Indian Economy PDF For WBCS Prelims and Mains P19

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Page 19

91. The major part of tax revenue in India comes from
(A) Direct taxes
(B) Indirect taxes
(C) Both Direct and Indirect taxes have an equal share
(D) None of the above

Correct Answer: [B] Indirect taxes.

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92. What is meant by SEBI?
(A) International Sports Authority
(B) Security and Exchange Board of India
(C) Woman Welfare Organization
(D) Integrated Credit Scheme

Correct Answer: [B] Security and Exchange Board of India.

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93. The monetary policy of India is framed by-
(A) The State Bank of India
(B) The Reserve Bank of India
(C) The Government of India
(D) None of the above

Correct Answer: [B] The Reserve Bank of India.

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94. Deficit Financing
(A) Has no effect on money supply
(B) Has stabilizing effect on the price level
(C) Increases money supply
(D) Decreases money supply

Correct Answer: [C] Increases money supply.

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95. When was the first West Bengal Human Development Report published?
(A) 2003
(B) 2004
(C) 2001
(D) 2002

Correct Answer: [B] 2004.

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Page 18

86. Which of the following is included in the Employees' State Insurance Act, 1948?
(A) Minimum Wages
(B) None of the above
(C) Unemployment Insurance
(D) Medical Benefit

Correct Answer: [D] Medical Benefit.

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87. India's Five-Years Plan Plans are finally approved by the
(A) National Development Council
(B) Minister of Finance
(C) President
(D) Prime Minister

Correct Answer: [A] National Development Council.

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88. NITI Aayog is set up by
(A) A resolution by Union Cabinet
(B) Amending the Constitution of India
(C) Both A and B
(D) Neither A nor B

Correct Answer: [A] A resolution by Union Cabinet.

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89. Which of the following taxes/duties is not under the jurisdiction of the Central Government?
(A) Corporate Income Tax
(B) Customs Duties
(C) Land Revenue
(D) Personal Income Tax

Correct Answer: [C] Land Revenue.

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90. Who is the Pioneer of Economic Nationalism?
(A) R. C. Dutt
(B) M. M. Malviya
(C) Bipin Chandra Pal
(D) Gokhale

Correct Answer: [C] Bipin Chandra Pal.

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Economy of India Practice Set For WBCS Prelims P17

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Page 17

81. Green Revolution was most successful in the
(A) Eighties
(B) Nineties
(C) Sixties
(D) Seventies

Correct Answer: [C] Sixties.

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82. In India, fourteen major commercial banks were nationalized in the year
(A) 1969
(B) 1975
(C) 1949
(D) 1953

Correct Answer: [A] 1969.

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83. The largest contributor to the gross domestic savings of India is
(A) the public sector.
(B) the foreign sector.
(C) the household sector.
(D) the private corporate sector

Correct Answer: [C] the household sector..

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84. Planning Commission is a
(A) Constitutional Body
(B) Autonomous Body
(C) Statutory Body
(D) Non-Statutory Body

Correct Answer: [D] Non-Statutory Body.

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85. A major part of Indian agriculture is characterized by
(A) Small size farm
(B) Co-operative farmers
(C) Large size farm
(D) Capitalist agriculture

Correct Answer: [A] Small size farm.

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Indian Economy MCQ for WBCS, UPSC, SSC CGL, RAIL P16

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Page 16

76. The Sarkaria Commission was set up for the review of the relation between
(A) The Executive and the Judiciary
(B) The Centre and the States
(C) The Prime Minister and the President
(D) The Legislative and the Executive

Correct Answer: [No Input] .

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77. IRDP means
(A) Integrated Regional Development Programme
(B) None of the above
(C) Integrated Rural Development Programme
(D) Integrated Road Development Programme

Correct Answer: [C] Integrated Rural Development Programme.

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78. The basis for determination of Dearness Allowance of urban salaried workers and government employees in India is
(A) CPI for agricultural laborers
(B) CPI for urban non-manual employees
(C) Wholesale Price Index
(D) Consumer Price Index (CPI) for industrial workers

Correct Answer: [D] Consumer Price Index (CPI) for industrial workers.

