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Indian Economy MCQ Question and Answer

1.Excise duty is a tax levied on the

  • Aimport of goods
  • Bexport of goods
  • Cproduction of goods
  • Dsale of goods
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Correct Answer : (C)

production of goods
Explanation:

2.Debenture holders of a company are its

  • AShareholders
  • BCreditors
  • CDebtors
  • DDirectors
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Correct Answer : (B)

Creditors
Explanation:

3.Our financial system has provided for the transfer of resources from the centre to the states; the important means of resource transfers are

  • Atax sharing
  • Bgrant-in-aids
  • Cloans
  • DAll the above
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Correct Answer : (D)

All the above
Explanation:

4.States earn maximum revenue through

  • Aland revenue
  • Bcustom revenue
  • Ccommercial taxes
  • Dexcise duties on intoxicants
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Correct Answer : (C)

commercial taxes
Explanation:

5.The central co-operative banks are in direct touch with

  • AFarmers
  • Bstate co-operative banks
  • Cland development banks
  • Dcentral government
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Correct Answer : (B)

state co-operative banks
Explanation:

6.In the state of India, the State Financial Corporation have given assistance mainly to develop

  • Aagricultural farms
  • Bcottage industry
  • Clarge-scale industries
  • Dmedium and small-scale industries
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Correct Answer : (D)

medium and small-scale industries
Explanation:

7.The currency convertibility concept in its original form originated in

  • AWells Agreement
  • BBretton Woods Agreement
  • CTaylors Agreement
  • DNone of the above
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Correct Answer : (B)

Bretton Woods Agreement
Explanation:

8.Which of the following items would not appear in a company's balance sheet?

  • AValue of stocks of raw materials held
  • BTotal issued capital
  • CRevenue from sales of the company's products
  • DCash held at the bank
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Correct Answer : (C)

Revenue from sales of the company's products
Explanation:

9.Ten rupee notes contain the signature of

  • AFinance Secretary, GOI
  • BChairman, SBI
  • CGovernor, RBI
  • DFinance Minister , GOI
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Correct Answer : (C)

Governor, RBI
Explanation:

10.One rupee currency note in India bears the signature of

  • AThe president of India
  • BFinance minister of India
  • CGovernor (RBI)
  • DFinance secretary of Government of India
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Correct Answer : (D)

Finance secretary of Government of India
Explanation:

11.Deficit financing implies

  • Aprinting new currency notes
  • Breplacing new currency with worn out currency
  • Cpublic expenditure in excess of public revenue
  • Dpublic revenue in excess of public expenditure
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Correct Answer : (C)

public expenditure in excess of public revenue
Explanation:

12.Since 1983, the RBI's responsibility with respect to regional rural banks was transferred to

  • AARDC
  • BSBI
  • CNABARD
  • DPACs
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Correct Answer : (C)

NABARD
Explanation:

13.The co-operative credit societies have a

  • Atwo-tier structure
  • Bthree-tier structure
  • Cfour-tier structure
  • Dfive-tier structure
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Correct Answer : (B)

three-tier structure
Explanation:

14.If an economy is equilibrium at the point where plans to save and to invest are equal, then government expenditure must be

  • AZero
  • Bequal to government income
  • Clarger than government income
  • Dnegative
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Correct Answer : (B)

equal to government income
Explanation:

15.Since the inception of the co-operative movement, rural credits has been

  • AInstitutionalized
  • BRationalized
  • CCheapened
  • DAll of the above
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Correct Answer : (D)

All of the above
Explanation:

16.Revenue of the state governments are raised from the following sources, except

  • Aentertainment tax
  • Bexpenditure tax
  • Cagricultural income tax
  • Dland revenue
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Correct Answer : (C)

agricultural income tax
Explanation:

17.Deficit financing means that the government borrows money from the

  • ARBI
  • Blocal bodies
  • Cbig businessmen
  • DIMF
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Correct Answer : (A)

RBI
Explanation:

18.Which of the following is not viewed as a national debt?

  • AProvident Fund
  • BLife Insurance Policies
  • CNational Saving Certificate
  • DLong-term Government Bonds
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Correct Answer : (C)

National Saving Certificate
Explanation:

19.Non Tax revenues can be increased by improving the working of the

  • AState Road Transport Corporations
  • Belectricity boards
  • Ccommercial irrigation projects
  • DAll of the above
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Correct Answer : (C)

commercial irrigation projects
Explanation:

20.Devaluation of currency leads to

  • Afall in domestic prices
  • Bincrease in domestic prices
  • Cno impact on domestic prices
  • Derratic fluctuations in domestic prices
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Correct Answer : (B)

increase in domestic prices
Explanation:

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