MCQ on India's Economy with Answers 2013

1. VAT is imposed—
(A) Directly on consumer
(B) On final stage of production
(C) On first stage of production
(D) On all stages between production and final sale
Ans : (D)

2. Which city has been identified as the hottest (i.e., first ranking) outsourcing destination in the world ?
(A) Bangalore (India)
(B) Dublin (Ireland)
(C) Makati City (The Philippines)
(D) Tokyo (Japan)
Ans : (A)

3. Kutir Jyoti scheme is associated with—
(A) Promoting cottage industry in villages
(B) Promoting employment among rural unemployed youth
(C) Providing electricity to rural families living below the poverty line
(D) All of these
Ans : (C)


4. Novelis has been acquired and merged with—
(A) Tata Steels
(B) SAIL
(C) HINDALCO
(D) Jindal Steels
Ans : (C)

5. OTCEI is—
(A) Atomic Submarine of China
(B) Economic Policy of USA
(C) An Indian Share Market
(D) A defence research organisation
Ans : (C)

6. How many commodity exchanges (as on July 30, 2010) are working in India ?
(A) Three
(B) Four
(C) Five
(D) Six
Ans : (B)

7. As per the statistics on foreign debt at the end of March 2010, the ratio of long term debt and short term debt stands at—
(A) About 80 : 20
(B) About 75 : 25
(C) About 70 : 30
(D) About 65 : 35
Ans : (A)

8. The base of Consumer Price Index for Industrial Workers is being shifted from 1982 to—
(A) 1995
(B) 1998
(C) 2000
(D) 2001
Ans : (D)

9. SAARC University will have its head office in—
(A) Dhaka (Bangladesh)
(B) New Delhi (India)
(C) Colombo (Sri Lanka)
(D) Male (Maldives)
Ans : (B)

10. The base year of present Consumer Price Index (CPI) for Urban Non-Manual Employees (CPI—UNME) is—
(A) 1980-81
(B) 1981-82
(C) 1982-83
(D) 1984-85
Ans : (D)

11. CAPART is related with—
(A) Assisting and evaluating rural welfare programmes
(B) Computer hardware
(C) Consultant service of export promotion
(D) Controlling pollution in big industries
Ans : (A)

12. Note issuing deptt. of RBI should always possess the minimum gold stock of worth—
(A) Rs. 85 crore
(B) Rs. 115 crore
(C) Rs. 200 crore
(D) None of these
Ans : (B)

13. Which of the following does not grant any tax rebate ?
(A) National Saving Certificate
(B) Indira Vikas Patra
(C) National Saving Scheme
(D) Public Provident Fund
Ans : (B)

14. Ad hoc Treasury Bill System of meeting budget deficit in India was abolished on—
(A) 31 March, 1997
(B) 31 March, 1996
(C) 1 April, 1992
(D) 1 April, 1995
Ans : (A)

15. SEBI was established in—
(A) 1993
(B) 1992
(C) 1988
(D) 1990
Ans : (C)

16. The working of SEBI includes—
(A) To regulate the dealings of share market
(B) To check the foul dealings in share market
(C) To control the inside trading of shares
(D) All of these
Ans : (D)

17. The ‘Ad hoc Treasury Bill System’ of meeting budget deficit in India was replaced by ‘Ways and Means Advances System’ which has come into force on—
(A) March 31, 1997
(B) April 1, 1996
(C) April 1, 1997
(D) None of these
Ans : (C)

18. The recommendations of the 13th Finance Commission has become/will be operational during the period—
(A) 2009-14
(B) 2010-15
(C) 2011-16
(D) None of the above
Ans : (B)

19. For fiscal consolidation, 13th Finance Commission in its suggested roadmap kept the ceiling of debt burden of the union government at—
(A) 35% of GDP
(B) 40% of GDP
(C) 45% of GDP
(D) 50% of GDP
Ans : (C)

20. Which statement of the following is true for IMF ?
(A) It is not an agency of UNO
(B) It can grant loan to any country of the world
(C) It can grant loan to state Govt. of a country
(D) It grants loan only to member nations
Ans : (D)