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MCQ on Indian Economy

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
    • Correct Option: C  [ A monetary and non-monetary conditions where people lack access to community regulated common resources, opportunities and income ]

    Explanation:

Who wrote the book Planned Economy for India?

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

    Explanation:

Which one of the following is an indirect tax levied by the Central Government in India ?

  • Service tax
  • Corporate Income tax
  • Profession tax
  • Agricultural Income tax
    • Correct Option: A  [ Service tax ]

    Explanation:

The LPG model of development was introduced by India since:

  • 1991
  • 1992
  • 1993
  • 1994
    • Correct Option: A  [ 1991 ]

    Explanation:

Who is the Chairman of the Fifteenth Finance Commission of India ?

  • Anurag Thakur
  • V. K. Singh
  • R. Jain
  • N. K. Singh
    • Correct Option: D  [ N. K. Singh ]

    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:

'Economic Survey' is published by:

  • The Ministry of Finance
  • The Planning Commission
  • The Government of India
  • The Central Statistical Organization
    • Correct Option: A  [ The Ministry of Finance ]

    Explanation:

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:

Which of the following is not the part of non-statutory welfare measure ?

  • Health
  • Education
  • Transport
  • Employees compensation
    • Correct Option: C  [ Transport ]

    Explanation:

Which of the following sources provides highest tax revenue to Government of India?

  • Personal Income Tax
  • Excise Duty
  • Corporation Tax
  • Customs Duty
    • Correct Option: C  [ Corporation Tax ]

    Explanation:
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