Indian Economy Questions Practice Question and Answer

Q:

Which of the following ministry has Launched Mobile Application “ Jan Dhan Darshak” as A Part of Financial Inclusion?

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  • 1
    Finance Ministry
    Correct
    Wrong
  • 2
    Ministry of Consumer Affairs, Food and Public Distribution
    Correct
    Wrong
  • 3
    Ministry of Human Resource Development
    Correct
    Wrong
  • 4
    Ministry of Parliamentary Affairs
    Correct
    Wrong
  • 5
    Ministry of Commerce and Industry
    Correct
    Wrong
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Answer : 1. "Finance Ministry"
Explanation :

Department of Financial Services (DFS), Ministry of Finance and National Informatics Centre (NIC) has jointly developed a mobile app called Jan Dhan Darshak as a part of financial inclusion (FI) initiative .

Q:

The Micro, Small and Medium Enterprises Development Act was passed in the year ____.    

924 1

  • 1
    2002
    Correct
    Wrong
  • 2
    2006
    Correct
    Wrong
  • 3
    2004
    Correct
    Wrong
  • 4
    2008
    Correct
    Wrong
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Answer : 2. "2006"
Explanation :

Notification for enforcement of MSME Act, 2006, The Provisions of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006) shall come into force from 2nd October, 2006.

Q:

Who decides the Repo rate in India?

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  • 1
    Government of India
    Correct
    Wrong
  • 2
    Ministry of Finance
    Correct
    Wrong
  • 3
    Reserve bank of India
    Correct
    Wrong
  • 4
    None of these
    Correct
    Wrong
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Answer : 3. "Reserve bank of India"
Explanation :

The repo rate is the rate at which the Reserve Bank of India borrows funds from commercial banks in the country. It is the rate at which commercial banks in India park their excess money with the Reserve Bank of India, usually for the short term.

Q:

Who among the following became the first Chief Minister of the National Capital Territory of Delhi in 1993?

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  • 1
    Madan Lal Khurana
    Correct
    Wrong
  • 2
    Sheila Dixit
    Correct
    Wrong
  • 3
    Sushma Swaraj
    Correct
    Wrong
  • 4
    Sahib Singh Verma
    Correct
    Wrong
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Answer : 1. "Madan Lal Khurana"
Explanation :

1. Madan Lal Khurana (15 October 1936 – 27 October 2018) was an Indian politician and former Chief Minister of Delhi from 1993 to 1996.

2. He was succeeded by Gurmukh Nihal Singh of the Indian National Congress, who held the post for just one year in 1955.

3. The States Reorganization Act, 1956 made Delhi a union territory under central control.

Q:

Which factor is mainly responsible for increase in demand of natural resources?

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  • 1
    Scientific advancement
    Correct
    Wrong
  • 2
    Use of biodegradable chemicals
    Correct
    Wrong
  • 3
    Increasing human population
    Correct
    Wrong
  • 4
    Environmental pollution
    Correct
    Wrong
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Answer : 3. "Increasing human population"
Explanation :

The correct answer is Increased human population. As the human population is increasing at an astounding rate, we have reached a number of 7.4 billion today. Naturally, this means that we are utilizing more and more natural resources.

Q:

In which year did the Government of India set up the first mutual fund by an Act of Parliament?

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  • 1
    1979
    Correct
    Wrong
  • 2
    1982
    Correct
    Wrong
  • 3
    1963
    Correct
    Wrong
  • 4
    1971
    Correct
    Wrong
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Answer : 3. "1963"
Explanation :

1. The mutual fund industry in India began in 1963 with the formation of UTI by an Act of Parliament in 1963 and functioned under the regulatory and administrative control of the Reserve Bank of India (RBI).

2. Unit Trust of India (UTI) was established by an Act of Parliament in 1963.

3. UTI is the first mutual fund company established in India.

Q:

Amartya Sen was awarded the Noble Prize for his contribution to–

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  • 1
    Monetary Economics
    Correct
    Wrong
  • 2
    Welfare Economics
    Correct
    Wrong
  • 3
    Econometrics
    Correct
    Wrong
  • 4
    Development Economics
    Correct
    Wrong
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Answer : 2. "Welfare Economics"
Explanation :

Explain: -For Welfare Economics and Social Choice Theory, Amartya Sen, in 1998 was awarded the Noble Prize. Welfare economics is a branch of economics that uses microeconomic techniques to evaluate well-being (welfare) at the aggregate (economy-wide) level. ... The field of welfare economics is associated with two fundamental theorems.

Q:

Labour Intensive Technique would get chosen in a–

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  • 1
    Labour Surplus Economy
    Correct
    Wrong
  • 2
    Capital Surplus Economy
    Correct
    Wrong
  • 3
    Developed Economy
    Correct
    Wrong
  • 4
    Developing Economy
    Correct
    Wrong
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Answer : 1. "Labour Surplus Economy"
Explanation :

Expl:- Labour Intensive Technique will be chosen in Labour Surplus Economy because in such economy labour cost is low.

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