- What is the maximum guaranteed insurance benefit under EDLI
- ₹1 lakh
- ₹2.5 lakh
- ₹5 lakh
- ₹7 lakh
Show answer
Answer: (D) ₹7 lakh
EDLI guarantees a benefit of at least ₹2.5 lakh and at most ₹7 lakh.
Read the full chapter in mind-map notes → - Consider these statements — 1. Both goods and services come under the CPI. 2. Services are left out of the WPI.
- Only 1
- Only 2
- Both 1 and 2
- Neither 1 nor 2
Show answer
Answer: (C) Both 1 and 2
Both are correct, and this is the biggest difference between the two measures.
Read the full chapter in mind-map notes → - What is the return on an Inflation Indexed Bond (IIB) tied to
- The repo rate
- The price of gold
- The CPI (Consumer Price Index)
- The GDP growth rate
Show answer
Answer: (C) The CPI (Consumer Price Index)
An IIB's return is adjusted against the CPI, which protects investors from the effect of inflation.
Read the full chapter in mind-map notes → - Comparative advantage is the guiding principle of which branch
- Development economics
- International economics
- Information economics
- Welfare economics
Show answer
Answer: (B) International economics
By this principle, whatever its level of development, every country can produce something more cheaply than others.
Read the full chapter in mind-map notes → - Disguised unemployment generally means — (IAS, 2013)
- a large number of people remain unemployed
- alternative employment is not available
- the marginal productivity of labour is zero
- the productivity of workers is low
Show answer
Answer: (C) the marginal productivity of labour is zero
In disguised unemployment more people look like they are working, but the extra workers add, in effect, zero to output.
Read the full chapter in mind-map notes → - ONDC is a DPI initiative in which sector
- Health
- Economy
- Education
- Governance
Show answer
Answer: (B) Economy
ONDC — the Open Network for Digital Commerce — is an economy-sector DPI initiative, alongside UPI and PFMS.
Read the full chapter in mind-map notes → - A "closed economy" is an economy in which — (UPSC, 2011)
- the money supply is fully controlled
- deficit financing takes place
- only export takes place
- neither export nor import takes place
Show answer
Answer: (D) neither export nor import takes place
The only mark of a closed economy is that it does not trade with other economies — the consumer gets everything within the economic borders.
Read the full chapter in mind-map notes → - What shows the importance of agriculture in India's economy — (UPPCS, 2006)
- its share in national income and employment
- its role in industrial development and foreign trade
- its role in the supply of foodgrains
- all of the above
Show answer
Answer: (D) all of the above
Agriculture touches every front of the economy — income, employment, raw material for industry, exports and food security, all at once.
Read the full chapter in mind-map notes → - Supply falling because of the Covid lockdown is an example of which exception
- Monopoly in the market
- Government policy
- Natural disaster
- The nature of the good
Show answer
Answer: (B) Government policy
A government policy ties down supply, however high the price may be.
Read the full chapter in mind-map notes → - International trade is most likely to create short-term unemployment in
- Industries with neither imports nor exports
- Import-competing industries
- Industries selling to both domestic and foreign buyers
- Industries selling only to foreign buyers
Show answer
Answer: (B) Import-competing industries
Cheap imports hit import-competing domestic industries first, since they compete directly with what is being imported.
Read the full chapter in mind-map notes →
- An economy where everything used for production sits entirely in government hands is
- a mixed economy
- an open economy
- a command economy
- a free market economy
Show answer
Answer: (C) a command economy
A command economy runs on controlled planning; with no competition, resources are allocated inefficiently.
Read the full chapter in mind-map notes → - In which year was SBBJ formed
- 1955
- 1959
- 1963
- 1969
Show answer
Answer: (C) 1963
State Bank of Bikaner and State Bank of Jaipur joined in 1963 to make SBBJ, which merged into the SBI in 2017.
Read the full chapter in mind-map notes → - What does the "Orange Economy" rest on
- Mineral resources
- Creativity, culture and intellectual property
- Agricultural output
- Heavy industry
Show answer
Answer: (B) Creativity, culture and intellectual property
In the Orange Economy, value comes from ideas, knowledge, art and cultural content, not from a solid thing.
