Q 1 – In which of the following type of economy are resources owned privately and the main objective behind economic activities is profit-making?
(A) Capitalist
(B) Socialist
(C) Mixed
(D) Global
Ans. (A) Capitalist
Q 2 – Which of the following is the main objective of carrying out various economic activities?
(A) Profit
(B) Public welfare
(C) Competition
(D) Equality
Ans. (B) Public welfare
Q 3 – When was the National Development Council (NDC) set up as an adjunct to the Planning Commission?
(A) 1950
(B) 1969
(C) 1952
(D) 1979
Ans. (C) 1952
Q 4 – Which of the following had been responsible for the heavy burden of the deal and its interest?
(A) BOP deficit
(B) BOP surplus
(C) Equilibrium
(D) None of these
Ans. (A) BOP deficit
Q 5 – Agriculture sector contributed _______ percent to the GDP in 1990-91.
(A) 24.6
(B) 34.9
(C) 40.5
(D) 59.0
Ans. (B) 34.9
Q 6 – What is needed to provide protection against natural calamities like floods, drought, locusts, thunderstorms, etc.?
(A) Multiple cropping
(B) Green revolution
(C) Crop insurance
(D) HYV
Ans. (C) Crop insurance
Q 7 – Which of the following steps promoted the growth of the economy as a whole by stimulating the development of industrial and tertiary sectors?
(A) Independence
(B) Planning
(C) Colonial rule
(D) Green revolution
Ans. (B) Planning
Q 8 – How many industries have been reserved for the public sector under Industrial Policy Resolution, 1956?
(A) 17
(B) 21
(C) 15
(D) 2
Ans. (A) 17
Q 9 – Which of the following industry was not reserved for the government in Industrial Policy Resolution, 1956?
(A) Iron and steel
(B) Transport
(C) Atomic energy
(D) Railway transport
Ans. (A) Iron and steel
Q 10 – Which of the following is the main objective of carrying out various economic activities?
(A) Profit
(B) Public welfare
(C) Competition
(D) Equality’
Ans. (B) Public welfare
Q 11 – When was the Planning Commission set up in India?
(A) 1952
(B) 1950
(C) 1964
(D) 1975
Ans. (B) 1950
Q 12 – When was NITI Aayog established?
(A) 1991
(B) 2001
(C) 2011
(D) 2015
Ans. (D) 2015
Q 13 – Which of the following had been responsible for the heavy burden of the deal and its interest?
(A) BOP deficit
(B) BOP surplus
(C) Equilibrium
(D) None of these
Ans. (A) BOP deficit
Q 14 – Who was the Chairperson of the Planning Commission of India?
(A) President of India
(B) Finance Minister of India
(C) Prime minister of India
(D) Governor of RBI
Ans. (C) Prime minister of India
Q 15 – Which of the following is the main objective of carrying out various economic activities?
(A) Profit
(B) Public welfare
(C) Competition
(D) Equality
Ans. (B) Public welfare
Q 16 – What is needed to provide protection against natural calamities like floods, drought, locusts, thunderstorms, etc.?
(A) Multiple cropping
(B) Green revolution
(C) Crop insurance
(D) HYV
Ans. (C) Crop insurance
Q 17 – In the language of economics, what is a good-indicator of economic growth?
(A) GDP
(B) NDP
(C) GNP
(D) NNP
Ans. (A) GDP
Q 18 – How many industries have been reserved for the public sector under Industrial Policy Resolution, 1956?
(A) 17
(B) 21
(C) 15
(D) 2
Ans. (A) 17