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MCQ on Indian Economy

Which one of the following is the main source of revenue for the states ?

  • Property tax
  • Sales tax
  • Excise duty
  • None of these
  • Correct Option: B  [ Sales tax ]

    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
  • Correct Option: A  [ Service tax ]

    Explanation:

Parallel economy refers to:

  • Traditional economy
  • Black money
  • Agriculture based economy
  • Socialist economy
  • Correct Option: B  [ Black money ]

    Explanation:

Which of the following is the role of Finance Commission ?

  • Sharing of net proceeds of taxes between the Centre and States.
  • Recommending principles for governing the grants-in-aid to the States by the Centre
  • Recommendations on matters referred to it by the President for the interest of finance
  • All of the above
  • Correct Option: D  [ All of the above ]

    Explanation:

A closed economy is an economy in which:

  • the money supply is fully controlled
  • deficit financing takes place
  • only exports take place
  • Neither exports nor imports take place.
  • Correct Option: D  [ Neither exports nor imports take place. ]

    Explanation:

Which prograrnme gave the slogan, Garibi Hatao ?

  • 4th Five Year Plan
  • 5th Five year plan
  • 6th Five Year Plan
  • 7th Five year plan
  • Correct Option: B  [ 5th Five year plan ]

    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:

Which institution in India controls the monetary policy of Indian currency?

  • Finance Commission
  • The Finance Ministry of India
  • The Reserve Bank of India
  • None of the above
  • Correct Option: C  [ The Reserve Bank of India ]

    Explanation:

Planning Commission of India was set up by :

  • Morarji Desai
  • T T Krishnamachari
  • Jawaharlal Nehru
  • None of the above
  • Correct Option: C  [ Jawaharlal Nehru ]

    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: