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MCQ on Indian Economy

Question : Economic growth is usually coupled with ___________.

Option-A : deflation

Option-B : inflation

Option-C : Stagflation

Option-D : hyper inflation

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Question : Which is the following is direct tax ?

Option-A : Income tax

Option-B : Excise duty

Option-C : Sales tax

Option-D : None of these

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Question : The Iron and Steel plants of Rourkela and Durgapur were conceived under the:

Option-A : First Five Year Plan

Option-B : Second Five Year Plan

Option-C : Third Five Year Plan

Option-D : Fourth Five Year Plan

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Question : The Special Economic Zones Act was passed by the Indian Parliament in 2005 and the Act came into force in:

Option-A : 2006

Option-B : 2009

Option-C : 2010

Option-D : 2012

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Question : The qualification for the Chairman and the members of the Finance Commission are specified in:

Option-A : Finance Act of 1951

Option-B : Finance Act of 1952

Option-C : Finance Act of 1950

Option-D : Finance Act of 1953

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Question : Which of the following is not an asset held by the commercial bank ?

Option-A : Bills of exchange

Option-B : Current account deposits

Option-C : Money lent at short notice

Option-D : Credit balances with the Reserve Bank

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Question : Which one of the following is the main source of revenue for the states ?

Option-A : Property tax

Option-B : Sales tax

Option-C : Excise duty

Option-D : None of these

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Question : Which of the following sources provides highest tax revenue to Government of India?

Option-A : Personal Income Tax

Option-B : Excise Duty

Option-C : Corporation Tax

Option-D : Customs Duty

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Question : In order to control inflationary price rise, Reserve Bank directs Banks to

Option-A : Reduce rate of interest on credit

Option-B : Reduce Statutory Liquidity Ratio (SLR)

Option-C : Increase Cash Reserve Ratio (CRR)

Option-D : Buy bonds from capital market

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Question : The World Trade Organisation has replaced which organisation ?

Option-A : ITO

Option-B : UNCTAD

Option-C : GATT

Option-D : OECD

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