This quiz works best with JavaScript enabled. Home > General Knowledge > Indian Economy > Overview > Indian Economy – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Indian Economy Quiz 1 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. NO. 8 ALL THE STATES GOVT IMPOSED LAND CEILING IN 1960 EXCEPT A) NORTH-WESTERN. B) NORTH-EASTERN. C) SOUTH-EASTERN. D) SOUTH-WESTERN. Show Answer Correct Answer: B) NORTH-EASTERN. 2. What was the motive behind the de-industrialisation by the colonial Govt. in India? A) To make India a supplier of cheap raw materials. B) India to be a market for British Manufactured goods. C) Both a and b. D) None. Show Answer Correct Answer: C) Both a and b. 3. Which one of the following organisations lay stress on liberalisation of foreign trade and foreign investment? A) World Health Organisation. B) World Trade Organisation. C) International Labour Organisation. D) International Monetary Fund. Show Answer Correct Answer: B) World Trade Organisation. 4. Using leather we make shoes this is the example of which sector A) Tertiary. B) Primary. C) Secondary. D) None of these. Show Answer Correct Answer: C) Secondary. 5. Liberalisation Policy is announced on A) 24 July 1991. B) 20 July 1991. C) 30 July 1991. D) 5 JUly 1991. Show Answer Correct Answer: A) 24 July 1991. 6. New economic policy was announced in the year A) 1991. B) 1993. C) 1992. D) 1990. Show Answer Correct Answer: A) 1991. 7. It is defined as a situation where someone of working age is not able to get a job but would like to be in full employment A) Employment. B) Poverty. C) Unemployment. D) Irrigation. Show Answer Correct Answer: C) Unemployment. 8. The British Fabian society influenced the economic views of A) Indira Gandhi. B) Mohandas Gandhi. C) Jawaharlal Nehru. D) Earl Mountbatten. Show Answer Correct Answer: C) Jawaharlal Nehru. 9. Which of the following activities are covered under secondary sector A) It generates services rather than goods. B) Natural product are changed through manufacturing. C) Goods are produced by exploiting natural resources. D) It includes agriculture, forestry and dairy. Show Answer Correct Answer: B) Natural product are changed through manufacturing. 10. In how many districts MGNREGA was introduced A) 325. B) 525. C) 625. D) 425. Show Answer Correct Answer: C) 625. 11. When we produce goods by exploiting natural resources, it is an activity of the ..... sector. A) Primary. B) Secondary. C) Tertiary. D) Service. Show Answer Correct Answer: A) Primary. 12. Which sector faced a major downfall during the reforms? A) Industrial. B) Agriculture. C) Service. D) None of above. Show Answer Correct Answer: B) Agriculture. 13. Individuals who come up with a new idea for a good or service, then they make it a reality A) Entrepreneur. B) Resource. C) Human resources. D) Consumer. Show Answer Correct Answer: A) Entrepreneur. 14. Which of the following is not a long period objective of planning in India? A) GDP growth. B) Equitable distribution. C) Full employment. D) Better quality of life. Show Answer Correct Answer: D) Better quality of life. 15. 'Take off stage' in an economy means? A) Steady growth begins. B) Economy is stagnant. C) Economy is about to collapse. D) All controls are removed. Show Answer Correct Answer: A) Steady growth begins. 16. Spending is when you A) Purchase something. B) Save something. C) Invest something. D) Budget something. Show Answer Correct Answer: A) Purchase something. 17. Who developed HYV seeds? A) Norah Jones. B) Norten Borlaug. C) Normal Jones. D) Normal Borlaug. Show Answer Correct Answer: D) Normal Borlaug. 18. NREGA has guaranteed ..... days of employment in a year in many districts of India. What is the correct number of days? A) 30 days. B) 200 days. C) 60 days. D) 100 days. Show Answer Correct Answer: D) 100 days. 19. In which year did india have its highest growth rate A) 2012-13. B) 2014-15. C) 2007-12. D) 1980-91. Show Answer Correct Answer: B) 2014-15. 20. In 1973 and 2003 which sector had maximum share in GDP in India? A) 2003-Primary Sector. 1973-Tertiary Sector. B) 1973-Primary Sector. 2003-Service Sector. C) 1973-Secondary Sector. 2003-Tertiary Sector. D) 1973-Primary Sector. 