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MCQ on Indian Economy

Which of the following pairs is/are incorrectly matched?
i. Finance Commission : Constitutional of India
ii. Securities and Exchange Board of India : Statutory Body
iii. NITI Aayog : Constitutional Body
iv. Reserve Bank of India : Statutory Body
Select the correct answer using the codes given below.

  • (i) and (iii) only
  • (ii) and (iv) only
  • (iii) only
  • (iv) only
  • Correct Option: C  [ (iii) only ]

    Explanation:

Green revolution occurred during:

  • 1945-1955
  • 1965-1975
  • 1985-1995
  • none of these
  • Correct Option: B  [ 1965-1975 ]

    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
  • Correct Option: A  [ Both (A) and (R) are correct, and (R) is the correct explanation for (A) ]

    Explanation:

GST abolishes which of the following taxes ?

  • Corporation tax
  • Service tax
  • Income tax
  • Wealth tax
  • Correct Option: B  [ Service tax ]

    Explanation:

If the RBI adopts expansionist open market operations policy, this means that it will:

  • openly announce to the market that it intends to expand credit
  • sell securities in open market
  • offer commercial banks more credit in the open market
  • buy securities from non-government holders
  • Correct Option: B  [ sell securities in open market ]

    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.

Whose signature is found on the 1000 rupee note of India?

  • Finance Secretary of India
  • Finance Minister Of India
  • Governor, Reserve Bank of India
  • President Of India
  • Correct Option: C  [ Governor, Reserve Bank of India ]

    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:

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:

Which of the following Committees are related to Banking reforms:
i) Narsimham Committee
ii) P J Nayak Committee
iii) Sunil Mehta Committee
iv) Nachiket Mor Committee

  • (i), (ii) and (iii) only
  • (ii), (iii) and (iv) only
  • (i) and (iv) only
  • (i), (ii), (iii) and (iv)
  • Correct Option: D  [ (i), (ii), (iii) and (iv) ]

    Explanation: