Indian Economy Quiz - 3, General Knowledge | 20 Questions MCQ Test General Knowledge Current Affairs

QUESTION: 1

How many banks were nationalized in 1969?

A. 16
B. 14
C. 15
D. 20

Solution:

QUESTION: 2

In India, the first bank of limited liability manages by Indians and founded in 1881 was

A. Hindustan Commercial Bank
B. Oudh Commercial Bank
C. Punjab National Bank
D. Punjab and Sind Bank

Solution:

QUESTION: 3

In India, inflation measured by the

A. Wholesale Price Index number
B. Consumers Price Index for urban non-manual workers
C. Consumers Price Index for agricultural workers
D. National Income Deflation

Solution: Two major measures for inflation, which are widely used, are Wholesale Price Index (WPI) and Consumer Price Index (CPI). WPI measures the increase in the prices of a fixed basket of goods prevailing in the wholesale market while CPI measures the increase in the prices of essential commodities purchased by an average consumer prevailing in the retail market. Measured weekly, WPI is the primary inflation measure in India.

QUESTION: 4

The annual yield from which of the following Union Government taxes is the highest?

A. Custom duties
B. Corporation tax and income tax
C. Inheritance tax, wealth tax, interest tax and gift tax
D. Excise duties

Solution:

QUESTION: 5

The average rate of domestic savings (gross) for the Indian economy is currently estimated to be in the range of

A. 15 to 20 percent
B. 20 to 25 percent
C. 25 to 30 percent
D. 30 to 35 percent

Solution:

QUESTION: 6

Subsidies mean

A. payment by government for purchase of goods and services
B. payment made by business enterprises to factors of production
C. payment made by companies to shareholders
D. payment made by the government to business enterprises, without buying any goods and services

Solution:

QUESTION: 7

National expenditure includes

A. consumption expenditure
B. investment expenditure
C. government expenditure
D. All of the above

Solution:

QUESTION: 8

Resurgent India Bonds were issued in US dollar, Pound Sterling and

A. Japanese Yen
B. Deutsche Mark
C. Euro
D. French Franc

Solution:

QUESTION: 9

The apex body for formulating plans and coordinating research work in agriculture and allied fields is

A. State Trading Corporation
B. Regional Rural Banks
C. National Bank for Agriculture and Rural Development (NABARD)
D. Indian Council of Agricultural Research

Solution:

QUESTION: 10

Which of the following is not an undertaking under the administrative control of Ministry of Railways?

A. Container Corporation of India Limited
B. Konkan Railway Corporation Limited
C. Indian Railways Construction Company Limited
D. Diesel Locomotive Works, Varanasi

Solution:

QUESTION: 11

If the RBI adopts an expansionist open market operations policy, this means that it will

A. buy securities from non-government holders
B. sell securities in the open market
C. offer commercial banks more credit in the open market
D. openly announce to the market that it intends to expand credit

Solution:

QUESTION: 12

Redistribution polices geared to reduce economic inequalities include

A. progressive tax policies
B. land reforms
C. rural development policies
D. All the above

Solution:

QUESTION: 13

Short-term finance is usually for a period ranging up to

A. 5 months
B. 10 months
C. 12 months
D. 15 months

Solution:

QUESTION: 14

In India, which one among the following formulates the fiscal policy?

A. Planning Commission
B. Ministry of Finance
C. Finance Commission
D. The Reserve Bank of India

Solution:

QUESTION: 15

The budget deficit means

A. the excess of total expenditure, including loans, net of lending over revenue receipts
B. difference between revenue receipts and revenue expenditure
C. difference between all receipts and all the expenditure
D. fiscal deficit less interest payments

Solution:

QUESTION: 16

In utensils worth Rs 1000 are produced with copper worth Rs 500, wages paid are Rs 100, other material purchased is worth Rs 100 and depreciation of machinery is zero, then what is the value added in process?

A. Rs 1000
B. Rs 500
C. Rs 400
D. Rs 300

Solution:

QUESTION: 17

Paper currency first started in India in

A. 1861
B. 1542
C. 1601
D. 1880

Solution:

QUESTION: 18

The ARDC is now a branch of the

A. RBI
B. NABARD
C. IDBI
D. SDBI

Solution:

QUESTION: 19

Devaluation of currency leads to

A. fall in domestic prices
B. increase in domestic prices
C. no impact on domestic prices
D. erratic fluctuations in domestic prices

Solution:

QUESTION: 20

Since 1983, the RBI's responsibility with respect to regional rural banks was transferred to

A. ARDC
B. SBI
C. NABARD
D. PACs

Solution:

Indian Economy Quiz - 3, General Knowledge

20 Questions MCQ Test General Knowledge | Indian Economy Quiz - 3, General Knowledge

How many banks were nationalized in 1969?

In India, the first bank of limited liability manages by Indians and founded in 1881 was

In India, inflation measured by the

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