Read the full chapter in mind-map notes → - What share of the total plan outlay did the First Five Year Plan put on agriculture
- 21%
- 31%
- 41%
- 51%
Show answer
Answer: (B) 31%
Agriculture took 31%, and after it came transport and communication, then social services, then power and finally industry.
Read the full chapter in mind-map notes → - What does monetising the deficit mean
- Raising the tax rate
- The government borrowing from the market
- The RBI printing fresh currency against ad hoc treasury bills
- Carrying out disinvestment
Show answer
Answer: (C) The RBI printing fresh currency against ad hoc treasury bills
This very method used to push up inflation, which is why it was discontinued from 1997.
Read the full chapter in mind-map notes → - On how many parameters does the Soil Health Card record soil condition
- 8
- 10
- 12
- 15
Show answer
Answer: (C) 12
It records soil condition on 12 parameters, including N, P and K, with samples taken twice a year.
Read the full chapter in mind-map notes → - The Government of India established NITI Aayog to replace the — (UPSC, 2015)
- Human Rights Commission
- Finance Commission
- Law Commission
- Planning Commission
Show answer
Answer: (D) Planning Commission
NITI Aayog took the place of the Planning Commission on 1 January 2015; the Finance Commission is a constitutional body and still functions.
Read the full chapter in mind-map notes → - Which factor is taken into account while calculating a country's Balance of Payments
- The current account
- Changes in foreign exchange reserves
- Errors and omissions
- All of the above
Show answer
Answer: (D) All of the above
BoP is built from all three together — the current account, the capital account (which includes reserve changes), and net errors and omissions.
Read the full chapter in mind-map notes → - By the S.R. Hashim Committee’s rule, how many of these four items — fridge, two-wheeler, landline, washing machine — keep a household off the BPL list
- Two
- Three
- All four
- None
Show answer
Answer: (B) Three
A household owning any three of these four items is not treated as poor.
Read the full chapter in mind-map notes → - Name the three economic railway corridors announced under the PM Gati Shakti framework in the interim budget of 2024-25. (RAS Mains, 2023, 2 marks)
- Energy, mineral and cement corridors; port connectivity corridors; high traffic density corridors
- The four corridors of the Golden Quadrilateral
- Industrial corridor, digital corridor, green corridor
- North-South, East-West and coastal corridors
Show answer
Answer: (A) Energy, mineral and cement corridors; port connectivity corridors; high traffic density corridors
These three corridors were announced under PM Gati Shakti to ease congestion on freight routes and cut logistics costs.
Read the full chapter in mind-map notes →
- Which aggregate does the RBI use to measure liquidity in the market
- M1
- M2
- M3
- M0
Show answer
Answer: (D) M0
M0 is also called the monetary base, high-powered money and reserve money.
Read the full chapter in mind-map notes → - Under which Article, and how often, is the Finance Commission set up
- Article 275, every 3 years
- Article 280, every 5 years
- Article 279A, every 5 years
- Article 282, every 10 years
Show answer
Answer: (B) Article 280, every 5 years
The Finance Commission is set up under Article 280, and the President constitutes it every 5 years.
Read the full chapter in mind-map notes → - Economic growth in country X will necessarily have to occur if — (UPSC, 2013)
- there is technical progress in the world economy
- there is population growth in X
- there is capital formation in X
- the volume of trade grows in the world economy
Show answer
Answer: (C) there is capital formation in X
Capital formation inside that country is what raises its productive capacity; the other three are outside conditions that do not by themselves bring growth.
Read the full chapter in mind-map notes → - What is the speed target for every citizen under the Digital India 2030 policy
- 10 Mbps
- 50 Mbps
- 100 Mbps
- 500 Mbps
Show answer
Answer: (C) 100 Mbps
Every citizen is targeted to get 100 Mbps, with wide 5G coverage and 6G-like quality.
Read the full chapter in mind-map notes → - What is the strongest argument for deliberately keeping a deficit in the budget
- It always keeps inflation under control
- Higher government spending in a slowdown can build demand
- It always raises tax collection
- It removes the need for foreign borrowing
Show answer
Answer: (B) Higher government spending in a slowdown can build demand
Following Keynes, the main argument is that higher government spending in a slowdown creates demand and gets the economy moving again.
Read the full chapter in mind-map notes → - What is the size of India’s workforce
- 46.2 crore
- 56.2 crore
- 66.2 crore
- 36.2 crore
Show answer
Answer: (B) 56.2 crore
India’s total workforce today is 56.2 crore people.
