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Indian Economy Online Quiz
Following quiz provides Multiple Choice Questions (MCQs) related to Indian Economy. You will have to read all the given answers and click over the correct answer. If you are not sure about the answer then you can check the answer using Show Answer button. You can use Next Quiz button to check new set of questions in the quiz.
Q 1 - Consider the following statements:
1. Land Development Bank was established in 1919.
2. Land Development Bank provides credit for long term period.
Choose the correct answer from the codes given below:
Answer : C
Explanation
Land Development Bank is also known as Mortgage Bank.
Q 2 - Which one of the following programs has been implemented to establish girls schools in the districts having low female literacy rate?
A - Kasturba Gandhi Education Scheme (KGES)
B - Indira Gandhi Education Scheme (IGES)
Answer : A
Explanation
The scheme has been implemented in 1997.
Q 3 - Consider the following statements:
1. Marshal has given the concept of the interaction of demand & supply.
2. According to Marshal, economics was not a body of truth but "an engine to discover the truth."
Choose the correct answer from the codes given below:
Answer : C
Explanation
Marshal also has refined the concept of elasticity.
Q 4 - Which among the following taxes is exclusively imposed by State Government?
Answer : D
Explanation
N/A
Q 5 - The major industry/ies of Assam Valley is/are
Answer : D
Explanation
N/A
Q 6 - Which among the following has set up the Planning Commission of India?
Answer : A
Explanation
Planning Commission was set up in 1950.
Q 7 - Consider the following statements:
1. Half of the extreme poor live in Sub-Saharan Africa.
2. A vast majority of the global poor live in rural areas and are poorly educated.
Choose the correct answer from the codes given below:
Answer : C
Explanation
N/A
Q 8 - Consider the following statements:
1. Economics, as a social science subject, is the study of human behavior in relation to the functioning of the economy.
2. Economic theories are based on a scientific approach that explain economic issues and behavior.
Choose the correct answer from the codes given below:
Answer : C
Explanation
N/A
Q 9 - What is the limit of Foreign Direct Investment (FDI) in the sector of Single Brand retail trading?
Answer : A
Explanation
N/A
Q 10 - Which among the following provides loan for the reconstruction and development?
Answer : D
Explanation
IBRD stands for International Bank for Reconstruction and Development; it is an international financial institution.
Q 11 - Consider the following statements:
1. Interest rate corridor denotes the window between the repo rate and the reverse repo rate.
2. The highest point of the rate is determined by the rate at which Reserve Bank of India lends money to the banks i.e. the repo rate.
Choose the correct answer from the codes given below:
Answer : C
Explanation
N/A
Q 12 - Consider the following statements:
1. Statutory Liquidity Ratio is the amount that the commercial banks need to maintain in the form of cash, or gold, or government approved securities (i.e. bonds) before provide credit to their customers.
2. Statutory Liquidity Ratio is regulated by Ministry of Finance.
Choose the correct answer from the codes given below:
Answer : A
Explanation
Statutory Liquidity Ratio is regulated by RBI.
Q 13 - Which among the following has least influence on exchange rate?
Answer : D
Explanation
N/A
Q 14 - Consider the following statements:
1. Adam Smith explained the importance of the division of labors, and their relation with economic development.
2. Adam Smith emphasized on self-interest and laissez-faire.
Choose the correct answer from the codes given below:
Answer : C
Explanation
The idea of Adam Smith was - economic freedom was stressed and the power of the government should be minimized.
Q 15 - What is the limit of Foreign Direct Investment (FDI) in the sector of Petroleum & Natural Gas (especially exploration activities)?
Answer : A
Explanation
N/A
Q 16 - Pradhan Mantri Jan Dhan Yojana, launched by Narendra Modi Government, was implemented in
Answer : C
Explanation
The scheme was launched to provide financial services to weaker sections of the society.
Q 17 - Consider the following statements:
1. Life Insurance Corporation (or LIC) was set up in 1956.
2. General Insurance Corporation (of GIC) was set in 1972.
Choose the correct answer from the codes given below:
Answer : C
Explanation
N/A
Q 18 - Which among the following correctively defines the term normative economics?
Answer : A
Explanation
Normative economics describes what the outcome of the economy or objectives of public policy ought to be.
Answer : D
Explanation
The headquarters of JPMorgan Chase Bank is located in New York City, USA.
Q 20 - Which one of the following programs has been implemented to provide insurance facilities to rural people on low premium?
A - Group Life Insurance Scheme in Rural Areas (GLISRA)
B - Gramin Life Insurance Scheme in Rural Areas (GLISRA)
Answer : A
Explanation
The scheme has been implemented in 1995-96.