General Awareness Set-2: Economy & Politics
General Awareness Set-2: Economy & Politics
Question 1
Which of the following is the primary objective of the National Rural Employment Guarantee Act (NREGA)?
(1) To provide employment and enhance livelihood security in rural areas
(2) To promote industrialization in rural areas
(3) To provide financial assistance to farmers
(4) To promote tourism in rural areas
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Answer: (1)
Solution: The National Rural Employment Guarantee Act (NREGA) aims to provide at least 100 days of guaranteed employment in a financial year to every rural household whose adult members are willing to do unskilled manual work.
Question 2
Which of the following is the main function of the Reserve Bank of India (RBI)?
(1) To regulate the supply of money and credit in the economy
(2) To control the prices of essential goods
(3) To provide direct financial assistance to farmers
(4) To regulate the education sector
Show Answer
Answer: (1)
Solution: The Reserve Bank of India (RBI) is the central banking institution of India and is responsible for regulating the supply of money and credit in the economy.
Question 3
Which of the following is the correct full form of FDI?
(1) Foreign Direct Investment
(2) Foreign Domestic Investment
(3) Foreign Direct Income
(4) Foreign Domestic Income
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Answer: (1)
Solution: FDI stands for Foreign Direct Investment, which refers to an investment made by a company or individual from one country into a business located in another country.
Question 4
Which of the following is the largest contributor to India’s GDP?
(1) Services
(2) Agriculture
(3) Industry
(4) Mining
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Answer: (1)
Solution: The services sector is the largest contributor to India’s GDP, accounting for the majority of the country’s economic output.
Question 5
Which of the following is the main goal of the Goods and Services Tax (GST)?
(1) To replace all indirect taxes with a single tax
(2) To increase the income of the government
(3) To reduce the cost of living for consumers
(4) To promote exports
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Answer: (1)
Solution: The Goods and Services Tax (GST) aims to replace multiple indirect taxes with a single, unified tax system to simplify the tax structure and improve efficiency.
Question 6
Which of the following is the correct full form of NABARD?
(1) National Bank for Agricultural and Rural Development
(2) National Bank for Agricultural and Rural Development
(3) National Bank for Agricultural and Rural Development
(4) National Bank for Agriculture and Rural Development
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Answer: (1)
Solution: NABARD stands for National Bank for Agricultural and Rural Development, which is a government institution that promotes sustainable rural development and agricultural growth.
Question 7
Which of the following is the main function of the Planning Commission?
(1) To formulate and implement the Five-Year Plans
(2) To regulate the stock market
(3) To control inflation
(4) To provide financial aid to states
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Answer: (1)
Solution: The Planning Commission was responsible for formulating and implementing the Five-Year Plans in India to guide economic development.
Question 8
Which of the following is the main objective of the Pradhan Mantri Jan-Dhan Yojana (PMJDY)?
(1) To provide financial inclusion and access to banking services
(2) To promote tourism in rural areas
(3) To provide employment to youth
(4) To provide health insurance
Show Answer
Answer: (1)
Solution: The Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a financial inclusion scheme aimed at providing every Indian citizen with access to banking services.
Question 9
Which of the following is the correct full form of CRR?
(1) Cash Reserve Ratio
(2) Current Reserve Ratio
(3) Credit Reserve Ratio
(4) Capital Reserve Ratio
Show Answer
Answer: (1)
Solution: CRR stands for Cash Reserve Ratio, which is the percentage of deposits that commercial banks are required to keep with the Reserve Bank of India (RBI).
Question 10
Which of the following is the main function of the Securities and Exchange Board of India (SEBI)?
(1) To regulate the stock market and securities market
(2) To control inflation
(3) To provide financial assistance to farmers
(4) To regulate the education sector
Show Answer
Answer: (1)
Solution: SEBI is the regulatory body for the securities market in India, responsible for protecting investors and promoting fair practices in the stock market.
Question 11
Which of the following is the main objective of the New Pension Scheme (NPS)?
(1) To provide retirement benefits to government employees
(2) To promote private sector investment
(3) To provide retirement benefits to all citizens
(4) To increase tax collection
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Answer: (3)
Solution: The New Pension Scheme (NPS) is a government initiative aimed at providing retirement benefits to all citizens by allowing them to invest in pension funds.
Question 12
Which of the following is the main function of the Central Board of Indirect Taxes and Customs (CBIC)?
(1) To collect and manage indirect taxes
(2) To regulate the stock market
(3) To provide financial assistance to states
(4) To control inflation
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Answer: (1)
Solution: The CBIC is responsible for collecting and managing indirect taxes such as GST, excise duty, and customs duty in India.
Question 13
Which of the following is the main objective of the Atal Pension Yojana (APY)?
