introduction to indian economy section 6 Practice Questions Answers Test with Solutions & More Shortcuts
Introduction to Indian Economy PRACTICE TEST [14 - EXERCISES]
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introduction to indian economy section 14
Question : 36 [SSC CML 2001]
Which of the following yields the largest revenue to the Government of India?
a) Excise duty
b) Sales tax
c) Income tax
d) Entertainment tax
Answer »Answer: (a)
Income Tax (corporate and non-corporate combined) contribute about 56 per cent of the tax revenue of India. But, income tax, apart from agricultural income is shared between the Union and states.
Among the given options, Excise duty is the chief and single largest source of revenue income. The Government of India earns maximum from Union Excise Duty
Question : 37 [SSC CGL Pre 2000]
The Tarapore Committee recommended that before capital account was made convertible the rate of inflation should be brought down for three years to within :
a) 0.3%
b) 3.5%
c) 4.6%
d) 5.7%
Answer »Answer: (b)
The Tarapore Committee on capital account convertibility had laid down a three year, three-phase schedule for allowing convertibility.
It laid down three pre-conditions:
- fiscal consolidation implying that the centre’s fiscal deficit should come down to 3.5 per cent of GDP;
- a mandated inflation target; and
- strengthening of the financial system to
- involve a near-complete clampdown on activities of weak banks,
- major cut in the CRR, and
- complete deregulation of interest rates.
Question : 39
In terms of economics, the total value of the output (goods and services) produced and income received in a year by a domestic resident of a country put together is called
a) Gross National Product
b) National income
c) Gross National Income
d) Net National Product
Answer »Answer: (a)
GNP is the total value of all final goods and services produced within a country in a particular year, plus income earned by its citizens (including income of those located abroad), minus income of non-residents located in that country.
GNP measures the value of goods and services that the country’s citizens produced regardless of their location.
IMPORTANT indian economy mcq EXERCISES
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Top 500+ Basic Indian Economy GK MCQ Quiz For SSC IBPS »
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Top 500+ Indian Economy GK MCQs Quiz PDF For SSC UPSC RRB »
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Introduction to Indian Economy Shortcuts »
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indian economy MCQ CATEGORIES
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» Introduction to Indian Economy
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» Planning, Economic Development & Five year Plans
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» National Income & Human Development Index
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» Agriculture Sector, Subsidy and Food Processing
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» Industries, Manufacturing & Service Sectors
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» Inclusive growth, Sustainable development and employment
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» Poverty & Unemployment
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» Introduction to Micro Economics
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» Introduction to Macro Economics
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» Macro fundamentals, GDP, Investment, Growth
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» Demand & Supply, Profit Loss, Inflation & Price Index
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» Fiscal Policy, Public Finance and Monetary Policy
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» Money Supply, Banking and Financial Institutions
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» Taxes Types, Methods & Budgeting Process
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» Banking, Security Market & Insurance
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