This quiz works best with JavaScript enabled. Home > General Knowledge > Indian Economy > Overview > Indian Economy – Quiz 2 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Indian Economy Quiz 2 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What things affect people's access to food A) Time. B) Land. C) Money. D) Energy. E) Both b and c. Show Answer Correct Answer: E) Both b and c. 2. Paper currency first started in India in A) 1880. B) 1861. C) 1542. D) 1601. Show Answer Correct Answer: B) 1861. 3. Assertion (A):The development of agriculture and industry leads to the development of service sector. 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. Show Answer Correct Answer: A) Both A and R are true and R is the correct explanation of A. 4. Assertion(A):There are several goods and services that the society needs; however, the private sector does not produce all of them. 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) Assertion is true, but reason is false. D) Assertion is false, but reason is true. Show Answer Correct Answer: A) Both A and R are true and R is the correct explanation of A. 5. What is the Minimum Support Price of mustard for the season 2015-16? A) RS. 3175/ Q. B) RS. 2900/ Q. C) RS. 3100/ Q. D) RS. 3500/ Q. Show Answer Correct Answer: C) RS. 3100/ Q. 6. If new computers are being installed in a company and some employees are fired from the job due to lack of computer knowledge then what kind of unemployment would it be called? A) Structural unemployment. B) Disguised Unemployment. C) Hidden unemployment. D) Frictional unemployment. Show Answer Correct Answer: A) Structural unemployment. 7. When was the planning Commission established? A) 1947. B) 1948. C) 1951. D) 1950. Show Answer Correct Answer: D) 1950. 8. Under liberal policy, there has been removal of A) Restrictions. B) License. C) Trade. D) Both restrictions and license. Show Answer Correct Answer: A) Restrictions. 9. Sustainable economic growth depends upon A) Investment, not saving. B) Saving, not investment. C) Both saving and investment. D) Neither saving nor investment. Show Answer Correct Answer: C) Both saving and investment. 10. Tariffs and quotas adopted under industrial policy was to ..... A) Increase export. B) Make exported goods cheaper. C) Increase foreign competition. D) Restrict imports and protect domestic firms from foreign competition. Show Answer Correct Answer: D) Restrict imports and protect domestic firms from foreign competition. 11. Nehru's reforms forbade large, private companies from participating in all of the following industries EXCEPT A) Steel production. B) Textiles. C) Electricity production. D) Automobile. Show Answer Correct Answer: D) Automobile. 12. The percentage of indirect taxes in the country's revenue is approximately A) 70. B) 80. C) 75. D) 86. Show Answer Correct Answer: D) 86. 13. NO.11 WHEN WAS PLANNING COMMISSION ESTABLISHED A) 15 MARCH 1951. B) 25 MARCH 1951. C) 20 MARCH 1951. D) 5 MARCH 1951. Show Answer Correct Answer: A) 15 MARCH 1951. 14. This quiz is based on chapter no 4 Globalisation and The Indian is prepared by- A) Jagdev Suthar KV NEPA. B) H S Verma KV NEPA. C) Sandeep Tiwary KV NEPA. D) A K Mishra KV NEPA. Show Answer Correct Answer: A) Jagdev Suthar KV NEPA. 15. Which of the following is the primary objective of Economic planning in India? A) Abolition of poverty. B) Growth with social justice. C) Reducing Inequalities of Income. D) Removing unemployment. Show Answer Correct Answer: B) Growth with social justice. 16. Which one is the correct option for the given statement? Dairy is a primary sector activity and not secondary sector despite the fact that 'industry' is attached to it, because A) Dairy products are availed through biological process of the animals. B) Availability of animal feed and fodder. C) The main product milk is a natural product. D) All of the above. Show Answer Correct Answer: D) All of the above. 17. Assertion (A):The value of final goods and services produced within a country in each sector in a particular year is known as Gross Domestic Product. 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. Show Answer Correct Answer: A) Both A and R are true and R is the correct explanation of A. 18. Which year is called Great divide year? A) 1991. B) 1891. C) 1821. D) 1921. Show Answer Correct Answer: D) 1921. 19. The sectors are classified into public on the basis of: A) Employment conditions. B) Number of workers employed in the enterprise. C) The nature of the economic activity. D) Ownership of enterprises. Show Answer Correct Answer: D) Ownership of enterprises. 20. Who constitutes the Finance Commission in India? A) Finance Minister. B) President. C) Reserve Bank Governor. D) Parliament. Show Answer Correct Answer: B) President. 