MCQ on Indian Economy
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
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
Explanation:
Which organisation looks after the credit need of agriculture and rural development in India ?
- FCI
- IDBI
- NABARD
- ICAR
Explanation:
Parallel economy refers to:
- Traditional economy
- Black money
- Agriculture based economy
- Socialist economy
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
Explanation:
Major part of the Indian agriculture is characterized by
- Large size farm
- Capitalist agriculture
- Small size farm
- Co-operative farm
Explanation:
"Swadesh Darshan" is:
- a scheme for development of tourism infrastructure
- related with transportation service for sightseeing in Tripura
- a Char Dham Yatra
- visit to a natural scenery
Explanation:
What is hard currency?
- A stable currency
- Arranged in war time
- Issued by IMF
- Given by RBI to foreign banks
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
Explanation:
In Income Tax, Assessee is :
- a person who pays income tax
- a person who deducts income tax from its employees
- a person who prepares income tax Return of tax payers
- None of these
Explanation: