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Indian Economy MCQs with Answer
Q: Government imposes taxes to:
A: run the machinery of State
B: uplift of weaker sections
C: check the accumulation of wealth among the rich
D: None of the above
Answer
run the machinery of State
Q: If the RBI adopts expansionist open market operations policy, this means that it will:
A: openly announce to the market that it intends to expand credit
B: sell securities in open market
C: offer commercial banks more credit in the open market
D: buy securities from non-government holders
Answer
sell securities in open market
Q: Three annual plans were launched between:
A: 1969 to 1972
B: 1986 to 1989
C: 1990 to 1993
D: 1966 to 1969
Answer
1966 to 1969
Q: Chairman of the 15th Finance Commission of India-
A: NK Singh
B: YV Reddy
C: Ranghuram Rajan
D: Ramesh Chand
Answer
NK Singh
Q: Which among the following in India has the function of recommending Minimum Support Prices for various commodities to the Government ?
A: National Farmers Commission
B: Commission for Agricultural Costs and Prices
C: Central Statistical organization
D: Department of Agriculture
Answer
Commission for Agricultural Costs and Prices
Q: Which of the following is true in respect of Centre-State financial relations ?
A: Amount given by Centre is the only source of income to States
B: States can by-pass Centre while taking foreign loans
C: States can not levy income tax
D: States can claim 100 % share in excise duty on goods produced in the State
Answer
States can not levy income tax
Q: Which of the following sector gives the largest income in India ?
A: Trade sector
B: Railway
C: Agriculture
D: Service sector
Answer
Service sector
Q: Who prints and supplies the currency notes in India:
A: State Bank of India
B: United Bank of India
C: Reserve Bank of India
D: United Commercial Bank of India
Answer
Reserve Bank of India
Q: The qualification for the Chairman and the members of the Finance Commission are specified in:
A: Finance Act of 1951
B: Finance Act of 1952
C: Finance Act of 1950
D: Finance Act of 1953
Answer
Finance Act of 1951
Q: Which of the following does not come under the GST in India ?
A: Agricultural products
B: Handicrafts
C: Gems and jewelries
D: Petroleum products
Answer
Petroleum products
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