Practice MCQ Questions and answers on Indian Economy GK -1

1.

Aam Admi Bima Yojana was launched on:

A.November 14, 2011

B.March 5, 2009

C.March 10, 2008

D.October 2, 2007

Answer: Option D

2.

Planning commission constituted a high level committee for financial sector reforms in August 2007 under the Chairmanship of:

A.K.V. Kamath

B.Raghuram G. Rajan

C.Bimal Jalan

D.None of these

Answer: Option B

3.

Who gave the call for Evergreen Revolution?

A.M. S. Swaminathan

B.Verghese Kurien

C.Tribhuvandas Patel

D.H. M. Dalaya

Answer: Option A

4.

Open market operation is a part of:

A.Credit Policy

B.Debit Policy

C.Deposit Policy

D.None of these

Answer: Option A

5.

The Mid Day Meal scheme was launched on

A.August 15, 2000

B.August 15, 1992

C.August 15, 1995

D.August 15, 2001

Answer: Option C

6.

Who is responsible for establishing and maintaining astound and efficient accounting and financial reporting system in India?

A.The Comptroller General of Accounts

B.NITI Ayog

C.RBI

D.None of these

Answer: Option A

7.

In India the term Black Revolution is associated with:

A.Self-dependence in the production of coal

B.Nurturing the Black Soil

C.Self-dependence in the production of petroleum crude oil

D.Self-dependence in the production of balck corp

Answer: Option C

8.

The share of road transport in total transportation of the country is:

A.60%

B.70%

C.75%

D.80%

Answer: Option D

9.

The central banking functions in India are performed by the

1. I=Central Bank of India
2. II=Reserve Bank of India
3. III=State Bank of India
4. IV=Punjab National Bank
5. A.I, II
   B.II
   C.I
   D.II, III
   E.IV

Answer: Option B

10.

Development expenditure of the Central government does not include

A.defence expenditure

B.expenditure on economic services

C.expenditure on social and community services

D.grant to states

Answer: Option A

11.

ICICI is the name of a

A.chemical industry

B.bureau

C.corporation

D.financial institution

Answer: Option D

12.

Gilt-edged market means

A.bullion market

B.market of government securities

C.market of guns

D.market of pure metals

Answer: Option B

13.

In the last one decade, which one among the following sectors has attracted the highest foreign direct investment inflows into India?

A.Chemicals other than fertilizers

B.Services sector

C.Food processing

D.Telecommunication

Answer: Option D

14.

Devaluation of a currency means

A.reduction in the value of a currency vis-a-vis major internationally traded currencies

B.permitting the currency to seek its worth in the international market

C.fixing the value of the currency in conjunction with the movement in the value of a basket of pre-de

D.fixing the value of currency in multilateral consultation with the IMF, the World Bank and major tra

Answer: Option A

15.

In the second nationalization of commercial banks, ___ banks were nationalized.

A.4

B.5

C.6

D.8

Answer: Option C

16.

Since independence, both development and non-development expenditures have increased; the increase in the former being a little more than in the other. Non-development expenditure involves

1. I=interest payments
2. II=subsidies
3. III=defence
4. IV=irrigation
5. A.I, II
   B.I
   C.I, II, III
   D.II, III, IV

Answer: Option C

17.

Depreciation means

A.closure of a plant due to lock out

B.closure of a plant due to labour trouble

C.loss of equipment over time due to wear and tear

D.destruction of a plant in a fire accident

Answer: Option C

18.

Deficit financing leads to inflation in general, but it can be checked if

A.government expenditure leads to increase in the aggregate supply in ratio of aggregate demand

B.only aggregate demand is increased

C.all the expenditure is denoted national debt payment only

D.All of the above

Answer: Option D

19.

If all the banks in an economy are nationalized and converted into a monopoly bank, the total deposits

A.will decrease

B.will increase

C.will neither increase nor decrease

D.None of the above

Answer: Option C

20.

India changed over to the decimal system of coinage in

A.April 1995

B.April 1957

C.April 1958

D.April 1959

Answer: Option B

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