MCQ on Indian Economy
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
Explanation:
"SEBI" stands for the:
- State Earnings Board of India
- Securities and Exchange Bank of India
- Securities and Exchange Board of India
- State Exchange Bank of India
Explanation: The Securities and Exchange Board of India was constituted as a non-statutory body on April 12, 1988 through a resolution of the Government of India.
The Securities and Exchange Board of India was established as a statutory body in the year 1992
GST abolishes which of the following taxes ?
- Corporation tax
- Service tax
- Income tax
- Wealth tax
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:
Three annual plans were launched between:
- 1969 to 1972
- 1986 to 1989
- 1990 to 1993
- 1966 to 1969
Explanation:
The equilibrium condition for money market is:
- demand for money should be equal to supply of money
- cash in hand should be equal to deposits in bank
- saving is equal to investment
- bank rate is equal to repo rate
Explanation:
Inclusive growth as enunciated in the Eleventh Five Year Plan does not include one of the following:
- Reduction of Poverty
- Extension of employment opportunities
- Strengthening of capital market
- Reduction in gender inequality
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
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
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: