and Development Authority, which was given statutory status by the PFRDA Act of 2013, regulates the National Pension System and the Atal Pension Yojana, appoints the pension fund managers and the central record keeping agency, and prescribes the Tier I and Tier II account structure.

Q5.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2022, GS Paper IMedium

In India, which one of the following compiles information on industrial disputes, closures, retrenchments and lay-offs in factories employing workers ?

  1. A.Central Statistics Office
  2. B.Department for Promotion of Industry and Internal Trade
  3. C.Labour Bureau
  4. D.National Technical Manpower Information System
Show answer
Correct answer: C. Labour Bureau

The Labour Bureau, an attached office of the Ministry of Labour and Employment, collects and publishes statistics on industrial disputes, closures, retrenchments and lay-offs.

Q7.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2024, GS Paper IHard

With reference to the Digital India Land Records Modernisation Programme, consider the following statements: 1. To implement the scheme, the Central Government provides 100% funding. 2. Under the Scheme, Cadastral Maps are digitised. 3. An initiative has been undertaken to transliterate the Records of Rights from local language to any of the languages recognized by the Constitution of India. Which of the statements given above are correct ?

  1. A.1 and 2 only
  2. B.2 and 3 only
  3. C.1 and 3 only
  4. D.1,2 and 3
Show answer
Correct answer: D. 1,2 and 3

All three statements about the Digital India Land Records Modernisation Programme are correct.

Q9.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2024, GS Paper IMedium

With reference to the 'Pradhan Mantri Surakshit Matritva Abhiyan', consider the following statements : 1. This scheme guarantees a minimum package of antenatal care services to women in their second and third trimesters of pregnancy and six months post-delivery health care service in any government health facility. 2. Under this scheme, private sector health care providers of certain specialities can volunteer to provide services at nearby government health facilities. Which of the statements given above is/are correct ?

  1. A.1 only
  2. B.2 only
  3. C.Both 1 and 2
  4. D.Neither 1 nor 2
Show answer
Correct answer: B. 2 only

The abhiyan is about antenatal check-ups during pregnancy, not six months of care after delivery.

Q11.Indian EconomyAsked in: CDS · CDS-I 2019, GKMedium

Consider the following statements about indifference curves:

1. Indifference curves are convex to the origin.

2. Higher indifference curve represents higher level of satisfaction.

3. Two indifference curves cut each other.

Which of the statements given above is/are correct?

  1. A.1 only
  2. B.1 and 2
  3. C.2 and 3
  4. D.3 only
Show answer
Correct answer: B. 1 and 2

Statements 1 and 2 are correct; statement 3 is wrong because two indifference curves can never cut each other. An indifference curve shows the combinations of two goods that give a consumer the same satisfaction.

Q12.Indian EconomyEasy

The Directorate General of Foreign Trade functions under which ministry?

  1. A.Ministry of Finance
  2. B.Ministry of Commerce and Industry
  3. C.Ministry of External Affairs
  4. D.Ministry of Micro, Small and Medium Enterprises
Show answer
Correct answer: B. Ministry of Commerce and Industry

The Directorate General of Foreign Trade works under the Department of Commerce in that ministry; it issues the importer-exporter code without which no one can trade across the border, administers the Foreign Trade Policy, and exercises powers under the Foreign Trade (Development and Regulation) Act of 1992.

Q13.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2022, GS Paper IHard

Consider the following statements : 1. The India Sanitation Coalition is a platform to promote sustainable sanitation and is funded by the Government of India and the World Health Organization. 2. The National Institute of Urban Affairs is an apex body of the Ministry of Housing and Urban Affairs in Government of India and provides innovative solutions to address the challenges of Urban India. Which of the statements given above is/are correct ?

  1. A.1 only
  2. B.2 only
  3. C.Both 1 and 2
  4. D.Neither 1 nor 2
Show answer
Correct answer: B. 2 only

The India Sanitation Coalition is an industry-led platform, not one funded by the Government of India and the WHO.

Q15.Indian EconomyHard

A market is said to be in contango when:

  1. A.The futures price is higher than the spot price
  2. B.The futures price is lower than the spot price
  3. C.The spot price and the futures price are equal
  4. D.Trading in the futures contract is suspended
Show answer
Correct answer: A. The futures price is higher than the spot price

Contango is the normal condition of a commodity market, because anyone holding goods until a future date must pay for storage, insurance and interest on the money locked up, and those carrying costs are added to the spot price to arrive at the futures price.

Q16.Indian EconomyMedium

The Jal Jeevan Mission is implemented by which ministry?

  1. A.Ministry of Rural Development
  2. B.Ministry of Jal Shakti
  3. C.Ministry of Housing and Urban Affairs
  4. D.Ministry of Environment, Forest and Climate Change
Show answer
Correct answer: B. Ministry of Jal Shakti

The mission is run by the Department of Drinking Water and Sanitation in that ministry, which was itself created in 2019 by merging the Ministry of Water Resources, River Development and Ganga Rejuvenation with drinking water and sanitation.

Q17.Indian EconomyMedium

The National Industrial Corridor Development Corporation works under which ministry?

  1. A.The Ministry of Road Transport and Highways
  2. B.The Ministry of Commerce and Industry
  3. C.The Ministry of Heavy Industries
  4. D.The Ministry of Railways
Show answer
Correct answer: B. The Ministry of Commerce and Industry

The National Industrial Corridor Development Corporation, which was earlier the Delhi Mumbai Industrial Corridor Development Corporation, is the implementing agency of the National Industrial Corridor Development Programme and functions under the Department for Promotion of Industry and Internal Trade in that ministry.

Q18.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2019, GS Paper IHard

Consider the following statements : 1. Petroleum and Natural Gas Regulatory Board (PNGRB) is the first regulatory body set up by the Government of India. 2. One of the tasks of PNGRB is to ensure competitive markets for gas. 3. Appeals against the decisions of PNGRB go before the Appellate Tribunals for Electricity. Which of the statements given above are correct?

  1. A.1 and 2 only
  2. B.2 and 3 only
  3. C.1 and 3 only
  4. D.1, 2 and 3
Show answer
Correct answer: B. 2 and 3 only

PNGRB promotes competition in gas markets and its decisions are appealed before the electricity tribunal, but it was far from the first regulator in India.

Q19.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2016, GS Paper IMedium

What is/are the purpose/purposes of Government's 'Sovereign Gold Bond Scheme' and 'Gold Monetization Scheme'? 1. To bring the idle gold lying with Indian households into the economy 2. To promote FDI in the gold and jewellery sector 3. To reduce India's dependence on gold imports Select the correct answer using the code given below.

  1. A.1 only
  2. B.2 and 3 only
  3. C.1 and 3 only
  4. D.1, 2 and 3
Show answer
Correct answer: C. 1 and 3 only

Both schemes, launched in November 2015, aimed to put idle household gold to work and to cut the demand for imported gold; neither was about foreign investment.

Q20.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2024, GS Paper IMedium

With reference to the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) Yojana, consider the following statements : 1. The entry age group for enrolment in the scheme is 21 to 40 years. 2. Age specific contribution shall be made by the beneficiary. 3. Each subscriber under the scheme shall receive a minimum pension of ₹ 3,000 per month after attaining the age of 60 years. 4. Family pension is applicable to the spouse and unmarried daughters. Which of the statements given above is/are correct ?

  1. A.1, 3 and 4
  2. B.2 and 3 only
  3. C.2 only
  4. D.1, 2 and 4
Show answer
Correct answer: B. 2 and 3 only

PM-SYM is a contributory pension scheme for unorganised workers in which the worker's monthly share depends on the age at joining and the Centre matches it.

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