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INDIAN ECONOMY MCQ FOR SSC CHSL
1. India has
(a) Socialistic economy
(b) Gandhian economy
(c) Mixed economy
(d) Free economy
Ans. (c)
2. India opted for ‘Mixed Economy’ in
(a) Framing of the Constitution
(b) Second Five Year Plan
(c) Industrial Policy of 1948
(d) None of the above
Ans. (c)
3. Which one of the following is the task of the Planning Commission?
(a) Preparation of the plan
(b) Implementation of the plan
(c) Financing of the plan
(d) Both ‘a’ and ‘b’
Ans. (a)
4. Who wrote the book ‘Planned Economy for India’?
(a) M Vishveshvarayya
(b) Sardar Vallabhbhai Patel
(c) Jawaharlal Nehru
(d) Mahatma Gandhi
Ans. (a)
5. The contribution of agriculture to India’s economy is
(a) Increasing
(b) Decreasing
(c) Constant
(d) None of these
Ans. (b)
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6. Which of the following bodies finalises the Five Year Plan proposals?
(a) Planning Commission
(b) Union Cabinet
(c) National Development Council
(d) Ministry of Planning
Ans. (c)
7. National Development Council was set up in
(a) 1948
(b) 1950
(c) 1551
(d) 1952
Ans. (d)
8. Economic Planning is a subject
(a) In the union list
(b) In the state list
(c) In the concurrent list
(d) Unspecified in any special list
Ans. (a)
9. Economic survey is published by
(a) Ministry of Finance
(b) Planning Commission
(c) Government of India
(d) Indian Statistical Institute
Ans. (a)
10. The Planning Commission of India
(i) Was set up in 1950.
(ii) Is a constitutional body.
(iii) Is an advisory body.
(iv) Is a government department.
(a) 1 and 2
(b) 2 and 3
(c) 1 and 3
(d) Only 3
Ans. (c)
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11. Rolling plan was designed for the period
(a) 1978-83
(b) 1980-85
(c) 1985-90
(d) 1974-97
Ans. (a)
12. Which one of the following can aid in furthering the government objective of inclusive growth?
(i) Promotion of self help groups.
(ii) Promotion of micro, small and enterprises.
(iii) Implementing the right to education.
Select the correct answer using the codes given below
(a) 1, 2 and 3
(b) 1 and 3
(c) 1 and 2
(d) Only 1
Ans. (a)
13. Consider the following statements regarding the underdeveloped nature of the economy of India
(i) Inequitable distribution of income.
(ii) High unemployment in the economy.
(iii) Slow rate of increase in national income.
(iv) Slow rate of growth of road infrastructure.
Which of the statements given above is/are correct?
(a) 3 and 4
(b) 1, 2 and 3
(c) 2 and 3
(d) All of the above
Ans. (b)
14. Which one of the following statements is/are correct about the Pradhan Mantri Gram Sadak Yojana (PMGSY)?
(a) It provides connectivity to all the unconnected habitations of more than 1000 persons in the rural areas by good quality all-weather roads
(b) It was launched in 2005 as a fully funded centrally sponsored scheme
(c) It provides connectivity to all unconnected habitations. of more than 250 persons in the hilly and desert areas by good quality all-weather roads
(d) Both (a) and (c)
Ans. (c)
15. Which of the following group of states has the largest concentration of rural poor and people living below the poverty line?
(a) Karnataka, Maharashtra, Goa
(b) Goa, Andhra Pradesh, Maharashtra
(c) Tamil Nadu, Kerala, Goa
(d) Andhra Pradesh, Karnataka, Tamil Nadu
Ans. (a)
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16. Inflation implies
(a) Rise in budget deficit
(b) Rise in money supply
(c) Rise in general price index
(d) Ride in prices of consumer goods
Ans. (c)
17. Consider the following statements
(i) NABARD is an apex institution handling matters concerning policy, planning and operating the field of credit for agriculture and other developmental activities in rural India.
(ii) NABARD operates through its head office at Delhi.
Which of the statements given above is/are correct?
(a) Only 1
(b) Only 2
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (a)
18. Consider the following statements
(i) Rajiv Gandhi Grameen Vidyutikaran Yojana which gives free electricity connections to the below poverty line households is implemented by Power Grid Corporation of India.
(ii) The Integrated Rural Energy Programme aims to meet the energy needs of cluster of villages through conventional and non-conventional source of energy.
Which of the statements given above is/are correct?
(a) Only 1
(b) Only 2
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (b)
19. Consider the following statements
(i) MNREGA was launched in the Eleventh Five Plan.
(ii) Indira Awaas Yojana was launched in the Nineth Five Year Plan.
Which of the statements given above is/are correct?
