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Table of Contents
INDIAN ECONOMY MCQ
1. Which of the following organisation provides guarantee to exporters?
(a) EXIM Bank
(b) Export Credit Guarantee Corporation
(c) RBI
(d) Commerce Ministry
Ans. (b)
2. Nilekani Panel submitted its report on Cash Transfer Scheme covering:
(a) Only LPG
(b) LPG and Fertilisers
(c) LPG and Kerosene
(d) LPG Fertilizers and Kerosene
Ans. (d)
3. Which is true for ‘Indian Tourism Development Corporation’?
(a) It is a public sector enterprise
(b) It was constituted in 1966
(c) It constructs and managers hotels and restaurants at various parts of country
(d) All of these
Ans. (d)
4. National Sample Survey (NSS) was established in:
(a) 1950
(b) 1951
(c) 1952
(d) 1947
Ans. (a)
5. Who suggested establishing an ‘Insurance Regulation Authority?
(a) Dandekar Committee
(b) Malhotra Committee
(c) Khusro Committee
(d) Rangarajan Committee
Ans. (b)
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6. Index ‘Residex’ is associated with:
(a) Share Prices
(b) Mutual Fund Prices
(c) Price Inflation Index.
(d) Land Prices
Ans. (d)
7. National Savings Scheme (NSS-92) has been closed by the government since:
(a) November 1, 1999
(b) November 1, 2000
(c) November 1, 2001
(d) November 1, 2002
Ans. (d)
8. Which of the following at present is the country’s largest gas producer?
(a) Reliance Industries Limited
(b) ONGC
(c) Both A and B
(d) None of the above
Ans. (a)
9. Finance Commission is appointed by the President under Article
(a) 256 of Constitution
(b) 280 of Constitution
(c) 293 of Constitution
(d) 356 of Constitution
Ans. (b)
10. Who was the census Commissioner for the census 2011?
(a) C. Chandramauli
(b) G.K. Pillai
(c) J. Harinarayan
(d) J.S. Sharma
Ans. (a)
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11. Which of the following group has so far the maximum number of Ultra Mega Power Project (UMPPs)?
(a) Tata Group
(b) J. P. Hydro
(c) Reliance Power
(d) Power Grid Corporation
Ans. (c)
12. Parliament has passed the SBI (Amendment) Bill 2010 which changed the minimum level of share of the government in SBI’s equity:
(a) From 51% to 55%
(b) From 55% to 51%
(c) From 74% to 51%
(d) From 55% to 49%
Ans. (b)
13. .is not a characteristic of the Indian economy?
(a) Low per capital income
(b) Primacy of agriculture
(c) Balance between heavy industry and wage goods
(d) Population pressure
Ans. (c)
14. Which of the following has the highest weight percentage in WPI?
(a) Primary Articles
(b) Fuel & Power
(c) Manufactured Products
(d) Steel
Ans. (c)
15. Who releases the CPI for Agricultural Labourers (AL)/ Rural Labourers (RL)?
(a) Office of the Economic Adviser in Ministry of Commerce & Industry
(b) Central Statistics Office (CSO)
(c) Labour Bureau
(d) RBI
Ans. (d)
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16. Based on which of the following is the economic growth in India is measured in terms of GDP?
(a) Constant market prices
(b) Current market prices
(c) Factor Cost at constant prices
(d) Factor Cost at market prices.
Ans. (a)
17. Which of the following persons is the Chairman of the Goods and Services Tax (GST) Council?
(a) Prime Minister
(b) Niti Ayog Vice-chairman
(c) RBI Governor
(d) Union Finance Minister
Ans. (d)
18. Which ministry had launched the Revenue Insurance Scheme for plantation crops?
(a) Ministry of Agriculture.
(b) Ministry of Finance
(c) Ministry of Science and Technology
(d) Ministry of Commerce
Ans. (d)
19. What does “Revenue Neutral Tax Rate” mean with regards to the “Goods and Services Tax”?
(a) The rate at which tax revenues for States and Centre will remain the same as before GST.
