Practice Quiz set 1 - indian economy mcq Online Quiz (set-1) For All Competitive Exams

Q-1)   urgapur steel plant was set up in assistance of

(a)

(b)

(c)

(d)

Explanation:

Durgapur Steel Plant, SAIL, was set up with the British collaboration in the late fifties with an initial capacity of one million tonnes of crude steel per annum.


Q-2)   The Indian Aviation Report 2014 highlights which one of the following as the main reason for non-competitiveness of Indian aviation sector?
  1. Lack of infrastructure
  2. Lack of skill and expertise
  3. Privatisation
  4. Over taxation
Select the answer using following codes :

(a)

(b)

(c)

(d)

Explanation:

Indian Aviation report 2014 released by FICCI and KPMG states that aviation industry is over-taxed in terms of turbine fuel, landing and other airport taxes.


Q-3)   Consider the following liquid assets:
  1. Demand deposits with the banks
  2. Time deposits with the banks
  3. Saving deposits with the banks
  4. Currency
The correct sequence of these assets in the decreasing order of liquidity is

(a)

(b)

(c)

(d)

Explanation:

Currency/cash is the most liquid ,then the demand deposits (current accounts), then the saving deposits with bank and finally the least liquid is the time deposits with the bank (fixed deposits).


Q-4)   Which of the following is are not “Navaratna” company?
  1. Shipping Corporation of India Ltd
  2. Indian Oil Corporation
  3. Airports Authority of India
  4. MTNL
Select the answer using following codes :

(a)

(b)

(c)

(d)

Explanation:

Indian Oil Corporation is one of the seven Maharatna status companies of India.

Maharatna PSU has an investment ceiling from Rs 1,000 to Rs. 5,000 crores and can invest up to 15% of their net worth in a project.

AAI is a mini Ratna The Navaratna companies could invest up to Rs. 1,000 crores without explicit government approval.


Q-5)   What are the aspects of Competition Act 2002?
  1. Prohibition of anti competitive agreements
  2. Prohibition of abuse of dominance
  3. Regulation of combination (acquisitions, mergers and amalgamations of certain size
  4. Establishment of Competition Commission of India (CCI)

(a)

(b)

(c)

(d)

Explanation:

The Act mainly covers the following aspects:

  1. Prohibition of anti-competitive agreements;
  2. Prohibition of abuse of dominance;
  3. Regulation of combination (acquisitions, mergers and amalgamations of a certain size);
  4. Establishment of Competition Commission of India (CCI); and
  5. Functions and powers of CCI.


Q-6)   Consider the following aims of the National Manufacturing Policy (NMP) of the Indian economy.
  1. National Investment and Manufacturing Zones (NIMZs) will be established on lands that are degraded and uncultivable.
  2. NIMZs (National Investment and Manufacturing Zones) are integrated industrial townships with world-class physical and social infrastructure.
Which of the statements about NIMZs formulated in NMP given above is/are correct?

(a)

(b)

(c)

(d)

Explanation:

National Investment and manufacturing zones are degraded and uncultivable.

National Investment and Manufacturing Zones (NIMZs) are greenfields integrated Industrial Townships with state-of-the-art infrastructure and the land use is on the basis of zoning clean and energy-efficient technology and requisite social infrastructure.


Q-7)   Consider the following pairs :      
List I List II
(Firm) (Group)
1. Ashok Leyland a. Hinduja
2. Hindalco Industries b. A. V. Birla
3. Suzlon Energy c. Tulsi Tanti
Which of the pairs given above are correctly matched?

(a)

(b)

(c)

(d)

Explanation:

Ashok Leyland, 2nd largest commercial vehicle manufacturer in India is a Hinduja Group company.

Hindalco is the world’s largest aluminium rolling company belonging to A.V. Birla.

Suzlon Energy Limited is an Indian multinational wind power company based in Pune.


Q-8)   As the economy develops, the share of the tertiary sector in the GDP:

(a)

(b)

(c)

(d)

Explanation:

As the economy develops, the share of the tertiary sector in the GDP increases. As economy develops people develop more skills and knowledge which they offer as services.


Q-9)   Which statement is correct regarding village industries?
  1. The industries established in rural areas having population below 10,000 and having less than ` 15,000 as fixed capital investment per worker will be termed as village industries.
  2. KVIC and state village Industries Board provide economic and technical assistance in establishing and operating these industrial units.

(a)

(b)

(c)

(d)

Explanation:

The industries established in rural areas having populations below 10,000 and having less than Rs. 15,000 as fixed capital investment per worker will be termed as village industries.

KVIC and state village Industries Board provide economic and technical assistance in establishing and operating these industrial units.


Q-10)   With reference to India, consider the following central acts:
  1. Import and Export (control) Act 1947
  2. Mining and Mineral Development (Regulation) Act 1957
  3. Custom Act 1962
  4. Indian Forest Act 1927
Which of the above acts has relevance to bearing on the biodiversity conservation in the country?

(a)

(b)

(c)

(d)

Explanation:

Import and Export (control) Act 1947 restricts the import and export of endangered species and their by-products.

Mining and Mineral Development (Regulation) Act 1957 restricts mining in protected areas. Custom Act 1962 again links to import and export.

Indian Forest Act 1927 restricts construction and encroachment in restricted and protected areas.