21. Deficit financing implies A) Public revenue in excess of public expenditure. B) Replacing new currency with worn out currency. C) Printing new currency notes. D) Public expenditure in excess of public revenue. Show Answer Correct Answer: D) Public expenditure in excess of public revenue. 22. The scheme for improving access to secondary education is? A) National program for education of girls at elementary level. B) Model school scheme. C) Rashtriya Madhyamik Shiksha abhiyan. D) Kasturba Gandhi Balika Vidyalaya. Show Answer Correct Answer: C) Rashtriya Madhyamik Shiksha abhiyan. 23. Identify which of the following is not the reason for introducing economic reforms in India? A) Deficit in Balance of Trade. B) Excess of foreign exchange reserve. C) Deficit in Balance of Payments. D) Rise in Price essential goods. Show Answer Correct Answer: B) Excess of foreign exchange reserve. 24. Name the sector which continues to be the largest employer even in the year 2000. A) Primary. B) Secondary. C) Banking section. D) Tertiary. Show Answer Correct Answer: A) Primary. 25. Which statement is wrong? Mahatma Gandhi National Rural Employment Guarantee Act 2005 guarantees A) 100 days of work to rural unemployed in a year. B) 100 days of work to urban unemployed in a year. C) Government to provide unemployment allowances if it fails to provide jobs. D) It should be the kind of work that help increasing production from land to be given the preference under this ACT. Show Answer Correct Answer: B) 100 days of work to urban unemployed in a year. 26. Economic growth measures the A) Growth of productivity. B) Increase in nominal income. C) Increase in output. D) None of the above. Show Answer Correct Answer: C) Increase in output. 27. When was tha Reserve Bank of India taken over by the Government? A) 1959. B) 1952. C) 1949. D) 1942. Show Answer Correct Answer: C) 1949. 28. Disguised employment is a situation A) When a person does not have a job. B) When a person is incapable. C) When he is jobless. D) When more people r employed then needed. Show Answer Correct Answer: D) When more people r employed then needed. 29. Which of the following is the most appropriate meaning of underemployment? A) Workers are working in a lazy manner. B) Workers do not want to work. C) Workers are not paid for their work. D) Workers are working less than what they are capable of doing. Show Answer Correct Answer: D) Workers are working less than what they are capable of doing. 30. All goods which are used as raw material for further production of other goods or for resale in the same year are called A) Capital Goods. B) Intermediate goods. C) Final goods. D) None of above. Show Answer Correct Answer: B) Intermediate goods. 31. What percentage of Indian population is dependent on agriculture? A) 65% of total population. B) 53% of total population. C) 40% of total population. D) 65% of total population. Show Answer Correct Answer: B) 53% of total population. 32. The Indian government currently bans foreign investment in A) Electrical power. B) Atomic energy. C) The hospitality subsector. D) Software engineering. Show Answer Correct Answer: B) Atomic energy. 33. Which of these are Structural reforms? A) Short term measures. B) Improve the demand side of the economy. C) Remove growth bottle necks. D) Improving subsidy side of the economy. Show Answer Correct Answer: C) Remove growth bottle necks. 34. Which of the following is not matched correctly? A) Rabi Crop Mustard, Barley. B) Zaid Crop Moong, vegetables. C) Rabi Crop Mustard, Cucumber. D) Kharif Crop Cotton. Show Answer Correct Answer: C) Rabi Crop Mustard, Cucumber. 35. Economic Survey is published by: A) Indian Statistical Institute. B) Government of India. C) Planning Commission. D) Ministry of Finance. Show Answer Correct Answer: D) Ministry of Finance. 36. Which of the following economic activity is not in the tertiary sector A) Banking. B) Bee-Keeping. C) Teaching. D) Working in a call center. Show Answer Correct Answer: B) Bee-Keeping. 37. Disinvestment means selling of a public investment to a A) Public enterprise. B) Capital market. C) Departmental enterprise. D) Private enterprise. Show Answer Correct Answer: D) Private enterprise. 38. Which of the following statement is FALSE? A) Foreign Direct investment increased. B) The growth of agriculture during reforms period decreased. C) The growth of Industry during reforms period decreased. D) Growth of GDP decreased. Show Answer Correct Answer: D) Growth of GDP decreased. 39. TISCO and RIL stands for A) Tata Iron and Steel Company Limited, Reliance Industries Limited. B) Tata Iron and Soil Company Limited, Reliance Industries Limited. C) Tata Iron and Steel Company Limited, Reliance India Limited. D) Tata Iron and Steel Company Limited, Reliance Indian Limited. Show Answer Correct Answer: A) Tata Iron and Steel Company Limited, Reliance Industries Limited. 40. Since when the service tax is being imposed in India? A) 1991. B) 1994. C) 2001. D) 1999. Show Answer Correct Answer: B) 1994. 