Indian Economy MCQs
Indian Economy Multiple Choice Questions (MCQs) for SSC, State and all One Day Examinations of India. Objective Questions on Indian Economy for competitive examinations.
11. Which out of the following is most popular channel of foreign inward remittances to India?
[A] SWIFT
[B] Rupee Drawing Arrangement (RDA)
[C] Direct transfers
[D] Cheques and Drafts
Show Answer
Correct Answer: B [Rupee Drawing Arrangement (RDA)]
Notes:
The rupee drawing arrangement (RDA) is the most popular channel of remittances which accounts for 75.2 per cent of remittances, followed by SWIFT (19.5 per cent), direct transfers (3.4 per cent) and cheques and drafts (1.9 per cent)
12. Which among the following is/are correct regarding Money Market?
[A] Money Market is a market for short-term funds
[B] Maturity in this market ranging from overnight to one year
[C] The basic function of money market is to provide efficient liquidity position
[D] All of the above
Show Answer
Correct Answer: D [ All of the above ]
Notes:
The money market is a key component of the financial system. It is a market for short-term funds with maturity ranging from overnight to one year. The basic function of money market is to provide efficient liquidity position for commercial banks, financial institution, Mutual funds, insurance companies, corporate etc
13. Which among the following is correct regarding the supply curve?
[A] It is relation between price of good and quantity produced
[B] It is a negatively sloped curve
[C] It is relation between price and quantity supplied
[D] None of the above
Show Answer
Correct Answer: C [It is relation between price and quantity supplied ]
Notes:
The supply curve reflects the relationship between the price and quantity supplied graphically. It is a positively sloped curve. It becomes flatter in the long run as price becomes constant after a certain time.
14. Which among the following is part of Macroeconomics?
[A] Investment of households
[B] Wages of a person
[C] How to produce good
[D] Aggregate economic activity
Show Answer
Correct Answer: D [Aggregate economic activity]
Notes:
Macroeconomics is a branch of economics that studies how an overall economy the market systems that operate on a large scale behaves. It deals with the performance, structure, behavior, and decision-making of an economy as a whole. Its features are Employment, national income, poverty etc.
15. Which item contributes maximum for Indian Imports?
[A] Oil
[B] Gems
[C] Automobiles
[D] Iron and steel
Show Answer
Correct Answer: A [Oil]
Notes:
The top 10 imports of India are :
1.Mineral fuels including oil: US$153.5 billion (32% of total imports)
2.Gems, precious metals: $60 billion (12.5%)
3.Electrical machinery, equipment: $50.4 billion (10.5%)
4.Machinery including computers: $44.1 billion (9.2%)
5.Organic chemicals: $20.5 billion (4.3%)
6.Plastics, plastic articles: $14.6 billion (3.1%)
7.Iron, steel: $11.6 billion (2.4%)
8.Animal/vegetable fats, oils, waxes: $9.6 billion (2%)
9.Optical, technical, medical apparatus: $9.5 billion (2%)
10.Fertilizers: $7.3 billion (1.5%)
16. Which country is the largest producer of buffalo meat?
[A] India
[B] Bangladesh
[C] Australia
[D] None of the above
Show Answer
Correct Answer: A [India]
Notes:
India is the largest producer of buffalo meat and 2nd largest producer of goat meat.
17. On which day is the World Fisheries day celebrated?
[A] Dec 21
[B] November 21
[C] October 21
[D] January 21
Show Answer
Correct Answer: B [November 21]
Notes:
World Fisheries day is celebrated on November 21 around the world by the world fisher folk community.
18. How many major Fishing harbors are there in India?
[A] 4
[B] 6
[C] 7
[D] 9
Show Answer
Correct Answer: C [7]
Notes:
India has 7 major fishing harbours and 70 minor fishing harbours. Vizag, Kochi, Calcutta, Mangalore, Pipavav, Krishnapatanam and JNP are the major ports.
19. What is the Recorded forest area?
[A] Area declared as forest by government
[B] Area recorded as forest in government records
[C] Forest area in government control
[D] None of the above
Show Answer
Correct Answer: B [Area recorded as forest in government records]
Notes:
Recorded Forest Area is the area recorded as forest in the Government records.
20. What is the world’s largest tobacco exporter?
[A] Germany
[B] Brazil
[C] India
[D] Hungary
Show Answer
Correct Answer: B [Brazil]
Notes:
Brazil is the largest exporter of tobacco(Processed+Unprocessed). India is the second-largest exporter.
