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 among the following is related to utility?
[A] Satisfaction and wants
[B] Necessity and wants
[C] Usefulness and need
[D] None of the above
Show Answer
Correct Answer: A [Satisfaction and wants]
Notes:
Utility is the power or capacity of a commodity to satisfy a human want or it is the amount of satisfaction that a person gets from the consumption of a good or service. It is measured in utils.
12. Capitalist economic system is the feature of which of these countries?
[A] USA
[B] China
[C] Russia
[D] India
Show Answer
Correct Answer: A [USA]
Notes:
USA has a capitalist system followed in its economy. The prices are controlled by the market forces of demand and supply.
13. Which of the following are the measures are not part of the Liberalization of Economy in 1991?
[A] Allowed FDI in Indian companies
[B] Removal of Bureaucratic control over Industries
[C] Privatization of PSU’s
[D] New Government controlled companies were set up
Show Answer
Correct Answer: D [New Government controlled companies were set up]
Notes:
The liberalization of the economy in 1991 led to a decrease in government control over the economy. The control of private entities over the economy has increased. FDI was allowed and convertibility of rupee was started.
14. What was the first five-year plan known as?
[A] Mahalonibis Model
[B] Bombay Plan
[C] Harrod Domar plan
[D] None of these
Show Answer
Correct Answer: C [Harrod Domar plan]
Notes:
India adopted five-year plans from 1950 after independence. The first five-year plan was based on the Harrod-Domar model which is based on steady-state growth.
15. Which of the following is not the function of NITI Aayog?
[A] Competitve Federalism
[B] Cooperative Federalism
[C] Allocate central sector funds
[D] Promote Innvoation
Show Answer
Correct Answer: C [Allocate central sector funds]
Notes:
The allocation of funds is the work done by planning commission which is the main reason for criticism against it. NITI Aayog doesn’t have any fund allocation power.
16. What is the Horticulture premium in the PM Fasal Bima Yojna?
[A] 5%
[B] 2%
[C] 4%
[D] 6%
Show Answer
Correct Answer: A [5%]
Notes:
The PM Fasal Bima Yojana is launched to provide crop insurance to farmers. Ministry of agriculture is implementing it. All crops are covered in it. Kharif premium is 2%, Rabi is 1.5% and Horticulture is 5%.
17. From which species can a transgene introduced into the parent gene for a GM crop?
[A] Plant to plant
[B] Animal to plant
[C] Micro organism to plant
[D] All the above
Show Answer
Correct Answer: D [All the above]
Notes:
In a GM crop during genetic modification of a plant, a foreign gene called “transgene” is inserted in the plant’s own genes. This could be introduced from one plant to another plant, from a plant to an animal, or from a microorganism to a plant.
18. How much phosphatic fertilizer need is met by the domestic production?
[A] 70%
[B] 50%
[C] 40%
[D] 60%
Show Answer
Correct Answer: B [50%]
Notes:
The fertilizer industry in India has the capacity to indigenously meet 50 % of the country’s phosphatic fertilizers. But India still depends heavily on imports for the raw ingredients for its phosphatic and potassium fertilizers.
19. Which is the top pulses producing country of the world?
[A] Myanmar
[B] Canada
[C] India
[D] Nigeria
Show Answer
Correct Answer: C [India]
Notes:
India is the top pulses producing nation in the world. Top 3 pulses producing countries are India, Canada, Myanmar.
20. Which country has the highest livestock population?
[A] India
[B] USA
[C] China
[D] Brazil
Show Answer
Correct Answer: A [India]
Notes:India has the world’s largest livestock population, with about 11.6% of the world’s total livestock. India is also the world’s leader in the following livestock categories:
- Buffalo population: India has 57% of the world’s buffalo population.
- Cattle population: India has the world’s largest cattle population.
- Goats and fish population: India is a leader in goats and fish population.
- Poultry market: India is a leader in the poultry market.
- Camels population: India is a leader in camels population.
India’s livestock sector contributes 4.1% of the country’s GDP and 25.6% of its agriculture GDP.
