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RBI Assistant Economy & Banking Awareness Questions
Practise economy & banking awareness (general awareness) for the RBI Assistant Examination: 10 multiple-choice questions, each with the correct answer and a worked explanation. Click an option to check it, or “New questions” for another set.
Economy & Banking Awareness practice
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Q1.What does GDP stand for?
Show answer & explanation
Answer: D — Gross Domestic Product
GDP measures the market value of final goods and services produced within a country.
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Q2.The Goods and Services Tax (GST) in India was introduced on:
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Answer: A — 1 July 2017
GST was rolled out on 1 July 2017.
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Q3.Opportunity cost is:
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Answer: B — The value of the next best alternative forgone
It is the benefit given up by choosing one option over the next best.
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Q4.CRR stands for:
Show answer & explanation
Answer: A — Cash Reserve Ratio
Banks must keep a share of deposits as cash with the central bank — the Cash Reserve Ratio.
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Q5.Inflation that is very high and accelerating is called:
Show answer & explanation
Answer: C — Hyperinflation
Hyperinflation is extremely rapid price growth (often >50% a month).
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Q6.When the demand for a good rises as income rises, the good is a:
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Answer: C — Normal good
Normal goods have positive income elasticity.
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Q7.Which instrument is used for transferring money electronically in real time for large values in India?
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Answer: B — RTGS
RTGS settles individual large-value transactions in real time.
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Q8.Which body regulates the securities market in India?
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Answer: C — SEBI
The Securities and Exchange Board of India (SEBI).
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Q9.The ‘lender of last resort’ in an economy is usually the:
Show answer & explanation
Answer: B — Central bank
Central banks provide emergency liquidity to banks.
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Q10.Which type of account typically earns no interest in India?
Show answer & explanation
Answer: A — Current account
Current accounts for businesses usually pay no interest.
How to approach economy & banking awareness questions
Know what each regulator does (RBI, SEBI, IRDAI, PFRDA), the policy tools (repo, CRR, SLR) and the definitions behind GDP, inflation and fiscal deficit. Check current rates in the latest official releases.
About RBI Assistant
RBI Assistant Examination — conducted by Reserve Bank of India (RBI). Recruits Assistants for RBI offices through prelims, mains and a language proficiency test.
Original practice questions written for this site in the style and difficulty of each exam’s syllabus. They are not past papers and the site is not affiliated with any exam body. Exam patterns, marking schemes and syllabi change — always check the latest official notification.
RBI Assistant practice topics
| Topic | Section | Question source |
|---|---|---|
| Number System & Simplification | Quantitative aptitude | Calculated (new numbers every set) |
| Logical Reasoning | Reasoning | Calculated (new numbers every set) |
| English Grammar | English | Question bank |
| Economy & Banking Awareness | General awareness | Question bank |
| Computer Awareness | Computer knowledge | Question bank |