MCQ on Indian Economy
The purpose of land reforms was to :
- increase the production in agriculture
- increase the purchasing power of the rural population
- ensure distributive justice with economic growth
- all of the above
Explanation:
Which of the following sources provides highest tax revenue to Government of India?
- Personal Income Tax
- Excise Duty
- Corporation Tax
- Customs Duty
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
Explanation:
National Development Council was set up in:
- 1950
- 1951
- 1952
- 1954
Explanation:
Which of the following is the role of Finance Commission ?
- Sharing of net proceeds of taxes between the Centre and States.
- Recommending principles for governing the grants-in-aid to the States by the Centre
- Recommendations on matters referred to it by the President for the interest of finance
- All of the above
Explanation:
NITI Aayog, which replaced the Planning commission of India, was formed by a cabinet resolution of the Government of Inda on:
- 1st January, 2015
- 26th January, 2015
- 15th August, 2015
- None of the above
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:
The full form of GST is:
- General Sales Tax
- Goods and Services Tax
- Government Special Tax
- General Service Tax
Explanation:
Which of the following does not come under the GST in India ?
- Agricultural products
- Handicrafts
- Gems and jewelries
- Petroleum products
Explanation:
Assertion (A) :
The development programmes undertaken in India are oriented towards economic growth along with social justice.
Reason (R) :
Indian economy is afflicted with poverty, unemployment and inequalities.
Select the correct answer from the following options.
- Both (A) and (R) are correct, and (R) is the correct explanation for (A)
- Both (A) and (R) are correct, but (R) is not the correct explanation for (A)
- (A) is correct, but (R) is not correct
- (A) is not correct, but (R) is correct
Explanation: