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MCQ on Indian Economy

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

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

    Explanation:

The basic regulatory authority for mutual funds and stock markets lies with the:

  • Stock exchanges
  • Government of India
  • Reserve Bank of India
  • Securities and Exchange Board of India.
    • Correct Option: D  [ Securities and Exchange Board of India. ]

    Explanation:

National Development Council was set up in:

  • 1950
  • 1951
  • 1952
  • 1954
    • Correct Option: C  [ 1952 ]

    Explanation:

Who prints and supplies the currency notes in India:

  • State Bank of India
  • United Bank of India
  • Reserve Bank of India
  • United Commercial Bank of India
    • Correct Option: C  [ Reserve Bank of India ]

    Explanation:

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:

Which institution in India controls the monetary policy of Indian currency?

  • Finance Commission
  • The Finance Ministry of India
  • The Reserve Bank of India
  • None of the above
    • Correct Option: C  [ The Reserve Bank of India ]

    Explanation:

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

  • Bills of exchange
  • Current account deposits
  • Money lent at short notice
  • Credit balances with the Reserve Bank
    • Correct Option: B  [ Current account deposits ]

    Explanation:

Consider the following statements regarding the Goods and Services Tax (GST) of India:

(i) GST is a successor to VAT used in India on the supply of goods and services.

(ii) GST came into effect from 1st July, 2017 through the implementation of the one hundred and first Amendment of the Constitution of India.

(iii) Every decision of the GST Council is to be taken by a majority of not less than three fourths of the weighted votes of the members present and voting at the meeting.

(iv) The GST Council is chaired by the Prime Minister of India.

Select the correct statement/statements using the codes given below.

  • (i) only
  • (ii) only
  • (iii) and (iv) only
  • (i), (ii) and (iii) only
    • Correct Option: D  [ (i), (ii) and (iii) only ]

    Explanation:

Chairman of the 15th Finance Commission of India-

  • NK Singh
  • YV Reddy
  • Ranghuram Rajan
  • Ramesh Chand
    • Correct Option: A  [ NK Singh ]

    Explanation:

The SEBI was given statutory recognition in 1992 on the recommendation of:

  • the Chakraborty Commission
  • the Chelliah Committee
  • the Tendulkar Committee
  • the Narasimham Committee
    • Correct Option: D  [ the Narasimham Committee ]

    Explanation:
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