Total expenditure - total revenue (excluding borrowings) — Fiscal deficit = total expenditure − total non-borrowing receipts. Measures government's borrowing need.

5 — 5 slabs: 0%, 5%, 12%, 18%, 28%.

Rise in general price level — Inflation = sustained increase in general price level → reduces purchasing power of money.

FM in Lok Sabha first — FM in Lok Sabha; Art 112 Annual Financial Statement.

Common Indian Economy

Indian Economy — Paired Mock 02 (50 Qs)

RBI headquarters is Mumbai; GST launched on July 1 2017; FRBM Act passed in 2003. Practice Indian economy questions with 50 topics including fiscal policy and taxation. free

▶ മലയാളത്തിൽ എടുക്കുക

Indian Economy — Paired Mock 02 (50 Qs)

50 questions · 37 minutes

37:00

Q1.RBI HQ:‌‍

A. Mumbai B. Kolkata C. Delhi D. Chennai

Q2.GST (Goods and Services Tax) was rolled out in India on:‌‍

A. 1 July 2017 B. 1 April 2017 C. 1 January 2017 D. 1 April 2016

Q3.The FRBM (Fiscal Responsibility and Budget Management) Act was passed in:‌‍

A. 1991 B. 2008 C. 2016 D. 2003

Q4.India's GST (Goods and Services Tax) was launched on:‌‍

A. 1 January 2018 B. 1 April 2016 C. 15 August 2017 D. 1 July 2017

Q5.The Union Cabinet extended the IVFRT Scheme with a budget of:‌‍

A. Rs 900 crore B. Rs 1,200 crore C. Rs 1,800 crore D. Rs 2,400 crore

Q6.IMF projected India's GDP growth rate for 2026 at:‌‍

A. 5.5% B. 6.0% C. 6.5% D. 7.0%

Q7.RBI nationalised:‌‍

A. 1969 B. 1980 C. 1949 D. 1991

Q8.Fiscal deficit is:‌‍

A. Total expenditure - total revenue (excluding borrowings) B. Capital expenditure only C. Total expenditure - total revenue D. Revenue expenditure - revenue receipts

Q9.Rise of China's GDP surpassed Japan (world's 2nd largest) in:‌‍

A. 2020 B. 1990 C. 2010 D. 2000

Q10.India's Mars Orbiter Mission (Mangalyaan) was launched in:‌‍

A. 2008 B. 2013 C. 2016 D. 2019

Q11.RBI Digital Rupee transactions:‌‍

A. Cancelled B. Main C. Failed D. Growing pilot

Q12.GST Constitutional Amendment:‌‍

A. 99th B. 100th C. 101st D. 102nd

Q13.RBI Deputy Governor number:‌‍

A. 4 B. 2 C. 5 D. 3

Q14.Which body collects GST?‌‍

A. CBDT B. CBIC C. RBI D. SEBI

Q15.Which constitutional amendment was done to pass the GST bill?‌‍

A. 120th B. 115th C. 122nd D. 101st

Q16.GST slabs:‌‍

A. 3 B. 4 C. 5 D. 6

Q17.Inflation means:‌‍

A. Fall in prices B. Rise in general price level C. Stable prices D. Falling currency value only

Q18.GST in India implemented:‌‍

A. 2015 B. 15 August 2017 C. 1 July 2017 D. 1 April 2017

Q19.Which tax will be levied on imports under GST?‌‍

A. CGST B. IGST C. All of the above D. SGST

Q20.Budget presented by:‌‍

A. Finance Minister B. PM C. FM in Lok Sabha first D. President

Q21.Aditya L1 orbit point:‌‍

A. Lagrange L1 between Sun-Earth B. Mars C. Moon D. Sun

Q22.Which sector currently contributes the most to India's GDP?‌‍

A. Primary (Agriculture) B. Secondary (Industry) C. Tertiary (Services) D. All contribute equally

Q23.GST CGST collected by:‌‍

A. Neither B. Both C. Centre D. State

Q24.Which sector contributes the largest share to India's GDP today?‌‍

A. Primary (agriculture) B. Quaternary C. Secondary (industry) D. Tertiary (services)

Q25.The first Governor of RBI was:‌‍

A. I. G. Patel B. Raghuram Rajan C. C. D. Deshmukh D. Osborne Smith

Q26.Repo rate is the rate at which:‌‍

A. RBI borrows from banks B. RBI lends to commercial banks (against securities) C. Government borrows from RBI D. Banks lend to public

