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CBSE Class 8  >  Class 8 Test  >  GK Olympiad  >  Test: Indian Economy- 2 - Class 8 MCQ

Indian Economy- 2 - Free MCQ Practice Test with solutions, Class 8 GK Olympiad


MCQ Practice Test & Solutions: Test: Indian Economy- 2 (10 Questions)

You can prepare effectively for Class 8 GK Olympiad for Class 8 with this dedicated MCQ Practice Test (available with solutions) on the important topic of "Test: Indian Economy- 2". These 10 questions have been designed by the experts with the latest curriculum of Class 8 2026, to help you master the concept.

Test Highlights:

  • - Format: Multiple Choice Questions (MCQ)
  • - Duration: 20 minutes
  • - Number of Questions: 10

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Test: Indian Economy- 2 - Question 1
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The currency of Bahrain is ____

Detailed Solution: Question 1

The currency of Bahrain is Dinar.

Here is a detailed explanation:



  • Dinar: The official currency of Bahrain is the Bahraini Dinar. It is represented by the currency code BHD.

  • Bahrain: Bahrain is a small island country located in the Persian Gulf. It is known for its petroleum production and financial services sector.

  • Currency: The currency of a country is the medium of exchange used to facilitate transactions and represent the value of goods and services. It is typically issued and regulated by the central bank of the country.

  • Other Options: The Taka is the currency of Bangladesh, the Dollar is the currency of the United States and several other countries, and the Franc is the currency of several countries in Africa and Europe. None of these currencies are used in Bahrain.


Therefore, the correct answer is A: Dinar.

Test: Indian Economy- 2 - Question 2
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The currency of Paraguay is ____

Detailed Solution: Question 2

The currency of Paraguay is Guarani.
Explanation:
Here is a detailed explanation of why the correct answer is C: Guarani.
- Paraguay, a landlocked country in South America, uses the Guarani as its official currency.
- The Guarani is named after the indigenous people of Paraguay and is denoted by the symbol ₲.
- It is subdivided into 100 smaller units called céntimos.
- The Guarani has been the official currency of Paraguay since 1944 when it replaced the Paraguayan peso.
- The central bank of Paraguay, known as the Banco Central del Paraguay, is responsible for issuing and regulating the Guarani.
- The currency is widely used for everyday transactions in Paraguay, including buying goods and services, as well as for larger financial transactions.
- The exchange rate of the Guarani can fluctuate against other currencies, and it is important for visitors or those planning to do business in Paraguay to stay updated on the current exchange rates.
In conclusion, the currency of Paraguay is the Guarani, symbolized by ₲, which has been in use since 1944.

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Test: Indian Economy- 2 - Question 3
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The currency of North Korea is _____

Detailed Solution: Question 3

Answer:
The currency of North Korea is the Won. Here is a detailed explanation:
Introduction:
North Korea is a country located in East Asia. It is known for its strict political and economic systems, and it operates with its own official currency.
Currency of North Korea:
The currency used in North Korea is called the Won. It is abbreviated as KPW (North Korean Won). The Won is the official currency of the Democratic People's Republic of Korea (DPRK), which is the official name of North Korea.
Features of the Won:
Here are some key features of the North Korean Won:
1. Symbol: The symbol for the North Korean Won is ₩.
2. Subunits: The Won is divided into subunits called chon and poon. However, these subunits are not commonly used in everyday transactions.
3. Exchange Rate: The exchange rate of the Won varies, and it is not freely convertible. It is primarily used within North Korea and is not widely accepted outside the country.
4. Banknotes and Coins: The Won is available in banknotes and coins. Banknotes are issued in denominations of 5,000, 2,000, 1,000, 500, 200, 100, 50, 10, 5, and 1 Won. Coins are available in denominations of 1, 5, and 10 Won.
Conclusion:
In conclusion, the currency of North Korea is the Won. It is the official currency of the country and is used for day-to-day transactions within North Korea. The North Korean Won is not widely accepted outside the country and has its own unique features and exchange rate.

Test: Indian Economy- 2 - Question 4
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The currency of Libya is ____

Detailed Solution: Question 4


Heading: Currency of Libya
Key Points:
- The currency of Libya is the Libyan Dinar.
- The Libyan Dinar is the official currency of Libya and is denoted by the currency code LYD.
- It is issued and controlled by the Central Bank of Libya.
- The Libyan Dinar is further divided into smaller units called dirhams.
- The coins in circulation are available in denominations of 50 dirhams, 100 dirhams, and 250 dirhams.
- The banknotes are available in denominations of 1 dinar, 5 dinars, 10 dinars, 20 dinars, and 50 dinars.
- The Libyan Dinar is not widely accepted outside of Libya, and it is recommended to exchange currency before traveling to the country.
- Foreign currencies such as the US Dollar and the Euro may be accepted in some establishments, especially in tourist areas, but it is always best to have Libyan Dinar for transactions within the country.

Test: Indian Economy- 2 - Question 5
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'Jiyo Befikar' is the tagline of which Indian insurance brand?

Detailed Solution: Question 5

Answer:
The tagline "Jiyo Befikar" belongs to the Indian insurance brand Bajaj Allianz.
Here is a detailed explanation of the answer:
Bajaj Allianz:
- Bajaj Allianz is one of the leading insurance companies in India.
- It offers a wide range of insurance products including life insurance, health insurance, motor insurance, travel insurance, and more.
- The brand is known for its innovative and customer-centric approach in the insurance industry.
- The tagline "Jiyo Befikar" reflects the company's commitment to providing financial security and peace of mind to its customers.
HDFC Life:
- HDFC Life is another prominent insurance brand in India.
- Its tagline is "Sar Utha Ke Jiyo" which translates to "Live Life to the Fullest".
- The brand focuses on empowering individuals to live a fulfilling life by offering comprehensive insurance solutions.
Aviva India:
- Aviva India is a well-known insurance brand operating in the Indian market.
- The tagline for Aviva India is "Kal Par Control" which means "Take Control of Tomorrow".
- The brand emphasizes the importance of planning ahead and taking control of one's financial future.
Aegon Life:
- Aegon Life is a relatively new entrant in the Indian insurance market.
- Its tagline is "We Believe in Making Life Simple".
- The brand aims to simplify insurance products and processes to make them easily accessible to customers.
In conclusion, the correct answer is D: Bajaj Allianz.

Test: Indian Economy- 2 - Question 6
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The currency of Cote d'Ivoire is ____

Detailed Solution: Question 6

The currency of Cote d'Ivoire is Franc (DFA).

  • Background: Cote d'Ivoire, also known as Ivory Coast, is a country located in West Africa.

  • Currency: The official currency of Cote d'Ivoire is the Franc (DFA).

  • Symbol: The currency is denoted by the symbol "FCFA" (Franc de la Communauté Financière d'Afrique).

  • History: The Franc (DFA) was introduced in Cote d'Ivoire in 1958, after the country gained independence from France.

  • Exchange Rate: The exchange rate of the Franc (DFA) varies against other major currencies, such as the Euro or the US Dollar, based on market conditions.

  • Usage: The Franc (DFA) is widely used for all financial transactions within Cote d'Ivoire, including buying goods and services, paying bills, and conducting business.

  • Coins and Banknotes: The Franc (DFA) is available in both coins and banknotes. The coins are available in denominations of 1, 5, 10, 25, 50, and 100 Francs, while the banknotes are available in denominations of 500, 1,000, 2,000, 5,000, and 10,000 Francs.

  • Central Bank: The Central Bank of West African States (BCEAO) is responsible for issuing and regulating the Franc (DFA) in Cote d'Ivoire and other member countries of the West African Monetary Union.


In conclusion, the currency of Cote d'Ivoire is the Franc (DFA), which is widely used for all financial transactions within the country.

Test: Indian Economy- 2 - Question 7
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The per capita income of India in 1977-78 at 1970-71 prices was

Detailed Solution: Question 7

Calculation:
To find the per capita income of India in 1977-78 at 1970-71 prices, we need to use the following formula:
Per Capita Income = National Income / Total Population
Given:
The per capita income of India in 1977-78 at 1970-71 prices is to be determined.

To find the per capita income, we need to know the national income and the total population of India in 1977-78 at 1970-71 prices.
Unfortunately, the given information does not provide the national income or the total population. Therefore, we cannot calculate the exact per capita income.
However, we can make an educated guess based on the options provided.
Looking at the options:
A. Rs. 590
B. Rs. 690
C. Rs. 790
D. Rs. 890
We can see that option B, Rs. 690, is the most reasonable choice as it falls within a reasonable range for per capita income in that time period.
Therefore, the per capita income of India in 1977-78 at 1970-71 prices can be estimated to be Rs. 690.
Note: It is important to note that without the exact data for national income and total population, we cannot determine the exact per capita income. The given answer is an estimation based on the options provided.

Test: Indian Economy- 2 - Question 8
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The great industrialist and aviator J. R. D. Tata, known as the Father of Indian Civil Aviation. founded India's first commercial airlines which he named Tata Airlines. Which of the following had been transported from Karachi to Bombay (now Mumbai) in its first flight?

Detailed Solution: Question 8

Answer:
J.R.D. Tata founded India's first commercial airlines, Tata Airlines, which later became Air India. The first flight of Tata Airlines transported:
- Mails: The first flight from Karachi to Bombay (now Mumbai) transported mails.
- Army rations, uniforms, and books were not mentioned as being transported in the first flight.
Therefore, the correct answer is Mails.

Test: Indian Economy- 2 - Question 9
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What factors changed the landscape of India most in the last century?

Detailed Solution: Question 9

Factors that changed the landscape of India most in the last century:
1. Movement of people from rural to urban areas:
- Rapid urbanization has led to the growth of cities and towns, resulting in significant changes in the landscape of India.
- The migration of people from rural to urban areas has led to the expansion of cities, the development of infrastructure, and the transformation of agricultural land into residential and commercial areas.
2. Industrialization:
- The process of industrialization has brought about significant changes in the landscape of India.
- The establishment of industries and factories has led to the development of industrial areas and the growth of urban centers.
- Industrial activities have also resulted in pollution, deforestation, and the depletion of natural resources, altering the landscape in various ways.
3. Irrigation:
- The implementation of irrigation projects has played a crucial role in changing the landscape of India.
- Irrigation has facilitated agricultural practices, leading to increased productivity and the cultivation of crops in previously arid and dry regions.
- It has resulted in the transformation of barren land into fertile agricultural land and the development of irrigation canals and reservoirs.
4. Deforestation:
- Deforestation has had a significant impact on the landscape of India.
- The clearing of forests for agriculture, infrastructure development, and industrial activities has led to the loss of biodiversity and the degradation of ecosystems.
- Deforestation has also contributed to soil erosion, climate change, and the loss of natural habitats.
In conclusion, while all the mentioned factors have influenced the landscape of India in the last century, the movement of people from rural to urban areas has had the most significant impact. Rapid urbanization, industrialization, and the associated infrastructure development have led to substantial changes in the landscape. Additionally, the implementation of irrigation projects and deforestation have also played significant roles in altering the Indian landscape.

Test: Indian Economy- 2 - Question 10
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The currency of EI Salvador is ____

Detailed Solution: Question 10

The currency of El Salvador is the Colon.
Explanation:
- The correct answer is option B: Colon.
- The currency of El Salvador is called the Salvadoran Colon, often symbolized as SVC.
- The Colon is the official currency of El Salvador since 1892.
- It was named after Christopher Columbus, whose Spanish name was Cristobal Colon.
- The Colon is further divided into centavos, with 1 Colon being equivalent to 100 centavos.
- The currency is issued and regulated by the Central Reserve Bank of El Salvador.
- The Colon is widely used for daily transactions within the country.
- However, it's important to note that the United States dollar is also accepted and used alongside the Colon in El Salvador.
- The dollarization of the economy occurred in 2001, and since then, the US dollar has been widely used for larger transactions and as a store of value.
- Despite the dollarization, the Salvadoran Colon continues to be the official currency, and most prices and transactions are still quoted in Colones.
In conclusion, the currency of El Salvador is the Salvadoran Colon (SVC).

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This test contains 10 MCQs on Indian Economy- 2 with detailed solutions for each question. It is part of the GK Olympiad for Class 8 course on EduRev, designed to align with the current Class 8 syllabus. Each solution explains not just the correct answer but also gives you an understanding of the topic — not just to attempt the question but also help you prepare for the exam with practice.

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