Category: Indian Economy GK MCQ

MCQ on Some Economic and Financial Terms Q1. What does the term GDP stand for?a) Gross Domestic Productb) Gross Domestic Pricec) General Domestic Productd) General Domestic Price Q2. What is the primary function of the Reserve Bank of India (RBI)?a) To regulate the issue of banknotesb) To maintain price stabilityc) To supervise the financial systemd) […]

MCQ on Foreign Trade in India Q1. Which of the following is the main objective of India’s Foreign Trade Policy?a) To promote exports and reduce importsb) To achieve a balance of trade surplusc) To increase the share of India’s exports in world traded) To promote import substitution Q2. Which of the following organizations regulates international

MCQ on Industry and Industrial Performance Q1. Which of the following sectors is considered the backbone of the Indian economy?a) Agricultureb) Industryc) Servicesd) Infrastructure Q2. Which of the following industries is a major contributor to India’s GDP?a) Textile industryb) Automobile industryc) Information technology (IT) industryd) All of the above Q3. Which of the following is

MCQ on Tax System in India Q1. Which of the following is the primary indirect tax in India?a) Income taxb) Corporate taxc) Goods and Services Tax (GST)d) Customs duty Q2. Which of the following is a direct tax in India?a) Income taxb) Goods and Services Tax (GST)c) Value Added Tax (VAT)d) Customs duty Q3. Which

MCQ on Money, Banking and Insurance Q1. Which of the following institutions is the central banking authority in India?a) State Bank of Indiab) Securities and Exchange Board of India (SEBI)c) Reserve Bank of India (RBI)d) Insurance Regulatory and Development Authority of India (IRDAI) Q2. Which of the following is a primary function of commercial banks

MCQ on Indian Fiscal System Q1. Which of the following is the primary source of revenue for the central government in India?a) Corporate taxb) Income taxc) Goods and Services Tax (GST)d) Customs duty Q2. Which of the following is the primary source of revenue for the state governments in India?a) Corporate taxb) Income taxc) State

MCQ on Indian Financial System Q1. Which of the following institutions is responsible for regulating the Indian financial system?a) Reserve Bank of India (RBI)b) Securities and Exchange Board of India (SEBI)c) Insurance Regulatory and Development Authority of India (IRDAI)d) Pension Fund Regulatory and Development Authority (PFRDA) Q2. Which of the following is a primary objective

MCQ on New Economic Policy Q1. Which year marked the beginning of the New Economic Policy in India?a) 1981b) 1991c) 2001d) 2011 Correct Answer: b) 1991Explanation: The New Economic Policy was introduced in India in 1991 under the leadership of P.V. Narasimha Rao. The policy aimed to liberalize the Indian economy, promote foreign investment, and

MCQ on Trade and Commerce Q1. Which of the following is the apex institution for regulating foreign trade in India?a) Reserve Bank of India (RBI)b) Securities and Exchange Board of India (SEBI)c) Directorate General of Foreign Trade (DGFT)d) Ministry of Commerce and Industry Q2. Which of the following is the largest trading partner of India?a)

MCQ on Unemployment and Employment Q1. Which of the following is a primary cause of unemployment in India?a) Rapid population growthb) Technological advancementsc) High inflation rated) Low foreign direct investment Q2. Which of the following types of unemployment is most commonly found in the agricultural sector in India?a) Frictional unemploymentb) Structural unemploymentc) Cyclical unemploymentd) Disguised