41. What was the the literacy rate of India on the eve of Independence? A) 30%. B) 15%. C) 26%. D) 16%. Show Answer Correct Answer: D) 16%. 42. Tele communication is sun rise industry in India. A) Either true or false. B) True. C) False. D) Neither true nor false. Show Answer Correct Answer: B) True. 43. Small and scatter units which are largely outside the control of the government, is called ..... A) Organised sector. B) Unorganized sector. C) Public sector. D) All of these. Show Answer Correct Answer: B) Unorganized sector. 44. Assertion(A):Leela works five days a week, receives her income on the last day of each month and gets medical facilities from her firm. 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) Assertion is true, but reason is false. D) Assertion is false, but reason is true. Show Answer Correct Answer: A) Both A and R are true and R is the correct explanation of A. 45. ASSERTION(A):Provision of facilities like education, electricity, health etc., is a responsibility of a Private sector.REASON(R):It is the responsibility of Companies to give funds and provide these facilities. 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 correct explanation of R. C) A is true but R is false. D) Both A and R are False. Show Answer Correct Answer: D) Both A and R are False. 46. Which of the following is a direct tax? A) Service tax. B) Custom duty. C) Corporation tax. D) Excise duty. Show Answer Correct Answer: C) Corporation tax. 47. Which was the main factor for the change from primary sector to the secondary sector? A) It was due to the introduction of new methods of manufacturing during industrial revolution. B) It was due to the introduction of new methods of manufacturing during green revolution. C) It was due to the introduction of new methods of irrigation during green revolution. D) None of above. Show Answer Correct Answer: A) It was due to the introduction of new methods of manufacturing during industrial revolution. 48. What is the cost sharing between Centre and States under the Kasturba Gandhi Balika Vidyalaya Scheme? A) 90:10. B) 25:75. C) 50:50. D) 75:25. Show Answer Correct Answer: D) 75:25. 49. What type of an economy does India have? A) Mixed. B) Market. C) Command. D) Traditional. Show Answer Correct Answer: A) Mixed. 50. Which sector of the indian economy was affected the most by Demonetization? A) Banking. B) Exports. C) Labour. D) Tourism. Show Answer Correct Answer: C) Labour. 51. Which of the following programs was launched LAST? A) Mid-Day Meal Scheme. B) Fabian-society System. C) Public Distribution System. D) Mahatma Gandhi National Rural Employment Guarantee Act. Show Answer Correct Answer: D) Mahatma Gandhi National Rural Employment Guarantee Act. 52. Which state become the first 'Nirmal State'in the India? A) Sikkim. B) Tripura. C) Meghalaya. D) Assam. Show Answer Correct Answer: A) Sikkim. 53. First Industrial resolution policy A) 1991. B) 1977. C) 1948. D) 1956. Show Answer Correct Answer: C) 1948. 54. Which is tha following is tha Banker of Banks? A) IDBI. B) SBI. C) RBI. D) SBI and RBI. Show Answer Correct Answer: C) RBI. 55. Which of the following statement is NOT correct about the quota at the IMF? A) Voting power in the IMF is based on a quota system. B) USA has highest quota in the IMF. C) Germany has third highest quota in the IMF. D) Indian quota in the IMF stands at 2.79% of the total quotal quota. Show Answer Correct Answer: C) Germany has third highest quota in the IMF. 56. Which of the following policies may be used during a recession, to lower taxes? A) Expansionary monetary policy. B) Contractionary monetary policy. C) Expansionary fiscal policy. D) Contractionary fiscal policy. Show Answer Correct Answer: C) Expansionary fiscal policy. 57. Industrial policy 1991 was announced in how many stages? A) 2. B) 4. C) 1. D) 3. Show Answer Correct Answer: A) 2. 58. Who is responsible for the supply of coins in the India? A) Reserve bank Of India. B) Ministry of finance. C) Ministry of commerce and industry. D) Banker's association of India. Show Answer Correct Answer: B) Ministry of finance. 59. Cold weather in Florida has damaged this year's orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges? A) Price will go up. B) Price will go down. C) Price may not change. D) Price may change. Show Answer Correct Answer: A) Price will go up. 60. Whiich Indian company was bought over by Cargill Foods-a large American MNC? Pick out the name from the alternatives provided A) Agro Tech Foods Ltd. B) Parakh Foods. C) Amul. D) Fun Foods Ltd. Show Answer Correct Answer: B) Parakh Foods. ← PreviousNext →Related QuizzesIndian Economy QuizzesGeneral Knowledge QuizzesIndian Economy Quiz 1Indian Economy Quiz 3Indian Economy Quiz 4Indian Economy Quiz 5 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books