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MCQ on Indian Economy

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:

Which of the following sources provides highest tax revenue to Government of India?

  • Personal Income Tax
  • Excise Duty
  • Corporation Tax
  • Customs Duty
  • Correct Option: C  [ Corporation Tax ]

    Explanation:

In the context of Indias Five Year Plans a shift in the pattern of industrialisation with lower emphasis on heavy industries and more on infrastructure begin in:

  • Fourth Plan
  • Sixth Plan
  • Eight Plan
  • Tenth Plan
  • Correct Option: B  [ Sixth Plan ]

    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:

Which of the following is not an asset held by the commercial bank ?

  • Bills of exchange
  • Current account deposits
  • Money lent at short notice
  • Credit balances with the Reserve Bank
  • Correct Option: B  [ Current account deposits ]

    Explanation:

Parallel economy refers to:

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

    Explanation:

New Industrial Policy of India was introduced in the year:

  • 1990
  • 1991
  • 1992
  • 1993
  • Correct Option: B  [ 1991 ]

    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:

Government imposes taxes to:

  • run the machinery of State
  • uplift of weaker sections
  • check the accumulation of wealth among the rich
  • None of the above
  • Correct Option: A  [ run the machinery of State ]

    Explanation:

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: