MCQ on Indian Economy
When two or more persons working jointly on the basis of a common plan of action, then it is called:
- Co-operation
- Collaboration
- Co-ordination
- Consulting
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
Explanation:
Who is the Chairman of the Fifteenth Finance Commission of India ?
- Anurag Thakur
- V. K. Singh
- R. Jain
- N. K. Singh
Explanation:
Poverty is defined as:
- A monetary condition brought about by people's own laziness
- A monetary condition where people do not have enough to satisfy basic needs
- A monetary and non-monetary conditions where people lack access to community regulated common resources, opportunities and income
- All of the above
Explanation:
About Deendayal Antyodaya Yojana (DAY) which of the following is not correct ?
- It focuses on both the rural and urban areas
- It aims at skill development.
- It is a State Government's scheme
- It has replaced Ajeevika
Explanation:
When was National Bank of Agriculture and Rural Development (NABARD) established ?
- 6th Dec, 1947
- 6th Dec, 1982
- 5th Nov, 1982
- 7th Oct, 1982
Explanation:
GST abolishes which of the following taxes ?
- Corporation tax
- Service tax
- Income tax
- Wealth tax
Explanation:
The highest body which approves the Five Year Plan in India is :
- Parliament
- Planning Commission
- National Development Council
- Finance Commission
Explanation:
A closed economy is an economy in which:
- the money supply is fully controlled
- deficit financing takes place
- only exports take place
- Neither exports nor imports take place.
Explanation:
Which one of the following is the main source of revenue for the states ?
- Property tax
- Sales tax
- Excise duty
- None of these
Explanation: