Olete.in – MCQs, Mock Tests & Government Job Prep

The sectors are classified into public and private sector on the basis of :

1. Employment conditions
2. The nature of economic activities
3. Number of workers employed
4. Ownership of enterprises

✅ Correct Answer: 4

When we produce a good by exploiting natural resources, it is an activity of the:

1. Secondary sector
2. Tertiary sector
3. Primary sector
4. Organised sector

✅ Correct Answer: 3

The service sector includes activities such as:

1. agriculture, dairy, fishing and forestry
2. making sugar, gur and bricks
3. transport, communication and banking
4. None of these

✅ Correct Answer: 3

Choose the correct meaning of organised sector:

1. It covers those enterprises where the terms of employment are regular.
2. It is outside the control of the government.
3. Jobs are not regular.
4. It provides low salaries.

✅ Correct Answer: 1

Which of the following is included in tertiary sector?

1. ATM booths
2. Call centres
3. Internet cafe
4. All of them

✅ Correct Answer: 4

Government owns most of the assets and provides all the services:

1. Private Sector
2. Public Sector
3. Organised Sector
4. Tertiary Sector

✅ Correct Answer: 2

The value of all final goods and services produced within a country during a particular year is called as:

1. Gross Domestic Product
2. Net Domestic Product
3. National Product
4. Production of Tertiary Sector

✅ Correct Answer: 1

A situation in which more persons are employed on a job than are optimally required is:

1. Structural unemployment
2. Disguised unemployment
3. Cyclical unemployment
4. Seasonal unemployment

✅ Correct Answer: 2

Out of 200 million children in the school going age group, how many are attending schools?

1. One-fourth
2. Half
3. Two-thirds
4. One-fifth

✅ Correct Answer: 3

Central government in India made a law, implementing the Right to Work in how many districts of India?

1. 150 districts
2. 200 districts
3. 250 districts
4. 625 districts

✅ Correct Answer: 4

Which one of the following statements is most appropriate regarding transaction made in money?

1. It is the easiest way.
2. It is the safest way.
3. It is the cheapest way.
4. It promotes trade.

✅ Correct Answer: 1

Which one of the following is a modem form of currency?

1. Gold
2. Silver
3. Copper
4. Paper notes

✅ Correct Answer: 4

Which among the following authorities issues currency notes on behalf of the government?

1. Government of India
2. The State Bank of India
3. National Bank for Agriculture and Rural Development
4. Reserve Bank of India

✅ Correct Answer: 4

In which of the following systems exchange of goods is done without use of money?

1. Credit system
2. Barter system
3. Banking system
4. Collateral system

✅ Correct Answer: 2

Banks provide a higher rate of interest on which of the following accounts?

1. Saving account
2. Current account
3. Fixed deposits for long period
4. Fixed deposits for very short period

✅ Correct Answer: 3

Banks use the major portion of the deposits to:

1. Keep as reserve so that people may withdraw
2. Meet their routine expenses
3. Extend loans
4. Meet renovation of bank

✅ Correct Answer: 3

What percentage of their deposits is kept as cash by the banks in India?

1. 25%
2. 20%
3. 15%
4. 10%

✅ Correct Answer: 3

The informal source of credit does not include which one of the following?

1. Traders
2. Friends
3. Cooperative Societies
4. Moneylenders

✅ Correct Answer: 3

Which one of the following is the new way of providing loans to the moral poor?

1. Co-operative societies
2. Traders
3. Relatives and friends
4. SHGs

✅ Correct Answer: 4

Why is currency accepted as a medium of exchange?

1. Because the currency is authorised by the government of the country.
2. Because it is liked by the people who use it.
3. Because the use of currency has its origin in ancient times.
4. Because the currency is authorised by the World Bank.

