Indian Economy - General Knowledge Questions

1 .
The main source of National Income in India is
A)
Service Sector
B)
Agriculture
C)
Industrial Sector
D)
Trade Sector

Correct Answer :   Service Sector

2 .
The term stagflation refers to a situation where ?
A)
Growth has no relation with the change in prices
B)
Rate of growth is faster than the rate of price increase
C)
Rate of growth is slower than the rate of price increase
D)
Rate of growth and prices both are decreasing

Correct Answer :   Rate of growth is slower than the rate of price increase

Stagflation is a blend of stagnation (in economic growth) and inflation (rise in prices).

3 .
MODVAT is related to
A)
Sales Tax
B)
Income Tax
C)
Wealth Tax
D)
Excise Tax

Correct Answer :   Excise Tax

4 .
The Board of Industrial and Financial Reconstruction (BIFR) came into existence in
A)
1984
B)
1986
C)
1987
D)
1989

Correct Answer :   1987

5 .
The co-operative credit societies have a
A)
two-tier structure
B)
three-tier structure
C)
four-tier structure
D)
five-tier structure

Correct Answer :   three-tier structure

6 .
If an economy is equilibrium at the point where plans to save and to invest are equal, then government expenditure must be
A)
zero
B)
equal to government income
C)
larger than government income
D)
negative

Correct Answer :   equal to government income

7 .
Since the inception of the co-operative movement, rural credits has been
A)
institutionalized
B)
rationalized
C)
cheapened
D)
All of the above

Correct Answer :   All of the above

8 .
The banks are required to maintain a certain ratio between their cash in the hand and totals assets. This is called
A)
Statutory Bank Ratio (SBR)
B)
Statutory Liquid Ratio (SLR)
C)
Central Bank Reserve (CBR)
D)
Central Liquid Reserve (CLR)

Correct Answer :   Statutory Liquid Ratio (SLR)

9 .
Revenue of the state governments are raised from the following sources, except
A)
entertainment tax
B)
expenditure tax
C)
agricultural income tax
D)
land revenue

Correct Answer :   agricultural income tax

10 .
Of the gross tax revenue of the Union Government the indirect taxes account for nearly
A)
70 per cent
B)
75 percent
C)
65 percent
D)
60 percent

Correct Answer :   65 percent

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