Practice Quiz set 8 - indian economy mcq Online Quiz (set-1) For All Competitive Exams

Q-1)   In June 2013 the CRR of Bank in the country was

(a)

(b)

(c)

(d)

Explanation:

The CRR of Bank in the country in June 2013 was 4%. Cash Reserve Ratio (CRR) is a specified minimum fraction of the total deposits of customers, which commercial banks have to hold as reserves either in cash or as deposits with the central bank.

Q-2)   In which among the following years, a new “ Liberalized Industrial Policy “ in India was announced for the first time?

(a)

(b)

(c)

(d)

Q-3)   RBI’s first census of India’s foreign Assets & Liability as on 30 June 1948 revealed total foreign business investments of Rs. 302 cr, out of it what was the % of British investments in India?

(a)

(b)

(c)

(d)

Q-4)   India has a high export earning from Diamonds. In this context, consider the following:
  1. High Diamonds Stocks
  2. Large Production of Industrial Diamonds
  3. Availability of experts on cutting and polishing
Which among the above is/ are most appropriate reason/ reasons behind the above fact?

(a)

(b)

(c)

(d)

Q-5)   Consider the following statements:
  1. The per capita consumption of plastics in India is the highest in the world.
  2. The petrochemical industry in India gives a big boost to small scale industries.
Which of the statements given above is/are correct?

(a)

(b)

(c)

(d)

Explanation:

Per capita consumption of polymers products in the country during 2012-13 was low at just 9.7 kg as compared to 109 kg in the USA, 45 kg in China and 32 kg in Brazil.

Thus India is not the highest consumer. The petrochemical industry in India gives a big boost to the small scale industries is the correct statement.

Q-6)   Correlate the following;
List I List II
(Industry) (Field)
A. Basic industry 1. Fertilizer
B. Strategic industry 2. Petroleum
C. Critical industry 3. Automobile
D. Goods based industry 4. Arms and Ammunition
Codes: A B C D

(a)

(b)

(c)

(d)

Explanation:

The correct correlation of industries and their fields are :

  • Basic industry — petroleum
  • Strategic industry — Arms and Ammunition
  • Critical industry — Automobile
  • Goods based industry — Fertilizer

Q-7)   Consider the following statements about Competition Commission of India;
  1. Competition Commission of India (CCI) was established with effect from 14th October 2003.
  2. The goal is to restrict monopoly tendencies and increase competition among public enterprises.
  3. CCI consists of a chairperson and 6 members appointed by the Central Government.

(a)

(b)

(c)

(d)

Explanation:

Competition is the best means of ensuring that the ‘Common Man’ has access to the broadest range of goods and services at the most competitive prices.

With increased competition, producers will have maximum incentive to innovate and specialise. This would result in reduced costs and wider choices for consumers.

Thus the CCI restricts Monopoly and increases competition.

Q-8)   Match the given companies with their locations and select the correct answer by using the codes given below:
List I List II
(Company) (Location)
A. BALCO 1. Hirakund
B. HINDALCO 2. Korba
C. Indian Aluminium company 3. Koraput
D. NALCO 4. Renukoot
Codes: A B C D

(a)

(b)

(c)

(d)

Explanation:

The correct locations of the given companies are :

  1. BALCO — Korba
  2. HINDALCO — Renukoot
  3. Indian Aluminium Company — Hirakund
  4. NALCO — Koraput

Q-9)   Consider the following statements:
  1. Bombay Stock Exchange (BSE) launched BSE Carbonex.
  2. Carbonex is the first carbon-based thematic index of India.
  3. Bombay Stock Exchange (BSE) has launched Islamic Equity Index.
Which of the above is/are correct?

(a)

(b)

(c)

(d)

Explanation:

The BSE and S&P Dow Jones Indices have launched an Islamic Equity Index — S&P BSE 500 Shariah Index. — comprising, the largest 500 companies in the Indian index. 

BSE launched BSE Carbonex, the first carbon-based thematic index in the country, which takes a strategic view of organisational commitment to climate change mitigation.

Q-10)   Consider the following objectives of the National Manufacturing Policy (NMP) of the Indian Economy?
  1. To enable the manufacturing sector to contribute at least 25% of GDP by 2022.
  2. To create 500 million additional jobs in the manufacturing sector by 2022.
  3. To create the appropriate skill sets among the rural migrant and urban poor for their easy absorption in the manufacturing sector.
  4. To allow more Foreign Direct Investment in the Manufacturing sector by 2017?
Which of the statements given above are correct?

(a)

(b)

(c)

(d)

Explanation:

The Government of India has announced a National Manufacturing Policy with the objective of enhancing the share of manufacturing in GDP to 25% within a decade and creating 100 million jobs.

It also seeks to empower rural youth by imparting necessary skill sets to make them employable. Sustainable development is integral to the spirit of the policy and technological value addition in manufacturing has received special focus.