MCQ on Indian Economy for the preparation of UPSC Civil Services and TPSC, WBSC, APSC, TCS & TPS Examinations

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:

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.

National Food Security Act came into effect in the year:

2012
2013
2014
None of the above

Correct Option: B [ 2013 ]

Explanation:

The LPG model of development was introduced by India since:

1991
1992
1993
1994

Correct Option: A [ 1991 ]

Explanation:

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:

Which period in India is known as plan holiday ?

1961-1966
1965-1966
1966-1969
1969-1974

Correct Option: C [ 1966-1969 ]

Explanation:

Economic growth is usually coupled with ___________.

deflation
inflation
Stagflation
hyper inflation

Correct Option: B [ inflation ]

Explanation:

The full form of GST is:

General Sales Tax
Goods and Services Tax
Government Special Tax
General Service Tax

Correct Option: B [ Goods and Services Tax ]

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:

Which of the following is a primary sector of economic activities in India ?

Food processing
Telecom services
Manufacturing industry
Agriculture

Correct Option: D [ Agriculture ]

Explanation: