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MCQ on Indian Economy

Whose signature is found on the 1000 rupee note of India?

  • Finance Secretary of India
  • Finance Minister Of India
  • Governor, Reserve Bank of India
  • President Of India
    • Correct Option: C  [ Governor, Reserve Bank of India ]

    Explanation:

In the context of Indias Five Year Plans a shift in the pattern of industrialisation with lower emphasis on heavy industries and more on infrastructure begin in:

  • Fourth Plan
  • Sixth Plan
  • Eight Plan
  • Tenth Plan
    • Correct Option: B  [ Sixth Plan ]

    Explanation:

The purpose of land reforms was to :

  • increase the production in agriculture
  • increase the purchasing power of the rural population
  • ensure distributive justice with economic growth
  • all of the above
    • Correct Option: D  [ all of the above ]

    Explanation:

The World Trade Organisation has replaced which organisation ?

  • ITO
  • UNCTAD
  • GATT
  • OECD
    • Correct Option: C  [ GATT ]

    Explanation:

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

  • Property tax
  • Sales tax
  • Excise duty
  • None of these
    • Correct Option: B  [ Sales tax ]

    Explanation:

A closed economy is an economy in which:

  • the money supply is fully controlled
  • deficit financing takes place
  • only exports take place
  • Neither exports nor imports take place.
    • Correct Option: D  [ Neither exports nor imports take place. ]

    Explanation:

Mixed economy means an economy where:

  • There is co-existence of public sector along with private sector
  • Both agriculture and Industry are equally promoted by the state
  • There is importance of small scale industries along with heavy industries
  • Economy is controlled by military as well as civilian rulers
    • Correct Option: A  [ There is co-existence of public sector along with private sector ]

    Explanation:

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

  • 2006
  • 2009
  • 2010
  • 2012
    • Correct Option: A  [ 2006 ]

    Explanation:

Which of the following sector gives the largest income in India ?

  • Trade sector
  • Railway
  • Agriculture
  • Service sector
    • Correct Option: D  [ Service sector ]

    Explanation:

Who is the Chairman of the Fifteenth Finance Commission of India ?

  • Anurag Thakur
  • V. K. Singh
  • R. Jain
  • N. K. Singh
    • Correct Option: D  [ N. K. Singh ]

    Explanation:
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