General Knowledge Test with questions about different types of economies for exams like UPSC, SSC, UPPSC, Banking, RPSC, MPSC, KAS, MPPSC, and others.
1. From which financial year did the Seed Crop Insurance Scheme start in India?
- 1999-2000
- 2005-2006
- 2010-2011
- 2015-2016
Show Answer
Answer: Option A. 1999-2000
2. The Minimum Support Price (MSP) of major agricultural products is determined by the government every year taking into account the recommendations of which of the following organizations?
- The Central Board of Direct Taxes (CBDT)
- The Reserve Bank of India (RBI)
- The Commission for Agricultural Costs and Prices (CACP)
- The Central Bureau of Investigation (CBI)
Show Answer
Answer: Option C. The Commission for Agricultural Costs and Prices (CACP)
3. How does the Indian government provide food subsidy?
- By direct cash transfers to farmers
- By providing essential food items at subsidized prices through Public Distribution System (PDS)
- Through tax incentives on agricultural products
- By subsidies on farm equipment and machinery
Show Answer
Answer: Option B. By providing essential food items at subsidized prices through Public Distribution System (PDS)
4. Who is responsible for determining the Minimum Support Prices on behalf of the Indian Government?
- The Commission for Agricultural Costs and Prices (CACP)
- The Finance Ministry
- The Central Bank of India
- The Home Ministry
Show Answer
Answer: Option A. The Commission for Agricultural Costs and Prices (CACP)
5. What is the primary reason for the government to implement a dual pricing system and establish fair price shops?
- To increase government revenue
- To favor certain business sectors
- To impose price control on luxury goods
- To control inflation and ensure the availability of essential goods at a reasonable price
Show Answer
Answer: Option D. To control inflation and ensure the availability of essential goods at a reasonable price