Indian Economy MCQ | Part -1 | Quickbytes

Learn and Practice Indian Economy MCQ and Quiz . QuickBytes Indian Economy MCQ and Quiz Part 1 is for students to prepare interviews, competitive examinations, and entrance tests.

1. What is the type of Indian Economy?

Mixed Economy
Market Economy
Traditional Economy
Command Economy

2. Who is the father of Indian Economic Reform?

Adam Smith
PV Narasimha Rao
Manmohan Singh
APJ Abdul Kalamc

3. When was Reserve Bank of India nationalized?

1 January,1949
1 January,1935
1 April,1949
1 April,1935

4. What is the relationship between quantity demanded and price?

Direct relation
Inverse relation
No relation
None of these

5. What is the GDP?

Final value of all goods and services
Private consumption+ Government spending
Gross investment
Private consumption+ Government spending+ Gross Spending+ Net exports

6. Which country has highest foreign direct investment in India?

United States

7. Which commodity are the substitutes?

Tea and Coffee
Bread and Butter
Cars and Petrol
None of the above

8. Which are the complementary commodities?

1. Car and Petrol
2. Pen and Refill
3. DVD player and disk
4. All of the above

9. Which country has highest GDP?

United States

10. What is the slope of demand curve?

1. Downward from right to left
2. Downward from left to right
3. Upward Curve
4. Closed Curve

11. What are the exceptions to the Law of Demand?

Giffen Paradox
All of the above

12. What is the meaning of Fiscal deficit?

Expenditure of government is less than revenue
Expenditure of government is more than revenue
Expenditure of government is equal to revenue
None of these

13. In which of the following market forms, firm is the price maker?

Perfect Competition
Monopolistic Competition

14. Who is the chief economic advisor of India?

Arvind Subramaniam
Krishnamurthy Subramaniam
Raghuram Rajan
Shaktikanta Das

15. What is the meaning of term “Lasting Interest” in FDI?

50% of voting power in an organization
75% of voting power in an organization
10% of voting power in an organization
5% of voting power in an organization

16. What is the full form of SEBI?

Secondary Education Board of India
South Easter Board of India
Securities and Exchange Board of India
None of the above

17. What is the name of structure on the note of Rs.200?

Hampi with chariot
Sanchi Stupa
Red Fort

18. What are the external economies?

Arise in an economy as it makes progress
Accrue to a firm when it expands its output
Arise when there is expansion in internal trade
Arise when there is expansion in industry

19. How many tax slabs are there in GST?

None of the above

20. GST was brought by which amendment?


21. Who is the head of GST Council?

Union Finance Minister
Prime Minister
RBI Governor
Finance Secretary

22. Who is the Finance Secretary of India?

Rajiv Kumar
Ajay Bhushan Pandey
Rajiv Gauba
P.K Sinha

23. Who among the following gave the definition of Economics as the “Science which deals with wealth”? (SSC CGL 2017)

J. M. Keynes
H. C. Dickinson
Henry Smith
J.B. Say

24. Freedom of choice is the advantage of? (SSC CGL 2017)

Mixed economy

25. Which one of the following is the objective of National Watershed Development project for rainfed areas of India? (SSC CGL 2017)

Sustainable farming systems
Integrated Watershed Management
Reclamation of Forest Area
Both 1 and 2