SSC CGL Economy – Mock Test 1 – Tier I Style

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SSC CGL Economy – Mock Test 1 – Tier I Style – 25 questions, subject: Indian Economy. Every question has the correct answer with a one-line explanation; tap "Show Answer". Free practice for TNPSC, UPSC, SSC, Bank and RRB exams – Shanmugam IAS Academy, Coimbatore.

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1.  
The word 'economics' comes from the Greek word:

Correct Answer: B [oikonomia]

Explanation:

Oikonomia – management of a household.

2.  
A market in which there is a single buyer of a product or service is known as:

Correct Answer: D [monopsony]

Explanation:

Monopsony = one buyer; monopoly = one seller.

3.  
For a country, GNP will be larger than GDP when:

Correct Answer: C [net factor income from abroad is positive]

Explanation:

Answer: net factor income from abroad is positive. GNP = GDP + NFIA.

4.  
In 2019 the NSSO and the CSO were merged to form the:

Correct Answer: A [National Statistical Office (NSO)]

Explanation:

NSSO (1950) and CSO (1951) merged into the NSO under MoSPI in 2019.

5.  
The Planning Commission of India was constituted by a Cabinet resolution on:

Correct Answer: A [15 March 1950]

Explanation:

15 March 1950; NDC came in 1952.

6.  
The Indian Statistical Institute, Kolkata, was founded by:

Correct Answer: C [P. C. Mahalanobis]

Explanation:

Mahalanobis – founder of the ISI and architect of the Second Plan.

7.  
In which year was the symbol '₹' adopted for the Indian rupee?

Correct Answer: B [2010]

Explanation:

Adopted 15 July 2010; designed by D.

8.  
India's Wholesale Price Index is compiled by:

Correct Answer: D [the Office of the Economic Adviser, DPIIT]

Explanation:

WPI – Office of the Economic Adviser, DPIIT; CPI – NSO.

9.  
Under the Lead Bank Scheme, one bank in each district:

Correct Answer: B [leads credit planning for that district]

Explanation:

Lead Bank Scheme (1969): a designated bank leads credit planning in each district.

10.  
Which of these types of bank is NOT allowed to give loans?

Correct Answer: D [Payments bank]

Explanation:

Payments banks accept deposits and offer remittances but cannot lend.

11.  
India's first development finance institution, set up in 1948, is:

Correct Answer: A [IFCI]

Explanation:

IFCI 1948 → ICICI 1955 → IDBI 1964 → SIDBI 1990.

12.  
India's first Outcome Budget and Gender Budget Statement came with the Union Budget of:

Correct Answer: C [2005-06]

Explanation:

Both were introduced in 2005-06.

13.  
Under the Provisional Collection of Taxes Act, 1931, Parliament must pass the Finance Bill within:

Correct Answer: B [75 days]

Explanation:

New taxes apply at once, but the Finance Bill must pass within 75 days.

14.  
In a 15-character GSTIN, the first two characters stand for the:

Correct Answer: C [State code]

Explanation:

2-digit State code + 10-character PAN + entity number + Z + check code.

15.  
The four canons of taxation – equality, certainty, convenience and economy – were laid down by:

Correct Answer: D [Adam Smith]

Explanation:

Adam Smith, Wealth of Nations (1776).

16.  
The second phase of Operation Flood covered the years:

Correct Answer: A [1981–85]

Explanation:

Phase I 1970–80, Phase II 1981–85, Phase III 1985–96.

17.  
'Operation Greens', announced in the Union Budget 2018–19, covers:

Correct Answer: B [tomato, onion and potato]

Explanation:

The 'TOP' crops, whose prices swing sharply.

18.  
The Sagarmala programme (approved 2015) is mainly about:

Correct Answer: C [port-led development]

Explanation:

Sagarmala – ports, coastal shipping and port connectivity; Bharatmala – highways.

19.  
The Competition Commission of India was established in:

Correct Answer: D [2003]

Explanation:

Competition Act 2002; CCI set up 2003.

20.  
The Uruguay Round of GATT talks (1986–94), which created the WTO, was the:

Correct Answer: A [eighth round]

Explanation:

Uruguay Round – the eighth and biggest GATT round.

21.  
The New Development Bank of the BRICS countries is headquartered in:

Correct Answer: A [Shanghai]

Explanation:

NDB – Shanghai; AIIB – Beijing; ADB – Manila.

22.  
India's national Multidimensional Poverty Index, prepared by NITI Aayog, uses how many indicators?

Correct Answer: D [12]

Explanation:

3 dimensions, 12 indicators (the global MPI uses 10).

23.  
The 'inverted-U' relation between economic growth and inequality is associated with:

Correct Answer: B [Simon Kuznets]

Explanation:

Kuznets curve: inequality first rises, then falls, as income grows.

24.  
At the height of the 1991 crisis, India's foreign exchange reserves were enough to pay for about:

Correct Answer: C [two weeks of imports]

Explanation:

Reserves fell to about two weeks of imports; gold was pledged.

25.  
The Jal Jeevan Mission, aiming at a tap connection for every rural home, was announced on:

Correct Answer: B [15 August 2019]

Explanation:

JJM announced on Independence Day 2019.

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