(b) The tax rate will be same for the Centre and State.
(c) All of the above.
(d) None of the above.
Ans. (a)
20. Which of the following statements are correct regarding the “SMILE” scheme?
(a) It is linked to providing credit to MSME enterprises under Make in India.
(b) It is linked to providing financial support by Govt. of India for women and SC/ST entrepreneurs.
(c) It is a scheme to provide support to small and marginal farmers for allied activities.
(d) None of the above
Ans. (a)
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21. On which of the following factors the new Hydrocarbon Exploration and Licensing Policy (HELP) is based on?
(a) Profit Sharing
(b) Revenue Sharing
(c) Cost Plus
(d) None of the above
Ans. (b)
22. Which of the following needs to be promoted by the Government to recognise the full potential of the demographic dividend of India?
(a) More social security
(b) More skill development
(c) Both (a) and (b)
(d) Neither (a) nor (b)
Ans. (b)
23. Which body recommends the minimum support prices for Agricultural Commodities?
(a) Ministry of Agriculture
(b) Ministry of Food Processing
(c) Commission for Agricultural Costs & Prices (CACP)
(d) NITI Aayog
Ans. (d)
24. The………..Finance Commission has used forest recover as a criterion for horizontal distribution of resources in India.
(a) 10th Finance Commission
(b) 12th Finance Commission
(c) 13th Finance Commission
(d) 14th Finance Commission
Ans. (d)
25. Which of the following is not a part of India’s national debt?
(a) Provident Fund
(b) Long-term Government Bonds
(c) National Saving Certificate
(d) None of these
Ans. (d)
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26. According to 2011 Census the state having population is:
(a) UP
(b) Maharashtra
(c) Tamil Nadu
(d) Kerala
Ans. (a)
27. Which among the following is/are not a part of ‘public expenditure?
(i) Expenditure categorised as ‘consumption’
(ii) Expenditures in ‘running the government.
Which of the above is/are correct?
(a) Only 1
(b) 1 and 2
(c) Both 1 and
(d) Neither 1 nor 2
Ans. (c)
28. Choose the correct statements regarding Census 2011:
(a) It is the 15th Census of the country and seventh after Independence
(b) It is the 12th Census of the country and seven after Independence
(c) It is the 15th Census of the country and fifth after Independence
(d) It is the 12th Census of the country and sixth after Independence
Ans. (a)
29. As per the State Bank of India Bill, 2010, the share of Central Government in SBI was reduced to:
(a) 50 percent
(b) 51 percent
(c) 49 percent
(d) 40 percent
Ans. (b)
30. Mangla, Bhagyam and Aishwarya – What are they related to?
(a) These are the names given by ISRO to those places on moon where Chandrayaan performed its main tests.
(b) These are the main oil reserves in the Rajasthan Block
(c) These are the Himalayan Glaciers which are getting reduced in sizes because of climate change.
(d) These are the Indian expeditions for Antarctica.
Ans. (b)
31. Who regulates money supply in India?
(a) Government of India
(b) Reserve Bank of India
(c) Commercial Bank
(d) Planning Commission
Ans. (b)
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32. Which of these is not related to Bharat Nirman?
(a) Rural Housing
(b) Agro-base Industries
(c) Rural Electrification
(d) Rural Telephony
Ans. (b)
33. For the computation child sex ratio, what is the compatible age group:
(a) 0-1 years
(b) 0-4 years
(c) 0-3 years
(d) 0-6 years
Ans. (d)
34. Which of these incidents is relatable with the ‘Demographic Dividend’ of the country:
(a) A sharp decline in the total population
(b) A decline in the Infant Mortality Rate
(c) An increase in the sex ratio group
(d) An increase in the population in the working
Ans. (d)
35. Where is the largest share of total food grain produced in the country?
(a) Punjab
(b) M.P
(c) Haryana
(d) U.P
Ans. (d)
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36. What does the JAM stand for:
(a) Jan-Dhan Account Money
(b) Jan, Awas, Money
(c) Jan-Dhan Yojana, Aadhar, Mobile Numbers
(d) Jyoti, Aadhar, Mobile
Ans. (c)
37. Find the odd one out which is not a credit rating agency?
(a) Moody
(b) Standard and Poor
(c) Fitch
(d) Nasdaq
Ans. (d)
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38. In India, what are the aim for targeting the Monetary policy?
