70+ Indian Economy Problems and Policies Solved MCQs

1.

National Development Council was set up in:

A. 1948
B. 1950
C. 1951
D. 1952
Answer» D. 1952
2.

Economic Planning is a subject:

A. in the unionlist
B. in the state list
C. in the concurrent list
D. unspecified in any speciallist
Answer» A. in the unionlist
3.

For internal financing of Five Year Plans, the government depends on:

A. taxation only
B. taxation and public borrowing
C. public borrowing and deficitfinancing
D. taxation, public borrowing and deficit financing
Answer» A. taxation only
4.

Take off stage' in an economy means:

A. steady growthbegins
B. economy is stagnant
C. economy is about to collapse
D. all controls are removed
Answer» A. steady growthbegins
5.

Above 50% of working population of India is engaged in:

A. public sector
B. primary sector
C. secondary sector
D. tertiary sector
Answer» B. primary sector
6.

Economic survey is published by :

A. ministry of finance
B. planningcommission
C. govt. of india
D. indian statistical institute
Answer» A. ministry of finance
7.

India has:

A. socialistic economy
B. gandhian economy
C. mixed economy
D. free economy
Answer» C. mixed economy
8.

The first attempt to initiate economic planning in India was madeby:

A. balwantrai mehta
B. vallabhbhai patel
C. m. visvesvaraya
D. jawaharlal nehru
Answer» C. m. visvesvaraya
9.

The decentralisation system was recommended by:

A. c.rajagopalachari b. j.
B. kripalan
C. balwant rai mehta
D. ashok mehta
Answer» C. balwant rai mehta
10.

Rolling plan was designed for the period:

A. 1978-83
B. 1980-85
C. 1985-90
D. 1974-97
Answer» A. 1978-83
11.

Who wrote the book 'Planned Economy for India'?

A. m. visvesvaraya
B. sardar vallabhbhai patel
C. jawaharlal nehru
D. mahatma gandhi
Answer» A. m. visvesvaraya
12.

'Globalisation of Indian Economy' means:

A. stepping up external borrowings
B. establishing indian business units abroad
C. having minimum possible restrictions on economic relations with othercountries
D. giving up programmes of import substitution
Answer» C. having minimum possible restrictions on economic relations with othercountries
13.

The contribution of agriculture to India's' economy is:

A. increasing
B. decreasing
C. onstant
D. none of these
Answer» B. decreasing
14.

Dadabhai Naoroji theorised on the drain of wealth from India inhis book:

A. poverty under british rule in india
B. poverty in british rule in india
C. poverty and un-british rule inindia
D. poverty of economic drain in british india
Answer» C. poverty and un-british rule inindia
15.

Which one of the following Five-Year Plans recognised human development as the core of all developmental efforts?

A. the third five-year plan
B. the fifth five-year plan
C. the sixth five-year plan
D. the eighth five-year plan
Answer» D. the eighth five-year plan
16.

In which of the Five YearPlans, preference was given to the weaker sections of the society ?

A. second
B. third
C. fourth
D. fifth
Answer» D. fifth
17.

The Second Five Year Plan laid more stress upon:

A. agriculture
B. industrialisation
C. removing poverty
D. self-reliance
Answer» B. industrialisation
18.

Who among the following was the first Chairman of the PlanningCommission? [CDS 2008]

A. dr. rajendra prasad
B. pt. jawahar lal nehru
C. sardar vallabhbhai patel
D. j.b. kripalani
Answer» B. pt. jawahar lal nehru
19.

Which Committee's recommendations are being followed for estimating Poverty Line in India?

A. dutt committee
B. chelliah committee
C. chakravorty committee
D. lakdawala committee
Answer» D. lakdawala committee
20.

Absolute Povertymeans:

A. poverty in terms of absolute number ofpeople
B. poverty in terms of the basic minimum calorie requirements
C. poverty in terms of the prevailing pricelevel
D. poverty in terms of the absolute level of unemployment
Answer» B. poverty in terms of the basic minimum calorie requirements
21.

Among the following who are eligible to benefit from the "Mahatma Gandhi National Rural Employment Guarantee Act" ?

A. adult members of only the scheduled caste and scheduled tribe households
B. adult members of below poverty line (bpl) households
C. adult members of households of all backward communities
D. adult members of any household
Answer» D. adult members of any household
22.

