Free Practice Questions for Economics in General-studies

CPO 23-11-2020 (Morning)

Important facts 

1. The proposal related to economic planning for India first appeared in M. Visvesvaraya's book 'Planned Economy for India' in 1934 AD. 
2. The first five-year plan in India lasted from 1951-1956 AD, which was based on the 'Harrad-Domar Model'. The main priority of this plan was the agriculture and irrigation sector.
3. The 11th Five Year Plan was operated from 2007-2012, whose main goal was 'rapid and inclusive development'.
4. The Twelfth Five Year Plan lasted from 2012–2017, with the main goal of 'faster, more inclusive and sustainable growth'.
5. After the formation of NITI Aayog on January 1, 2015, three-year action agenda, seven-year medium-term strategy document and fifteen-year target document have been started by ending the five year plans.

CHSL 26-10-2020 (Morning)

Important facts 

1. Currently, Sri Lanka is facing severe economic crisis, its foreign exchange reserves are rapidly depleting and tourist arrivals have come down due to Covid. Due to 100% organic farming by banning the import of fertilizers, a food crisis also arose, as a result of which an economic emergency had to be imposed in Sri Lanka. Due to public revolt, the President there had to leave the country.
2. India's economy is based on mixed economy, in which both public and private economies co-exist.
3. PV Narasimha Rao, the 10th Prime Minister of India is considered the father of economic reforms in India. During his Prime Ministership from 1991-1996, he played an important role in implementing the economic reforms of 1991 along with the then Finance Minister Dr. Manmohan Singh.

The Golden Revolution is related to increasing productivity in the production of fruits.

Important Points:

• This agricultural movement was led by Nirpakh Tutej, which is called the father of the Golden Revolution in India.
• India is second only to China in the production of fruits and vegetables.
• The yellow revolution is due to mustard production, the silver revolution is due to egg production, the brown revolution is due to fertilizer production, red revolution is due to tomato production.
• Blue revolution is related to fish production.
• Gol Kranti is related to potato production.
• Pink Revolution is related to the production of shrimp.

Milk Revolution or White Revolution or 'Operation Flood' was a scheme of the National Dairy Development Board of the Government of India.  

Important Points-

• The White Revolution was started on January 13, 1970. 
• Dr. Verghese Kurien created the National Dairy Development Board in 1965 on the working model of Amul. 
• Dr. Verghese Kurien is called 'Milkman of India' or 'Father of India's White Revolution'. 
• He was born on 26 November 1921 AD. 
• Dr. Verghese Kurien's birthday, 26 November, is celebrated as 'National Milk Day' in India.  

CHSL 19-03-2020 (Evening)

Important facts 

1. The multidimensional Poverty Index (MPI) is an important multidimensional concept of poverty measurement in India. It is published annually since 2010 along with the Human Development Report. The construction of MPI is based on the three dimensions of education, health and standard of living.
2. Seasonal unemployment occurs when a person is not able to get employment in some months of the year. Such unemployment is generally found in the agricultural sector when employment is available at the time of harvesting, sowing, and irrigation, but after the end of these works, the people engaged in agriculture become unemployed.
3. In voluntary unemployment, the able-bodied person is not willing to work at the present rate and does not feel the need to work.
4. Unemployment arising due to structural unemployment, reduction in the number of productive institutions of the country or technological change, etc. is called unemployment.
5. Resistance unemployment or temporary unemployment occurs when workers move from one production process to another, employers keep looking for workers and workers keep looking for jobs.  

CHSL 18-03-2020 (Morning)

Important facts 

1. The industry of cultivating flowers is called Floriculture.
2. The practice of growing mulberry for silkworms is called moriculture.
3. The cultivation of vegetables is called Olericulture.
4. Growing plants in air is called Aeroponic.
5. MS Swaminathan is considered the father of the Green Revolution in India. Norman Borlaug is considered the father of the Green Revolution in the world, he also received the 'Nobel of Peace' in 1970 for this.

CHSL 17-03-2020 (Evening)

Important facts 

1. The head office of the National Dairy Development Board is located at Anand, Gujarat and the National Dairy Research Institute is located at Karnal, Haryana. India is the largest producer of milk and milk products in the world.
2. Green Revolution started in India in 1965-68 AD, in which modern techniques and technologies were adopted in agriculture to increase agricultural production. MS Swaminathan is considered the father of the Green Revolution in India. Norman Borlaug is considered the father of the Green Revolution in the world, he also received the 'Nobel of Peace' in 1970 for this. Punjab, Haryana and western Uttar Pradesh mainly benefited by this revolution of India.
3. Yellow Revolution is related to mustard production, Silver Revolution is related to egg production, Brown Revolution is related to fertilizer production, Red Revolution is related to tomato production and fisheries is related to fish farming.

NABARD (National Bank for Agriculture and Rural Development) was established on 12 July 1982 on the recommendation of the Sivaraman Committee, with its headquarters in Mumbai, Maharashtra.

