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MCQ on Indian Economy

What is the 'Repo rate' ?

  • It is the rate at which International Aid Agencies lend to RBI
  • It is the rate at which the banks lend to RBI
  • It is the rate at which RBI borrows from the market
  • It is the rate at which RBI lends to banks
    • Correct Option: D  [ It is the rate at which RBI lends to banks ]

    Explanation:

The earlier name of WTO was:

  • UNCTAD
  • GATT
  • UNIDO
  • OECD
    • Correct Option: B  [ GATT ]

    Explanation: General Agreement on Trade and Tariffs (GATT) under the Marrakesh Agreement. The World Trade Organization (WTO) began journey on 1 January 1995.

If the Cash Reserve Ratio (CRR) is lowered by the RBI, its impact on credit creation will be to :

  • decrease it
  • increase it
  • No impact
  • None of these
    • Correct Option: B  [ increase it ]

    Explanation:

Which organisation looks after the credit need of agriculture and rural development in India ?

  • FCI
  • IDBI
  • NABARD
  • ICAR
    • Correct Option: C  [ NABARD ]

    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:

In order to control inflationary price rise, Reserve Bank directs Banks to

  • Reduce rate of interest on credit
  • Reduce Statutory Liquidity Ratio (SLR)
  • Increase Cash Reserve Ratio (CRR)
  • Buy bonds from capital market
    • Correct Option: C  [ Increase Cash Reserve Ratio (CRR) ]

    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:

Find out the statement which is false.
Financial Structural reform needs

  • fall in government budget deficit
  • increase in profitability of economic sectors
  • reduce inflationary pressure
  • increase in the balance of payment deficit
    • Correct Option: D  [ increase in the balance of payment deficit ]

    Explanation:

The Gandhian economy is based on the principle of:

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

    Explanation:

Who wrote the book Planned Economy for India?

  • Jawaharlal Nehru
  • Indira Gandhi
  • M. Visvesvaraya
  • Mahatma Gandhi
    • Correct Option: C  [ M. Visvesvaraya ]

    Explanation:
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