Indian Economy MCQ Question Answer Paper Set 24

1)Expand the term LIBOR

a) London Inter-Bank Offered Rate

b) London Inter-Bank Operational Rate

c) London Inter-Bank Offsite Rate

d) London Inter-Bank onsite Rate

ans: a

2) A scheduled commercial bank should have capital and reserves over

a) Rs 10 Lakh

b) Rs 2 Crore

c) Rs 8 Lakh

d) Rs 5 Lakh

ans: d

3) Antyodaya Anna Yojana was launched on

a) 25th December,2000

b) 15th August,2001

c) 2nd October,2001

d) 2nd October, 2001

ans: a

4) Rate of growth of an economy is measured in term of

a) national income

b) per capital income

c) number of people who have been lifted above the poverty  line

d) Industrial development

ans: a

5) Who is the Deputy Chairman of Planning Commission?

(a) Prime Minister

(b) Finance Minister

(c) Commerce Minister

(d) None of the above

Ans: (d)

6) Who of the following was the author of the chapter on “Objectives of Planned Development” for the Third Five Year Plan?

(a) Morarji Desai

(b) C.D. Deshmukh

(c) Jawaharlal Nehru

(d) Lal Bahadur Shastri

Ans: (a)

7) During which Plan did prices show a decline?

(a) First

(b) Third

(c) Fifth

(d) None of the above

Ans: (a)

8) Consider the following statements with reference to Indira Gandhi National Old Age Pension Scheme

1. All persons of 60 years or above belonging to the households below poverty line in rural areas are eligible.

2. The Central Assistance under this Scheme is at the rate of Rs. 300 per month per beneficiary. Under the Scheme, States have been urged to give matching amounts.

Which of the statements given above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

Ans: (d)

9) Which of the following schemes launched by the Govt. of India aims at enhancing the livelihood security of the people in rural areas by guaranteeing hundred days of employment in a financial year to a rural household whose adult members volunteer to do unskilled manual work?


b) Pradhan Mantri Gram Sadak Yojana

c) Kutir Jyoti Scheme


Ans: d

10) Which committee was set up to review the concept of the poverty line?

a) Dutt Committee

b) Wanchoo Committee

c) Chakarvarthy Committee

d) None of the above

ans: c

11) ‘Apna Khet, Apna Kaam’, a new scheme under MNRGEA  has been initiated in which state?

a) Punjab

b) Rajasthan

c) Uttar Pradesh

d) Madhya Pradesh

ans: b

12) Who among the following is most benefitted from inflation?

(a) Government pensioners

(b) Creditors

(c) Savings Bank Account holders

(d) Debtors

Ans: (d)

13) Which of the following mints undertakes refining of gold for licensed gold dealers and production of medals for defence services?

(a) The Hyderabad Mint

(b) The Mumbai Mint

(c) The Kolkata Mint

(d) None of the above

Ans: (b)

14) Which of the following expenses do not require the sanction of Parliament?

I. Salary and allowances of the President and CAG

II. Debt charges of the Government

III. Defence expenditure

IV. Maintenance expenditure of embassies

(a) I, II, III, IV

(b) I, II, III

(c) I, II

(d) II, IV

Ans: (c)

15) Which of the following would signify scarcity in economics?

(a) Production of 100 kg of a certain item instead of the targeted 150 kg

(b) Availability of 10 kg of rice against a demand for 15 kg

(c) Availability of post-graduates for jobs of typists

(d) Quantity supplied remains the same when price changes

Ans: (b)

16) Dear Money Policy implies:

(a) high price level

(b) large money supply

(c) high production

(d) high interest rates

Ans: (d)

17) Which of the following states ranks first in terms of the maximum number of agrobased industries?

(a) Gujarat

(b) Punjab

(c) West Bengal

(d) Kerala

Ans: (b)

18) Voting rights in the IMF are distributed on the basis of:

(a) one country, one vote

(b) proportion to the share of the income of the country in the world income

(c) proportion to contributions given by each country

(d) proportion to quota alloted to countries from time to time

Ans: (d)

19) The earlier name of the WTO was:



(c) OECD

(d) GATT

Ans: (d)

20) Which state produces maximum Soyabean?

(a) Madhya Pradesh

(b) Uttar Pradesh

(c) Bihar

(d) Rajasthan

Ans: (a)

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