Indian Economy MCQs

Indian Economy Multiple Choice Questions (MCQs) for State and UPSC Civil Services Examinations. Objective Questions on Indian Economy for competitive examinations.

21. Which of the following bodies approves the Fair and Remunerative Price of Sugarcane?

[A] Cabinet Committee on Economic Affairs
[B] Commission for Agricultural Costs and Prices
[C] Directorate of Marketing and Inspection, Ministry of Agriculture
[D] Agricultural Produce Marketing Committee

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22. With respect to the upstream and downstream industries in Food Processing Units, which of the following observations is / are correct?

  1. While farmers are parts of upstream industry, collection centres are part of downstream industry
  2. Initial processing of food material is done in downstream industries

Select the correct option from the codes given below:

[A] Only 1
[B] Only 2
[C] Both 1 & 2
[D] Neither 1 nor 2

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23. Consider the following observations:
1. The Indian Capital Market deals in both primary and secondary securities
2. The Indian Capital Market allows businesses to raise both short term and long-term funds
Which among the above statements is / are correct ?

[A] Only 1
[B] Only 2
[C] Both 1 & 2
[D] Neither 1 nor 2

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24. The basic WTO principle with reference to trade barriers is that:

[A] Trade barriers can be imposed by any country that believes it will benefit from such trade barriers
[B] Trade Barriers should be lowered equally and without discrimination for all member countries
[C] Trade Barriers can be imposed if a majority of the members of the WTO agree
[D] Trade Barriers should be the same in all member countries so that the result is equivalent to free trade

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25. The two presses of Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) are located at:

[A] Mysore and Salboni
[B] Nashik and Dewas
[C] Mysore and Dewas
[D] Mumbai and Kolkata

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26. Which of the following statements is correct about the Countervailing duty?

[A] It is the tariff levied on imported goods to offset subsidies offered by the exporting country to its producers
[B] It is the tariff imposed on exported goods to reduce exports and increase the domestic supply
[C] It is the tax levied on revenues received by a corporation, even if it does not make any profit
[D] It is the tax levied on purchase or sale of various financial products like stocks, derivatives, mutual funds etc

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27. Consider the following bodies:
1. Coffee Board of India
2. Tea Board, India
3. Rubber Board of India
4. Coconut Development Board
Which among the above are statutory bodies?

[A] Only 1 & 2
[B] Only 1, 2 & 3
[C] Only 2, 3 & 4
[D] 1, 2, 3 & 4

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28. What is perfectly inelastic demand?

[A] Demand doesn’t change with price
[B] Demand change with price
[C] Change in demand is equal to price
[D] Demand changes infinitely

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29. Which among the following is an example of substitute goods?

[A] Milk and Coffee
[B] Pen and Paper
[C] Ink and Pen
[D] Tea and coffee

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30. What does Public sector in an economy means?

[A] That which is owned by community
[B] That which is owned by public
[C] That which is owned by government
[D] Both a and b

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