(a) Growth of money supply
(b) Consumer price inflation
(c) Neither (a) nor (b)
(d) Both (a) and (b)
Ans. (b)
39. All the funds which belong to Government go to:
(a) Public Account
(b) Consolidated Fund
(c) Contingency Fund
(d) Revenue Account
Ans. (b)
40. What is the referral period of Neonatal Mortality Rate in India is?
(a) Three months after birth
(b) One month after birth
(c) 28 days after birth
(d) None of the above
Ans. (c)
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41. ‘Indradhanush’ programme which was launched in Indi is related with:
(a) Production of medicines
(b) Vaccination against fatal diseases
(c) Multi-vocational training for adolescent girls
(d) None of the above
Ans. (b)
42. India’s Green Actions’ can be made more effective by:
(a) Increase in excise duty on petrol and diesel
(b) Translating coal cess into a ‘carbon tax
(c) Significantly promoting the renewable sources of energy
(d) All of the above
Ans. (d)
43. Assertion (A): The share of women in decision making process is gradually increasing.
Reasoning (R): Greater inclusion of women involves greater share of gender budget in general budget.
Of the below statements, which one is correct:
(a) Both (A) and (R) are correct and (R) is correct explanation of (A) explanation of (A)
(b) Both (A) and (R) are correct and (R) is not the correct
(c) (A) is true but (R) is false
(d) (R) is true but (A) is false
Ans. (a)
44. Justify the correct statement about the relationship between total fertility rate and gross-reproduction rate:
(a) TFR < GRR is possible.
(b) TFR = GRR is possible.
(c) TFR > GRR is possible.
(d) All the above is possible.
Ans. (c)
45. For which of the following items of household consumption expenditures in India, NSSO takes the reference period as 365 days?
(a) Clothing, footwear, bedding, education, etc.
(b) Edible oil, fish & meat, egg
(c) Vegetables, fruits, spices, beverages & processed food
(d) All other food, fuel & light, misc. goods & services
Ans. (a)
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46. Under the recommendations of Finance Commission, Grants from the Centre to the State is known as:
(a) Plan grants
(b) Development assistance
(c) Statutory grants
(d) Discretionary grants
Ans. (c)
47. The biggest holder of Government of India dated securities:
(a) Reserve Bank of India
(b) Life Insurance Corporation of India
(c) Employees Provident Fund
(d) Commercial Banks
Ans. (d)
48. Which of the following constitutes the intermediate layer in the three tier co-operative credit structure?
(a) State Co-operative Banks
(b) Central Co-operative Banks
(c) Primary Agricultural Credit Societies
(d) NABARD
Ans. (b)
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49. The MRTP Act of 1969 been:
(a) Replaced by Competition Act, 2002
(b) Merged in Industrial Policy Act of 1978
(c) Replaced by Trade Union (Amendment)
(d) Merged in Industrial Policy Act of 1991
Ans. (a)
50. Upto which census, synchronous de facto method was adopted in India wherein the census was conducted throughout the country in a single night?
(a) 1901
(b) 1931
(c) 1951
(d) 1971
Ans. (b)
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51 Among these sentences, which one is absolutely true about the Hindu Growth Rate?
(a) This is about economic growth of the Hindu population.
(b) Shows economic disparities among different social groups in India.
(c) Reflects low growth performance of the Indian economy during 1950-80
(d) Hints at Accelerated growth in India since 1980
Ans. (c)
52. Mention out the false statement about the success of economic reforms in India:
(a) Slow down of population growth rate
(b) Increased share of the corporate sector in Gross Domestic Savings
(c) Narrowing down of the current account deficit
(d) Benefits of demographic dividends.
