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MCQ on Indian Economy

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:

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:

Tertiary sector activities include

  • Cottage industries
  • Mining activities
  • Construction activities
  • Infrastructure services
    • Correct Option: D  [ Infrastructure services ]

    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:

Gilt-edged market means:

  • Market of government securities
  • Bullion market
  • Market of commodities
  • Market of pure metals
    • Correct Option: A  [ Market of government securities ]

    Explanation:

Fiscal policy is connected with:

  • exports and imports
  • issue of currency
  • public revenue and public expenditure
  • liquidity of money
    • Correct Option: C  [ public revenue and public expenditure ]

    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:

Three annual plans were launched between:

  • 1969 to 1972
  • 1986 to 1989
  • 1990 to 1993
  • 1966 to 1969
    • Correct Option: D  [ 1966 to 1969 ]

    Explanation:

From the following statements pertaining to the World Economic Forum (WEF), find the correct statement(s) :

(i) The WEF is a platform under the International Monetary Fund (IMF).

(ii) The WEF is an independent department of the World Bank.

(iii) The WEF is an International Organization for Public-Private Cooperation.

(iv) The WEF was established in 1971 as a not-for-profit foundation and is headquartered in Geneva, Switzerland.

Select the correct answer using the codes given below.

  • Only (1)
  • Only (ii)
  • Only (iii) and (iv)
  • Only (ii) and (iii)
    • Correct Option: C  [ Only (iii) and (iv) ]

    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:
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