Practice Economics Questions and Answers

• Which sector contributes the most to India's GDP?
• Which organization publishes the World Economic Outlook report.
• Which of the following is not a primary function of the Reserve Bank of India (RBI).
• Who is considered the father of modern economics.
• Which institution is known as the "lender of last resort".
• Which term describes a situation where inflation is high, economic growth rate slows, and unemployment remains steadily high.
• What is the definition of a supply chain in a business context?
• What economic system is characterized by a free-market economy?
• What function do commercial banks in India perform?
• Which of the following taxes was levied, collected and retained by the Central Government?
• The FAME India scheme is associated with which sector?
• Consider the following statements about Cess: I) Cess is not a permanent source of revenue for the government. II) Cess can be imposed on both indirect and...
• What is the main objective of the SHRESHTA Scheme?
• What is the duration associated with "Notice Money" in the financial markets?
•  In which Union Budget was the formation of MUDRA Bank announced?
• Balance of trade is the _______________.
• What type of investment are Treasury Bills (T-bills)?
• Which of the following defines 'seasonal unemployment'?
• What philosophical concept was introduced by Basavanna in the 12th century?
• What is the impact of an increase in the reverse repo rate?
• In India, who sets the Marginal Standing Facility (MSF) rate? 
• Which committee recommended the establishment of Regional Rural Banks in India?
• What does 'VAT' stand for in the context of taxation?
• Which monetary policy stance is characterized by low interest rates?
• As per the Income Tax Act of 1961, Section 115JB, the Minimum Alternate Tax (MAT) is calculated at what percentage of the book profit? 
• Normal goods, such as food and clothing, are characterized by a direct relationship between which of the following?
• Since which year has the Reserve Bank of India (RBI) been observing Financial Literacy Week (FLW)?
• What is the minimum maturity period for which Commercial Paper (CP) can be issued?
• Which of the following initiatives is associated with the Ministry of Cooperation?
• What does the economic term 'Cross Demand' relate to?
• What does 'GVA' stand for in economic contexts?
• Who is recognized as the father of modern taxonomy?
• The Lorenz curve is used to display which of the following?
• What are barter transactions best described as?
• Which entity regulates mutual funds in India?
• What does 'SLR' stand for in the context of banking regulations?
• What is the base year currently used for the calculation of the Wholesale Price Index (WPI) in India?
• Deficit financing is a tool of which economic policy?
• Stagflation refers to a period characterized by which of the following conditions? 
• Secular stagnation is best described by which of the following scenarios?