Multiple Choice Questions on Indian Economy - Study95

Multiple Choice Questions on Indian Economy :

Hello , Here we cover important Questions of Economics. Mcq Question of Economy. It is a part of General Knowledge. Questions asked in the Exams from this Section. Indian Economy Mcq Questions. You can download Pdf of these questions from below. And read other Posts for Enchance your general knowledge

Economy Mcq Questions


1.Who is called the ‘ Father of Economics ’ ?
A.Max Muller
B.Karl Marx
C.Adam Smith
D.Alfred Marshall


2.The time element in price analysis was introduced by :
A.J.M. Keynes
B.Alfred Marshall
C.J.S. Mill
D.J.R. Hicks


3.‘ Mixed Economy ’ refers to :
A.The co-existence of heavy , small scale and cottage industries
B.The promotion of agriculture as well as cottage industries
C.The coexistence of rich as well as poor 
D.The co-existence of public as well as private sector 


4. NABARD stands for :
A.National business for accounting and Reviewing 
B.National Bank for agriculture and rural development
C.National Bank for aeronautics and radar development 
D.National bureau for air and road transport 


5.The New Agricultural Strategy in India was introduced in :
A.1956
B.1966
C.1976
D.1986


6.The difference in the value of visible exports and visible imports is called :
A.Balance sheet of items
B.Balance of payments
C.Balance of Trade
D.Balance of Account

7.Economic development depends upon :
A.Natural Resources
B.Capital formation
C.Size of the market
D.All of the above

8.‘ Take off stage in an economy means :
A.Steady growth begins
B.Economy is stagnant
C.Economy is about to collapse
D.All controls are removed 


9.Taxation is a tool of :
A.Monetary policy
B.Fiscal policy
C.Price policy
D.Wage policy


10.A tax is said to be regressive when its burden falls :
A.Less heavily on th poor then the rich
B.More heavily on the poor than on the rich
C.Equality on the poor as on the rich
D.None of these


11.If a country devalues its currency , its :
A.Exports become cheaper and imports become costlier
B.Exports become costlier and imports become cheaper
C.Exports value is equivalent to import value
D.No effect on Exports and imports

12.The minimum wages act was first passed in India in the year ?
A.1947
B.1948
C.1950
D.1951


13. Poverty in less developed countries is largely due to :
A.Voluntary idleness
B.Income inequality
C.Lack of cultural activities
D.Lack of intelligence of the people



14.“ Globalisation of Indian Economy ” denotes :
A.Increase of external borrowings
B.having minimum intervention in economic relations with other countries
C.Starting of new business units abroad
D.Relaxing the programmes of import substitution


15.“ Closed Economy ” means :
A.No provision for public sector
B.No provision for private sector
C.Economy policy not well defined 
D.A country having no imports and exports 


16.The rate of tax increase as the amount of the tax base increases is called :
A.Proportional tax
B.Progressive tax
C.Regressive tax
D.Degressive tax


17.What does the letter ‘e’ denotes in the term ‘ e - banking ’ ?
A.Essential banking
B.Economic banking
C.Electronic banking
D.Expansion banking


18.Coal mines were Nationalised in the year :
A.1970
B.1971
C.1972
D.1976


19.Economics of a firm are :
A.An increase in its profits
B.A reduction in its selling expenses
C.Its dominance of the market 
D.Saving in it’s production costs


20.  The terms ‘ Bull ’ and ‘ Bear ’ are associated with :
A.Banking 
B.Foreign Trade
C.Stock market
D.Internal Trade

More Knowledge About Economics :


➜ Dumping is a form of price discrimination at International Level.

➜ Liquidity preference theory of Interest is propounded by J.M. Keynes.

➜ Inflation is caused by increase in money supply.

➜ Fiscal Policy in India is formulated by Finance Ministry.

➜ According to Marx, the source of value is Labour.

➜ ' Gold ' is mainly related to International Market.

➜ Total demand for goods and services at various levels of employment is called as Market Demand.

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