Question 1

Gross Value Added (GVA) at Basic Prices is defined as:

GDP at Market Prices + Net Product TaxesGDP at Factor Cost + DepreciationGDP at Market Prices - Net Product TaxesNNP at Factor Cost + Undistributed Profits

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GVA at Basic Prices = GDP at Market Prices - (Product Taxes - Product Subsidies). Conversely, GDP at Market Prices = GVA at Basic Prices + Net Product Taxes.

Question 2

Under the revised MSME classification (2020), a "Small Enterprise" is one where:

Investment <= ?20 Cr and Turnover <= ?100 CrInvestment <= ?50 Cr and Turnover <= ?250 CrInvestment <= ?10 Cr and Turnover <= ?50 CrInvestment <= ?1 Cr and Turnover <= ?5 Cr

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Micro: Inv<1Cr, Turn<5Cr. Small: Inv<10Cr, Turn<50Cr. Medium: Inv<50Cr, Turn<250Cr.

Question 3

Which sector typically contributes the highest to India’s Gross Value Added (GVA)?

ServicesConstructionAgriculture, Forestry and FishingIndustry (Manufacturing)

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The Services sector is the largest contributor to India's GVA, accounting for over 53% of the total economy.

Question 4

What is the primary objective of the "PM-KISAN" scheme?

To waive off farm loansTo provide crop insurance to farmersTo provide subsidized fertilizersTo provide income support to landholding farmer families

View Explanation

PM-KISAN (Pradhan Mantri Kisan Samman Nidhi) provides direct income support of ?6,000 per year to landholding farmer families.

Question 5

According to the revised MSME classification (July 2020), an enterprise is classified as "Medium" if:

Investment is = ?10 Cr and Turnover is = ?50 Cr.Investment is = ?50 Cr and Turnover is = ?250 Cr.Investment is = ?20 Cr and Turnover is = ?100 Cr.Investment is = ?50 Cr and Turnover is = ?200 Cr.

View Explanation

The new composite criteria for Medium Enterprises requires Investment in Plant and Machinery or Equipment does not exceed ?50 crore and Annual Turnover does not exceed ?250 crore. Both conditions must be met. Exports are excluded from the turnover calculation.

Question 6

Under the PMMY (Pradhan Mantri Mudra Yojana), the "Tarun" category covers loans ranging from:

Above ?10 Lakh?50,001 to ?5 Lakh?5,00,001 to ?10 LakhUp to ?50,000

View Explanation

Mudra loans have three categories: Shishu (up to ?50k), Kishore (?50k to ?5L), and Tarun (?5L to ?10L) for funding the non-corporate, non-farm small/micro enterprises.

Question 7

The term "Gig Economy" implies:

An economy based on barter system.A labor market characterized by the prevalence of short-term contracts or freelance work.Government employment focused economy.An economy dominated by large manufacturing plants.

View Explanation

The Gig Economy involves temporary, flexible jobs where companies tend to hire independent contractors and freelancers instead of full-time employees (e.g., Uber, Zomato workers).

Question 8

The "Production Linked Incentive" (PLI) Scheme was launched by the Government of India primarily to:

Offer tax holidays to IT startups only.Provide direct subsidies to farmers for crop production.Increase the production of coal and thermal energy.Boost domestic manufacturing and reduce import dependence in key sectors.

View Explanation

The PLI scheme offers financial incentives to companies based on the incremental sales of products manufactured in India. It aims to create global manufacturing champions in India across strategic sectors (like electronics, pharma, auto, textiles), create jobs, and reduce the reliance on imports, thereby strengthening the "Atmanirbhar Bharat" initiative.

Question 9

Which initiative focuses on creating "Smart Cities" to drive economic growth and improve quality of life?

PMAY-UrbanHRIDAY SchemeSmart Cities MissionAMRUT Mission

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Launched in 2015, the Smart Cities Mission aims to promote cities that provide core infrastructure and give a decent quality of life to its citizens, a clean and sustainable environment, and application of 'Smart' Solutions.

Question 10

The "Udyam Registration" portal is meant for the registration of:

MSMEs (Micro, Small and Medium Enterprises).Exporters only.Farmers selling crops.Unorganized workers.

View Explanation

Udyam Registration is the new, simplified, online, and paperless process for registering MSMEs in India, replacing the Udyog Aadhaar Memorandum (UAM).

JAIIB Quiz

Quiz Finished!