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Indian Economy MCQ Question and Answer

1.The term ?mixed economy? denoted

  • AExistence of both rural and urban sectors
  • BExistence of both Private and public Sectors
  • CExistence of both heavy and small industries
  • DExistence of both developed and underdeveloped sectors
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Correct Answer : (B)

Existence of both Private and public Sectors
Explanation:

2.In India, agriculture income is calculated by:

  • AOutput method
  • BInput method
  • CExpenditure method
  • DCommodity method
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Correct Answer : (A)

Output method
Explanation:

3.Who coined the term ?Hindu rate of growth? for Indian Economy?

  • AA.K. Sen
  • BKirit S. Parikh
  • CRaj Krishna
  • DMontek Singh Ahluwalia
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Correct Answer : (C)

Raj Krishna
Explanation:

4.GDP at factor cost is :

  • AGDP minus indirect taxes plus subsidies
  • BGNP minus depreciation allowances
  • CNNP plus depreciation allowances
  • DGDP minus subsidies plus indirect taxes
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Correct Answer : (C)

NNP plus depreciation allowances
Explanation:

5.Per Capita income is obtained by dividing National Income by:

  • ATotal population of the country
  • BTotal working population
  • CArea of the country
  • DVolume of the capital use
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Correct Answer : (A)

Total population of the country
Explanation:

6.Gross Domestic Product (GDP) is defined as the value of all :

  • AGoods produced in an economy in a year
  • BGoods and services in an economy in a year
  • CFinal goods produced in an economy in a year
  • DFinal goods and services produced in an economy in a year
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Correct Answer : (D)

Final goods and services produced in an economy in a year
Explanation:

7.Depreciation is equal to :

  • AGross National Product-Net National Product
  • BNet National Product- Gross National Product
  • CGross National Product- Personal Income
  • DPersonal Income- Personal Taxes
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Correct Answer : (A)

Gross National Product-Net National Product
Explanation:

8.Which one of the following is NOT a method of measurement of National Income?

  • AValue added Method
  • BIncome Method
  • CExpenditure Method
  • DInvestment Method
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Correct Answer : (D)

Investment Method
Explanation:

9.Net National Product (NNP) of a country is:

  • AGDP minus depreciation allowances
  • BGDP plus net income from aboard
  • CGNP minus net income from aboard
  • DGNP minus depreciation allowances
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Correct Answer : (D)

GNP minus depreciation allowances
Explanation:

10.National Income is based on the :

  • ATotal revenue of the State
  • BProduction of goods and services
  • CNet profit earned and expenditure made by the state
  • DThe sum of all factions of income
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Correct Answer : (B)

Production of goods and services
Explanation:

11.Which of the following is definitely a major indication of the State of the economy of a country?

  • ARate of GDP growth
  • BRate of inflation
  • CNumber of Banks in a country
  • DStock of food grains in a country
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Correct Answer : (A)

Rate of GDP growth
Explanation:

12.Per Capital Income of a country derived from:

  • ANational Income
  • BNational Income
  • CNational Income and National Income both
  • DNone of these
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Correct Answer : (C)

National Income and National Income both
Explanation:

13.The main source of National Income in India is :

  • AService Sector
  • BAgriculture
  • CIndustrial Sector
  • DTrade Sector
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Correct Answer : (A)

Service Sector
Explanation:

14.Who had estimate National Income in India first?

  • ADadabhai Naoroji
  • BR.C. Dutt
  • CV.K.R.V. Rao
  • DD.R. Gadgil
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Correct Answer : (A)

Dadabhai Naoroji
Explanation:

15.The National Income of a country is :

  • AThe annual Revenue of the Government
  • BSum total of factor income
  • CSurplus of Public Sector Undertakings
  • DSurplus of Public Sector Undertakings
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Correct Answer : (B)

Sum total of factor income
Explanation:

16.The tern National Income Represents:

  • AGross National Product at market price minus depreciation
  • BGross National Product at market price minus depreciation plus net factor income from abroad
  • CGross National Product at market price minus depreciations and indirect taxes plus subsidies
  • DGross National Product at market price minus net factor income from abroad
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Correct Answer : (C)

Gross National Product at market price minus depreciations and indirect taxes plus subsidies
Explanation:

17.Under which pan did the Government introduce an agricultural strategy which gave rise to Green Revolution?

  • ASecond Five Year Plan
  • BThird Five Year Plan
  • CFourth Five Year Plan
  • DSixth Five Year Plan
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Correct Answer : (B)

Third Five Year Plan
Explanation:

18.Under which pan did the Government introduce an agricultural strategy which gave rise to Green Revolution?

  • ASecond Five Year Plan
  • BThird Five Year Plan
  • CFourth Five Year Plan
  • DSixth Five Year Plan
Answer / Hint Save Question
Correct Answer : (B)

Third Five Year Plan
Explanation:

19.The Second Five Year Plan was based on :

  • AMahalanobis Model
  • BVakil and Brahmananda?s wage-Goods Model
  • CHarrod-Domar Growth Model
  • DSolow Growth Model
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Correct Answer : (A)

Mahalanobis Model
Explanation:

20.The Planning commission of India is:

  • AA constitutional body
  • BAn Independent and autonomous body
  • CA Statutory body
  • DA Non-Statutory body
Answer / Hint Save Question
Correct Answer : (D)

A Non-Statutory body
Explanation:

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