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Important Questions of Sectors of Indian Economy. We covered all the Important Questions of Sectors of Indian Economy in this post for free so that you can practice well for the exam.
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Important Questions of Sectors of Indian Economy Objective for Students
Quick Quiz
Who among the following had propounded the concept of ‘Trusteeship’?
(A) M.N. Roy
(B) Aurobindo Ghosh
(C) Mahatma Gandhi
(D) G.K. Gokhale
Option c – Mahatma Gandhi
Which one of the following is the major feature of the Indian Economy?
(A) A capitalist economy
(B) A socialist economy
(C) A mixed economy
(D) None of the above
Option c – A mixed economy
The Indian Economy is an
(A) Liberal economy
(B) Socialist economy
(C) Mixed economy
(D) None of the above
Option c – Mixed economy
A mixed economy in India means
(A) the Co-existence of large and small-scale industries
(B) Foreign collaboration in economic development
(C) the Co-existence of the public and private sectors
(D) None of the above
Option c – the Co-existence of the public and private sectors
The credit for developing the concept of modern economic growth goes to
(A) Arthur Lewis
(B) Michael P. Todaro
(C) Gunnar Myrdal
(D) Simon Kuznet
Option d – Simon Kuznet
Underdeveloped countries are the slums of the world economy’ The statement is given by
(A) Ragnar Nurkse
(B) A.N. Cairncross
(C) Colin Clark
(D) Jagdish Bhagwati
Option b – A.N. Cairncross
Which among the following is a characteristic of underdevelopment?
(A) The vicious circle of poverty
(B) Raising mass consumption
(C) Growth of industries
(D) High rate of urbanization
Option a – The vicious circle of poverty
Economically, one of the results of British rule in India in the 19th century was the
(A) increase in the export of Indian handicrafts
(B) growth in the number of Indian-owned factories
(C) commercialization of Indian agriculture
(D) the rapid increase in the urban population
Option c – commercialization of Indian agriculture
Assertion (A): The emergence of economic globalism does not imply the decline of socialist ideology. Reason (R): The ideology of socialism believes in universalism and globalism. In the context of the given two statements, which of the following is correct? Code
(A) Both (A) and (R) are true and (R) is the correct explanation of (A)
(B) Both (A) and (R) are true, but (R) is not the correct explanation of (A)
(C) (A) is true, but (R) is false
(D) (A) is false, but (R) is true
Option a – Both (A) and (R) are true and (R) is the correct explanation of (A)
Who is called the father of Modern Economics?
(A) Adam Smith
(B) Marshal
(C) Keynes
(D) Robins
Option a – Adam Smith
Paul Krugaman is an
(A) Scientist
(B) Sportsman
(C) Banker
(D) Economist
Option a – Economist
For the existence of a market that is indispensable?
(A) Banks
(B) Economic laws
(C) Prices
(D) Trade unions
Option c – Prices
Indian Economy is characterized as
(A) backward economy
(B) developed economy
(C) developing economy
(D) underdeveloped economy
Option c – developing economy
The Gandhian economy is based on the principle of
(A) Competition
(B) Trusteeship
(C) State control
(D) None of the above
Option b – Trusteeship
Which one of the following indices is now used by the Reserve Bank of India to measure the rate of inflation in India?
(a) NASDAQ Index
(b) BSE Index
(c) Consumer Price Index
(d) Wholesale Price Index
Option c – Consumer Price Index
Devaluation of currency will be more beneficial if prices of:
(a) domestic goods remain constant
(b) exports become cheaper to importers
(c) imports remain constant
(d) exports rise proportionality
Option b – exports become cheaper to importers
Fixation of price levels for wheat and rice by the Commission for Agriculture Costs and Prices (CACP) is an example of?
