Indian Economy MCQ Set-11

Most Important Indian Economic History MCQ GK for competitive examinations in India such as UPSC CSE, State PSC, IBPS PO, SBI PO, IBPS SO, IBPS RRB, IBPS Clerk and various government & public sector undertaking jobs in India.

Q.1 The “Aam Aadmi Bima Yojana” was launched by:

A. Aam Aadmi Party

B. Ministry of Labour and Employment, Government of India

C. Life Insurance Corporation

D. None of these

Answer: B. Ministry of Labour and Employment, Government of India

Note: Launched in 2007, the Aam Aadmi Bima Yojana(AABY) is a Ministry of Labour and Employment, Government of India’s Social Security Scheme administered through Life Insurance Corporation Of India that provides Death and Disability cover.

Q.2 Open market operation is a part of which of the following policy?

A. Debit Policy

B. Deposit Policy

C. Lending Policy

D. Credit Policy

Answer: D. Credit Policy

Note: Open market operations (OMOs)–the purchase and sale of securities in the open market by a central bank–are a key tool used by the Federal Reserve in the implementation of monetary policy.

Q.3 In India, inflation is measured on the basis of:

I. Wholesale Price Index (WPI)

II. Consumer Price Index (CPI)

III. National Income Deflation

A. Only I

B. Only II

C. Both I & II

D. Both I & III

Answer: C. Both I & II

Note: In India, inflation is primarily measured by two main indices — WPI (Wholesale Price Index) and CPI (Consumer Price Index), which measure wholesale and retail-level price changes, respectively.

Q.4 One Rupee note bears signature of:

A. Governor of RBI

B. Minister of Finance, Government of India

C. Finance Secretary to the Government of India

D. None of these

Answer: C. Finance Secretary to the Government of India

Note: One Rupee note is the only note in India that doesn’t bear signature of the Governor of RBI.

Q.5 In India, the Economic Survey is published by:

A. Central Statistical Institute

B. Ministry of Finance, Government of India

C. NITI Aayog

D. None of these

Answer: B. Ministry of Finance, Government of India

Q.6 Who among the following is considered as India’s pioneer of economic nationalism?

A. Romesh Chunder Dutt

B. Motilal Nehru

C. Madam Mohan Malviya

D. Gopal Krishna Gokhale

Answer: A. Romesh Chuder Dutt

Note: Romesh Chunder Dutt was an Indian civil servant, economic historian, writer and translator of Ramayana and Mahabharata. Dutt is considered a national leader of the pre-Gandhian era, and was a contemporary of Dadabhai Naoroji and Justice Ranade.

Q.7 Repo rate and reverse repo rate is related to:

A. Public debt

B. Credit Policy of RBI

C. Debit Policy of RBI

D. None of these

Answer: B. Credit Policy of RBI

Q.8 Which among the following is CORRECT about the finance commission of India?

I. Finance commission was established in 1951

II. The finance commissioner of India is appointed by the President of India

III. Finance commission defines financial relations between central government of individual state government

A. Only I

B. Only II

C. Only III

D. All of the above

Answer: A. All of the above

Q.9 Indian foreign exchange system is:

A. Free float

B. Fixed

C. Managed float

D. None of these

Answer: C. Managed Float

Note: Managed float regime is an international financial environment in which exchange rates fluctuate from day to day, but central banks attempt to influence their countries’ exchange rates by buying and selling currencies to maintain a certain range.

Q.10 The first devaluation of Indian Rupee took place in:

A. 1948

B. 1966

C. 1957

D. 1991

Answer: B. 1966

Note: Since Independence in 1947, India has faced two major financial crises and two consequent devaluations of the rupee: In 1966 and 1991.

List of Indian Economy MCQ sets from GKLead.com

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