✅ Correct Answer: 1

Removing barriers or restrictions set by the government is called:

1. Liberalisation
2. Investment
3. Fovourable trade
4. Free trade

✅ Correct Answer: 1

Rapid integration or interconnection between countries is known as:

1. Privatisation
2. Globalisation
3. Liberalisation
4. Socialisation

✅ Correct Answer: 2

Globalisation has led to improvement in living conditions:

1. of all the people
2. of people in the developed countries
3. of workers in the developing countries
4. none of the above

✅ Correct Answer: 3

Which one of the following Indian indus�tries has been hit hard by globalisation?

1. Information Technology (IT)
2. Toy making
3. Jute
4. Cement

✅ Correct Answer: 2

World Trade Organisation (WTO) was started at the initiative of which one of the following group of countries?

1. Rich countries
2. Poor countries
3. Developed countries
4. Developing countries

✅ Correct Answer: 3

Which of the following organisations lays stress on liberalisation of foreign trade and foreign investment?

1. International Labour Organisation
2. International Monetary Fund
3. World Health Organisation
4. World Trade Oraganisation

✅ Correct Answer: 4

Investments made by MNCs are termed as:

1. Indigenous investment
2. Foreign investment
3. Entrepreneur?s investment
4. None of the above

✅ Correct Answer: 2

Which of the following is not a feature of a Multi-National Company?

1. It owns/controls production in more than one nation.
2. It sets up factories where it is close to the markets.
3. It organises production in complex ways.
4. It employs labour only from its own country.

✅ Correct Answer: 4

Tax on imports is an example of:

1. Terms of Trade
2. Collateral
3. Trade Barriers
4. Foreign Trade

✅ Correct Answer: 3

Which one of the following is not characteristic of Special Economic Zone??

1. They do not have to pay taxes for long period.
2. Government has allowed flexibility in labour laws.
3. They have world class facilities.
4. They do not have to pay taxes for an initial period of five years.

✅ Correct Answer: 1

Why do we need to have set rules and regulations for consumer rights?

1. To protect and promote the interest of the consumers against unethical and unfair trade practices.
2. To bring discipline in the country.
3. To provide police protection to consumers during a dispute with the sellers.
4. Its aim is to make all the sellers fair and honest.

✅ Correct Answer: 1

When was the Consumer Protection Act passed in India?

1. 1968
2. 1986
3. 1984
4. 1976

✅ Correct Answer: 2

In which year did the United Nations adopt the guidelines for consumer protection?

1. 1960
2. 1988
3. 1985
4. 1999

✅ Correct Answer: 3

When was the ?Right to Information? Act passed?

1. Oct-05
2. Mar-06
3. December 2007
4. Sep-03

✅ Correct Answer: 1

What was the cause of the rise of consumer movement?

1. The movement started to help consumers to form a group to protest against price rise.
2. The movement grew out of consumers dissatisfaction due to unfair practices of sellers.
3. The movement grew out of the satisfaction enjoyed by the consumers for fair practices of the sellers.
4. The movement was started to help the sellers to promote their own interest and cheat consumers.

✅ Correct Answer: 2

What can be the maximum claim amount at the district level of the consumer court?

1. Less than rs 1 lakh
2. rs 1 crore
3. Upto rs 20 lakhs
4. Above then rs 1 crore

✅ Correct Answer: 3

Which one of the following does not provide certificate of standardization in India?

1. ISI
2. Agmark
3. Hallmark
4. COPRA

✅ Correct Answer: 4

When is ?National Consumers? Day? celebrated in India?

1. 26th January
2. 22nd October
3. 24th December
4. 25th December

✅ Correct Answer: 3

The quasi-judicial machinery set up at the highest level for redressal of consumer disputes is:

1. The District Forum
2. The State Consumer Commission
3. Consumers International
4. National Consumer Disputes Redressal Commission

✅ Correct Answer: 4

What was the name given to the agency at the global level for the protection of consumer rights?

1. Consumer Court of Justice
2. International Consumer Forum
3. Consumers Commission
4. Consumers International

✅ Correct Answer: 4

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