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MCQ on Indian Economy

National Development Council was set up in:

  • 1950
  • 1951
  • 1952
  • 1954
    • Correct Option: C  [ 1952 ]

    Explanation:

Which activity is not included in service sector ?

  • Trade, hotels and restaurants
  • Real estate, finance and insurance
  • Transport and communication
  • Electricity, gas and water supply
    • Correct Option: D  [ Electricity, gas and water supply ]

    Explanation:

Which of the following is true in respect of Centre-State financial relations ?

  • Amount given by Centre is the only source of income to States
  • States can by-pass Centre while taking foreign loans
  • States can not levy income tax
  • States can claim 100 % share in excise duty on goods produced in the State
    • Correct Option: C  [ States can not levy income tax ]

    Explanation:

In which year the Planning commission was set-up?

  • 1949
  • 1950
  • 1951
  • 1952
    • Correct Option: B  [ 1950 ]

    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:

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:

Economic growth is usually coupled with ___________.

  • deflation
  • inflation
  • Stagflation
  • hyper inflation
    • Correct Option: B  [ inflation ]

    Explanation:

If withdrawal of a worker from employment does not create any output loss, this situation is known as

  • Search unemployment
  • Voluntary unemployment
  • Disguised unemployment
  • Frictional unemployment
    • Correct Option: C  [ Disguised unemployment ]

    Explanation:

In the context of Indias Five Year Plans a shift in the pattern of industrialisation with lower emphasis on heavy industries and more on infrastructure begin in:

  • Fourth Plan
  • Sixth Plan
  • Eight Plan
  • Tenth Plan
    • Correct Option: B  [ Sixth Plan ]

    Explanation:

In India, present trend of rapid urbanization is due to:

  • lack of employment opportunities in rural areas
  • influence of cinema and electronic media
  • break up of joint family system
  • abolition of zamindari tystem
    • Correct Option: A  [ lack of employment opportunities in rural areas ]

    Explanation:
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