(a) Only 1
(b) Only 2
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (b)
20. Hard Currency is defined as currency
(a) Which can hardly be used for international transactions
(b) Which is used in times of war
(c) Which loses its value very fast
(d) Traded in foreign exchange market for which demand is persistently relative to the supply
Ans. (d)
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21. Consider the following statements
(i) In the Eleventh Five Year Plan, the growth rate of the agriculture sector was above 4%.
(ii) In the Eleventh Five Year Plan, the agriculture sector contributed more than 25% in the overall GDP of the India.
Which of the statements given above is/are correct?
(a) Only 1
(b) Only 2
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (d)
22. A Scheduled Bank is one which is included in the
(a) II Schedule of Banking Regulation Act
(b) II Schedule of Constitution
(c) II Schedule of Reserve Bank of India Act
(d) None of the above
Ans. (a)
23. For regulation of the Insurance Trade in the country the Government has formed
(a) SEBI
(b) Reserve Bank of India
(c) Insurance Regulatory and Development Authority
(d) General Insurance Corporation
Ans. (c)
24. Assertion (A) Most of the famines of 19th century India were caused due to high food prices and extensive rural unemployment.
Reason (R) Food was available in the market, although at high prices, even during the worst famines.
Codes
(a) Both A and R are true and R is the correct explanation of A
(b) Both A and R are true, but R is not the correct explanation of A
(c) A is true, but R is false
(d) A is false, but R is true
Ans. (b)
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25. When was the Reserve Bank of India taken over by the Government?
(a) 1945
(b) 1948
(c) 1952
(d) 1956
Ans. (b)
26. The Reserve Bank of India issues
(a) All the currency notes
(b) All the currency notes except the one rupee note
(c) All the currency notes except the hundred rupee note
(d) Only notes of 10 and above
Ans. (b)
27. Consider the following statements
(i) India is the sixth largest producer of coffee.
(ii) India’s share in global area under coffee is about 2%.
(iii) India contributes about 4% to world production as well as in the International Trade.
Which of the statements given above is/are correct?
(a) Only 1
(b) Only 2
(c) 1 and 2
(d) All of these
Ans. (d)
28. Consider the following statements
(i) NABARD inherited all the apex roles from Reserve Bank of India.
(ii) NABARD gives long-term loans to State Governments to enable them to subscribe to the share of cooperative credit societies.
Which of the statements given above is/are correct?
(a) Only 1
(b) Only 2
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (c)
29. The ‘Rolling Plan’ concept in national planning was introduced by
(a) Indira Gandhi
(b) The National Front Government
(c) The Janata Government
(d) Rajeev Gandhi
Ans. (c)
30. ‘Repo rate’ is the rate at which
(a) The Reserve Bank of India lends to State Government
(b) The international aid agencies lend to Reserve Bank of India
(c) The Reserve Bank of India lends to banks
(d) The bank lend to Reserve Bank of India
Ans. (c)
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31. Exim Bank was set-up in
(a) 1980
(b) 1982
(c) 1985
(d) 1986
Ans. (b)
32. Open market operations of a Central Bank are sale and purchase of
(a) Foreign currencies
(b) Corporate securities.
(c) Trade bills
(d) Government securities
Ans. (d)
33. The place where bankers meet and settle their mutual claims and accounts is known as
(a) Treasury
(b) Clearing house
(c) Collection centre
(d) Dumping ground
Ans. (b)
34. The Imperial Bank of India, after nationalization was given the name of
(a) Reserve Bank of India.
(b) Bank of India
(c) State Bank of India
(d) Indian Overseas Bank
Ans. (c)
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35. If the cash, reserve ratio is lowered by the Central bank, what will be its effect on credit creation?
(a) Decrease
(b) Increase
(c) No change
(d) None of these
Ans. (b)
36. The main function of the Exim Bank is
(a) To help RBI in the regulation of foreign exchange
(b) To prevent unlicensed transaction
(c) To promote exports and curtail imports
(d) To conserve foreign exchange
Ans. (c)
37. Which of the following are the functions of the Central Bank of India?
(i) Regulation of currency and flow of credit system.
(ii) Maintaining exchange value of rupee.
(iii) Formulating monetary policy of India.
(iv) Supervisory powers over the indigenous bankers and leasing companies.
(a) 1 and 3
(b) 1, 2 and 3
(c) 1, 2 and 4.
(d) 1, 2, 3 and 4
Ans. (d)
38. Which bank gives long term loans to farmers?
(a) NABARD
(b) Land Development Bank
(c) SBI
(d) Rural banks
Ans. (b)
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39. Consider the following statements
(i) Life Insurance Corporation of India is the oldest insurance company in India.
(ii) National Insurance Company Limited was nationalized in the year 1972 and made a subsidiary of General Insurance Corporation of India.
(iii) Headquarters of United India Insurance Company Limited are located at Chennai.
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Which of the statements given above is/are correct
(a) 1, 2 and 3
(b) 1 and 2
(c) 2 and 3
(d) 1 and 3
Ans. (c)
40. In 1921, the presidency banks of Bengal, Madras and Bombay were nationalized to give birth to
(a) Punjab National Bank
(b) Syndicate Bank
(c) State Bank of India
(d) Punjab and Sindh Bank
Ans. (c)
41. The standard of living in a country is represented by its
(a) National income
(b) Per capita income
(c) Poverty ratio
(d) Unemployment rate
Ans. (b)
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42. Consider the following statements with regard to Statutory Liquidity Ratio (SLR)
(i) To meet SLR, commercial banks can use cash only.
(ii) SLR is maintained by the banks with themselves.
(iii) SLR restricts the bank’s leverage in pumping more money into the economy.
Which of the statements given above is/are correct?
(a) 1 and 2
(b) 1 and 3
(c) 3 and 2
(d) 1, 2, and 3
Ans. (c)
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43. Which of the following is not true about ‘vote-on account?
(a) It is a budget presented in the Parliament to cover the deficit left by the last budget
(b) It does not allow the Government to set for the economic policies of the new plan which starts from April 1
(c) It prevents the Government from imposing fresh taxes or withdrawing old one
(d) This allows the Government to withdraw an amount for a period with the consent of Parliament
Ans. (d)
44. Which one of the following statements is correct? Fiscal Responsibility and Budget Management Act (FRBMA) concerns
(a) Fiscal deficit only
(b) Revenue deficit only
(c) Both fiscal and revenue deficit
(d) Neither fiscal deficit nor revenue deficit
Ans. (c)
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45. Temporary tax levied to obtain additional revenue is called
(a) Cess
(b) Rate
(c) Fee
(d) Surcharge
Ans. (d)
46. Which among the following formulates fiscal policy?
(a) RBI
(b) Finance Ministry
(c) SEBI
(d) Planning Commission
Ans. (b)
47. What is ‘Recession’?
(a) Rise in the cost of production, especially because of wage increase
(b) Increase in money supply without a matching increase in production
(c) Reduction in production and employment for want of sufficient demand for goods
(d) None of the above
Ans. (c)
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48. Funds belonging to Government of India are kept in
(i) Consolidated Fund of India.
(ii) Public Account Fund India.
(iii) Contingency Fund of India.
Select the correct answer using the codes gives below
(a) 1 and 2
(b) 2 and 3
(c) 1 and 3
(d) 1, 2 and 3
Ans. (c)
49.Deficit financing is spending
(a) By getting foreign aid
(b) Less than what is needed
(c) In excess of revenue
(d) By borrowing from abroad
Ans. (c)
50. Excise Duties are taxes on
(a) Sale of commodities
(b) Export of commodities
(c) Production of commodities
(d) Import of commodities
Ans. (c)
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51. The minimum effect of Direct Taxes is on
(a) Food price
(b) Consumer goods
(c) Capital goods
(d) Income
Ans. (a)
52. The National Income is more at current prices than at constant prices because
(a) Increase in price is equal to increase in production
(b) Increase in price is more than production
(c) Increase in production is more than increase in price
(d) Of decrease in production only
Ans. (c)
53. Which of the following taxes is not levied by the Union Government?
(a) Wealth Tax
(b) Excise Duty
(c) Profession Tax
(d) Income Tax
Ans. (c)
54. The principal source of revenue to the State Government in India is
(a) Income Tax
(b) Sales Tax
(c) State Excise Duties
(d) Land Revenue
Ans. (b)
55 Which of the following is an indirect tax?
(a) Corporation Tax
(b) Excise Duty
(c) Wealth Tax
(d) Capital Gains Tax
Ans. (b)
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56. Customs duties, export duties, corporation taxes, taxes on capital value of assets (excluding agricultural land of individuals and companies) are
(a) Taxes and duties levied by the Centre but collected by the States
(b) Taxes and duties levied by the Centre but wholly appropriated by the States
(c) Taxes levied and collected by the Union but shared with the States
(d) Taxes and duties that accrue wholly to the Union Government
Ans. (d)
57. The largest contribution in India’s National Income is from
(a) Primary sector
(b) Secondary sector
(c) Tertiary sector
(d) Any of the above
Ans. (c)
58. What are “Open Market Operations’?
(a) Activities of SEBI-registered brokers
(b) Selling of currency by the RBI
(c) Selling of gilt-edged securities by the Government
(d) Sale of shares by Flls
Ans. (c)
59. Which of the following is poorest state in India?
(a) Odisha
(b) Bihar
(c) Uttar Pradesh
(d) Madhya Pradesh
Ans. (a)
60. How does the consumer benefit with VAT?
(a) It removes tax and thus reduces price-rise
(b) It reduces the cost of production
(c) With the abolition of the sales tax
(d) Due to the exemption small businesses from the tax within certain limits prescribed by the State
Ans. (a)
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61. Which of the following states ranks first in terms of the maximum numbers of agro-based industries?
