SSC CGL Economy – Mock Test 2 – Tier I Style

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SSC CGL Economy – Mock Test 2 – 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 government ought to raise the minimum wage' is an example of a:

Correct Answer: D [normative statement]

Explanation:

Normative = what ought to be; positive = what is.

2.  
The financial year of the Government of India runs from:

Correct Answer: C [1 April to 31 March]

Explanation:

Financial year: 1 April – 31 March.

3.  
In India's national accounts, interest paid on the national debt is:

Correct Answer: A [treated as a transfer and left out of national income]

Explanation:

Interest on national debt = transfer income.

4.  
National Statistics Day, marking P. C. Mahalanobis's birth anniversary, falls on:

Correct Answer: D [29 June]

Explanation:

Answer: 29 June. 29 June.

5.  
The Gadgil formula for sharing central plan assistance among States was first used in the:

Correct Answer: B [Fourth Plan]

Explanation:

Gadgil formula (1969) – from the 4th Plan.

6.  
The Third Five Year Plan fell short of its targets mainly because of:

Correct Answer: A [the wars of 1962 and 1965 and a severe drought]

Explanation:

Third Plan (1961–66): wars of 1962 and 1965 and drought.

7.  
The gain earned by the issuer of money from creating currency is called:

Correct Answer: C [seigniorage]

Explanation:

Seigniorage – the profit from issuing money.

8.  
The Consumer Price Index for Agricultural Labourers (CPI-AL) is compiled by the:

Correct Answer: A [Labour Bureau]

Explanation:

CPI-IW, CPI-AL and CPI-RL – Labour Bureau.

9.  
The recommendation to set up a central bank for India came from the:

Correct Answer: B [Hilton Young Commission]

Explanation:

Hilton Young Commission, 1926.

10.  
Regional Rural Banks came into being on:

Correct Answer: D [2 October 1975]

Explanation:

Answer: 2 October 1975. RRBs – 2 October 1975.

11.  
The National Payments Corporation of India, which runs UPI, was set up in:

Correct Answer: C [2008]

Explanation:

Answer: 2008. NPCI 2008; UPI 2016.

12.  
Dated securities issued by State Governments are known as:

Correct Answer: C [State Development Loans]

Explanation:

SDLs are State Government securities; T-bills are only for the Centre.

13.  
James Wilson presented the first budget of British India in the year:

Correct Answer: B [1860]

Explanation:

Answer: 1860. 7 April 1860.

14.  
How many members does the Estimates Committee of Parliament have?

Correct Answer: A [30, all from the Lok Sabha]

Explanation:

Estimates Committee – 30 Lok Sabha members.

15.  
Wealth tax in India was abolished with effect from assessment year:

Correct Answer: D [2016-17]

Explanation:

Answer: 2016-17. Abolished from AY 2016-17.

16.  
Under the reverse charge mechanism of GST, the tax on a notified supply is paid by the:

Correct Answer: B [recipient of the supply]

Explanation:

Reverse charge – the recipient, not the supplier, pays the GST.

17.  
Vinoba Bhave began the Bhoodan movement in 1951 at:

Correct Answer: C [Pochampalli]

Explanation:

Pochampalli (Telangana), 1951.

18.  
The Kisan Credit Card was introduced in:

Correct Answer: D [1998]

Explanation:

Answer: 1998. KCC – 1998.

19.  
The Western Dedicated Freight Corridor runs between:

Correct Answer: A [Dadri and JNPT]

Explanation:

Eastern DFC Ludhiana–Sonnagar; Western DFC Dadri–JNPT.

20.  
For its authorised operations, a Special Economic Zone is treated as:

Correct Answer: C [outside the customs territory of India]

Explanation:

SEZ Act, 2005: deemed foreign territory for trade and customs purposes only.

21.  
FEMA, which replaced FERA, came into force on:

Correct Answer: D [1 June 2000]

Explanation:

FEMA 1999 in force from 1 June 2000.

22.  
The committees on capital account convertibility (1997 and 2006) were headed by:

Correct Answer: B [S. S. Tarapore]

Explanation:

Tarapore committees; India has full current account but only partial capital account convertibility.

23.  
The expert group on poverty estimation that submitted its report in 2009 was headed by:

Correct Answer: A [Suresh Tendulkar]

Explanation:

Lakdawala 1993, Tendulkar 2009 (group set up in 2005), Rangarajan 2014.

24.  
The four Labour Codes that took effect on 21 November 2025 brought together how many earlier labour laws?

Correct Answer: A [29]

Explanation:

PIB: four Codes rationalising 29 labour laws.

25.  
'Awaas Diwas', the anniversary of PMAY-Gramin, is observed on:

Correct Answer: B [20 November]

Explanation:

PMAY-G was launched at Agra on 20 November 2016.

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