This quiz works best with JavaScript enabled. Home > Indian Economy > Overview > Indian Economy – Quiz 2 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Indian Economy Quiz 2 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. 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. 2. 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. 3. Identify the public sector A) Railways. B) Reliance. C) Jio. D) Samsung. Show Answer Correct Answer: A) Railways. 4. 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. 5. What is the current rate of service tax in India currently? A) 12.5%. B) 13.5%. C) 14%. D) 14.5%. Show Answer Correct Answer: C) 14%. 6. What is the type of Indian economy? A) Socialist. B) Communist. C) Capitalist. D) Mixed. Show Answer Correct Answer: D) Mixed. 7. 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. 8. 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. 9. 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. 10. 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. 11. How many companies are included in the SENSEX? A) 30. B) 50. C) 111. D) 25. Show Answer Correct Answer: A) 30. 12. 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. 13. RTE Act come into force with effect from which year? A) 2009. B) 2012. C) 2005. D) 2010. Show Answer Correct Answer: D) 2010. 14. At independence, about ..... of the country's population was dependent on agriculture. A) 70%. B) 75%. C) 65%. D) 80%. Show Answer Correct Answer: B) 75%. 15. 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. 16. 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. 17. Reserve Bank of India was nationalized in the year A) 1950. B) 1948. C) 1949. D) 1947. Show Answer Correct Answer: C) 1949. 18. 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. 19. What is the share of industry sector in GDP? A) 14%. B) 26%. C) 60%. D) 75%. Show Answer Correct Answer: B) 26%. 20. Who among the following presented the first budget (interim) of Independent India? A) Jawaharlal Nehru. B) R K Shanmukham Chetty. C) N.D. Tiwari. D) Morarji Desai. Show Answer Correct Answer: B) R K Shanmukham Chetty. ← PreviousNext →Related QuizzesIndian Economy QuizzesIndian Economy Quiz 1Indian Economy Quiz 3Indian Economy Quiz 4Indian Economy Quiz 5Indian Economy Quiz 6Indian Economy Quiz 7Indian Economy Quiz 8Indian Economy Quiz 9Indian Economy Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books