The full form of GST is:

• General Sales Tax
• Goods and Services Tax
• Government Special Tax
• General Service Tax
Solution
Correct Option: B  [ Goods and Services Tax ]

Explanation:

In India, which sector generally suffers from the problem of surplus labour ?

• Agriculture
• Industry
• Service
• All of these
Solution
Correct Option: A  [ Agriculture ]

Explanation:

Which period in India is known as plan holiday ?

• 1961-1966
• 1965-1966
• 1966-1969
• 1969-1974
Solution
Correct Option: C  [ 1966-1969 ]

Explanation:

The highest body which approves the Five Year Plan in India is :

• Parliament
• Planning Commission
• National Development Council
• Finance Commission
Solution
Correct Option: C  [ National Development Council ]

Explanation:

The Plan launched in the 50th year of Indian Independence was :

• Sixth five year plan
• Eighth five year plan
• Ninth five year plan
• Tenth five year plan
Solution
Correct Option: C  [ Ninth five year plan ]

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
Solution
Correct Option: A  [ Service tax ]

Explanation:

Mixed economy means an economy where:

• There is co-existence of public sector along with private sector
• Both agriculture and Industry are equally promoted by the state
• There is importance of small scale industries along with heavy industries
• Economy is controlled by military as well as civilian rulers
Solution
Correct Option: A  [ There is co-existence of public sector along with private sector ]

Explanation:

Fiscal Deficit is:

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

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
Solution
Correct Option: C  [ The Reserve Bank of India ]

Explanation:

Assertion (A) :
The development programmes undertaken in India are oriented towards economic growth along with social justice.

Reason (R) :
Indian economy is afflicted with poverty, unemployment and inequalities.

Select the correct answer from the following options.

• Both (A) and (R) are correct, and (R) is the correct explanation for (A)
• Both (A) and (R) are correct, but (R) is not the correct explanation for (A)
• (A) is correct, but (R) is not correct
• (A) is not correct, but (R) is correct
Solution
Correct Option: A  [ Both (A) and (R) are correct, and (R) is the correct explanation for (A) ]

Explanation: