1980+ MCQ on Indian economy questions and Answers for UPSC / SSC

Find Here Important Gk Questions part 1980+ MCQ on Indian economy questions and Answers for UPSC / SSC and  Gk for all competitive exams in India

1.  Which among the following states have the first family planning clinic?
1.High degree of disparity in income/wealth distribution is prevailed in India which is acharacteristics feature of developing economy
2.In India, almost 60-70% of the total population still resides in rural areas and hence they depend on agriculture for their livelihood
3.India's per capita income level is much high as compared with other developed countries Which among the following statement is not correct:
a
  1 only
b
 2 only
c
 3 only
d
 4 only
Answer & Explanation
Answer : Option C
2.  National Development Council is concerned with
a
  implementing state plans
b
 implementing community development programmes
c
 approval of five-year plans
d
 approving and assessing major development projects in India
Answer & Explanation
Answer : Option C
3.  There has been a persistent deficit budget year after year Which action/actions of the following can be taken by the Government to reduce the deficit? (IAS Prelims 2016)
1.Expenditure on acquisition of assets like roads, buildings, machinery, etc
2.Loans received from foreign governments
3.Loans and advances granted to the States and Union Territories
Select the correct answer using the code given below.
a
  2 and 3 only
b
 1 and 3 only
c
 1, 2, 3 and 4
d
 1 only
Answer & Explanation
Answer : Option B
4.  Which of the following grants / grant direct credit assistance to rural households?
a
  1, 2 and 3
b
 2 only
c
 1 and 2 only
d
 1 and 3 only
Answer & Explanation
Answer : Option D
5.  Recently India suffered unfavourable balance of trade due to
a
  Import of oil and minerals.
b
 Import of oil and fertilisers.
c
 Import of oil and machines.
d
 Import of oil and foodgrains.
Answer & Explanation
Answer : Option A
6.  Consider the following:
1.The Foreign Exchange Management Act FEMA became an act on the 1st day of June, 2002
2.It replaced FERA
3.It made all offenses regarding foreign exchange civil offenses, as opposed to criminal offenses as dictated by FERA Which of the statements given above is/are correct?
a
  1 2 3 4 5
b
 1 2 3 4
c
 1 2 3
d
 1 2
Answer & Explanation
Answer : Option A
7.  NASSCOM is the organisation of companies of which sector?
a
  Media
b
 Automobiles
c
 Mobile phone service
d
 Information technology
Answer & Explanation
Answer : Option D
8.  Which sector of the Indian Economy contributes largest to the GNP?
a
  Public sector
b
 Secondary sector
c
 Primary sector
d
 Tertiary sector
Answer & Explanation
Answer : Option D
9.  Demographic transition means:
a
  Shift from the condition of high death and low birth rates to high death and high birth rates.
b
 Shift from the condition of low birth and high death rates to high birth and high death rates.
c
 Shift from the condition of high birth and high death rates to low birth and low death rates.
d
 None of the above.
Answer & Explanation
Answer : Option C
10.  Which statement is correct regarding disinvestment policy? I. Citizens have every right to own part of the shares of Public Sector Undertakings II. Public Sector Undertakings are the wealth of the Nation and this wealth should rest in the hands of the people III. While pursuing disinvestment, Government has to retain majority shareholding, i.e. at least 51% and management control of the Public Sector Undertakings.
a
  I & II
b
 Only I
c
 All the above
d
 II & III
Answer & Explanation
Answer : Option C
11.  Role of the government in the economy is
1.GDP per head in the US dollars
2.GDP per head at real purchasing power
3.GNP in US dollars
4.National Income per head in US dollars Which of the statement is correct
a
  1, 2 and 3
b
 2 only
c
 1 only
d
 3 only
Answer & Explanation
Answer : Option A
12.  Consider the following statements:
1.Among Fruits, Largest Area under cultivation in India is that of Banana
2.Among Fruits, Largest Production is India is that of Mango Which among the above is / are correct statements?
a
  Both 1 and 2 are correct
b
 Only 1 is correct
c
 Neither 1 nor 2 is correct
d
 Only 2 is correct
Answer & Explanation
Answer : Option B
13.  Consider the following statements in respect of the National Rural Employment Guarantee Act, 2005:
1.Under the provisions of the Act, 100 days of employment in a year to every household whose adult members volunteer to dounskilled manual work has become a fundamental right.
2.Under the provisions of the Act, women are to get priority to the extent that one-half of persons who are given employment are women who have asked for work. Which of the statements given above is/are correct?
a
  Neither 1 and 2
b
 Both 1 and 2
c
 2 only
d
 1 only
Answer & Explanation
Answer : Option A
14.  Indicative planning
a
  economy by setting short term goals
b
 can work only when capital account convertibility operates works through the market
c
 replaces the market system
d
 is a method of controlling the
Answer & Explanation
Answer : Option B
15.  Agricultural income tax is assigned to the State government by
a
  the Finance Commission
b
 the Inter-state Council
c
 the Constitution of India
d
 the National Development Council
Answer & Explanation
Answer : Option C
16.  Which of the following best defines demonetization of currency notes?
a
  Replacing the old and soiled currency notes
b
 Devaluing the currency with respect to international currencies
c
 Declaring the currency notes as NOT legal tender
d
 Replacing notes with coins
Answer & Explanation
Answer : Option C
17.  The rate of inflation in India in 1981- 82 went down to the extent of approximately
a
  16%
b
 14%
c
 5%
d
 10%
Answer & Explanation
Answer : Option D
18.  The instruments used by RBI for quantitative control are A. Cash Requirement Ratio B. Statutory Liquidity Ratio C. Open Market Operation D. Margin Requirements Choose your answer from the following codes:
a
  Neither I nor II above
b
 Only II above
c
 Both I and II above
d
 Only I above
Answer & Explanation
Answer : Option D
19.  Which Five-Year Plan was designed by the National Front Government under Prime Minister V. P. Singh?
a
  seventh
b
 sixth
c
 none
d
 eighth
Answer & Explanation
Answer : Option C
20.  The important function of taxation in India is to
a
  Reduce inflation
b
 Generate funds for Government expenditure
c
 Reduce black money
d
 None of the above
Answer & Explanation
Answer : Option B
21.  Which year is known as the 'Year of the Great Divide' with regard to population, after which there has been a continuous and rapid growth in India's population?
a
  UP, Rajasthan, Maharashtra, Madhya Pradesh, J&K.
b
 Rajasthan, Madhya Pradesh, Maharashtra, UP, J&K.
c
 Madhya Pradesh, Maharashtra, Rajasthan, UP, Gujarat.
d
 Rajasthan, Madhya Pradesh, Maharashtra, J&K, Gujarat.
Answer & Explanation
Answer : Option C
22.  The central nodal agency for implementing the price support operations for commercial crops is:
a
  FCI
b
 NABARD
c
 TRIFED
d
 NAFED
Answer & Explanation
Answer : Option D
23.  The average growth achieved during the Seventh Five-Year Plan in India (in terms of GDP at factor cost) was
a
  4.2
b
 5.6
c
 3.5
d
 5.1
Answer & Explanation
Answer : Option B
24.  In which of the Five-Year Plans the outlay for the UTs was merged in the outlay of states for the first time?
a
  Eleventh
b
 Ninth
c
 none of these
d
 Tenth
Answer & Explanation
Answer : Option B
25.  The sales tax you pay while purchasing a toothpaste is a
a
  tax imposed and collected by the State Government
b
 tax imposed by the Central Government but collected by the State Government
c
 tax imposed by the State Government but collected by the Central Government
d
 tax imposed by the Central Government
Answer & Explanation
Answer : Option A

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