Socio economic Issues in India

General Knowledge Test with questions about different types of economies for exams like UPSC, SSC, UPPSC, Banking, RPSC, MPSC, KAS, MPPSC, and others.

1. Which of the following is not an economic factor contributing to poverty in India?

  1. Unemployment
  2. Education
  3. Inflation
  4. Low agricultural productivity
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Answer: Option B. Education

2. What types of goods are consumed collectively by the community?

  1. Public goods
  2. Private goods
  3. Luxury goods
  4. Inferior goods
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Answer: Option A. Public goods

3. Which term is also known as “Buyer’s Monopoly”?

  1. Monopoly
  2. Oligopoly
  3. Duopoly
  4. Monopsony
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Answer: Option D. Monopsony

4. According to the Lakdawala Formula, which of the following is used to estimate “urban poverty”?

  1. Consumer Price Index for Industrial Workers
  2. Gross Domestic Product
  3. Wholesale Price Index
  4. Human Development Index
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Answer: Option A. Consumer Price Index for Industrial Workers

5. Which organization established the Poverty Reduction and Growth Facility (PRGF) in September 1999 to prioritize poverty reduction and growth in its poorest member countries?

  1. World Bank
  2. United Nations
  3. International Monetary Fund
  4. World Trade Organization
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Answer: Option C. International Monetary Fund