(1) To provide a minimum pension to unorganised sector workers
(2) To promote exports
(3) To increase tax collection
(4) To provide financial assistance to students
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Answer: (1)
Solution: The Atal Pension Yojana (APY) is a government scheme that provides a minimum pension to unorganised sector workers who make regular contributions.
Question 14
Which of the following is the main function of the National Statistical Office (NSO)?
(1) To collect and compile economic data
(2) To regulate the stock market
(3) To provide financial aid to states
(4) To control inflation
Show Answer
Answer: (1)
Solution: The National Statistical Office (NSO) is responsible for collecting and compiling economic data in India, including the National Income and other statistical indicators.
Question 15
Which of the following is the main objective of the Pradhan Mantri Ujjwala Yojana (PMUY)?
(1) To provide free LPG connections to women
(2) To promote tourism
(3) To provide employment to youth
(4) To increase tax collection
Show Answer
Answer: (1)
Solution: The Pradhan Mantri Ujjwala Yojana (PMUY) aims to provide free LPG connections to women from below the poverty line to promote clean cooking and improve health.
Question 16
Which of the following is the main function of the Ministry of Finance?
(1) To manage the country’s budget and economic policy
(2) To regulate the stock market
(3) To provide financial aid to states
(4) To control inflation
Show Answer
Answer: (1)
Solution: The Ministry of Finance is responsible for managing the country’s budget, economic policy, and fiscal matters, including taxation and public expenditure.
Question 17
Which of the following is the main objective of the Pradhan Mantri Mudra Yojana (PMMY)?
(1) To provide microfinance loans to small entrepreneurs
(2) To promote tourism
(3) To provide employment to youth
(4) To increase tax collection
Show Answer
Answer: (1)
Solution: The Pradhan Mantri Mudra Yojana (PMMY) is a government scheme that provides microfinance loans to small entrepreneurs and startups to promote entrepreneurship.
Question 18
Which of the following is the main function of the Election Commission of India?
(1) To conduct elections in the country
(2) To regulate the stock market
(3) To provide financial aid to states
(4) To control inflation
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Answer: (1)
Solution: The Election Commission of India is responsible for conducting elections to the Lok Sabha, Rajya Sabha, and state legislative assemblies in a free and fair manner.
Question 19
Which of the following is the main objective of the National Food Security Act (NFSA)?
(1) To provide food grains to the poor
(2) To promote tourism
(3) To provide employment to youth
(4) To increase tax collection
Show Answer
Answer: (1)
Solution: The National Food Security Act (NFSA) aims to provide subsidized food grains to approximately two-thirds of the population in India, ensuring food security.
Question 20
Which of the following is the main function of the National Human Rights Commission (NHRC)?
(1) To protect and promote human rights
(2) To regulate the stock market
(3) To provide financial aid to states
(4) To control inflation
Show Answer
Answer: (1)
Solution: The National Human Rights Commission (NHRC) is a statutory body that protects and promotes human rights in India and investigates violations of these rights.
Question 21
Which of the following is the main objective of the Pradhan Mantri Awaas Yojana (PMAY)?
(1) To provide housing to the poor
(2) To promote tourism
(3) To provide employment to youth
(4) To increase tax collection
Show Answer
Answer: (1)
Solution: The Pradhan Mantri Awaas Yojana (PMAY) is a government scheme aimed at providing affordable housing to the poor and slum dwellers.
Question 22
Which of the following is the main function of the National Commission for Women (NCW)?
(1) To protect the rights of women
(2) To regulate the stock market
(3) To provide financial aid to states
(4) To control inflation
Show Answer
Answer: (1)
Solution: The National Commission for Women (NCW) is a statutory body that works to protect the rights of women and address issues of gender discrimination and inequality.
Question 23
Which of the following is the main objective of the National Rural Health Mission (NRHM)?
(1) To improve healthcare in rural areas
(2) To promote tourism
(3) To provide employment to youth
(4) To increase tax collection
Show Answer
Answer: (1)
Solution: The National Rural Health Mission (NRHM) is a government initiative aimed at improving healthcare delivery and services in rural areas.
Question 24
Which of the following is the main function of the National Commission for Protection of Child Rights (NCPCR)?
(1) To protect children’s rights
(2) To regulate the stock market
(3) To provide financial aid to states
(4) To control inflation
Show Answer
Answer: (1)
Solution: The National Commission for Protection of Child Rights (NCPCR) is a statutory body that works to protect and promote the rights of children in India.
Question 25
Which of the following is the main function of the National Commission for Scheduled Tribes (NCST)?
(1) To protect the rights of Scheduled Tribes
(2) To regulate the stock market
(3) To provide financial aid to states
(4) To control inflation
BETA