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79. Heavy industrialization was introduced in India in the —
(A) Third Five Year Plan
(B) Fourth Five Year Plan
(C) First Five Year Plan
(D) Second Five Year Plan

Correct Answer: [D] Second Five Year Plan.

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80. Indian leader accepted planning from the experience of
(A) Czechoslovakia
(B) Germany
(C) China
(D) Russia

Correct Answer: [D] Russia.

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Page 15

71. Balance of Payments Account of a country
(A) Shows the number of loans given by the country to foreign countries
(B) Shows the number of loans taken by the country from foreign countries
(C) Records the country's economic transactions with the rest of the world
(D) None of the above

Correct Answer: [C] Records the country's economic transactions with the rest of the world.

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72. Indian Economy is a
(A) Capitalist economy
(B) None of the above
(C) Totally command economy with no private sector
(D) Mixed economy

Correct Answer: [D] Mixed economy.

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73. The Community Development Programme was launched in the year
(A) 1952 A.D.
(B) 1953 A.D.
(C) 1950 A.D.
(D) 1951 A.D.

Correct Answer: [A] 1952 A.D..

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74. Which of the following has been given special representation in Panchayati Raj?
(A) Cooperative etic
(B) Women
(C) Backward classes
(D) All of the above

Correct Answer: [B] Women.

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75. The Human Development Index was first introduced in the year.
(A) 1995
(B) 2000
(C) 1980
(D) 1990

Correct Answer: [D] 1990.

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Page 14

66. The Reserve Bank of India is -
(A) A partly private and partly State-owned bank
(B) A schedule Bank
(C) A shareholder's bank
(D) A Government-owned Bank

Correct Answer: [C] A shareholder's bank.

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67. During which Five Year Plan was Green Revolution initiated in India?
(A) 5th
(B) 6th
(C) 3rd
(D) 4th

Correct Answer: [D] 4th.

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68. After which five- year plan, planning had to be given a short holiday?
(A) Third five-year plan
(B) Fourth five-year plan
(C) Six five-year plan
(D) Second five-year plan

Correct Answer: [A] Third five-year plan.

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69. Economic Reforms and liberalization were introduced in Indian planning in the -
(A) 1970s
(B) 1980s
(C) 1960s
(D) 1990s

Correct Answer: [D] 1990s.

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70. Which group of the society is worst affected by continuous inflationary price rise?
(A) Self-employed group
(B) Fixed income group
(C) Traders and merchants
(D) The investors class

Correct Answer: [B] Fixed income group.

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Page 13

61. In India, the natural rate of increase of population was highest during — decade.
(A) 1941-51
(B) 1921-31
(C) 1961-71
(D) 1981-91

Correct Answer: [D] 1981-91.

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62. The Poverty line in India has been defined on the basis of
(A) Calorie intake index of the people
(B) Income level of the majority of the people
(C) Standard of living of the people
(D) None of the above

Correct Answer: [A] Calorie intake index of the people.

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63. Which of the following is not one of the sources of revenue of the village panchayat?
(A) Local taxes on land
(B) House tax
(C) Government grants
(D) Income tax

Correct Answer: [D] Income tax.

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64. Panchayats in West Bengal is authorized to collect
(A) Toll taxes and water taxes
(B) Land Revenue
(C) Income Taxes
(D) Sales Taxes

Correct Answer: [A] Toll taxes and water taxes.

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65. World Development Report is published by
(A) the World Bank
(B) the World Trade Organisation
(C) the United Nations Organisation
(D) the Asian Development Bank

Correct Answer: [A] the World Bank.

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Page 12

56. Which of the following estimates the national income of India?
(A) Central Statistical Organisation
(B) None of the above
(C) Indian Standard Institution
(D) Indian Statistical Institute

Correct Answer: [A] Central Statistical Organisation.

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57. The slogan Garibi Hatao was included in which Five year Plan?
(A) Fifth Plan
(B) Sixth Plan
(C) Third Plan
(D) Fourth Plan

Correct Answer: [A] Fifth Plan.

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58. Indian Rupee is fully convertible at
(A) Trade Account
(B) Capital Account
(C) Current Account
(D) None of the above

Correct Answer: [C] Current Account.

