Practice Quiz set 1 - indian economy mcq Online Quiz (set-1) For All Competitive Exams
Q-1) In which year the planning commission was set-up ?
(a)
(b)
(c)
(d)
After India gained independence, a formal model of planning was adopted, and accordingly the Planning Commission, reporting directly to the Prime Minister of India was established on 15 March 1950. Prime Minister Jawaharlal Nehru was the first chairman.
Q-2) In which of the following years India switched over to decimal currencies?
(a)
(b)
(c)
(d)
India switched over to decimal currency in 1957 with the amendment of the Indian Coinage Act. The rupee remained unchanged in value and nomenclature. It, however, was now divided into 100 ‘Paisa’ instead of 16 Annas.
Q-3) ISI mark is not given to which of the following products?
(a)
(b)
(c)
(d)
ISI mark is a certification mark for industrial products in India, which is mandatory for certain products to be sold in India, like most of the electrical appliances viz; switches, electric motors, wiring cables, heaters, kitchen appliances etc., and other products like portland cement, LPG valves, LPG cylinders, automotive tyres.
Q-4) Which bank is limited to the needs of agriculture and rural finance ?
(a)
(b)
(c)
(d)
National Bank for Agriculture and Rural Development (NABARD) was established on 12 July 1982 by a special act by the parliament and its main focus was to uplift rural India by increasing the credit flow for elevation of agriculture & rural non-farm sector.
It has been accredited with “matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India”.
Q-5) Consider the following statements : - Higher growth in GDP and population can occur together.
- Per capita income always decreases with high population growth.
Which of the statements given above is/are correct?
(a)
(b)
(c)
(d)
Higher growth in GDP and population can occur together. Per capita income always decreases with high population growth as income per person decreases with rise in population.
Q-6) The Oilseeds Production Programme (OPP) was launched in
(a)
(b)
(c)
(d)
The Government of India started the Oil Seeds Production programme in 1986 to harness the best of production, processing and management technologies to accelerate self-reliance in oilseeds and vegetable oils.
The programme was designed to supplement the efforts of the state governments to increase the production and productivity of groundnut, rapeseed/ mustard, soybean, sunflower, Sesamum, castor, safflower, linseed and Niger grown in the states.
Q-7) Consider the following statements- National income measures the net value of goods and services produced in a country during a year.
- India is the first country in the world which has officially sponsored family planning programmes
- The National Commission on Population was constituted on May 11, 2010
Which of the statements given above is/are correct?
(a)
(b)
(c)
(d)
The total of national income measures the flow of goods and services in an economy.
The increasing population of India hinders the growth and progress of country.
The National Commission on Population was constituted on May 11, 2000 under the Chairmanship of the Prime Minister Shri Atal Bihari Vajpayee to provide overall guidance for population stabilisation by promoting synergy between demographic, educational, environmental and development programmes.
Q-8) Indian Special Economic Rules amendment came in the year
(a)
(b)
(c)
(d)
The Special Economic Zones Rules are associated with the year 2006, though the policy was announced in 2000. The Special Economic Zones Rules, 2006 came into effect on 10 February 2006.
The amendment Rules provided for the simplification of procedures for development, operation, and maintenance of the Special Economic Zones and for setting up and conducting business in SEZ.
Q-9) Indian economy is a developing economy as there is? - Dominance of agriculture.
- Huge unemployment
- Low quality of human capital
- Low per capita consumption.
(a)
(b)
(c)
(d)
Q-10) Government takes ‘ways and means advances’ from
(a)
(b)
(c)
(d)
Ways and means advances (WMA) is a mechanism used by the Reserve Bank of India (RBI) under its credit policy by which provides to the States banking with it to help them to tide over temporary mismatches in the cash flow of their receipts and payments.
These are temporary advances (overdrafts) extended by RBI to the government. Section 17(5) of the RBI Act allows RBI to make WMA both to the Central and State governments. It aims to bridge the interval between expenditure and receipts.