 Important Points-

• NABARD is the apex banking institution providing finance for agriculture and rural development in the country. 
• NABARD is a development bank, which apart from agriculture, promotes the development of small industries, cottage industries and other rural projects.
• Presently NABARD is wholly owned by the Government of India.NABARD is a statutory body, established under the 'National Bank for Agriculture and Rural Development Act, 1981'.
• The Reserve Bank of India was established on 1 April 1935 in Calcutta (now Kolkata) under the Reserve Bank of India Act 1934.
• The Reserve Bank of India was nationalized on 1 January 1949, after which it is wholly owned by the Government of India.

SSC CPO 12/12/2019 (Morning)

Important facts 

1. The headquarter of SEBI is located in Mumbai, Maharashtra. The Securities and Exchange Board of India (SEBI) was established in 1988 AD and was given statutory status through the SEBI Act 1992. Its main function is to protect the interests of the investors in the securities and exchange market and to regulate the securities market.
2. The Indian Statistical Institute was founded by Prashant Chandra Mahalanobis (PC Mahalanobis) in Calcutta (Kolkata). Its headquarter is located at Kolkata (Baranagar) and four regional offices are located at Delhi, Tezpur (Assam), Chennai and Bangalore.
3. Punjab National Bank (PNB) was established in 1894 AD in Lahore, Pakistan, currently headquartered in New Delhi. PNB The tag line of 'The Name You Can Bank Upon' is. On 1 April 2020, 'Oriental Bank of Commerce' and 'United Bank of India' have been merged with Punjab National Bank.

Government permission in multi-brand product retail trading sector in India is permitted up to 51 per cent and not 100 per cent. 

Important Points- 

• Foreign Direct Investment (FDI) is a process in which a foreign investor (individual or company) invests directly in the means of production (land, machinery, capital goods) of another country. 
• There are two ways for FDI to come in India, automatic and by the government. 
• FDI through the automatic route does not require permission from the government and is managed by the RBI. is done by The main government body to determine the foreign direct investment policy in India is the 'Department of Investment Policy and Promotion (DIPP)'.
• FDI is included under non-debt capital inflows as it does not involve any direct repayment to residents. 
• 100% automatic foreign direct investment has been permitted in India in the field of e-commerce activities.
• 100 percent FDI in single brand product retail market. And automatic approval category permission has been granted. 
• 100 percent foreign direct investment is also allowed in wholesale trade.

SSC CPO 9/12/19 (Morning)

Important facts 

1. Appendix I of CITES lists the species that are most threatened among the wild animals and plants listed by CITES. Appendix-2 lists species that are not at risk of extinction in the near future but are likely to become endangered if trade in these species is not strictly controlled.
2.  The headquarters of the BRICS Bank or New Development Bank is located in Shanghai, China. BRICS is a group of five emerging economies of the world, which includes Brazil, India, Russia, China and South Africa. At the time of its formation in 2004, there were only four countries, South Africa joined this group in 2010.
3. OPEC (Organization of the Petroleum Exporting Countries) is an organization of 13 petroleum-producing countries, including Saudi Arabia, Algeria, Iran, Iraq, Kuwait, Angola, United Arab Emirates, Nigeria, Libya, Venezuela, Gabon, Guinea and Congo.

SSC MTS 21/08/2019 (Afternoon)

Important facts 

1. The Food Corporation of India (FCI) is a nodal agency under the Ministry of Consumer Affairs, Food and Public Distribution, Government of India, responsible for procurement, storage, movement, public distribution and maintenance of buffer stock of food grains in India. The Food Corporation of India was established in January 1965 under the Food Corporation of India Act, 1964.
2. The Reserve Bank of India was established on 1 April 1935 under the Reserve Bank of India Act 1934. It is the central bank of India. Its headquarter is located in Mumbai, Maharashtra. Its main functions are monetary policy formulation, regulation and supervision of the financial system, foreign exchange management and currency issuance etc.
3. Securities and Exchange Board of India (SEBI) was established in 1988 AD and was given statutory status in 1992 through SEBI Act 1992. Its main function is to protect the interests of the investors in the securities and exchange market and to regulate the securities market.

SSC MTS 19/08/2019 (Morning)

Important facts

1. The headquarter of the Bank of Baroda is located at Alkapuri, Vadodara (formerly known as 'Baroda'), Gujarat. 
2. The headquarters of UCO Bank and United Commercial Bank are located in Kolkata.
3.  Bank of India is a major commercial bank of India, which was established in September 1906 AD in Mumbai and its headquarter is also located in Mumbai.
4. The headquarters of Punjab National Bank is located in New Delhi, which was established in 1894 AD in Lahore. It was also nationalized in July 1969 along with 13 other banks.
5. The headquarter of Canara Bank is located in Bangalore, Karnataka. It was also nationalized along with 13 other banks on 19 July 1969.