Read the full chapter in mind-map notes → - Which scheme falls under Mission Shakti's "Samarthya" sub-scheme
- Nari Adalat
- the Women Helpline
- the Pradhan Mantri Matru Vandana Yojana (PMMVY)
- the One Stop Centre
Show answer
Answer: (C) the Pradhan Mantri Matru Vandana Yojana (PMMVY)
PMMVY is part of "Samarthya," the empowerment sub-scheme; the other three belong to "Sambal," the safety sub-scheme.
Read the full chapter in mind-map notes → - Which technique came into the production method with the new base year
- Single deflation
- Double deflation
- Chain weighting
- Moving average
Show answer
Answer: (B) Double deflation
Double deflation adjusts input prices along with output prices, so the figure comes out more accurate.
Read the full chapter in mind-map notes → - What was the services sector’s average FDI share during FY2023-25
- 60.2%
- 70.2%
- 77.7%
- 80.2%
Show answer
Answer: (D) 80.2%
77.7% was the pre-pandemic average (FY2016-20); it has since risen to 80.2%.
Read the full chapter in mind-map notes → - What is the best way to describe the Balance of Payments (BoP)
- Only a record of capital flows
- Only transactions relating to exports and imports
- Only the receipts and payments of invisible items
- A systematic record of all of a country's economic transactions with the rest of the world
Show answer
Answer: (D) A systematic record of all of a country's economic transactions with the rest of the world
BoP is not limited to trade or to capital alone — it is the complete record of every kind of economic transaction.
Read the full chapter in mind-map notes →
- What is the correct meaning of fiscal space
- The government’s total budget size
- The room to spend without putting financial stability at risk
- The rate of tax collection
- The size of the foreign exchange reserves
Show answer
Answer: (B) The room to spend without putting financial stability at risk
It shows how much more the government can spend without upsetting its own financial stability.
Read the full chapter in mind-map notes → - What does the White Revolution stand for
- fish
- milk
- edible oil
- honey
Show answer
Answer: (B) milk
The White Revolution is tied to milk and dairy products; the Blue Revolution is tied to fisheries.
Read the full chapter in mind-map notes → - What are the periods of the three documents that followed the Five Year Plans
- 10, 5 and 2 years
- 15, 7 and 3 years
- 20, 10 and 5 years
- 12, 6 and 3 years
Show answer
Answer: (B) 15, 7 and 3 years
A 15-year Vision Document, a 7-year National Development Agenda and a 3-year Action Agenda.
Read the full chapter in mind-map notes → - Which of these is not a cause on the demand side
- A rise in public expenditure
- A reduction in direct taxes
- Hoarding by traders
- A growing population
Show answer
Answer: (C) Hoarding by traders
Hoarding cuts supply, so it is a cause on the supply side.
Read the full chapter in mind-map notes → - Which version of PMKVY came into force from January 2021 and was more decentralised
- 1.0
- 2.0
- 3.0
- 4.0
Show answer
Answer: (C) 3.0
PMKVY 3.0 came into force from January 2021 and gave states and districts more responsibility.
Read the full chapter in mind-map notes → - When is a loan declared an NPA
- When unpaid for 30 days
- When unpaid for 60 days
- When unpaid for 90 days
- When unpaid for 180 days
Show answer
Answer: (C) When unpaid for 90 days
When principal and interest go unpaid for 90 days; before that come the warnings of SMA-0, SMA-1 and SMA-2.
Read the full chapter in mind-map notes → - Where is the ADB headquartered, and which country traditionally gives it its President
- Manila; Japan
- Beijing; China
- Shanghai; India
- Washington; the USA
Show answer
Answer: (A) Manila; Japan
The ADB is headquartered in Manila, and its President traditionally comes from Japan — the current one is Masato Kanda.
Read the full chapter in mind-map notes → - What percentage of Foreign Direct Investment (FDI) is allowed in Indian companies publishing newspapers and periodicals dealing with news and current affairs — (IAS, 2005)
- 26%
- 49%
- 74%
- 100%
Show answer
Answer: (A) 26%
FDI in publications dealing with news and current affairs is capped at 26%.