2003-Tertiary Sector. Show Answer Correct Answer: D) 1973-Primary Sector. 2003-Tertiary Sector. 21. The first wholly Indian Bank was set up in A) 1821. B) 1921. C) 1891. D) 1894. Show Answer Correct Answer: D) 1894. 22. When there is a shortage the price will usually? A) Rise. B) Fall. C) Remains unaffected. D) None of the above. Show Answer Correct Answer: A) Rise. 23. Sustainable development does not include which of the following? A) Economic development. B) Social development. C) Environmental development. D) Educational development. Show Answer Correct Answer: D) Educational development. 24. Identify the public sector A) Jio. B) Railways. C) Samsung. D) Reliance. Show Answer Correct Answer: B) Railways. 25. GDP is the sum of A) All the goods and services produced in a year. B) All the final goods and services produced in a year. C) All the intermediate goods produced in a year. D) All the services produced in a year. Show Answer Correct Answer: B) All the final goods and services produced in a year. 26. What is the current rate of service tax in India currently? A) 13.5%. B) 12.5%. C) 14.5%. D) 14%. Show Answer Correct Answer: D) 14%. 27. What is the type of Indian economy? A) Capitalist. B) Mixed. C) Socialist. D) Communist. Show Answer Correct Answer: B) Mixed. 28. Our financial system has provided for the transfer of resources from the centre to the states; the important means of resource transfer are A) Tax sharing. B) Grants in aid. C) Loans. D) All the three. Show Answer Correct Answer: D) All the three. 29. What is 'Laiseez-faire'? A) Mixed economy. B) Controlled economy. C) Non-interference of Government in economic affairs. D) None of these. Show Answer Correct Answer: C) Non-interference of Government in economic affairs. 30. Which is the characteristics of an underdeveloped economy? A) General poverty. B) Significance of industrial sector. C) Low growth of population. D) Use of higher production techniques and skills. Show Answer Correct Answer: A) General poverty. 31. Which among the following is not an international agreement centered around Finance and Economic Cooperation? A) Abuja Treaty. B) Cooperation Council for the Arab States of the Gulf. C) Kyoto protocol. D) None of the above. Show Answer Correct Answer: C) Kyoto protocol. 32. How many companies are included in the SENSEX? A) 50. B) 30. C) 25. D) 111. Show Answer Correct Answer: B) 30. 33. Which of the following option is not related to the given statement? Cultivation of cotton is a primary sector activity because A) It provides raw material to the textile industry, a secondary sector activity. B) The making of cotton is partially depended on natural factors like rain, sunshine, soil, etc. C) Cotton growing falls under agriculture, that is an activity which exploits natural resources of gifts of nature. D) It is the most important sector contributing to the country's GDP. Show Answer Correct Answer: D) It is the most important sector contributing to the country's GDP. 34. RTE Act come into force with effect from which year? A) 2009. B) 2010. C) 2005. D) 2012. Show Answer Correct Answer: B) 2010. 35. At independence, about ..... of the country's population was dependent on agriculture. A) 65%. B) 80%. C) 70%. D) 75%. Show Answer Correct Answer: D) 75%. 36. When an economy produces more output per capital the economy is said to be having A) Inflation. B) Economic growth. C) Economic planning. D) Living standard. Show Answer Correct Answer: B) Economic growth. 37. Which of the following statements best defines FDI? A) Buying shares of companies in a foreign country without gaining control over management. B) Loans from multilateral institutions like IMF and World Bank. C) Investment in foreign assets to acquire lasting business interest. D) Foreign currency deposits of non-resident citizens. Show Answer Correct Answer: C) Investment in foreign assets to acquire lasting business interest. 38. Reserve Bank of India was nationalized in the year A) 1947. B) 1948. C) 1949. D) 1950. Show Answer Correct Answer: C) 1949. 