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MCQ on Indian Economy

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.

The LPG model of development was introduced by India since:

  • 1991
  • 1992
  • 1993
  • 1994
    • Correct Option: A  [ 1991 ]

    Explanation:

Green revolution occurred during:

  • 1945-1955
  • 1965-1975
  • 1985-1995
  • none of these
    • Correct Option: B  [ 1965-1975 ]

    Explanation:

Three annual plans were launched between:

  • 1969 to 1972
  • 1986 to 1989
  • 1990 to 1993
  • 1966 to 1969
    • Correct Option: D  [ 1966 to 1969 ]

    Explanation:

Inclusive growth as enunciated in the Eleventh Five Year Plan does not include one of the following:

  • Reduction of Poverty
  • Extension of employment opportunities
  • Strengthening of capital market
  • Reduction in gender inequality
    • Correct Option: C  [ Strengthening of capital market ]

    Explanation:

Fiscal Deficit is:

  • Government expenditure minus borrowings
  • Government expenditure minus revenue receipts
  • Same as budget deficit
  • Budget deficit minus borrowings and other liabilities
    • Correct Option: B  [ Government expenditure minus revenue receipts ]

    Explanation:

In India, which sector generally suffers from the problem of surplus labour ?

  • Agriculture
  • Industry
  • Service
  • All of these
    • Correct Option: A  [ Agriculture ]

    Explanation:

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

  • Personal Income Tax
  • Excise Duty
  • Corporation Tax
  • Customs Duty
    • Correct Option: C  [ Corporation Tax ]

    Explanation:

National Food Security Act came into effect in the year:

  • 2012
  • 2013
  • 2014
  • None of the above
    • Correct Option: B  [ 2013 ]

    Explanation:

If withdrawal of a worker from employment does not create any output loss, this situation is known as

  • Search unemployment
  • Voluntary unemployment
  • Disguised unemployment
  • Frictional unemployment
    • Correct Option: C  [ Disguised unemployment ]

    Explanation:
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