Read the full chapter in mind-map notes → - On which date did GST come into force across India
- 1 April 2016
- 1 July 2017
- 1 January 2017
- 1 April 2017
Show answer
Answer: (B) 1 July 2017
GST took effect from 1 July 2017, after the 101st Constitutional Amendment of 2016.
Read the full chapter in mind-map notes → - Which statements about PMKVY are correct — 1. It is an outcome-based skill training scheme 2. Its fourth round has run since 2022-23
- 1 only
- 2 only
- both
- neither
Show answer
Answer: (C) both
PMKVY is built around outcomes such as certification and placement, and its fourth round, PMKVY 4.0, with new-age trades, has run since 2022-23.
Read the full chapter in mind-map notes →
- When are the IHDI and the HDI equal
- When there is no inequality at all
- When income is at its highest
- When population is steady
- They are never equal
Show answer
Answer: (A) When there is no inequality at all
With zero inequality the two are equal; as inequality grows the IHDI keeps falling below the HDI.
Read the full chapter in mind-map notes → - In which plan was the Minimum Needs Programme introduced
- The Third
- The Fifth
- The Seventh
- The Ninth
Show answer
Answer: (B) The Fifth
The Minimum Needs Programme was introduced in the Fifth Plan along with Garibi Hatao.
Read the full chapter in mind-map notes → - Which Indian economist helped Mahbub ul Haq in building the HDI
- Amartya Sen
- V K R V Rao
- P C Mahalanobis
- Manmohan Singh
Show answer
Answer: (A) Amartya Sen
Amartya Sen helped develop the index, which was made in 1989 and published in 1990.
Read the full chapter in mind-map notes → - How many Sustainable Development Goals are there and what is their deadline
- 8 goals, by 2015
- 17 goals, by 2030
- 17 goals, by 2025
- 169 goals, by 2030
Show answer
Answer: (B) 17 goals, by 2030
The 2030 Agenda has 17 goals and 169 targets; 8 goals with a 2015 deadline belonged to the Millennium Development Goals.
Read the full chapter in mind-map notes → - Money that nobody is allowed to refuse is called
- Token money
- Fiat money
- Legal tender
- Metal money
Show answer
Answer: (C) Legal tender
Legal tender is that form of fiat money which must be accepted by law.
Read the full chapter in mind-map notes → - Which of these is not an example of "non-tax revenue"
- Receipts from a spectrum auction
- Receipts from income tax
- Dividend from a public sector undertaking
- Fees and fines
Show answer
Answer: (B) Receipts from income tax
Income tax is a direct tax, so it falls under tax revenue, not under non-tax revenue.
Read the full chapter in mind-map notes → - Which country is India's largest bilateral donor
- The USA
- Japan
- Germany
- France
Show answer
Answer: (B) Japan
On the list of bilateral donors, Japan sits at the very top for India, and this aid reaches India through JICA.
Read the full chapter in mind-map notes → - The "Core of the Core" category of schemes came about after which Commission's recommendations
- The 12th Finance Commission
- The 13th Finance Commission
- The 14th Finance Commission
- The 15th Finance Commission
Show answer
Answer: (C) The 14th Finance Commission
CSS were sorted into three categories following the 14th Finance Commission's recommendations and the restructuring that followed.
Read the full chapter in mind-map notes → - Who formed the Lakdawala Committee, and when
- The Planning Commission, in 1989
- The Ministry of Finance, in 2009
- The RBI, in 1993
- NITI Aayog, in 2012
Show answer
Answer: (A) The Planning Commission, in 1989
The Planning Commission formed the Lakdawala Committee in 1989; its report came in July 1993.
Read the full chapter in mind-map notes → - Under which ministry is the WPI published
- The Ministry of Finance
- The Ministry of Commerce and Industry
- The Ministry of Statistics and Programme Implementation
- The Ministry of Labour and Employment
Show answer
Answer: (B) The Ministry of Commerce and Industry
It is published by the Office of the Economic Adviser in the Ministry of Commerce and Industry.
Read the full chapter in mind-map notes →
- What is the current monthly stipend under the PM Internship Scheme
- ₹5,000
- ₹6,000
- ₹9,000
- ₹15,000
Show answer
Answer: (C) ₹9,000
The stipend started at ₹5,000 and has been raised to ₹9,000 a month (₹8,100 government + ₹900 company).
