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MCQ on Indian Economy

Government imposes taxes to:

  • run the machinery of State
  • uplift of weaker sections
  • check the accumulation of wealth among the rich
  • None of the above
  • Correct Option: A  [ run the machinery of State ]

    Explanation:

The earlier name of WTO was:

  • UNCTAD
  • GATT
  • UNIDO
  • OECD
  • Correct Option: B  [ GATT ]

    Explanation: General Agreement on Trade and Tariffs (GATT) under the Marrakesh Agreement. The World Trade Organization (WTO) began journey on 1 January 1995.

Which prograrnme gave the slogan, Garibi Hatao ?

  • 4th Five Year Plan
  • 5th Five year plan
  • 6th Five Year Plan
  • 7th Five year plan
  • Correct Option: B  [ 5th Five year plan ]

    Explanation:

"SEBI" stands for the:

  • State Earnings Board of India
  • Securities and Exchange Bank of India
  • Securities and Exchange Board of India
  • State Exchange Bank of India
  • Correct Option: C  [ Securities and Exchange Board of India ]

    Explanation: The Securities and Exchange Board of India was constituted as a non-statutory body on April 12, 1988 through a resolution of the Government of India.
    The Securities and Exchange Board of India was established as a statutory body in the year 1992

Assertion (A) :
The development programmes undertaken in India are oriented towards economic growth along with social justice.

Reason (R) :
Indian economy is afflicted with poverty, unemployment and inequalities.

Select the correct answer from the following options.

  • Both (A) and (R) are correct, and (R) is the correct explanation for (A)
  • Both (A) and (R) are correct, but (R) is not the correct explanation for (A)
  • (A) is correct, but (R) is not correct
  • (A) is not correct, but (R) is correct
  • Correct Option: A  [ Both (A) and (R) are correct, and (R) is the correct explanation for (A) ]

    Explanation:

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

  • Reduce rate of interest on credit
  • Reduce Statutory Liquidity Ratio (SLR)
  • Increase Cash Reserve Ratio (CRR)
  • Buy bonds from capital market
  • Correct Option: C  [ Increase Cash Reserve Ratio (CRR) ]

    Explanation:

When was National Bank of Agriculture and Rural Development (NABARD) established ?

  • 6th Dec, 1947
  • 6th Dec, 1982
  • 5th Nov, 1982
  • 7th Oct, 1982
  • Correct Option: C  [ 5th Nov, 1982 ]

    Explanation:

About Deendayal Antyodaya Yojana (DAY) which of the following is not correct ?

  • It focuses on both the rural and urban areas
  • It aims at skill development.
  • It is a State Government's scheme
  • It has replaced Ajeevika
  • Correct Option: C  [ It is a State Government's scheme ]

    Explanation:

Which among the following in India has the function of recommending Minimum Support Prices for various commodities to the Government ?

  • National Farmers Commission
  • Commission for Agricultural Costs and Prices
  • Central Statistical organization
  • Department of Agriculture
  • Correct Option: B  [ Commission for Agricultural Costs and Prices ]

    Explanation:

Where is the headquarter of Reserve Bank of India (RBI) situated ?

  • Chennai
  • New Delhi
  • Kolkata
  • Mumbai
  • Correct Option: D  [ Mumbai ]

    Explanation: Established in Calcutta but shifted to Mumbai in 1937.