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Indian Economy Quiz: 10 GK Questions with Answers

Written by the Quizzeela team
Last checked · 10 questions · Medium

Economy questions appear in every bank and SSC paper. Start with these 10 basics.

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1GDP stands for:

  1. Government Debt Payment
  2. General Development Plan
  3. Gross Demand Price
  4. Gross Domestic Product
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Answer: D. Gross Domestic Product. GDP is the total value of goods and services produced in a country in a period.

2Inflation means:

  1. More jobs
  2. Prices generally rising over time
  3. Higher exports
  4. Prices generally falling
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Answer: B. Prices generally rising over time. Inflation is a general rise in prices, which reduces what your money can buy.

3GST was launched in India on:

  1. 1 April 2016
  2. 8 November 2016
  3. 1 January 2018
  4. 1 July 2017
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Answer: D. 1 July 2017. Goods and Services Tax replaced many indirect taxes from 1 July 2017.

4NITI Aayog replaced which body in 2015?

  1. RBI
  2. Election Commission
  3. Finance Commission
  4. Planning Commission
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Answer: D. Planning Commission. NITI Aayog replaced the Planning Commission on 1 January 2015.

5The Sensex is the main index of which stock exchange?

  1. BSE
  2. NSE
  3. MCX
  4. NYSE
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Answer: A. BSE. The Sensex tracks 30 large companies listed on the BSE.

6Nifty 50 is the main index of:

  1. SEBI
  2. BSE
  3. NSE
  4. RBI
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Answer: C. NSE. The Nifty 50 tracks 50 large companies on the National Stock Exchange.

7Which body regulates India's stock markets?

  1. NABARD
  2. SEBI
  3. RBI
  4. IRDAI
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Answer: B. SEBI. The Securities and Exchange Board of India (SEBI) regulates securities markets.

8Demonetisation of the old ₹500 and ₹1,000 notes was announced on:

  1. 8 November 2016
  2. 15 August 2016
  3. 1 July 2017
  4. 26 January 2016
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Answer: A. 8 November 2016. The announcement was made on the evening of 8 November 2016.

9The Union Budget is presented in Parliament by the:

  1. Prime Minister
  2. RBI Governor
  3. Finance Minister
  4. President
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Answer: C. Finance Minister. The Finance Minister presents the Union Budget, usually on 1 February.

10Fiscal deficit means:

  1. Prices falling
  2. Exports exceeding imports
  3. Banks having extra cash
  4. Government spending more than its income (excluding borrowing)
Show answer
Answer: D. Government spending more than its income (excluding borrowing). It is the gap between the government's total spending and its total income other than borrowing.
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Sources: Ministry of Finance, RBI, SEBI and stock exchange websites. Found a mistake? Use "Report a mistake" in the timed quiz.