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MCQ on Indian Economy

Sarva Shiksha Abhiyan (SSA) was launched in the IXth Five Year Plan for:

  • education for all
  • education for the weaker sections
  • universalisation of elementary education
  • bridge all the genders and social gaps in education
    • Correct Option: C  [ universalisation of elementary education ]

    Explanation:

Who was the head of the 10th Finance Commission?

  • K.C. Pant
  • Manmohan Singh
  • Vasant Sathe
  • Shiv Shankar
    • Correct Option: A  [ K.C. Pant ]

    Explanation:

The Gandhian economy is based on the principle of:

  • Competition
  • Trusteeship
  • State Control
  • None of the above
    • Correct Option: B  [ Trusteeship ]

    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:

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
    • Correct Option: A  [ Finance Act of 1951 ]

    Explanation:

The equilibrium condition for money market is:

  • demand for money should be equal to supply of money
  • cash in hand should be equal to deposits in bank
  • saving is equal to investment
  • bank rate is equal to repo rate
    • Correct Option: A  [ demand for money should be equal to supply of money ]

    Explanation:

SRI, which is highly practiced in Tripura is associated with:

  • Rice production
  • Rural internal connectivity
  • E-marketing
  • Regards to elders
    • Correct Option: A  [ Rice production ]

    Explanation:

Which activity is not included in service sector ?

  • Trade, hotels and restaurants
  • Real estate, finance and insurance
  • Transport and communication
  • Electricity, gas and water supply
    • Correct Option: D  [ Electricity, gas and water supply ]

    Explanation:

In India, National Income is computed by :

  • Ministry of Fianance
  • Central Statistical Organisation
  • National Development Council
  • Finance Commission
    • Correct Option: B  [ Central Statistical Organisation ]

    Explanation:

GST abolishes which of the following taxes ?

  • Corporation tax
  • Service tax
  • Income tax
  • Wealth tax
    • Correct Option: B  [ Service tax ]

    Explanation:
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