MCQ on Indian Economy
Which of the statements given below is/are correct?
(i) GNP is always higher than GDP.
(ii) If GDP is greater than GNP, then net factor income earned abroad is negative.
Select the correct answer using the codes given below.
- Only (i)
- Only (ii)
- Both (i) and (ii)
- Neither (i) nor (ii)
Explanation:
The LPG model of development was introduced by India since:
- 1991
- 1992
- 1993
- 1994
Explanation:
If the RBI adopts expansionist open market operations policy, this means that it will:
- openly announce to the market that it intends to expand credit
- sell securities in open market
- offer commercial banks more credit in the open market
- buy securities from non-government holders
Explanation:
The qualification for the Chairman and the members of the Finance Commission are specified in:
- Finance Act of 1951
- Finance Act of 1952
- Finance Act of 1950
- Finance Act of 1953
Explanation:
Parallel economy refers to:
- Traditional economy
- Black money
- Agriculture based economy
- Socialist economy
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
Explanation:
Which of the following does not come under the GST in India ?
- Agricultural products
- Handicrafts
- Gems and jewelries
- Petroleum products
Explanation:
The Iron and Steel plants of Rourkela and Durgapur were conceived under the:
- First Five Year Plan
- Second Five Year Plan
- Third Five Year Plan
- Fourth Five Year Plan
Explanation:
National Food Security Act came into effect in the year:
- 2012
- 2013
- 2014
- None of the above
Explanation:
Which of the following is the main problem in the growth of agriculture sector in Tripura ?
- About 96 per cent of the land holdings are small and marginal
- 60 per cent of the total geographical area is forest cover
- Two-third of the geographical area is hilly
- All of the above
Explanation: