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Home / General Knowledge / General Knowledge Question Answers – Series 11

General Knowledge Question Answers – Series 11

The knowledge sharing process is continuing here as well. This section consists of another 15 interactive session of GK which is your apt for exam preparation.

This segment contains questions and answers from ‘Currency and Inflation’.

Just go through all the questions and try to give answer of your own before looking for the correct answer in the answer section.

GK Series 11

1. The period of high inflation and low economic growth is termed as:

Answer Options:
a. stagnation
b. take off stage in economy
c. stagflation
d. None of the above

Answer

Answer

stagflation

2. Broad money in India is:

Answer Options:
a. M1
b. M2
c. M3
d. M4

Answer

Answer

M3

3. When was the decimal system of currency introduced in India?

Answer Options:
a. 1948
b. 1950
c. 1954
d. 1957

Answer

Answer

1957

4. If the interest rate is decreased in an economy, it will:

Answer Options:
a. decrease the consumption expenditure in the economy
b. increase the tax collection of the government
c. increase the investment expenditure in the economy
d. increase the total savings in the economy

Answer

Answer

increase the investment expenditure in the economy

5. Monetary Policy is regulated by:

Answer Options:
a. money lenders
b. central bank
c. private entrepreneurs
d. government policy

Answer

Answer

central bank

6. Stagflation implies a case of:

Answer Options:
a. galloping inflation
b. recession plus inflation
c. adverse balance of trade
d. rising wages and employment

Answer

Answer

recession plus inflation

7. The Phillips Curve represents relationship between:

Answer Options:
a. Deflation and Unemployment
b. Inflation and Unemployment
c. Inflation and Disguised
d. Deflation and Cyclical Unemployment

Answer

Answer

Inflation and Unemployment

8. The situation with increasing unemployment and inflation is termed as:

Answer Options:
a. hyper inflation
b. galloping inflation
c. stagflation
d. reflection

Answer

Answer

stagflation

9. Convertibility of the rupee implies:

Answer Options:
a. being able to convert rupee notes into gold
b. freely permitting the conversion of rupee to other major currencies and vice versa
c. allowing the value of the rupee to be fixed by market forces
d. developing an international market for currencies in India

Answer

Answer

freely permitting the conversion of rupee to other major currencies and vice versa

10. Which of the following groups suffer the most from inflation?

Answer Options:
a. Debtors
b. Creditors
c. Business class
d. Holders of real assets

Answer

Answer

Creditors

11. The Reserve bank of India issues currency notes under the:

Answer Options:
a. Fixed Fiduciary System
b. Maximum Fiduciary System
c. Minimum Reserve System
d. Proportional Reserve System

Answer

Answer

Minimum Reserve System

12. Who among the following is most benefited from inflation?

Answer Options:
a. Government pensioners
b. Creditors
c. Saving bank account holders
d. Debtors

Answer

Answer

Debtors

13. Which of the following can be used for checking inflation temporarily?

Answer Options:
a. Increase in wages
b. Decrease in money supply
c. Decrease in taxes
d. None of the above

Answer

Answer

Decrease in money supply

14. Who among the following are not protected against inflation?

Answer Options:
a. Salaried class
b. Pensioners
c. Industrial workers
d. Agricultural farmers

Answer

Answer

Agricultural farmers

15. Consider the following statements
1. Inflation benefits the debtors
2. Inflation benefits the bond holders
Which of the statement (s) given above is/are correct?

Answer Options:
a. Only 1
b. Only 2
c. Both 1 and 2
d. Neither 1 nor 2

Answer

Answer

Only 1

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