General Knowledge Quiz for NDA 2020(Indian Economy): 11th Feb 2020

General Knowledge Quiz for NDA 2020(Indian Economy): 11th Feb 2020

Jai Hind Aspirants, Defence Adda is providing you all with this quiz on General Knowledge questions for NDA, CDS, AFCAT, CAPF and other Defence Examinations. The questions asked in General Knowlegde Section are based on the topics from History, Polity, Geography, Economics and General Science. We will provide you Important Questions on daily basis so that it becomes easy for you to crack written exam and get call letter for SSB Interview.

Q1. Which among the following equation best defines “Net National Product”?

(a) GDP - Depreciation
(b) GNP - Depreciation
(c) GDP - Indirect Taxes + Subsidies
(d) GNP - Indirect Taxes + Subsidies

Q2. Which among the following organization comes together to publish “Multidimensional Poverty Index”?
1. Oxford Poverty & Human Development Initiative
2. United Nations
3. World Bank

(a) 1 and 2 only        
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3 only

Q3. Which among the following Indian state become first one to announce “happiness department”?

(a) Maharashtra
(b) Haryana
(c) Karnataka
(d) Madhya Pradesh

Q4. “Plan Holiday” or “Annual Plans” for three successive years came after __________.

(a) Third Five Year Plan
(b) Fourth Five Year Plan
(c) Second Five Year Plan
(d) Fifth Five Year Plan

Q5. In which year NITI Aayog came into existence?

(a) 2013
(b) 2014
(c) 2015
(d) 2016

Q6. Consider the following statements and choose the correct options from the alternatives given below.
1. Fiscal policy is administered by government department.
2. Monetary policy is administered by country’s central bank.

(a) Only 1
(b) Only 2
(c) Both 1 and 2
(d) None of the above

Q7. Reserve Bank of India was nationalised in the year of ______.

(a) 1947
(b) 1948
(c) 1949
(d) 1951

Q8. Which among the following defines the “bank rate”?

(a) Rate at which Central bank of a country advances loans to other banks in the country
(b) Rate at which banks advance loans to the customers
(c) Rate at which banks lend among themselves
(d) Rate at which banks lend to money lenders

Q9. Disguised unemployment in India is mainly related to ____________.

(a) Rural Area
(b) Agricultural sector
(c) Factory sector
(d) Urban Area

Q10. Who prepares National Income in India?

(a) Planning commission
(b) National Income Committee
(c) Reserve Bank of India
(d) Central Statistical Organization


S1. Ans.(b)
Sol. Net national product (NNP) is the monetary value of finished goods and services produced by a country's citizens, overseas and domestically, in a given period. It is the equivalent of gross national product(GNP), the total value of a nation's annual output, minus the amount of GNP required to purchase new goods to maintain existing stock, otherwise known as depreciation. Hence, the correct equation would be (NNP = GNP - Depreciation).

S2. Ans.(a)
Sol. The Global Multidimensional Poverty Index (MPI) was developed in 2010 by the Oxford Poverty & Human Development Initiative (OPHI) and the United Nations Development Programme and uses health, education and standard of living indicators to determine the degree of poverty experienced by a population.

S3. Ans.(d)
Sol. In 2016, Madhya Pradesh has become the first state in India to get a “Happiness Department” (Anand Vibhaag in Hindi) within the state government apparatus. The objective of the department is to measure prosperity by gauging citizens happiness quotient and not the gross domestic product. Andhra Pradesh became second state to do so.

S4. Ans.(a)
Sol. Fouth plan period could not started from 1966 due to various economic troubles and difficulties due to war front with China. Hence, after Third Five Year Plan there were three annual plans from the year of 1966 to 1969.

S5. Ans.(c)
Sol. The NITI Aayog is a policy think tank of the Government of India, established with the aim to achieve sustainable development goals with cooperative federalism. NITI Aayog, was formed via a government resolution on January 1st 2015, to replace the Planning Commission instituted in 1950. 

S6. Ans.(c)
Sol. Fiscal policy can be distinguished from monetary policy, in that fiscal policy deals with taxation and government spending and is often administered by a government department; while monetary policy deals with the money supply, interest rates and is often administered by a country's central bank.

S7. Ans.(c)
Sol. The Reserve Bank of India (RBI) is India’s central banking institution, which controls the monetary policy of the Indian rupee. It was nationalised with effect from 1st January, 1949 on the basis of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948.

S8. Ans.(a)
Sol. Bank Rate refers to the official interest rate at which RBI will provide loans to the banking system which includes commercial/cooperative banks, development banks etc.

S9. Ans.(b)
Sol. Disguised unemployment is a kind of unemployment in which there are people who are visibly employed but are actually unemployed. This situation is also known as 'hidden unemployment'. In such a situation more people are engaged in a work than required. This type of unemployment in India is mainly visible in the agricultural sector.

S10. Ans.(d)
Sol. National income estimates in India is being prepared by Central Statistical Organisation (CSO). The CSO uses different methods like the Product Method, Income Method and Expenditure method for various sectors in the process of estimating the National Income.

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