(a) Gujarat
(b) Punjab
(c) West Bengal
(d) Kerala
Ans. (b)
62. Which of the following is the largest (in terms of turnover) Public Sector organization in India?
(a) Bharat Petroleum
(b) Steel Authority of India
(c) Indian Oil Corporation
(d) Oil and Natural Gas Commission
Ans. (d)
63. Which of the following sectors does not come under tertiary sector?
(a) Transport
(b) Trade
(c) Business Services
(d) Electricity
Ans. (d)
64. Which of the following committees was assigned to recommend reforms in the insurance sector?
(a) Rekhi Committee
(b) Nadkarni Committee
(c) Malhotra Committee
(d) Chelliah Committee
Ans. (c)
65. The headquarters of International Monetary Fund and World Bank are located at KEDUCE
(a) Geneva and Montreal
(b) Geneva and Vienna
(c) New York and Geneva
(d) Both Washington DC
Ans. (d)
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66. Which one of the following is not a member of Organization of the Petroleum Exporting Countries (OPEC)?
(a) Algeria
(b) Brazil
(c) Ecuador
(d) Nigeria
Ans. (b)
67. Consider the following related to World Bank organisations, IBRD and IDA
(i) India use IDA funds on social sector.
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(ii) India use development. IBRD funds on infrastructure development
(iii) IBRD loans are cheaper than IDA loans.
Select the correct answer using the codes given below
(a) Only 1
(b) Only 2
(c) 1 and 2
(d) 2 and 3
Ans. (c)
68. Schemes run under the National Rural Employment Guarantee Act are sponsored
(a) By the Central Government alone
(b) Partly by the Central Government and partly by the state government
(c) By Central, State and Panchayat bodies together
(d) On public-private partnership basis
Ans. (a)
69. The World Bank was created immediately after the Second World War. Its activities are focused on the developing countries. Which among the following are the activities of the Bank?
(i) Human development.
(ii) Agriculture and rural development.
(iii) Environmental protection and governance.
(iv) Loans and grants to the member countries.
Select the correct answer using the codes given below
(a) 1, 2 and 3
(b) 3 and 4
(c) 2 and 4
(d) 1, 2, 3 and 4
Ans. (d)
70. Which one among the following statements regarding the Eighth Five Year Plan in India is not correct?
(a) The plan was postponed by two years because of political upheavals at the centre
(b) It aimed at high growth of both agriculture and manufacturing sectors
(c) Its emphasis was on growth in export and import, improvement in trade and current account deficit
(d) It set before itself the two principal objectives of ‘growth with stability’ and ‘growth with justice’
Ans. (c)
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71. Consider the following statements
(i) The G-20 was established in 2008 in the wake of the global financial crisis led by the USA.
(ii) It brings together the major advanced and emerging economies financial market. to stabilize the global
(iii) India’s stand on Mutual Assessment Process (MAP) for measuring imbalances between surplus and deficit economies in the Seoul Conference of G-20 in the year 2010 was firmly endorsed by all the nations.
Which of the statement(s) given above is/are correct?
(a) 1, 2 and 3
(b) 1 and 2
(c) 2 and 3
(d) Only 3
Ans. (d)
72. TRIPS (Trade Related aspects of Intellectual Property Rights) agreement is administered by
(a) United Nations Conference on Trade and Development (UNCTAD)
(b) United Nations Organization (UNO)
(c) World Trade Organization (WTO)
(d) World Bank (WB)
Ans. (c)
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73. Which among the following statements(s) is/are true with regard to WTO membership?
(i) All WTO members automatically receive the ‘most Favoured Nation’ status.
(ii) Over 75% of WTO members are from developing countries. WTO membership allows them access to developed markets at the lower tariff.
Select the correct answer using the codes given below
(a) Only 1
(b) Only 2
(c) Both 1 or 2
(d) Neither 1 nor 2
Ans. (c)
74. Planning in India drew on
(a) The New Economic Programmeme of Lenin
(b) The Fabian Socialism of Sidney and Beatrice Webb
(c) The British Welfare Mechanism
(d) New democratic development packages
Ans. (a)
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ALSO VISIT:SSC CHSL Quiz on Wrong series
SSC CHSL MCQ ON NEW ECONOMIC POLICY
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| Attempt the Quiz | Attempt the Quiz | Attempt the Quiz |
| Quiz 1 on number system | Quiz 2 on Number System | Comprehension Test |
| Quiz on number series | Quiz on HCF LCM | Quiz on wrong series |
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