(a) Administered Price
(b) Market Price
(c) Control Price
(d) Support Price
Option d – Support Price
Deficit financing creates additional paper currency to fill the gap between expenditure and revenue. This device aims at economic development but if it fails, it generates:
(a) inflation
(b) devaluation
(c) deflation
(d) demonetisation
Option a – inflation
A steady increase in the general level of prices as a result of an excessive increase in aggregate demand as compared to aggregate supply is termed as:
(a) demand-pull inflation
(b) cost-push inflation
(c) stagflation
(d) structural inflation
Option a – demand-pull inflation
Among the remedies for inflation, we cannot include:
(a) better capacity utilization
(b) lowering bank rate
(c) reducing budgetary deficit
(d) an efficient public distribution system
Option b – lowering bank rate
An essential attribute of inflation is:
(a) fall in production
(b) increase in prices
(c) absence of a black market
(d) presence of the black market
Option b – increase in prices
The best means of saving during inflation is to keep:
(a) money
(b) Government Bonds
(c) equity
(d) time deposits with Banks
Option a – money
The period of high inflation and low economic growth is termed as:
(a) stagnation
(b) take-off stage in the economy
(c) stagflation
(d) None of these
Option c – stagflation
Stagflation implies a case of:
(a) galloping inflation
(b) recession plus inflation
(c) adverse balance of trade
(d) rising wages and employment
Option b – recession plus inflation
As a result of a higher rate of inflation in India, the U.S. dollar will:
(a) Constant
(b) Appreciate
(c) Negligible
(d) Depreciate
Option b – Appreciate
‘Gold Bullion Standard’ refers to:
(a) gold coin as an unlimited legal tender
(b) gold as the measure of value
(c) free coinage of gold
(d) no restriction on the import and export of gold
Option b – gold as the measure of value
As a result of a higher rate of inflation in India, the U.S. dollar will :
(a) Constant
(b) Appreciate
(c) Negligible
(d) Depreciate
Option b – Appreciate
A deflator is a technique of:
(a) adjusting for changes in the price level
(b) adjusting for changes in commodity
(c) accounting for a higher increase in GNP
(d) accounting for the decline of GNP
Option a – adjusting for changes in the price level
In which year, notes of Rs. 1000 denomination were demonetized before they were reintroduced in 2000-01?
(a) 1977
(b) 1978
(c) 1979
(d) 1980
Option b – 1978
Hard Currency is defined as currency:
(a) which can hardly be used for international transactions
(b) which is used in times of war
(c) which loses its value very fast
(d) traded in foreign exchange markets for which demand is persistently high relative to the supply
Option d – traded in foreign exchange markets for which demand is persistently high relative to the supply
The rupee was devalued by what percent in July 1991?
(a) 18
(b) 20
(c) 22
(d) 25
Option b – 20
Human Development Index (HDI) comprises literacy rates, life expectancy at birth, and
A) Gross Domestic Product per head in US Dollars
B) Gross Domestic Product per head at real purchasing power
C) Gross National Product in US Dollars
D) National Income per head in US Dollars
Option d – National Income per head in US Dollars
National Income is the
A) Net National Product at market price
B) Net National Product at factor cost
C) Net Domestic Product at market price
D) Net Domestic Product at factor cost
Option b – Net National Product at factor cost
The term National Income represents
A) Gross National Product at market price minus depreciation
B) Gross National Product at market price minus depreciation plus net factor Income from abroad
C) Gross National Product at market price minus depreciation and indirect tax plus subsidies
D) Gross National Product at market price minus net factor income from abroad
Option c – Gross National Product at market price minus depreciation and indirect tax plus subsidies
The first measure of India’s National Income was made by
A) William Digby
B) Dadabhai Naoroji
C) M.G. Ranade
D) V.K.R.V. Rao
Option b – Dadabhai Naoroji
The Per Capita Income in India was *20 in 1867-68 was ascertained for the first time by
A) M.G. Ranade
B) Sir W. Hunter
C) R.C. Dutta
D) Dadabhai Naoroji
Option d – Dadabhai Naoroji
Which of the following statements is not true of the Indian Economy?
A) Its share of the world population is only 16%, but its share of the world GDP is 1.6%
B) The share of the service sector in India’s GDP is only 25%
C) 58% of its working population is engaged in agriculture, but the contribution of agriculture to the national income is 22%
D) India occupies only 2.4% of the world’s geographical area
Option b – The share of the service sector in India’s GDP is only 25%
The growth rate of per capita income at current prices is higher than that of per capita income at constant prices because the latter takes into account the rate of
A) growth of population
B) increase in the price level
C) growth of the money supply
D) increase in the wage rate
Option b – increase in the price level
The ‘Green Revolution involved the use of high-yielding varieties of seeds which required:
A. less fertilizer and less water
B. more fertilizer and less water
C. less fertilizer and more water
D. more fertilizer and more water
Option d – more fertilizer and more water
The importance of agriculture in the Indian economy is indicated by its contribution to which of the following?
A. National income and employment
B. Industrial development and international trade
C. Supply of food grains
D. All of the above
Option d – All of the above
The reason for low productivity in Indian agriculture is:
A. engagement of more persons in agricultural operations than needed
B. small land holdings
C. backward technique of production
D. All of the above
Option d – All of the above
Who was the person not associated with the Green Revolution when it started in India?
A. M.S. Swaminathan
B. C. Subramaniam
C. Indira Gandhi
D. Rafi Ahmed Kidwai
Option d – Rafi Ahmed Kidwai
The green revolution was the result of the adaption of the New Agricultural strategy which was introduced in the 20th Century during the decades of:
A. Fifties
B. Sixties
C. Seventies
D. Eighties
Option b – Sixties
Green Revolution is related to:
A. Millet production
B. Pulse production
C. Wheat production
D. Oilseed production
Option c – Wheat production
Indian Green Revolution started from
A. Pantnagar
B. Bangalore
C. Kanpur
D. Delhi
Option a – Pantnagar
Actively associated with Green Revolution:
A. Dr. Swaminathan
B. Dr. Kurien
C. C. Subramaniam
D. Dr. Abdul Kalam
Option a – Dr. Swaminathan
Green Revolution impact on:
A. Rice
B. Maize
C. Barley
D. Wheat
Option d – Wheat
Recently, HDFC Bank inaugurated its first all-women branch in which of the following states?
(a) Maharashtra
(b) Kerala
(c) Tamil Nadu
(d) Karnataka
Option b – Kerala
Recently, which of the following institutions has joined the Reserve Bank of India’s (RBI’s) Account Aggregator framework?
(a) National Bank for Agriculture and Rural Development
(b) Securities and Exchange Board of India
(c) Small Industries Development Bank of India
(d) Insurance Regulatory Development Authority of India
Option b – Securities and Exchange Board of India
Recently, CBDC was seen in the news. It is related to which of the following?
(a) Battery Storage
(b) Digital Currency
(c) Hydrogen Fuel Cell
(d) Ramsar Sites
Option b – Digital Currency
Recently, NIPAM was seen in the news. It is related to which of the following?
(a) Primary Education
(b) Intellectual Property
(c) Organic Agriculture
(d) Manufacturing Startups
Option b – Intellectual Property
Which of the following is the first bank to get listed on its Payment Gateway platform on the “TIN 2.0 platform” of the Income Tax Department?
(a) HDFC Bank
(b) State Bank of India
(c) Canara Bank
(d) Federal Bank
Option d – Federal Bank
Recently, the Udyam portal was seen in the news. It is related to which of the following?
(a) Women
(b) Micro, Small, and Medium Enterprises (MSMEs)
(c) Children
(d) Elderly
Option b – Micro, Small, and Medium Enterprises (MSMEs)
Which of the following is the only Indian Bank to feature in the Fortune Global 500 list for the year 2022?
(a) Punjab National Bank
(b) State Bank of India
(c) HDFC Bank
(d) ICICI Bank
Option b – State Bank of India
Recently, the Monetary Policy Committee (MPC) of the RBI increased the repo rate to how much percent in its august 2022 meeting?
(a) 4.90%
(b) 5.40%
(c) 5.60%
(d) 6.00%
Option b – 5.40%
Bharat Bill Payment System (BBPS) was launched by which of the following organizations?
(a) Paytm
(b) State Bank of India
(c) BharatPe
(d) National Payments Corporation of India
Option d – National Payments Corporation of India
Recently, which of the following institutions has released the Consumer Confidence Survey?
(a) NITI Aayog
(b) Institute of Economic Growth
(c) Reserve Bank of India
Option c – Reserve Bank of India
Reserve Bank of India (RBI) removed which of the following banks from its Prompt Corrective Action Framework after 5 years?
(a) UCO Bank
(b) Central Bank of India
(c) Indian Overseas Bank
(d) Bank of Maharashtra
Option b – Central Bank of India
Who amongst the following has been appointed the MD & CEO of the National Payments Corporation of India?
(a) Dilip Asbe
(b) Rajiv Bahl
(c) M. Subramaniam
(d) Hemant Jain
Option a – Dilip Asbe
The government has extended the tenure of the Foreign Trade Policy 2015-20 till which of the following dates?
(a) March 2023
(b) March 2024
(c) March 2025
(d) March 2030
Option a – March 2023
Recently, which of the following organizations has released Financial Inclusion Index (FI-Index) for India?
(a) NITI Aayog
(b) Reserve Bank of India
(c) NASSCOM
(d) World Economic Forum
Option b – Reserve Bank of India
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