Q27.Wind turbines typically start producing electricity at wind speeds above:‌‍

A. 20 m/s B. 1 m/s C. 3-4 m/s (cut-in speed) D. 10 m/s

Q28.Mangalyaan (Mars Orbiter Mission) entered Mars orbit in:‌‍

A. 2013 B. 2014 C. 2012 D. 2019

Q29.GST compensation cess till:‌‍

A. 2022 B. 2024 C. 2030 D. 2026

Q30.The axis of the Earth is inclined to the plane of its orbit at an angle of:‌‍

A. 24.5° B. 23.5° C. 25° D. 22.5°

Q31.The Goods and Services Tax (GST) Council is a:‌‍

A. Statutory body B. Executive committee C. Constitutional body (Article 279A) D. Judicial body

Q32.India's first Mars mission (Mangalyaan) entered Mars orbit in:‌‍

A. 2013 B. 2014 C. 2015 D. 2016

Q33.Which Constitutional Amendment introduced GST?‌‍

A. 100th Amendment B. 101st Amendment C. 99th Amendment D. 102nd Amendment

Q34.Synonym of EXORBITANT:‌‍

A. Moderate B. Normal C. Cheap D. Excessive

Q35.GST replaces:‌‍

A. Income Tax B. Multiple indirect taxes C. Property Tax D. Corporate Tax

Q36.The International Space Station orbits at approximately:‌‍

A. 100 km B. 200 km C. 400 km D. 1000 km

Q37.Which vitamin is also called Ascorbic Acid?‌‍

A. Vitamin A B. Vitamin B C. Vitamin C D. Vitamin E

Q38.Demand-pull inflation occurs when:‌‍

A. Demand exceeds supply B. Supply shocks C. Govt borrows too much D. Only oil prices rise

Q39.India GDP 2024-25 (approx):‌‍

A. $3.7 trillion B. $10T C. $2T D. $5T

Q40.Synonym of TURBID:‌‍

A. Muddy B. Clean C. Clear D. Pure

Q41.GST introduced by which Amendment:‌‍

A. 102nd B. 101st C. 100th D. 99th

Q42.Budget 2024 focus:‌‍

A. Employment, MSME, middle class, Bihar/Andhra B. Only employment C. Only rural D. Only MSME

Q43.Maximum number of electrons that can be accommodated in 'p' orbital:‌‍

A. 6 B. 2 C. 8 D. 18

Q44.Reserve Bank of India (RBI) was established in:‌‍

A. 1935 B. 1969 C. 1947 D. 1991

Q45.Repo rate is the rate at which:‌‍

A. RBI borrows from banks B. RBI lends to commercial banks (against securities) C. Government borrows from RBI D. Banks lend to public

Q46.Which statements about GST are INCORRECT? ‌‍(i) GST Council comprises PM and all state CMs (ii) Kelkar Task Force first proposed nationwide GST (iii) GST Council is chaired by PM

A. Only (ii) B. Only (i, ii) C. Only (i) D. Only (i, iii)

Q47.CRR (Cash Reserve Ratio) means banks must keep what % with RBI?‌‍

A. A fixed % of deposits as cash B. A fixed % of profits C. All foreign currency D. Nothing — it's voluntary

Q48.RBI Governor 2024-26:‌‍

A. Shaktikanta Das B. Sanjay Malhotra C. Both B and C D. Urjit Patel

Q49.The 'Heat Budget' of the Earth refers to:‌‍

A. Earth's expenditure on heating B. Balance between incoming solar radiation and outgoing terrestrial radiation C. Carbon credits D. Tax on energy

Q50.GST SGST:‌‍

A. State B. Centre C. Both D. Neither

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