Read the full chapter in mind-map notes → - Who gave us the term 'fiscal federalism'
- Adam Smith
- Richard Musgrave
- J. M. Keynes
- Milton Friedman
Show answer
Answer: (B) Richard Musgrave
The term was given in 1959 by Richard Musgrave, an economist born in Germany who later became known as American.
Read the full chapter in mind-map notes → - Which agency implements PMEGP
- NABARD
- SIDBI
- KVIC
- MUDRA
Show answer
Answer: (C) KVIC
The Khadi and Village Industries Commission (KVIC) implements PMEGP.
Read the full chapter in mind-map notes → - Which sub-sector of agriculture grew fastest between 2015-16 and 2024-25?
- Crops
- Livestock
- Fishing
- Forestry
Show answer
Answer: (C) Fishing
Fishing grew fastest at 8.8%; crops grew slowest, at 3.5%.
Read the full chapter in mind-map notes → - Which one is taken as the fittest yardstick of economic growth
- Total GDP
- Per capita Net Domestic Product
- Total GNP
- Gross fixed capital formation
Show answer
Answer: (B) Per capita Net Domestic Product
Per capita NDP accounts for both population and depreciation, which is why it is held to be the most appropriate.
Read the full chapter in mind-map notes → - When and where was SAARC's last summit held
- 2016, Islamabad
- 2014, Kathmandu
- 2021, New Delhi
- 2009, Yekaterinburg
Show answer
Answer: (B) 2014, Kathmandu
The 2014 Kathmandu summit is the last one held; the 2016 Islamabad summit was cancelled after the Uri attack.
Read the full chapter in mind-map notes → - What is the maximum deposit a payments bank may accept
- ₹1 lakh
- ₹2 lakh
- ₹5 lakh
- No limit
Show answer
Answer: (B) ₹2 lakh
A payments bank may take only demand deposits, up to ₹2 lakh, and may give no loans at all.
Read the full chapter in mind-map notes → - When did India fully repay its IMF debt
- 15 August 1991
- 31 May 2000
- 1 January 1995
- 27 December 1945
Show answer
Answer: (B) 31 May 2000
India repaid its IMF debt on 31 May 2000; since then India is a contributor, not a borrower.
Read the full chapter in mind-map notes → - What is SLR at present
- 4%
- 12%
- 18%
- 25%
Show answer
Answer: (C) 18%
SLR is 18% and a bank may hold it in gold, cash and government securities.
Read the full chapter in mind-map notes → - What is the correct difference between tax avoidance and tax evasion
- Both are illegal
- Both are legal
- Evasion is illegal, avoidance is legal but exploits a gap
- Avoidance is illegal, evasion is legal
Show answer
Answer: (C) Evasion is illegal, avoidance is legal but exploits a gap
Tax evasion breaks the law, so it is illegal. Tax avoidance exploits a gap in the law, so it is legal, though it stays disputed.
Read the full chapter in mind-map notes →
- Fiscal deficit in the Union budget means — (IAS, 1994)
- difference between current expenditure and current revenue
- net increase in the Union Government’s borrowings from the Reserve Bank of India
- the sum of the budgetary deficit and net increase in internal and external borrowing
- the sum of the monetised deficit and the budgetary deficit
Show answer
Answer: (C) the sum of the budgetary deficit and net increase in internal and external borrowing
Fiscal deficit = budgetary deficit + the net increase in internal and external borrowing; this is its older but still exact definition.
Read the full chapter in mind-map notes → - When was the FRBM Act passed, and for which year was its original target set
- Passed in 2003, target for 2008-09
- Passed in 2005, target for 2010-11
- Passed in 2003, target for 2015-16
- Passed in 2012, target for 2020-21
Show answer
Answer: (A) Passed in 2003, target for 2008-09
The Act was passed in 2003, and its original target (3% fiscal deficit, 0% revenue deficit) was set for 2008-09.
Read the full chapter in mind-map notes → - By the latest World Bank classification, India falls in which group
- Low income
- Lower middle income
- Upper middle income
- High income
Show answer
Answer: (B) Lower middle income
In the lower middle income group, gross national income per person lies between 1,176 and 4,635 dollars.
Read the full chapter in mind-map notes → - What wage-to-material ratio must MGNREGA maintain
- 50:50
- 60:40
- 70:30
- 80:20
Show answer
Answer: (B) 60:40
A 60:40 ratio of wages to materials must be maintained, to maximise the employment generated.
