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Indian Economy - MCQ Test 1

25 Questions MCQ Test RAS RPSC Prelims Preparation - Notes, Study Material & Tests | Indian Economy - MCQ Test 1

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Attempt Indian Economy - MCQ Test 1 | 25 questions in 25 minutes | Mock test for UPSC preparation | Free important questions MCQ to study RAS RPSC Prelims Preparation - Notes, Study Material & Tests for UPSC Exam | Download free PDF with solutions

QUESTION: 1

In which year the first industrial policy was enacted for the industrial development in India?

A.
In 1950
B.
In 1956
C.
In 1952
D.
In 1948

Solution: After having attained independence, the Government of India declared its first Industrial Policy on 6th April, 1948. The Industrial Policy 1948 was presented in the parliament by then Industry Minister Dr. Shyama Prasad Mukherjee. The main historical importance of this policy is that it ushered India in the system of Mixed Economy.

QUESTION: 2

National Bank of Agriculture and Rural Development (NABARD) was established in:

A.
19th July 1982
B.
19th July 1983
C.
19th July 1984
D.
None of these

Solution:

None of these

Explanation: National Bank for Agriculture and Rural Development (NABARD) was established on 12 July 1982 by an Act of the Parliament to promote sustainable and equitable agriculture and rural prosperity through effective credit support, related services, institutional development and other innovative initiatives.

QUESTION: 3

On which of the following dates ‘Foreign Exchange Management Act’ was implemented in India?

A.
31st May 2000
B.
25th June 2002
C.
1st June 2000
D.
1st February 2002

Solution:

1st June 2000

Explanation: The Foreign Exchange Management Act (1999) or in short FEMA has been introduced as a replacement for earlier Foreign Exchange Regulation Act (FERA). FEMA came into act on the 1st day of June, 2000.The main objective behind the Foreign Exchange Management Act (1999) is to consolidate and amend the law relating to foreign exchange with objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India

QUESTION: 4

EXIM Bank was established in India on:

A.
1st January 1982
B.
1st January 1992
C.
1st January 2002
D.
1st January 2007

Solution:

QUESTION: 5

What is the period of 12 five year plan?

A.
2011 - 2016
B.
2010 - 2015
C.
2013 - 2018
D.
2012 - 2017

Solution:

QUESTION: 6

Where is ‘Dalal Street’?

A.
Delhi
B.
Mumbai
C.
New York
D.
Surat

Solution:

QUESTION: 7

Ashok Mehta Committee was related to the:-

A.
Centre-State Relations
B.
Economic Reforms
C.
Panchayati Raj
D.
None of the above

Solution:

Panchayati Raj

Explanation: In December 1977, the Janata Government appointed a committee on Panchayati Raj institutions under the chairmanship of Ashoka Mehta.

QUESTION: 8

The writer of the book “Planned Economy for India” is

A.
Jawahar Lal Nehru
B.
Amartya Sen
C.
M. Visvesvarayya
D.
M.N. Roy

Solution:

QUESTION: 9

The concept of ‘Natural Growth Rate’ was given by

A.
Harrod
B.
Lamarck
C.
Nurske
D.
Meade

Solution:

QUESTION: 10

“Panchayat Raj” in rural development system is related to

A.
Central Planning
B.
Decentralized planning
C.
Capitalistic Planning
D.
Rolling planning

Solution:

QUESTION: 11

In which of the following years, was NREGA launched ?

A.
2005
B.
2000
C.
1996
D.
1992

Solution:

2005

Explanation: The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) aims at enhancing the livelihood security of people in rural areas by guaranteeing hundred days of wage-employment in a financial year to a rural household who volunteer to do unskilled manual work.

QUESTION: 12

In which five year plan the ‘Capacity Building’ through urban local bodies wasconceived ?

A.
8th Plan
B.
9th Plan
C.
11th Plan
D.
12th Plan

Solution:

QUESTION: 13

When the exchange rate changes from 1$ = Rs 60 to 1$ = Rs 58, it means :I. Rupee value has appreciated II. Dollar value has depreciatedIII. Rupee value has depreciated IV. Dollar value has appreciated

A.
I and II are correct.
B.
II and III are correct.
C.
I and IV are correct.
D.
II and IV are correct.

Solution:

QUESTION: 14

According to Malthusian Theory of Population, population increases in :

A.
Geometrical Progression
B.
Arithmetic Progression
C.
Harmonic Progression
D.
None of the above

Solution:

Geometrical Progression

Explanation: Malthus proposes the principle that human populations grow exponentially (i.e., doubling with each cycle) while food production grows at an arithmetic rate (i.e. by the repeated addition of a uniform increment in each uniform interval of time).

QUESTION: 15

The Phillips Curve represents relationship between :

A.
Deflation and Unemployment
B.
Inflation and Unemployment
C.
Inflation and Disguised Unemployment
D.
Deflation and Cyclical Unemployment

Solution:

Inflation and Unemployment

Explanation: The Phillips curve is a single-equation empirical model, describing a historical inverse relationship between rates of unemployment and corresponding rates of inflation that result within an economy.

QUESTION: 16

Which of the following economists propagated the Pure Monetary Theory of Trade Cycle ?

A.
Hawtrey
B.
Hayek
C.
Keynes
D.
Hicks

Solution:

QUESTION: 17

Who is the author of the book ‘The Accumulation of Capital’ ?

A.
Mrs. Joan Robinson
B.
Adam Smith
C.
Lord Maynard Keynes
D.
None of the above

Solution:

None of the above

Explanation: Rosa Luxemburg

QUESTION: 18

Which of the following economists, introduced fiscal policy as a tool to rectify the GreatDepression of 1929-30 ?

A.
Prof. Keynes
B.
Prof. Pigou
C.
Prof. Marshall
D.
Prof. Crowther

Solution:

QUESTION: 19

The Committee on Financial Sector Reforms 2008, in India was headed by :

A.
Bimal Jalan
B.
Raghuram Rajan
C.
C. Rangarajan
D.
M. Narasimham

Solution:

QUESTION: 20

As per Census 2011, the sex ratio (number of females per 1000 males) in India is :

A.
925
B.
947
C.
916
D.
940

Solution:

QUESTION: 21

The Planned Development Model was adopted in India from :

A.
1st April, 1951
B.
15th August, 1947
C.
26th Jan., 1950
D.
1st May, 1965

Solution:

QUESTION: 22

Which one of the following is the Chairman of the National Development Council ?

A.
Prime Minister of India
B.
Finance Minister of Govt. of India
C.
President of India
D.
Vice-President of India

Solution:

Prime Minister of India

Explanation: The National Development Council (NDC) or the Rashtriya Vikas Parishad is the apex body for decision making and deliberations on development matters in India, presided over by the Prime Minister.

QUESTION: 23

Which of the following states in India is famous for rubber cultivation ?