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Indian Economy MCQ: 30 Objectives Questions [SET-1]

Indian Economy MCQ: The Multiple Choice Questions (MCQ) on Indian Economy is a very important part of General Knowledge (GK). Here we have given some important objective type questions which are very useful for various competitive examinations like UPSC, Banking, APSC, TET, PNRD Assam, etc.


We have enlisted 30 Indian Economy MCQ. There are four (04) options against each objective type questions. The red-colored one is the correct option or answer.


1. The first Bank managed by Indians was?
A. Oudh Bank
B. Punjab National Bank
C. Oriental Bank of Commerce
D. State Bank of India


2. When saving exceeds investment, the national income will
A. fall
B. fluctuate
C. remain constant
D. rise


3. During which Plan was NABARD established?
A. Fifth
B. Sixth
C. Third
D. Ninth


4. The data of estimation of India’s National income is issued by?
A. Planning Commission
B. National Data Center
C. Central Statistical Organisation
D. None of the above


5. When the Union Cabinet has selected the new rupee symbol?
A. July 10, 2010
B. July 15, 2010
C. July 10, 2011
D. July 15, 2011


6. In the short run period, a producer continues his production as long he covers
A. variable cost
B. fixed cost
C. average cost
D. marginal cost


7. The first Chairman of the Planning Commission was?
A. Dr. Rajendra Prasad
B. Pandit Jawaharlal Nehru
C. Sardar Vallabhbhai Patel
D. JB Kriplani


8. In which year of the following the ‘Mid-day Meal’ scheme was started?
A. 1998
B. 1997
C. 1996
D. 1995


9. Which of the following includes bulk imports of the country?
A. Petroleum
B. Electrical Goods
C. Non-electrical Machinery
D. Precious Stones


10. Which of the following committee was constituted for reforms in tax structure?
A. Narasimhan Committee
B. Chelliaha Committee
C. Gadgil Committee
D. Kelker Committee


11. In which year of the following the Life Insurance Corporation (LIC) of India was established?
A. 1955
B. 1956
C. 1957
D. 1958


12. The Goods and Services Tax (i.e GST) proposed to be introduced, covers taxes like
A. Trade/Sale Tax
B. service tax
C. service, excise
D. excise, service, VAT


13. Choose Father of economics:
A. Adam Smith
B. Max Muller
C. Joy Chatterjee
D. Amartya Sen


15. Which Indian got Nobel Prize for Economics?
A. Teressa
B. Amartya Sen
C. V.Raman
D. None of the above


16. Which is the base year for computation of National Income in India is-
A. 1990-1991
B. 1993-1994
C. 1999-2000
D. 2000-2001


17. What was the period of Plan Holiday?
A. 1966-69
B. 1951-56
C. 1956-61
D. 1961-66


18. Which Bank has the highest number of branches in the world is?
A. State Bank of India
B. RBS
C. London Bank
D. Canara Bank


19. The father of ’Operation Flood’ is
A. MS Swaminathan
B. Verghese Kurien
C. Uma Kapila
D. Amartya Sen


20. Which state of the following has become the first Indian state to ratify GST Constitution Amendment Bill?
A. Assam
B. Haryana
C. Rajasthan
D. Gujarat


21. Per Capita Income is obtained (derived) by dividing National Income by:
A. Total population of the country
B. Total working population
C. Area of the country
D. Volume of the Capital used


22. NABARD was established on recommendations of which committee-
A. Narasimhan Committee
B. Mehta Committee
C. Kelkar Committee
D. Shah Committee


23. The National Development council was constituted on:
A. August 16, 1950
B. April 1, 1951
C. August 6, 1952
D. August 16, 1952


24. The Finance Commission is appointed after every
A. 2 years
B. 3 years
C. 4 years
D. 5 years


25. Devaluation of currency leads to?
A. fall in domestic prices
B. increase in domestic prices
C. cant be predicted
D. None of the above


26. Which of the following taxes is collected by Panchayat?
A. Sales tax
B. Custom duty
C. Land revenue
D. Tax on local fairs


27. Which of the following is an indirect tax?
A. Corporation tax
B. Capital gains tax
C. Excise duty
D. Income tax


28. If Cash Reserve Ratio (CRR) is reduced (come down), supply of money and volume of credit
A. Increases
B. Decreases
C. Remains constant
D. None of these


29. The most proper measure of a country’s economic growth is its:
A. Gross Domestic Product
B. Net Domestic Product
C. Net National Product
D. Per Capita Real Income


30. First Regional Rural Bank came into existence in
A. 1973
B. 1974
C. 1975
D. 1976

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