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MCQ on Indian Economy

When was National Bank of Agriculture and Rural Development (NABARD) established ?

  • 6th Dec, 1947
  • 6th Dec, 1982
  • 5th Nov, 1982
  • 7th Oct, 1982
    • Correct Option: C  [ 5th Nov, 1982 ]

    Explanation:

The Reserve Bank of India was established in the year :

  • 1930
  • 1935
  • 1940
  • 1945
    • Correct Option: B  [ 1935 ]

    Explanation: RBI Nationalized on 1st Jan, 1949.

Fiscal policy is connected with:

  • exports and imports
  • issue of currency
  • public revenue and public expenditure
  • liquidity of money
    • Correct Option: C  [ public revenue and public expenditure ]

    Explanation:

The period of high inflation and low economic growth is termed as:

  • Stagnation
  • Take-off stage in economy
  • Stagflation
  • Depression
    • Correct Option: C  [ Stagflation ]

    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.
    • Correct Option: D  [ Neither exports nor imports take place. ]

    Explanation:

The highest body which approves the Five Year Plan in India is :

  • Parliament
  • Planning Commission
  • National Development Council
  • Finance Commission
    • Correct Option: C  [ National Development Council ]

    Explanation:

Which is the following is direct tax ?

  • Income tax
  • Excise duty
  • Sales tax
  • None of these
    • Correct Option: A  [ Income tax ]

    Explanation:

Which among the following in India has the function of recommending Minimum Support Prices for various commodities to the Government ?

  • National Farmers Commission
  • Commission for Agricultural Costs and Prices
  • Central Statistical organization
  • Department of Agriculture
    • Correct Option: B  [ Commission for Agricultural Costs and Prices ]

    Explanation:

Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, popularly known as Black Money Act, 2015 came into effect from :

  • 1st April, 2015
  • 1st May, 2015
  • 1st June, 2015
  • 1st July, 2015
    • Correct Option: D  [ 1st July, 2015 ]

    Explanation:

In Income Tax, Assessee is :

  • a person who pays income tax
  • a person who deducts income tax from its employees
  • a person who prepares income tax Return of tax payers
  • None of these
    • Correct Option: A  [ a person who pays income tax ]

    Explanation:
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