Read the full chapter in mind-map notes → - If GNP at market price is 200, depreciation 20, indirect tax 30 and subsidy 10, what is the national income
- 140
- 160
- 180
- 200
Show answer
Answer: (B) 160
200 − 20 = 180 (NNP at market price), then 180 − 30 + 10 = 160 (NNP at factor cost), which is national income.
Read the full chapter in mind-map notes → - The Janani Suraksha Yojana is focused on — 1. cutting maternal mortality 2. cutting infant mortality 3. raising women's life expectancy
- 1 and 2 only
- 2 and 3 only
- 1 only
- all three
Show answer
Answer: (A) 1 and 2 only
JSY raises institutional delivery to cut the death rate for both mother and infant; raising life expectancy is not its direct goal.
Read the full chapter in mind-map notes → - What does a GDP deflator of 1 mean
- The price level has doubled
- There is no change in the price level
- The price level has halved
- The economy is in recession
Show answer
Answer: (B) There is no change in the price level
GDP at current prices equalling GDP at constant prices means the price level has not moved.
Read the full chapter in mind-map notes → - What share of the world’s data centres does India hold, against its share of data generated
- 3% of data centres, 20% of data
- 20% of data centres, 3% of data
- 10% of both
- 50% of data centres, 20% of data
Show answer
Answer: (A) 3% of data centres, 20% of data
India generates close to 20% of the world’s data, but holds only 3% of its data centres — about 150 out of roughly 11,000.
Read the full chapter in mind-map notes → - On whose recommendation are grants under Article 275 given
- The GST Council
- NITI Aayog
- The Finance Commission
- A state legislature
Show answer
Answer: (C) The Finance Commission
Statutory grants under Article 275 are given on the Finance Commission's recommendation, chiefly for the welfare of Scheduled Tribes.
Read the full chapter in mind-map notes → - Which was not one of the sub-indices in the World Bank's Ease of Doing Business Index — (IAS, 2019)
- Maintaining law and order
- Paying taxes
- Registering property
- Dealing with construction permits
Show answer
Answer: (A) Maintaining law and order
The 10 sub-indices covered starting a business through to resolving insolvency; law and order was never one of them.
Read the full chapter in mind-map notes →
- When was the 16th Finance Commission's report laid before Parliament
- 17 November 2025
- 31 December 2023
- 1 February 2026
- 1 April 2026
Show answer
Answer: (C) 1 February 2026
The report was handed to the President on 17 November 2025, but laid before Parliament alongside Budget 2026-27 on 1 February 2026.
Read the full chapter in mind-map notes → - What does India's current stage of demographic transition point to?
- High growth potential with slow actual growth
- High potential and high actual growth, both
- A half-industrialised economy
- Steadily rising urbanisation
Show answer
Answer: (D) Steadily rising urbanisation
India is in the third stage, where the birth rate is falling, the death rate is already low, and urbanisation keeps rising steadily.
Read the full chapter in mind-map notes → - How much insurance cover does a family get under Ayushman Bharat's PM-JAY every year
- ₹1 lakh
- ₹2 lakh
- ₹5 lakh
- ₹10 lakh
Show answer
Answer: (C) ₹5 lakh
PM-JAY gives every eligible family ₹5 lakh of cashless cover a year, with no limit on family size or age.
Read the full chapter in mind-map notes → - Economic growth is usually coupled with — (IAS, 2011)
- deflation
- inflation
- stagflation
- hyper inflation
Show answer
Answer: (B) inflation
In a period of growth employment and income rise, demand climbs, and mild inflation runs along with it.
Read the full chapter in mind-map notes → - When did the Standing Deposit Facility begin
- April 2020
- April 2022
- November 2016
- January 2019
Show answer
Answer: (B) April 2022
In April 2022; under it the RBI need not pledge any government security.
Read the full chapter in mind-map notes → - Which country had the largest trade surplus with India in 2020-21
- China
- The United States
- The UAE
- Singapore
Show answer
Answer: (B) The United States
The United States gave India its largest trade surplus that year; China, by contrast, gives India its largest deficit.
Read the full chapter in mind-map notes → - National income is equal to — (IAS, 2001)
- Gross National Product at market prices minus depreciation
- Gross National Product at market prices minus depreciation plus net factor income from abroad
- Gross National Product at market prices minus depreciation and indirect taxes plus subsidies
- Gross National Product at market prices minus net factor income from abroad
Show answer
Answer: (C) Gross National Product at market prices minus depreciation and indirect taxes plus subsidies
Taking depreciation out of GNP gives NNP at market price; taking out indirect taxes and adding subsidies gives NNP at factor cost, which is national income.
Read the full chapter in mind-map notes → - Under the SHANTI Act, who is liable to pay compensation for nuclear damage
- Only the supplier
- Both the supplier and the operator
- Only the plant operator
- The central government
Show answer
Answer: (C) Only the plant operator
The SHANTI Act removes supplier liability; only the nuclear plant operator is responsible for paying compensation.
Read the full chapter in mind-map notes → - By Malthus's theory, in what progression does food production grow, and in what progression does population grow?
- Both in arithmetic progression
- Both in geometric progression
- Food in arithmetic, population in geometric
- Food in geometric, population in arithmetic
Show answer
Answer: (C) Food in arithmetic, population in geometric
This exact gap was the root of Malthus's worry — food grows slowly, population grows fast.
Read the full chapter in mind-map notes → - In which year was the National Income Committee formed and who chaired it
- 1949, Professor P C Mahalanobis
- 1954, Professor V K R V Rao
- 1950, Dadabhai Naoroji
- 1951, C Rangarajan
Show answer
Answer: (A) 1949, Professor P C Mahalanobis
The committee was formed in 1949 and its report came in 1954, putting India's national income for 1948-49 at 8,710 crore rupees.
Read the full chapter in mind-map notes →
- On whose recommendation was the RBI set up
- The Rangarajan Commission
- The Hilton Young Commission
- The Narasimham committee
- The Urjit Patel committee
Show answer
Answer: (B) The Hilton Young Commission
The Hilton Young Commission recommended it in 1926; the Act came in 1934 and the founding on 1 April 1935.
Read the full chapter in mind-map notes → - What was the main aim of the Sarva Shiksha Abhiyan (SSA)
- expanding higher education
- universalising primary education within a set time
- girls' education alone
- teacher training alone
Show answer
Answer: (B) universalising primary education within a set time
SSA aimed to get every child into, and through, primary and then elementary education within a fixed time; it has since been absorbed into Samagra Shiksha.
Read the full chapter in mind-map notes → - What reward is given for issuing a municipal bond worth more than ₹1,000 crore, under the municipal bond incentive?
- ₹10 crore
- ₹50 crore
- ₹100 crore
- ₹500 crore
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Answer: (C) ₹100 crore
Issuing a bond worth more than ₹1,000 crore earns a reward of ₹100 crore.
Read the full chapter in mind-map notes → - Under which ministry does the National Highways Authority of India (NHAI) function
- The Ministry of Defence
- The Ministry of Road Transport and Highways
- The Ministry of Finance
- The Ministry of Urban Development
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Answer: (B) The Ministry of Road Transport and Highways
NHAI is an autonomous body under the Ministry of Road Transport and Highways, while BRO comes under the Ministry of Defence.
Read the full chapter in mind-map notes → - What was India’s wealth Gini coefficient roughly in 2017
- 0.27
- 0.39
- 0.58
- 0.83
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Answer: (D) 0.83
India’s wealth Gini coefficient was 0.83 in 2017, placing it among the most unequal countries.
Read the full chapter in mind-map notes → - When did the CPSE ETF begin, and how many PSUs did it include
- 2010, with 14 PSUs
- 2014, with 11 PSUs
- 2004, with 6 PSUs
- 2021, with 5 PSUs
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Answer: (B) 2014, with 11 PSUs
The CPSE ETF was launched in 2014, and it held shares of 11 PSUs including ONGC, Coal India and NTPC.
Read the full chapter in mind-map notes → - What is the total size of the Budget of 2026-27?
- ₹43.47 lakh crore
- ₹53.47 lakh crore
- ₹63.47 lakh crore
- ₹35.4 lakh crore
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Answer: (B) ₹53.47 lakh crore
₹35.4 lakh crore is only the revenue receipts, not the whole Budget — the full size is ₹53.47 lakh crore.
Read the full chapter in mind-map notes → - Which of these taxes are ad valorem, that is, based on value — 1. Sales tax 2. VAT 3. Property tax
- Only 1 and 2
- Only 2 and 3
- Only 1 and 3
- All three
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Answer: (D) All three
None of the three cares about weight or quantity — each one is worked out from what the good or the property is worth, which makes all three ad valorem.
Read the full chapter in mind-map notes → - Which of these does not fall under "mass communication"
- Television
- Postal service
- Radio
- Newspapers
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Answer: (B) Postal service
The postal service is a means of personal communication — it carries a message from one person to another, not to a mass audience.
Read the full chapter in mind-map notes → - Who coined the term "Hindu rate of growth"
- JN Bhagwati
- KN Raj
- Raj Krishna
- Sukhamoy Chakravarty
Show answer
Answer: (C) Raj Krishna
Professor Raj Krishna gave the term for India's stagnant growth rate up to the 1970s.
Read the full chapter in mind-map notes →
- Under the Hybrid Annuity Model (HAM), what share of the total cost does the government bear during construction
- 25 percent
- 40 percent
- 60 percent
- 100 percent
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Answer: (B) 40 percent
Under HAM the government pays roughly 40 percent of the cost during construction, and the private side puts in the remaining 60 percent.
Read the full chapter in mind-map notes → - India is a member of which of the following — 1. the Indian Ocean Rim Association (IORA) 2. the Organisation for Economic Co-operation and Development (OECD) — (IAS, 2009)
- Only 1
- Only 2
- Both 1 and 2
- Neither 1 nor 2
Show answer
Answer: (A) Only 1
India belongs to IORA, but not to the OECD, which has 38 members and does not include India.
Read the full chapter in mind-map notes → - By NFHS-5 (2019-21), what has India's Total Fertility Rate (TFR) fallen to?
- 2.1 — at replacement level
- 2.0 — below replacement level
- 2.5 — still high
- 1.5 — very low
Show answer
Answer: (B) 2.0 — below replacement level
This has already fallen below even the Twelfth Plan's target of 2.1 — meaning the average woman now has fewer children than the replacement level.
Read the full chapter in mind-map notes → - Which parameter carries the greatest weight in the Financial Inclusion Index
- Access
- Usage
- Quality
- All three equally
Show answer
Answer: (B) Usage
Usage 45%, access 35% and quality 20%; the index has no base year.
Read the full chapter in mind-map notes → - Which sub-sector of India’s services sector contributed the highest percentage to the annual growth rate of GDP — (MPPCS, 2000)
- Real estate, ownership of dwellings and business services
- Community, social and personal services
- Transport, storage and communication
- Trade, hotels and restaurants
Show answer
Answer: (D) Trade, hotels and restaurants
At that time trade, hotels and restaurants contributed the largest share to GDP growth.
Read the full chapter in mind-map notes → - What inflation target did the Urjit Patel committee suggest
- 2% ± 2%
- 4% ± 2%
- 5% ± 1%
- 6% ± 2%
Show answer
Answer: (B) 4% ± 2%
The committee suggested a target of 4% ± 2% on the CPI, with a review every 60 days.
Read the full chapter in mind-map notes → - What share of India's total trade by value do the major ports handle
- 95%
- 85%
- 70%
- 50%
Show answer
Answer: (C) 70%
The major ports handle 95% of trade by volume and 70% by value.
Read the full chapter in mind-map notes → - On what date was the Digital India Mission launched
- 15 August 2014
- 1 July 2015
- 26 January 2016
- 2 October 2014
Show answer
Answer: (B) 1 July 2015
The Digital India Mission was launched on 1 July 2015.
Read the full chapter in mind-map notes → - How many districts are covered under the Pradhan Mantri Dhan-Dhaanya Krishi Yojana
- 50
- 75
- 100
- 112
Show answer
Answer: (C) 100
The 100 districts were chosen on the basis of low productivity, low cropping intensity and low credit disbursement.
Read the full chapter in mind-map notes → - Which of the following is NOT one of the four clearly-read pillars behind the near-7% growth diagram?
- Energy security
- Fiscal prudence
- Monetary stability
- Job creation
Show answer
Answer: (D) Job creation
Job creation is not one of the four clearly-read pillars; along with the other three, "far-reaching structural reform" is the fourth.
Read the full chapter in mind-map notes →
GK question sets
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