39. Indian Green Revolution is most successful in:- A) Wheat and Rice. B) Wheat and Vegetables. C) Rice and Pulses. D) Tea and Coffee. Show Answer Correct Answer: A) Wheat and Rice. 40. What is the share of industry sector in GDP? A) 60%. B) 26%. C) 75%. D) 14%. Show Answer Correct Answer: B) 26%. 41. Who among the following presented the first budget (interim) of Independent India? A) Morarji Desai. B) Jawaharlal Nehru. C) R K Shanmukham Chetty. D) N.D. Tiwari. Show Answer Correct Answer: C) R K Shanmukham Chetty. 42. The government of India announced its first Industrial Policy in April ..... A) 1947. B) 1948. C) 1961. D) 1956. Show Answer Correct Answer: B) 1948. 43. When was IMF established? A) Jan.1, 1946. B) Sept. 24, 1947. C) Jan. 30, 1947. D) Dec. 27, 1945. Show Answer Correct Answer: D) Dec. 27, 1945. 44. Which of the following was the main objective of NREGA 2005 A) To control the unorganized sector in the rural areas. B) To provide a 100 days of employment by the government. C) To control the flow of money from the primary sector to the tertiary sector. D) None of the above. Show Answer Correct Answer: B) To provide a 100 days of employment by the government. 45. Reforms were introduced during A) 1993. B) 1992. C) 1994. D) 1991. Show Answer Correct Answer: D) 1991. 46. An industry that experienced immense growth in the 1940s through discovery. A) Oil and gas. B) Cattle. C) Farming. D) Urbanization. Show Answer Correct Answer: A) Oil and gas. 47. Swachh Bharat Mission launched on October 2, ..... A) 2014. B) 2017. C) 2016. D) 2015. Show Answer Correct Answer: D) 2015. 48. When did India's population record a negative growth rate? A) 1981-91. B) 1941-51. C) 1911-21. D) 1921-31. Show Answer Correct Answer: C) 1911-21. 49. What is the most widely used tool of monetary policy? A) Open market operations. B) Issuing of notes. C) Discount rate. D) None of these. Show Answer Correct Answer: A) Open market operations. 50. Following was not the risk associated with use of HYV seeds technology A) Pest attack. B) Excess supply of food grain. C) Widening inequalities between rich and small farmers. D) Rich farmers reaping most of the benefits. Show Answer Correct Answer: B) Excess supply of food grain. 51. Disinvestments programme was started in A) 1991-92. B) 1992-93. C) 1990-91. D) 1993-94. Show Answer Correct Answer: A) 1991-92. 52. Which of the following is Maharatna? A) Indian Oil Corporation Ltd. B) Airport Authority of India. C) Hindustan Aeronautics Ltd. D) BSNL. Show Answer Correct Answer: A) Indian Oil Corporation Ltd. 53. Find the odd one out of these ..... A) Tailor. B) Washer-man. C) Carpenter. D) Tourist Guide. Show Answer Correct Answer: D) Tourist Guide. 54. Economic survay is published by A) Indian Statistical institute. B) Planning commission. C) Finance minister. D) Government of India. Show Answer Correct Answer: C) Finance minister. 55. National Development council was set up in A) 1952. B) 1948. C) 1951. D) 1950. Show Answer Correct Answer: A) 1952. 56. By 1960, all of the following industries were government-owned EXCEPT A) Banking. B) Handicrafts. C) Electricity. D) Mining. Show Answer Correct Answer: B) Handicrafts. 57. Devaluation of currency leads to A) Fall in domestic prices. B) Fall in domestic prices. C) No impact on domestic prices. D) Erratic fluctuations in domestic prices. Show Answer Correct Answer: A) Fall in domestic prices. 58. The book "Planning Economy for India" was written by? A) K.N. Rai. B) V.K.R.V. Rao. C) M.Visvesvaraya. D) Manmohan Singh. Show Answer Correct Answer: C) M.Visvesvaraya. 59. Indian economy system is ..... A) Mixed. B) Socialist. C) Other. D) Capitalist. Show Answer Correct Answer: A) Mixed. 60. NO.19 TENANCY REFORMS REFERS TO ..... A) NONE. B) BRINGING TOGETHER ALL PLOTS OF LAND OF A CULTIVATOR INTO ONE COMPACT BLOCK. C) THOSE WHO TAKE CULTIVABE LAND ON RENT AND PAY EITHER IN TERMS OF MONEY OR A PART OF PRODUCE. D) DIVIDING THE LAND INTO SMALL PLOTS. Show Answer Correct Answer: C) THOSE WHO TAKE CULTIVABE LAND ON RENT AND PAY EITHER IN TERMS OF MONEY OR A PART OF PRODUCE. Next →Related QuizzesIndian Economy QuizzesGeneral Knowledge QuizzesIndian Economy Quiz 2Indian Economy Quiz 3Indian Economy Quiz 4Indian Economy Quiz 5 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books