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59. The Reserve Bank of India was established in the year
(A) 1947
(B) 1951
(C) 1930
(D) 1935

Correct Answer: [D] 1935.

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60. Which one of the following rates are not determined by the Reserve Bank of India?
(A) Repo Rate
(B) SLR
(C) CRR
(D) Prime Lending Rate

Correct Answer: [D] Prime Lending Rate.

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Page 11

51. The SEBI was given statutory recognition in 1992 on the recommendation of
(A) the Tendulkar Committee.
(B) the Narasimham Committee
(C) the Chakraborty Commission.
(D) the Chelliah Committee.

Correct Answer: [B] the Narasimham Committee.

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52. The iron and steel plants of Rourkela and Durgapur were conceived under the
(A) Third Five Year Plan
(B) Fourth Five Year Plan
(C) First Five Year Plan
(D) Second Five Year Plan

Correct Answer: [D] Second Five Year Plan.

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53. The one rupee currency notes of India are issued by
(A) The State Bank of India
(B) None of the above
(C) The Ministry of Finance, Govt of India
(D) The Reserve Bank of India

Correct Answer: [C] The Ministry of Finance, Govt of India.

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54. From which year the policy of globalization of Indian economy has been followed? -
(A) 1991
(B) 2000
(C) 1980
(D) 1985

Correct Answer: [A] 1991.

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55. Prices can be stabilized by
(A) Devaluation
(B) Increasing production
(C) (A) and (B)
(D) Controlling the supply of money

Correct Answer: [D] Controlling the supply of money.

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Page 10

46. How many private commercial banks were nationalized in 1969?
(A) 14
(B) 15
(C) 12
(D) 13

Correct Answer: [A] 14.

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47. Fiscal policy refers to
(A) Interest Policy
(B) Related to revenue and expenditure policy of the government
(C) Agricultural Fertilizer Policy
(D) Rural Credit Policy

Correct Answer: [B] Related to revenue and expenditure policy of the government.

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48. Community development is organized on the basis of
(A) Area
(B) None of these
(C) Population
(D) Community

Correct Answer: [A] Area.

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49. Mid-day Meal Scheme was launched in
(A) 1995
(B) 1998
(C) 1996
(D) 1997

Correct Answer: [A] 1995.

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50. In a developed economy the major share of employment originates in the
(A) Tertiary sector
(B) None of the above
(C) Primary sector
(D) Secondary sector

Correct Answer: [A] Tertiary sector.

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Page 9

41. Those who benefit from inflation are
(A) Wage-earners
(B) Salaried
(C) Creditors
(D) Debtors

Correct Answer: [D] Debtors.

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42. The unorganized sector of India is characterized by
(A) more barter transactions.
(B) more foreign exchange transactions.
(C) more currency transactions.
(D) more bank transactions.

Correct Answer: [C] more currency transactions..

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43. In which year was the Reserve Bank of Indian established?
(A) 1947
(B) 1949
(C) 1935
(D) 1940

Correct Answer: [C] 1935.

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44. Which of the following was the period of Annual Plans
(A) 1969-74
(B) 1978-79
(C) 1951-56
(D) 1966-69

Correct Answer: [D] 1966-69.

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45. Rolling Plan covered the period
(A) 1970-75
(B) 1980-85
(C) 1978-83
(D) 1973-78

Correct Answer: [C] 1978-83.

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Page 8

36. Globalization of the Indian economy means
(A) Import liberalization
(B) Putting minimum restrictions on trade relations with other countries
(C) Establishing business units abroad
(D) Export promotion

Correct Answer: [B] Putting minimum restrictions on trade relations with other countries.

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37. A system of Panchayati Raj existed even before 1947 in
(A) Tamil Nadu
(B) All of the above
(C) Maharashtra
(D) Gujarat

Correct Answer: [A] Tamil Nadu.

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38. Planning Commission is a
(A) Non-political body
(B) Quasi-political body
(C) Political body
(D) Statutory body

Correct Answer: [B] Quasi-political body.

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39. Which of the Committees or Commissions made recommendations for granting more powers and responsibilities to the Panchayati Raj?
(A) Mondal Commission
(B) None of the above
(C) Jain Commission
(D) Mehta Commission

Correct Answer: [D] Mehta Commission.

