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Indian Economy Online Quiz
Following quiz provides Multiple Choice Questions (MCQs) related to Indian Economy. You will have to read all the given answers and click over the correct answer. If you are not sure about the answer then you can check the answer using Show Answer button. You can use Next Quiz button to check new set of questions in the quiz.
Q 1 - What is the limit of Foreign Direct Investment (FDI) in the sector of Industrial Parks?
Answer : A
Explanation
N/A
Q 2 - What is the limit of Foreign Direct Investment (FDI) in the sector of E-commerce activities?
Answer : A
Explanation
N/A
Q 3 - IRDA is regulatory authority of
Answer : A
Explanation
IRDA stands for Insurance Regulatory and Development Authority (Act, 1999).
Q 4 - Consider the following statements:
1. Bounty is the subsidy paid by the government to the exporters.
2. Bounty encourages exporters to export more.
Choose the correct answer from the codes given below:
Answer : C
Explanation
N/A
Answer : C
Explanation
Headquarters of ABN Amro Bank is located in Amsterdam, Netherlands.
Q 6 - What is the limit of Foreign Direct Investment (FDI) in the sector of Non-Banking Finance Companies (NBFC)?
Answer : A
Explanation
N/A
Q 7 - Consider the following statements:
1. The National Literacy Mission (NLM) is a nationwide program initiated by the Government of India in 1998.
2. National Literacy Mission Authority (NLMA) is an autonomous wing of Ministry of Human Resource & Development.
Choose the correct answer from the codes given below:
Answer : B
Explanation
The National Literacy Mission (NLM) is a nationwide program initiated by Government of India in 1988.
Q 8 - Consider the following statements:
1. In an economic term, resources means instruments those are used to create the goods (of) peoples desire.
2. Scarcity means when the amount of an item available is less than the peoples demand.
Choose the correct answer from the codes given below:
Answer : C
Explanation
N/A
Q 9 - What is the limit of Foreign Direct Investment (FDI) in the sector of Plantation?
Answer : A
Explanation
N/A
Q 10 - In reference to World Bank, consider the following statements:
1. World Banks major objective is to decrease the extreme poverty by decreasing the percentage of people living on less than $1.90 a day.
2. World Bank is a dynamic source of financial and technical assistance to all the developing countries across the world.
Choose the correct answer from the codes given below:
Answer : C
Explanation
N/A
Q 11 - Consider the following statements:
1. The condition in which, people work for lesser hours than they wish for, is known as underemployment.
2. The situation in which, people seem to be employed, but actually they are unemployed, is known as disguised unemployment.
Choose the correct answer from the codes given below:
Answer : C
Explanation
N/A
Q 12 - K. N. Raj Committee is related to
A - Establishment of a new stock exchange
B - Improvement of transaction methods of public sector bonds and mutual funds
Answer : D
Explanation
K. N. Raj was a veteran economist in the Indian Planning Commission.
Q 13 - National Development Council is presided by
Answer : A
Explanation
N/A
Q 14 - Consider the following statements:
1. Adam Smith explained the importance of the division of labors, and their relation with economic development.
2. Adam Smith emphasized on self-interest and laissez-faire.
Choose the correct answer from the codes given below:
Answer : C
Explanation
The idea of Adam Smith was - economic freedom was stressed and the power of the government should be minimized.
Q 15 - During which Five Year Plan, the emphasis is given to Development of Human Resource?
Answer : D
Explanation
The objective of giving emphasis on the development of human resource was to increase the level of employment, education, and public health.
Q 16 - Which among the following regions is not a center of shipbuilding?
Answer : D
Explanation
Located in Gujarat, Kutch region is known for salt making.
Q 17 - If your income is greater than 1000,000 and your age is less than 60, then how much income tax you need to pay?
Answer : D
Explanation
First you need to deduct the amount 1000,000 from your personal income and then on the remaining amount, you need to pay 30% tax. For example, if your income is 1200,000, then deduct 1000,000 from 1200,000 and on the remaining amount i.e. 200,000 you need to pay 30% income tax.
Q 18 - Consider the following statements:
1. The concept of socialism suggests that the means of production, distribution, and exchange should be owned or regulated by the respective community as a whole.
2. The concept of capitalism suggests that an economic and political system in which a country's trade and industry are controlled by (private) individuals.
Choose the correct answer from the codes given below:
Answer : C
Explanation
N/A
Q 19 - Who among the following does collect the wealth tax on agriculture?
C - Imposed by Central Government, but collected by State Government
Answer : A
Explanation
N/A
Q 20 - Consider the following statements:
1. The loan, which is taken for very short duration (for a few days per say), is known as Call Money.
2. The rate of interest of Call Money is high.
Choose the correct answer from the codes given below:
Answer : A
Explanation
The rate of interest of Call Money is low.