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.

41. When the percentage change in demand of a commodity is less than the percentage change in its price, then the demand is called?
[A] Highly elastic
[B] Inelastic
[C] Relatively elastic
[D] Perfectly inelastic

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42. What is the psychological law of consumption?
[A] proportionate increase in consumption is less than proportionate increase in income
[B] increase in income is equal to increase in consumption
[C] increase in consumption is greater than increase in income
[D] consumption does not change with a change in income

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43. _____ is a payment made by the government to a producer to supplement the market price of a commodity.
[A] Duty
[B] Subsidy
[C] Excise Duty
[D] GST

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44. In which of the following economic systems, the government decides which goods should be produced according to the needs of the society?
[A] Socialist
[B] Mixed
[C] Capitalist
[D] Traditional

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45. Antyodaya program is associated with which of the following?
[A] liberation of bonded labour
[B] bringing up cultural revolution in India
[C] demands of textile labourers
[D] upliftment of the poorest of the poor

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46. What is the money market a market for?
[A] Short term fund

[B] Long term fund

[C] Negotiable instruments
[D] Sale of shares

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47. What happens to prices when the fiscal deficit is high?
[A] Prices decrease
[B] There is no direct impact on prices
[C] Prices remain stable
[D] Prices increase

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48. Favorable trade balance in a country means that?
[A] Imports are greater than Exports
[B] Exports are greater than Imports
[C] Both Imports and Exports are equal
[D] Rising Imports and Falling Exports

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49. Globalization of Indian economy shows?
[A] Increase in external borrowings
[B] having minimum intervention in economic relations with other countries
[C] starting of new business units abroad
[D] relaxing the programmes of import substitution

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50. Who was the first to estimate the national income in India?
[A] V.K. R. V. Rao
[B] Dadabhai Naoroji
[C] R.C. Dutt
[D] D.R. Gadgil

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