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MCQ on Indian Economy

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:

The basic regulatory authority for mutual funds and stock markets lies with the:

  • Stock exchanges
  • Government of India
  • Reserve Bank of India
  • Securities and Exchange Board of India.
  • Correct Option: D  [ Securities and Exchange Board of India. ]

    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:

Thename of Prasanta Chandra Mahalanobis is associated with:

  • First Five-Year Plan
  • Second Five-Year Plan
  • Third Five-Year Plan
  • Fourth Five-Year Plan
  • Correct Option: B  [ Second Five-Year Plan ]

    Explanation: Prof. Prasanta Chandra Mahalanobis is also known as the father of Indian Statistics, architect of the Second Five-Year Plan (1956–61).

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 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:

Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, popularly known as Black Money Act, 2015 came into effect from :

  • 1st April, 2015
  • 1st May, 2015
  • 1st June, 2015
  • 1st July, 2015
  • Correct Option: D  [ 1st July, 2015 ]

    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:

NPA of a commercial bank means:

  • Net-Performing Asset
  • New-Performing Asset
  • Non-Personal Account
  • Non-Performing Asset
  • Correct Option: D  [ Non-Performing Asset ]

    Explanation: A non performing asset (NPA) is a loan or advance for which the principal or interest payment remained overdue for long period.

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: