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MCQ on Indian Economy

Consider the following statements regarding the Goods and Services Tax (GST) of India:

(i) GST is a successor to VAT used in India on the supply of goods and services.

(ii) GST came into effect from 1st July, 2017 through the implementation of the one hundred and first Amendment of the Constitution of India.

(iii) Every decision of the GST Council is to be taken by a majority of not less than three fourths of the weighted votes of the members present and voting at the meeting.

(iv) The GST Council is chaired by the Prime Minister of India.

Select the correct statement/statements using the codes given below.

  • (i) only
  • (ii) only
  • (iii) and (iv) only
  • (i), (ii) and (iii) only
    • Correct Option: D  [ (i), (ii) and (iii) only ]

    Explanation:

What is hard currency?

  • A stable currency
  • Arranged in war time
  • Issued by IMF
  • Given by RBI to foreign banks
    • Correct Option: A  [ A stable currency ]

    Explanation:

The Reserve Bank of India was established in the year :

  • 1930
  • 1935
  • 1940
  • 1945
    • Correct Option: B  [ 1935 ]

    Explanation: RBI Nationalized on 1st Jan, 1949.

Economic growth is usually coupled with ___________.

  • deflation
  • inflation
  • Stagflation
  • hyper inflation
    • Correct Option: B  [ inflation ]

    Explanation:

Which industry employs the largest number of women in India ?

  • Tea
  • Textile
  • Jute
  • Coal
    • Correct Option: B  [ Textile ]

    Explanation:

The equilibrium condition for money market is:

  • demand for money should be equal to supply of money
  • cash in hand should be equal to deposits in bank
  • saving is equal to investment
  • bank rate is equal to repo rate
    • Correct Option: A  [ demand for money should be equal to supply of money ]

    Explanation:

Which one of the following is the main source of revenue for the states ?

  • Property tax
  • Sales tax
  • Excise duty
  • None of these
    • Correct Option: B  [ Sales tax ]

    Explanation:

About Deendayal Antyodaya Yojana (DAY) which of the following is not correct ?

  • It focuses on both the rural and urban areas
  • It aims at skill development.
  • It is a State Government's scheme
  • It has replaced Ajeevika
    • Correct Option: C  [ It is a State Government's scheme ]

    Explanation:

ICDS was first introduced in India in the year

  • 1975
  • 1977
  • 1979
  • None of these
    • Correct Option: A  [ 1975 ]

    Explanation:

Which of the following benefits is covered under social security schemes ?

  • Retirement benefits
  • Medical facility
  • Compensation facilities
  • All of the above
    • Correct Option: D  [ All of the above ]

    Explanation:
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