Q1. Monetary policy in India is formulated by:
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Answer: D. Reserve Bank of India
RBI frames monetary policy, while fiscal policy (taxes and spending) is handled by the Ministry of Finance.
Economy Questions for SSC CGL (with Answers)
15 Economy MCQs from the General Awareness section, with answers and short explanations.
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Q2. MGNREGA guarantees how many days of wage employment in a year to a rural household?
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Answer: A. 100 days
MGNREGA guarantees at least 100 days of wage employment a year to adult members of a rural household.
Q3. What was the period of India's First Five-Year Plan?
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Answer: A. 1951-56
The First Plan (1951-56) focused mainly on agriculture and irrigation.
Q4. What was the period of India's First Five-Year Plan?
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Answer: D. 1951-1956
The First Five-Year Plan ran from 1951 to 1956 and focused mainly on agriculture.
Q5. The National Rural Employment Guarantee Act (now MGNREGA) was passed in which year?
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Answer: D. 2005
NREGA was passed in 2005 and implemented from February 2006; it was renamed MGNREGA in 2009.
Q6. A situation of high inflation along with high unemployment and slow growth is called:
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Answer: A. Stagflation
Stagflation combines economic stagnation with rising prices.
Q7. The repo rate is the rate at which:
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Answer: D. RBI lends to commercial banks
The repo rate is the rate at which the RBI lends short-term funds to banks against government securities. A higher repo rate makes credit more expensive and helps control inflation.
Q8. Pradhan Mantri Jan Dhan Yojana, launched in 2014, is mainly aimed at what?
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Answer: A. Financial inclusion through bank accounts for all
PMJDY was launched in 2014 to provide every household with access to a basic bank account and financial services.
Q9. NABARD, established in 1982, mainly provides credit for which sector?
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Answer: C. Agriculture and rural development
NABARD (National Bank for Agriculture and Rural Development) is the apex bank for agriculture and rural credit.
Q10. The Narasimham Committee (1991) is associated with reforms in which sector?
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Answer: C. Banking
M. Narasimham's committees (1991 and 1998) recommended financial and banking sector reforms. The Chelliah Committee dealt with tax reforms.
Q11. Who issues currency notes in India (except the one-rupee note)?
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Answer: C. Reserve Bank of India
The RBI issues all notes except the one-rupee note, which is issued by the Ministry of Finance.
Q12. Who coined the term 'Hindu rate of growth' for India's slow growth before 1980s?
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Answer: B. Raj Krishna
Prof. Raj Krishna used the term for India's low growth of about 3.5% a year from the 1950s to 1980s.
Q13. SEBI was set up in 1988. In which year did it become a statutory body?
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Answer: A. 1992
The SEBI Act, 1992 gave SEBI statutory powers to regulate the securities market. It was set up in 1988 as a non-statutory body.
Q14. The First Five-Year Plan of India began in:
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Answer: C. 1951
The First Five-Year Plan ran from 1951 to 1956.
Q15. The Tarapore Committee is associated with:
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Answer: B. Capital account convertibility
The Tarapore Committee (1997, and again in 2006) set out a roadmap for full capital account convertibility of the rupee. It was chaired by S. S. Tarapore.
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