Ans. (d)
53. Identify the method not being used for unemployment estimation by the NSSO in India.
(a) Current monthly status
(b) Current daily status.
(c) Current weekly status
(d) Usual principal and subsidiary status
Ans. (a)
54. Revaluating every item of for every financial year- this process of budget making is known as:
(a) Zero Based Budgeting
(b) Fresh Budgeting
(c) Debit Budgeting
(d) Performance Budgeting
Ans. (a)
55. A deficit or surplus in the India’s balance of payments is measured by the net balance of:
(a) The current account
(b) The capital account
(c) Allocation of SDRs and the statistical discrepancy
(d) All of the above
Ans. (d)
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56. In India, for all commercial banks, what is the Capital Adequacy Ratio:
(a) Below the required rate of 9%
(b) Equal to the required rate of 19%
(c) Well above the required rate of 9%
(d) Far below the required rate of 9%
Ans. (c)
57. Which one of the following is the correct chronological order of employment-generation of sectors in India post independence?
(a) Agriculture, Service, Industry
(b) Service, Agriculture, Industry
(c) Industry, Agriculture, Service
(d) Agriculture, Industry, Service
Ans. (a)
58. Who formulated the ‘People’s Plan’ for India in 1944?
(a) J.L. Nehru
(b) M.N. Roy
(c) Subhash Chandra Bose
(d) Mahatma Gandhi
Ans. (b)
59. Which is the most significant composition of two deficits for the Indian economy?
(a) Fiscal deficit and Revenue deficit
(b) Revenue deficit and Primary deficit
(c) Budget deficit and Fiscal deficit
(d) Current Account deficit and Fiscal deficit
Ans. (d)
60. Who amended the concept of PURA (Providing Urban Amenities in Rural Areas) for our country?
(a) A P.J. Abdul Kalam
(b) Manmohan Singh
(c) Charan Singh
(d) None of the above
Ans. (a)
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61. What is the ECOMARK symbol relevant to?
(a) Export Goods
(b) Import Goods
(c) Goods Safe for Environment
(d) Best quality Goods
Ans. (c)
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62…………has decided to set-up South Asia Regional Training and Technical Assistance Center (SARTTAC) along with India.
(a) World Bank (WB)
(b) International Monetary Fund (IMF)
(c) Asian Development Bank (ADB)
(d) Asian Infrastructure Investment Bank (AIIB)
Ans. (b)
63. Which of the following can be the most appropriate reason behind the Government resorting to borrowing from public over RBI for financing its deficit?
(a) RBI charges higher rate of interest.
(b) Government has to repay RBI within a fixed time.
(c) Supply of money in the market remains unaffected by such borrowing.
(d) Sale of government bonds increases.
Ans. (c)
64. Which of the following statements is/are correct regarding Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY)?
(i) It focuses on feeder separation of agriculture consumers from non-agriculture consumers.
(ii) Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) has been subsumed in it.
(iii) Rural Electrification Corporation (REC) is the Nodal Agency for operationalization of this Scheme.
(a) i and ii only
(b) i and iii only
(c) ii and iii only
(d) i, ii and iii
Ans. (d)
65. Under the post 1991 economic policies, the Government of India supports:
(a) Private manufacturing sector
(b) Export industries
(c) Small industries
(d) All of the above
Ans. (d)
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66. Identify the correct function of SEBI’ among the following:
(a) Regulation of Money market
(b) Regulation of Capital market
(c) Regulation of Commodity market
(d) All of the above
Ans. (b)
67. The ‘Special Safeguard Mechanism’ means………. .
(a) New financial inclusion initiative by the Central Government targeting tribal in Left Wing Extremism affected areas.
(b) Initiative by RBI to restructure Non-Performing Assets (NPAs) of scheduled commercial banks.
(c) Trade remedy that allows developing countries to temporarily hike duties on heavily subsidized imports.
(d) Cyber security project to protect the critical economic infrastructure.
Ans. (c)
68. FDI Policy is formulated by……………?
(a) Foreign Investment Promotion Board (FIPB)
(b) Department of Industrial Policy and Promotion (DIPP)
(c) Cabinet Committee on Economic Affairs (CCEA)
(d) Department of Commerce
Ans. (b)
69. Which of the following has the sole right of issuing paper notes in India?
(a) Union government
(b) Reserve Bank of India
(c) Ministry of Finance
(d) Supreme Court
Ans. (b)
70. According to the provisional figures for 2011 census, which of the following States has the lowest child sex ratio both in rural and urban areas?
(a) Uttar Pradesh
(b) Kerala
(c) Jammu and Kashmir
(d) Haryana
Ans. (d)
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71. Central Bank discounts the bills of commercial banks is known as:
(a) Bill Rate
(b) Discount Rate
(c) Interest Rate
(d) Lending Rate
Ans. (b)
72. Assertion (A): Reserve Bank of India raises money supply through purchase of securities in the money market.
Reason (R): Increase in money supply may result in expansion of investment and employment.
(a) Both (A) and (R) are true, and (R) is the correct explanation of (A).
(b) Both (A) and (R) are true, and (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. (a)
73. Assertion (A): Rate of interest decreases during depression.
Reason (R): People are pessimist during depression.
(a) Both (A) and (R) are true, and (R) is the correct explanation of (A).
(b) Both (A) and (R) are true, and (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. (a)
74. Assertion (A): Disguised unemployment is present in India.
Reason (R): Agricultural productivity at margin is close to zero.
(a) Both (A) and (R) are true, and (R) is the correct explanation of (A).
(b) Both (A) and (R) are true, and (R) is not the correct explanation of (A).
(c) is true but (R) is false.
(d) (A) is false but (R) is true.
Ans. (a)
75. Securities and Exchange Board of India (SEBI) has to monitor:
(a) Companies coming for New Public issues
(b) Regulation of stock exchanges in India
(c) Regulation of insider trading and outsider trading
(d) All the above functions
Ans. (d)
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76. Who is the Chairman of the Economic Advisory Council of the Prime Minister of India?
(a) Suresh Tendulkar
(b) Bibek Debroy
(c) C. Rangarajan
(d) Vijay Kelkar
Ans. (b)
77. Finance Commission is appointed by President of India Under which Article of the Constitution?
(a) 279
(b) 280
(c) 281
(d) 282
Ans. (b)
78. Which one of the following is not correctly matched in case of India?
(a) Revenue Expenditure = Revenue receipts + Revenue deficit
(b) Primary deficit = Revenue deficit – interest payments
(c) Total receipts = Revenue receipts + capital receipts
(d) Revenue receipts = Tax revenue + non tax revenue
Ans. (a)
79. Recognize one of the following which is not an objective of monetary policy in India?
(a) To accelerate economic development
(b) To achieve price stability
(c) To regulate foreign trade
(d) To stabilise exchange rate
Ans. (d)
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80. Various trade reforms after 1991 in India were implemented by:
(a) Manmohan Singh
(b) C.N. Vakil
(c) P.R. Brahmananda
(d) Jagdish Bhagwati
Ans. (a)
81. Which of these Funds does not belong to the Government?
(a) Contingency Fund
(b) Consolidated Fund
(c) Private Accounts
(d) Public Accounts
Ans. (c)
82. Applicability of Gadgil formula can be done on:
(a) Grants given by planning commission
(b) Grants given by Finance commission
(c) Grants given by RBI
(d) Grants given by Foreign Countries
Ans. (a)
83. For the first time in India zero base budgeting was implemented in the finance ministership of:
(a) A. P. Chidambaram
(b) Manmohan Singh
(c) V. P. Singh
(d) Jaswant Singh
Ans. (c)
84. How much of global GDP does the tourism sector account for?
(a) 10%
(b) 12%
(c) 14%
(d) 16%
Ans. (a)
85. The Borrowings from foreign countries are known as:
(a) Export of goods
(b) Unrequited receipts
(c) Capital receipts
(d) Current receipts
Ans. (c)
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86. ‘Cyber Gram’ …………… .