SSC MTS 16/08/2019 (Morning)

Important Facts-:

1. The Economic Survey is presented every year by the Finance Minister before the presentation of the budget. This Economic Survey is prepared by the Department of Economic Affairs, Ministry of Finance.
2. Economic survey is an overview of the economic development of the country for the last one year. The Indian economy is estimated to grow at 9.3 per cent (Early Advance Estimates) in the Economic Survey 2021-22. 
3. The budget is mentioned in Article 112 of the Indian Constitution, in which it is called the 'Annual Financial Statement'. Generally it is introduced in the Parliament by the Finance Minister.
4. Thalinomics is the economics of the plate of food. It is an attempt to measure what a person in India would pay for a plate.The concept of Thalinomics was introduced in the Economic Survey of India 2019-2020 by Nirmala Sitharaman, the Finance Minister of India.

SSC MTS 14/08/2019 (Evening)

Important facts 

1. Pradhan Mantri Shram Yogi Maandhan Yojana is mainly operated for rickshaw pullers, street vendors, brick-kiln workers, cobblers, rag pickers and other unorganized sector laborers like them.
2. Major schemes for widowed women like Widow Pension Scheme, Pradhan Mantri Sewing Machine Scheme, Swadhar Griha Yojana and Mahila Shakti Kendra Yojana, etc. are being run by the Government of India.
3. Other major schemes for the laborers of the unorganized sector are Pradhan Mantri Rojgar Protsahan Yojana (PMRPY), PM Swanidhi Yojana, One Nation One Ration Card, Pradhan Mantri Kisan Samman Nidhi Yojana and Aatma-Nirbhar Bharat Rojgar Yojana etc. are being operated.

SSC MTS 14/08/2019 (Afternoon)

Important facts 

1. Hyperinflation is very high inflation, usually in two or three digits, such as 30 percent, 100 percent, or 200 percent. It is also called jump inflation, or running inflation.
2. Hyperinflation is the inflation of the economy that increases too rapidly and goes out of control. It generally increases at the rate of 50 percent per month. 
3. Hypoinflation or mild inflation is slow and predictable. It grows very slowly with time. Hypoinflation is observed over a long period of time. It is a single digit, which usually increases at the rate of 2 or 3 percent every year.

The publication of 'Healthy States, Progressive India' report by NITI Aayog is released every year from 2017 to assess the status and progress of the health sector in various states.

Important Points:

• NITI Aayog (NITI- National Institution for Transforming India) was formed on 1 January 2015, which replaced the 'Planning Commission'.
• NITI Aayog acts as a 'think tank' of the government.
• It is constituted by a cabinet resolution, making it a non-constitutional body.
• The chairman of NITI Aayog is the ex-officio Prime Minister of India.

The Asian Infrastructure Investment Bank (AIIB) was established in 2014 and started operations in 2016. Its headquarter is located inBeijing, China.

Important Points:

• Gurugram, Haryanais the headquarters of the International Solar Alliance (ISA).
• The headquarters of the International Rice Research Institute is located in the Philippines.
• The headquarters of the BRICS Bank or New Development Bank is located in Shanghai, China. BRICS is a grouping of five emerging economies of the world, which includes Brazil, India, Russia, China and South Africa. At the time of its formation in 2004, there were only four countries, South Africa joined this group in 2010.

SSC MTS 08/08/2019 (Afternoon)

Important facts 

1. The picture of 'Mangalyaan' is printed on the reverse side of the Indian currency note of 2000 rupees and the color of this note is 'magenta'. After the demonetization of November 8, 2016, the printing of Rs 2000 notes started in India. Its size is 66 mm × 166 mm.
2. The picture of 'Rani ki Vav' is inscribed on the note of 100 rupees of Indian currency. 'Rani ki Vav' is a stepwell (Vav) located in the Patan district of Gujarat, which was declared a UNESCO 'World Heritage Site' in 2014. UNESCO has given it the noun of 'queen of stepwells'.
3. The Indian Rupee 500 note has a picture of the 'Red Fort' in Delhi and the Rs 20 note has a picture of the 'Ellora Caves' in Aurangabad, Maharashtra. 
4. The picture of 'Ratha of Hampi' on the note of 50 rupeesand 'Sun Temple of Konark' is printed on the note of 10 rupees of Indian currency.  

SSC MTS 08/08/2019 (Afternoon)

Important facts

1. Canara Bank was established in Mangalore, Karnataka in July 1906 by Ammembal Subba Rao Pai. It is a major commercial bank in India, which is also the third largest nationalized bank.
2. Syndicate Bank was merged with Canara Bank on 1 April 2020. The tagline of Canara Bank is 'Together We Can'.
3. UCO Bank was founded in January 1943 by Ghanshyam Das Birla. Its headquarter is located in Kolkata. UCO Bank's tagline is 'Honors Your Trust (Honors Your Trust)'.
4.  The headquarters of Punjab National Bank is located in New Delhi, which was established in 1894 AD in Lahore. It was also nationalized in July 1969 along with 13 other banks.