The Food For Work programme was renamedas:

A. rural landless employment guarantee programme (rlegp)
B. national rural employment programme (nrep)
C. jawahar rozgar yojana (jry)
D. integrated rural development programme (irdp)
Answer» B. national rural employment programme (nrep)
23.

What is the minimumcalorie intake decided by the Planning Commission for rural and urban areas, respectively ?

A. 2400 and 2100
B. 2100and 2400
C. 2400 and 2200
D. 2100 and 2200
Answer» A. 2400 and 2100
24.

Black money is :

A. counterfeit currency
B. illegally earned money
C. money earned through underhand deals
D. income on which payment of tax is usually evaded
Answer» D. income on which payment of tax is usually evaded
25.

The Issue Department of the RBI maintains a against printing of notes:

A. minimum reserve system
B. proportional reserve system
C. proportional gold reserve system
D. proportional foreign securities reserve system
Answer» A. minimum reserve system
26.

Inflation implies:

A. rise in budget deficit
B. rise in moneysupply
C. rise in general price index
D. rise in prices of consumer goods
Answer» C. rise in general price index
27.

Who is the originator of Green Revolution in India?

A. norman e. borlaug
B. m.s. swaminathan
C. garry backer
D. none of these
Answer» A. norman e. borlaug
28.

Which of the following is the apex bank of India?

A. sbi
B. sbt
C. rbi
D. icici
Answer» A. sbi
29.

Which one of the following institution formulates monetary policy?

A. rbi
B. finance ministry
C. sebi
D. planning commission
Answer» A. rbi
30.

National income estimation in India is the responsibility of

A. nsso
B. cso
C. finance ministry
D. national income committee
Answer» B. cso
31.

As per the CSO classification, which of the following does not fall under industrial sector?

A. electricity
B. gas and water supply
C. transport and communication
D. manufacturing
Answer» C. transport and communication
32.

Which one of the following brings out the publication called ‘Energy Statistics’ from time to time”

A. central power research institute
B. planning commission
C. pfcl
D. central statistical organization
Answer» D. central statistical organization
33.

The headquarters of UNFCCC is located at:

A. geneva
B. berlin
C. tokyo
D. bonn
Answer» D. bonn
34.

Which of the following brings out wholesale Price Index (WPI)

A. the reserve bank of india
B. the department of economic affairs
C. the labour bureau
D. ministry of industry
Answer» D. ministry of industry
35.

Economic depression is usually coupled with:

A. deflation
B. inflation
C. stagflation
D. hyperinflation
Answer» A. deflation
36.

The phenomena of increasing prices but declining output and employment indicates:

A. disinflation
B. stagflation
C. reflation
D. open inflation
Answer» B. stagflation
37.

Which of the following is not a measure to control inflation adopted by the RBI and the Government?

A. monetary policy
B. financial inclusion
C. variation in margin requirements
D. changes in taxation
Answer» B. financial inclusion
38.

Which of the authority is entrusted to retain the foreign exchange reserve of the country?

A. sebi
B. central government
C. rbi
D. exim bank
Answer» C. rbi
39.

This is the rate at which RBI borrows money from commercial banks:

A. open market operations
B. slr
C. repo rate
D. reverse repo rate
Answer» D. reverse repo rate
40.

The basic objective of MUDRA bank is to:

A. give priority to sc/st enterprises
B. funding the unfunded areas
C. ensuring financial inclusion
D. all of the above
Answer» D. all of the above
41.

In India deficit financing is used for raising resources for:

A. economic development
B. redemption of public debt
C. adjustment the balance of payments
D. reducing the foreign debt
Answer» A. economic development
42.

Which of the following contributes largest share in the tax revenue of India?

A. service tax
B. wealth tax
C. income tax
D. securities transaction tax
Answer» C. income tax
43.

Which one of the following state introduced ‘fat tax’ for the first time in India?

A. gujarat
B. kerala
C. karnataka
D. haryana
Answer» B. kerala
44.

Demonetisation has the potential to generate long term benefits in terms of:

A. reduced corruption
B. greater digitalization of the economy
C. increased flaws of financial savings
D. all of the above
Answer» D. all of the above
45.

What is the level of sex ratio in India as per the Census Report of 2011?

A. 930
B. 935
C. 940
D. 945
Answer» C. 940
46.

Select the scheme which was launched to promote basic education in India and attract children in school going age to attend the classes:

A. pulse polio abhiyan
B. operation black board
C. mid-day meal scheme
D. shiksha sahyog yojana
Answer» C. mid-day meal scheme
47.

The AMRUT (Atal Mission for Rejuvenation and Urban Transformation) programme focuses on:

A. providing water supply
B. providing nutritional support
C. providing electricity connection
D. providing free lpg connection
Answer» A. providing water supply
48.

In an economy, head count ratio is the measure of :

A. unemployment
B. poverty
C. literacy
D. malnutrition
Answer» B. poverty
49.

The government of India refers to the absolute poverty line in terms of:

A. household savings
B. household consumption
C. household investment
D. household income
Answer» B. household consumption
50.

Which one of the following items has maximum weight in wholesale price index in India?

A. primary article
B. fuel and power
C. manufactured products
D. food item
Answer» C. manufactured products
51.

Which one among the following sectors in India has the highest share of employment?

A. agriculture and allied sectors
B. manufacturing
C. construction
D. tertiary sector
Answer» A. agriculture and allied sectors
52.

When was the first agriculture census of India conducted?

A. 1880
B. 1890
C. 1921
D. 1970
Answer» D. 1970
53.

Evergreen revolution indicates:

A. wheat revolution
B. organic farming
C. large scale milk production
D. promotion of horticulture
Answer» B. organic farming
54.

What kind of unemployment is found in the agricultural sector of India?

A. situational
B. voluntary
C. frictional
D. disguised
Answer» D. disguised
55.

Which one of the following industries is not included in the Eight Core Industries?

A. coal
B. textiles
C. electricity
D. crude oil
Answer» B. textiles
56.

In the index of eight core industries, which one of the following is given the highest weight?

A. coal production
B. electricity generation
C. fertilizer production
D. steel production
Answer» B. electricity generation
57.

Which one of the following institutions acts as the apex regulatory body for food safety in India?

A. agmark and legal metrology
B. bureau of indian standards
C. fssai
D. bis
Answer» C. fssai
58.

Which one of the following is the national regulatory body for insurance industry in India?

A. sebi
B. irdai
C. rbi
D. uti
Answer» B. irdai
59.

Which segment is contributing largest into the gross savings of the country?

A. household sector
B. private corporate sector
C. public sector
D. foreign sector
Answer» A. household sector
60.

Which of the following sector is dominant in Kerala economy?

A. agrarian
B. .industrial
C. service
D. none
Answer» C. service
61.

GST is ---------- based tax on consumption of goods and services:

A. duration
B. destination
C. dividend
D. development
Answer» B. destination
62.

India chosen ---------- model of dual GST:

A. usa
B. uk
C. canadian
D. china
Answer» C. canadian
63.

GST stands for:

A. goods and supply tax
B. government sales tax
C. goods and service tax
D. general sales tax
Answer» C. goods and service tax
64.

Ashok Mehta Committee in 1977 recommended for the establishment of:

A. nagar panchayat
B. panchayat samiti
C. maha panchayat
D. mandal panchayat
Answer» D. mandal panchayat
65.

Which one of the following was the first committee to demand constitutional recognition for Panchayats?

A. balwantrai mehta committee
B. ashok mehta committee
C. santhanam committee
D. g.v.k.rao committee
Answer» A. balwantrai mehta committee
66.

When the Land Reform Act was passed?

A. 1950
B. 1953
C. 1952
D. 1957
Answer» A. 1950
67.

Till what time Indian Economy want to become a US$5 trillion dollar economy?

A. 2022-23
B. 2024-25
C. 2027-28
D. 2029-30
Answer» B. 2024-25
68.

What is the base year for calculating India's GDP?

A. 2004-05
B. 2010-11
C. 2011-12
D. 2014-15
Answer» C. 2011-12
69.

As per the Union Budget, 2020-21, what is the highest rate of Direct Tax in India?

A. 20%
B. 35%
C. 30%
D. 40%
Answer» C. 30%
70.

When was R.B.I. nationalised?

A. 1935 b.
B. 1949 c.
C. 1929 d.
D. 1914
Answer» B. 1949 c.
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