Quiz 55: Basic GK : Economics

1. Ad Valorem Tax is levied on the basis of which among the following?

2. A systematic record of all economic transactions completed between residents of a country and the rest of the world in a year is known as..?
[A]Net Capital Flow
[B]Balance of Payment
[C]Balance of Trade
[D]Absolute Flow

3. “A statement of estimated receipts and expenditures called annual Financial Statement (Budget) has to be placed before parliament for each financial year.”
The above provision has been enshrined in which among the following articles of Constitution of India?
[A]Article 110
[B]Article 111
[C]Article 112
[D]Article 113

4. Consider the following taxes:
1. VAT paid during purchase of a tyre tube for a vehicle
2. Service Tax paid while making payments of dinner in a restaurant
3. Duty paid while importing a machinery from abroad
Which among the above are “direct taxes”?
[A]Only 1
[B]1 & 2
[C]1, 2 & 3
[D]None of them

5. Birth rate is number of births per ………….of the population during one year.

6. Capitalism is based upon “Laissez-faire system”. What is “Laissez-faire system”?
[A]No governmental intervention
[B]Maximum governmental intervention
[C]Role of Market Forces is Minimum
[D]Limited government Intervention

7. Those goods which have positive relationship between price and quantity demanded are called as ….?
[A]Veblen good
[B]Essential Goods
[C]Giffen Good
[D]Capital Good

8. “Bad money (if not limited in quantity ) drives good money out of circulation.”
The above statement is from which among the following laws?
[A]Keynes’ law
[B]Wagner’s law
[C]Gresham’s law
[D]Grimm’s law

9. Which among the following is a suitable term for the state of economy in which economic activity is slowing down but wages and prices continue to rise ?

10. Agriculture , Irrigation and Power Projects were given highest priority in which among the following plans?
[A]First Five Year Plan
[B]Second Five Year Plan
[C]Third Five Year Plan
[D]Fourth Five Year Plan

11. Which among the following is the oldest insurance company of India?
[A]Oriental Life Insurance Company
[B]Life Insurance Company of India
[C]General Assurance Company of India
[D]None of them

12. Consider the following:
1. Balance of trade
2. Net factor income
3. Net transfer payments
Which among the above make the part of the “Capital Account”?
[A]Only 1
[B]1 & 2
[C]2 & 3
[D]1, 2 & 3

13. Consider the following:
1. Foreign exchange
2. Gold
3. Special Drawing Rights (SDRs)
4. International Monetary Fund (IMF) reserve position
The RBI counts which among the above in “Foreign exchange reserves” of India?
[B]1 2
[C]1 2 3
[D]1 2 3 4

14. Consider the following:
1. International Bank for Reconstruction and Development (IBRD)
2. International Development Association (IDA)
3. International Finance Corporation (IFC)
4. Multilateral Investment Guarantee Agency (MIGA)
5. International Centre for Settlement of Investment Disputes (ICSID)
Which among the above constitute the World Bank group?
[A]1 2
[B]1 2 3
[C]1 2 3 4
[D]1 2 3 4 5

15. Where are the headquarters of United Nations Conference on Trade and Development (UNCTAD) ?

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  • moni

    gresham’s law s t answer fr 8 question rit?

  • mymail2ani

    sir question 12 me problem hai

  • girijeshkumarsingh


  • Manoj Puri

    Q.No. 12, there should be “Current Account” in question , it is not true for capital account.
    Capital account is about change in ownership of assets.

  • sumaran

    Q 10 me jo first five year plan hai whats the duration of that

  • Faiyaz

    1 First Five-Year Plan (1951-1956)
    2 Second Five-Year Plan (1956–1961)
    3 Third Five-Year Plan (1961–1966)
    4 Fourth Five-Year Plan (1969–1974)
    5 Fifth Five-Year Plan (1974–1979)
    6 Sixth Five-Year Plan (1980–1985)
    7 Seventh Five-Year Plan (1985–1990)
    8 Period between 1990–1992
    9 Eighth Five-Year Plan (1992–1997)
    10 Ninth Five-Year Plan (1997–2002)
    11 Tenth Five-Year Plan (2002–2007)
    12 Eleventh Five-Year Plan (2007–2012)

  • bk

    good 1

  • sriniwas tiwari

    this gk site is very important site for me , so thanks a lot sir

  • vikash gupta

    thanks sir because this site is very useful for current bank exam

  • kicha

    i love india

  • ankur saxena

    thnx a lot for such a great site



  • rashmi.narayani mishra

    Dear Sir,
    thanks a lot for providing such a site which is very very essential for everyone to keep update with current economy.

  • Ravindranath

    Sir I want detailed information of All Five year plans.


    dear readers do you know ?

    Fifth five year plan covers from 1974 to 1978 because Janata Government came into existence so it was ended before one year