(a) aims to impart digital literacy to students of Madras and government schools in identified minority concentration areas.
(b) is a programme to facilitate digital connectivity to Gram Panchayats at the district and block level.
(c) is a model village undertaking ICT activities to encourage digital literacy in students of rural areas.
(d) aims to enhance digital literacy of Gram Panchayat functionaries at the village and block level.
Ans. (a)
87. …………. has developed ‘Universal Health Coverage Index’, to measure the progress made in health sector in select countries of the world.
(a) World Bank
(b)World Health Organization
(c) The United Nation Children’s Fund (UNICEF)
(d) Food and Agriculture Organization (FAO)
Ans. (a)
88. National Judicial Data Grid………………
(i) is a part of the on-going e-Courts Integrated Mission Mode Project.
(ii) will also cover cases relating to juvenile justice system.
(a) i only
(b) ii only
(c) Both i and ii
(d) Neither i nor ii
Ans. (c)
89. Mark the correct statement.
(a) Rupee was historical linked with the British pound sterling in 1848.
(b) India Delinked rupee from the British Pound in 1975.
(c) In 1992-93 financial year India moved to fixed currency regime.
(d) All of the above are correct.
Ans. (b)
90. Which kind of economy is exhibited by India?
(a) Socialistic economy
(b) Gandhian economy
(c) Mixed economy
(d) Free economy
Ans. (c)
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91. In which of the following was it mentioned that India will be a mixed economy?
(a) The Constitution
(b) Second Five Year Plan
(c) Industrial Policy of 1948
(d) None of the above
Ans. (c)
92. Which of the following statements is correct about mixed economy?
(a) The state promotes both agriculture and industry equally
(b) The public and private sector co-exist in the economy
(c) There is importance of small scale industries along with heavy industries
(d) Economy is controlled by military as well as civilian rulers
Ans. (b)
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93. Self-reliance in the economic context implies that a country:
(a) has sufficient foreign exchange reserves to buy all its needs
(b) exports some of its goods but does not need to import anything
(c) Both (a) and (b)
(d) Neither (a) nor (b)
Ans. (c)
94. Globalisation of Indian Economy’ means:
(a) stepping up external borrowings
(b) establishing Indian business units abroad
(c) having minimum possible restrictions on economic relations with other countries
(d) giving up programmes of import substitution
Ans. (c)
95. 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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96. Which of the following features indicate that Indian economy is of the developing category?
(a) Occupation mainly agricultural
(b) Chronic unemployment (c) Both (a) and (b)
(d) Neither (a) nor (b)
Ans. (c)
97. Dadabhai Naoroji theorised on the drain of wealth from India in his book:
(a) Poverty under British Rule in India
(b) Poverty in British Rule in India
(c) Poverty and Un-British Rule in India
(d) Poverty of Economic Drain in British India
Ans. (c)
98. Which of the following statements about the Indian Economy is correct?
(a) Indian economy is as developed as that of China.
(b) About 70% Indians are involved in some type of self-employment and are the owners of some or the other micro or small enterprise.
(c) In India, single biggest employment is agriculture and allied activities.
(d) About 48% Indian workforce is employed in foreign countries or in organizations assisted by foreign capital.
Ans. (c)
99. Which one of the following is the correct sequence in the decreasing order of contribution of different sectors to the Gross Domestic Product of India?
(a) Services-Industry-Agriculture
(b) Services-Agriculture-Industry
(c) Industry-Services-Agriculture
(d) Industry-Agriculture-Services
Ans. (a)
100. Which is the ‘Slack Season’ in the Indian economy?
(a) March – April
(b) Sept. – Dec.
(c) Jan. – June
(d) Feb.- April
Ans. (c)
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