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40. Balwantrai Mehta Committee was appointed
(A) To formulate child welfare programme
(B) To formulate the labor welfare programme
(C) To examine the Community Development Projects
(D) To formulate National Security Policy

Correct Answer: [C] To examine the Community Development Projects.

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Page 7

31. The Planning Commission is
(A) An advisory body
(B) A department of the Ministry of Finance. Govt. of India
(C) A wing of the Ministry of Planning, Government of India
(D) Endowed with the responsibility of implementing five-year plans

Correct Answer: [A] An advisory body.

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32. In the Community Development Programme, the Government provides
(A) Only financial assistance
(B) Only technical assistance
(C) Both (A) and (B)
(D) None of these

Correct Answer: [C] Both (A) and (B).

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33. Finance Commission is
(A) A constitutional body appointed by the President every five years to review Centre-State financial relationship
(B) A permanent body to supervise the center-state financial relationship
(C) An organization to prepare annual budgets for the Government
(D) An organization to find out financial resources for financing Five-Year Plans

Correct Answer: [A] A constitutional body appointed by the President every five years to review Centre-State financial relationship.

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34. Fiscal Deficit measures
(A) The difference between the government's consumption expenditure and tax receipt
(B) The difference between the government's revenue expenditure and revenue receipt
(C) The amount of increase in the government's debt
(D) The gap between the government's expenditure and tax receipt

Correct Answer: [C] The amount of increase in the government's debt.

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35. Which out of the following, can be levied by the State Government
(A) Tax on profession
(B) Capital gains tax
(C) Income tax
(D) Wealth tax

Correct Answer: [A] Tax on profession.

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Page 6

26. Whose name is associated with the formulation of Planning Strategy in the Second Five-Year Plan?
(A) Prasanta Chandra Mahalanobis
(B) B.R. Shenoy
(C) Mahatma Gandhi
(D) Jawaharlal Nehru

Correct Answer: [A] Prasanta Chandra Mahalanobis.

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27. The Indian Planning Commission was formed in the year
(A) 1950
(B) 1951
(C) 1947
(D) 1949

Correct Answer: [A] 1950.

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28. State Bank of India was formerly known as
(A) The Central bank of India
(B) The Industrial Bank of India
(C) The Imperial Bank of India
(D) The National Bank of India

Correct Answer: [C] The Imperial Bank of India.

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29. The heavy and basic industrialization is associated with India's
(A) Sixth five-year plan
(B) Second five-year plan
(C) Third five-year plan
(D) Fourth five-year plan

Correct Answer: [B] Second five-year plan.

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30. In which of the following years was the Food Corporation of India set up?
(A) 1965
(B) 1970
(C) 1955
(D) 1960

Correct Answer: [A] 1965.

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WBCS Previous Year MCQ Question on Indian Economy P5

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Page 5

21. The Second Five-Year Plan was based on
(A) German Historical School Strategy
(B) None of the above
(C) The Gandhian Strategy
(D) The Mahalonobis Strategy

Correct Answer: [D] The Mahalonobis Strategy.

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22. Who maintains foreign exchange reserve in our country?
(A) Minister of Finance, Govt. of India
(B) Export-Import Bank of India
(C) Reserve Bank of India
(D) State Bank of India

Correct Answer: [C] Reserve Bank of India.

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23. Who finally approves the draft five-year plan?
(A) Planning Commission
(B) The President of India
(C) Parliament and State Legislatures
(D) National Development Council

Correct Answer: [D] National Development Council.

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24. Which of the following States grows sugarcane as a major crop
(A) Uttar Pradesh
(B) Punjab
(C) Bihar
(D) Rajasthan

Correct Answer: [A] Uttar Pradesh.

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25. Apex Bank for supplying agricultural credit is
(A) NABARD
(B) Reserve Bank of India
(C) State Bank of India
(D) (B) and (C)

Correct Answer: [A] NABARD.

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Page 4

16. The purpose of the Community Development Programme was
(A) To cultivate the spirit of self-reliance and initiative among rural people
(B) All of these objectives
(C) To create a scientific outlook among rural people
(D) To solve the unemployment problem

Correct Answer: [B] All of these objectives.

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17. Under the chairmanship of Pandit Jawaharlal, Nehru Planning Commission was formed in the year
(A) 1951
(B) 1952
(C) 1949
(D) 1950

Correct Answer: [D] 1950.

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18. The real introduction of Decentralized Planning in India was made for the first time during the
(A) 9th Plan
(B) 10th Plan
(C) 7th Plan
(D) 8th Plan

Correct Answer: [D] 8th Plan.

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19. The Green Revolution in agriculture has made the Indian farmers dependent on
(A) Indigenous
(B) Availability of micro-nutrients
(C) Machines
(D) Fertilizers and pesticides

Correct Answer: [D] Fertilizers and pesticides.

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20. Which Five Year Plan was suspended one year before its time schedule?
(A) Fifth Plan
(B) Sixth Plan
(C) Third Plan
(D) Fourth Plan

Correct Answer: [A] Fifth Plan.

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Page 3

11. Green Revolution has led to a marked increase in
(A) Interpersonal inequalities
(B) Regional inequalities
(C) Productivity of wheat
(D) All of the above

Correct Answer: [C] Productivity of wheat.

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12. The period of Annual plans 1966-69, is usually regarded as
(A) A period of cessation of all plan activities
(B) Plan rest period
(C) Temporary plan period
(D) Plan Holiday

Correct Answer: [D] Plan Holiday.

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13. The objectives of land reforms are
(A) Economic development with equity in the distribution
(B) Increases in the purchasing power of rural people
(C) Increases in production
(D) All of the above

Correct Answer: [D] All of the above.

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14. Green Revolution occurred first in
(A) Andhra Pradesh and Tamil Nadu
(B) Gujarat and Maharastra
(C) Punjab and Haryana
(D) Bihar and West Bengal

Correct Answer: [C] Punjab and Haryana.

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15. A mixed economy is one
(A) Public Sector operate successfully
(B) Where the private sector is policed by the State Sector
(C) Where domestic and foreign trade are intermixed
(D) When private and public economic units operate side by side

Correct Answer: [D] When private and public economic units operate side by side.

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Page 2

6. Center-State financial relations are looked after by
(A) Ministry of Finance
(B) Planning Commission
(C) Finance Commission
(D) Sarkaria Commission

Correct Answer: [C] Finance Commission.

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7. SEBI is the acronym of -
(A) Securities and Exchange Board of India
(B) Scheduled Castes and Educationally Backward classes of India
(C) State Education Board of India
(D) South Eastern Bank of India

Correct Answer: [A] Securities and Exchange Board of India.

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8. When was the concept of the Human Development Index (HDI) introduced by the United Nations Developmentment Programme?
(A) 1993
(B) 1995
(C) 1990
(D) 1991

Correct Answer: [C] 1990.

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9. NABARD is associated with
(A) Rural development
(B) Development of railways
(C) Industrial development
(D) Urban development

Correct Answer: [A] Rural development.

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10. If the withdrawal of a worker from employment does not create any output loss, this situation is known as
(A) Disguised unemployment
(B) Frictional unemployment
(C) Search unemployment
(D) Voluntary unemployment

Correct Answer: [A] Disguised unemployment.

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Page 1

1. Name the international financial institution which controls the exchange value of currencies of different countries
(A) IMF (International Monetary Fund)
(B) None of the above
(C) Federal Reserve system of USA
(D) International Bank for reconstruction and development

Correct Answer: [A] IMF (International Monetary Fund).

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2. World Trade Organisation was established in the year
(A) 2000
(B) 2005
(C) 1986
(D) 1995

Correct Answer: [D] 1995.

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3. Planning Commission of India is a
(A) A department of State Government
(B) A subsidiary of Reserve Bank of India
(C) Statutory Body
(D) A department of Central Government

Correct Answer: [D] A department of Central Government.

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4. Revenue from agricultural income tax is collected and received by
(A) Local Self Government
(B) Both Union and State Government
(C) Only the Union Government
(D) Only State Government

Correct Answer: [D] Only State Government.

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5. Community Development Programme stared in
(A) 1972
(B) 1980
(C) 1952
(D) 1956

Correct Answer: [C] 1952.

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