Indian Economy Practice Question and Answer

Q:

What does the Lorenz Curve indicate?

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  • 1
    Relationship between the price of a certain commodity and its demand
    Correct
    Wrong
  • 2
    Income distribution
    Correct
    Wrong
  • 3
    Rate of employment
    Correct
    Wrong
  • 4
    Taxable income elasticity
    Correct
    Wrong
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Answer : 2. "Income distribution"

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:

Which bank has formed Kisan Clubs to reach farmers easily?

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  • 1
    Reserve Bank of India
    Correct
    Wrong
  • 2
    Bank of India
    Correct
    Wrong
  • 3
    Regional Rural Banks
    Correct
    Wrong
  • 4
    Allahabad Bank
    Correct
    Wrong
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Answer : 3. "Regional Rural Banks"

Q:

Bank rate is the rate at which—

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  • 1
    A bank lends to the public.
    Correct
    Wrong
  • 2
    RBI lends to the public.
    Correct
    Wrong
  • 3
    RBI lends to commercial banks.
    Correct
    Wrong
  • 4
    Government of India lends to other countries.
    Correct
    Wrong
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Answer : 3. "RBI lends to commercial banks."

Q:

India ranks first in the world in the production of which mineral?

1418 0

  • 1
    graphite
    Correct
    Wrong
  • 2
    Tungsten
    Correct
    Wrong
  • 3
    asbestos
    Correct
    Wrong
  • 4
    All these
    Correct
    Wrong
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Answer : 3. "asbestos"

Q:

Which of the following countries has a mixed economy?

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  • 1
    America
    Correct
    Wrong
  • 2
    India
    Correct
    Wrong
  • 3
    China
    Correct
    Wrong
  • 4
    Russia
    Correct
    Wrong
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Answer : 2. "India"

Q:

Which is the most essential function of an entrepreneur? 

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  • 1
    Marketing
    Correct
    Wrong
  • 2
    Risk bearing
    Correct
    Wrong
  • 3
    Supervision
    Correct
    Wrong
  • 4
    Management
    Correct
    Wrong
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Answer : 2. "Risk bearing "

Q:

In which year was the National Income Committee formed?

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  • 1
    1950
    Correct
    Wrong
  • 2
    1949
    Correct
    Wrong
  • 3
    1948
    Correct
    Wrong
  • 4
    1960
    Correct
    Wrong
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Answer : 2. "1949"

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