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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
  • Correct Option: A  [ Finance Act of 1951 ]

    Explanation:

NITI Aayog, which replaced the Planning commission of India, was formed by a cabinet resolution of the Government of Inda on:

  • 1st January, 2015
  • 26th January, 2015
  • 15th August, 2015
  • None of the above
  • Correct Option: A  [ 1st January, 2015 ]

    Explanation:

ICDS was first introduced in India in the year

  • 1975
  • 1977
  • 1979
  • None of these
  • Correct Option: A  [ 1975 ]

    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:

Which of the following is the main problem in the growth of agriculture sector in Tripura ?

  • About 96 per cent of the land holdings are small and marginal
  • 60 per cent of the total geographical area is forest cover
  • Two-third of the geographical area is hilly
  • All of the above
  • Correct Option: D  [ All of the above ]

    Explanation:

National Food Security Act came into effect in the year:

  • 2012
  • 2013
  • 2014
  • None of the above
  • Correct Option: B  [ 2013 ]

    Explanation:

The Special Economic Zones Act was passed by the Indian Parliament in 2005 and the Act came into force in:

  • 2006
  • 2009
  • 2010
  • 2012
  • Correct Option: A  [ 2006 ]

    Explanation:

The SEBI was given statutory recognition in 1992 on the recommendation of:

  • the Chakraborty Commission
  • the Chelliah Committee
  • the Tendulkar Committee
  • the Narasimham Committee
  • Correct Option: D  [ the Narasimham Committee ]

    Explanation:

Fiscal Deficit is:

  • Government expenditure minus borrowings
  • Government expenditure minus revenue receipts
  • Same as budget deficit
  • Budget deficit minus borrowings and other liabilities
  • Correct Option: B  [ Government expenditure minus revenue receipts ]

    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
  • Correct Option: A  [ demand for money should be equal to supply of money ]

    Explanation: