--- type: Quiz title: Indian Economy MCQs - Easy2crack canonical: "https://www.easy2crack.com/mcqs/economics/indian-economy-mcqs-easy2crack" subject: economics questions: 24 free: false updated: null tags: ["mcq", "practice", "economics"] --- # Indian Economy MCQs - Easy2crack 24 multiple-choice questions with answers. ## Q1. When the productive of the economic system of state is inadequate to create sufficient number of jobs, it is called __________. A. Seasonal Unemployment B. Structural Unemployment C. Disguised Unemployment D. Cyclical Unemployment **Answer:** d ## Q2. In the contest of banking sector of India, what is the full form of IMPS? A. Instant Payment Service B. Instant Payment Sector C. Immediate Payment Sector D. Immediate Payment Service **Answer:** d ## Q3. Who among the following is the auther of 'Principles of Political Economy'? A. Milton Friedman B. John Stuart Mill C. Joseph Schumpeter D. David Ricardo **Answer:** b ## Q4. What is the full form of GSTIN in relation to GST? A. Goods and Services Tax Identification Note B. Goods and Services Tax Identification Number C. Goods and Services Tax Information Number D. Goods and Services Taxation Income Number **Answer:** b ## Q5. Which of the following terms refers to the running down or payment of a loan in instalments? A. Discounted cashflow B. Credit creation C. Backwardation D. Amortisation **Answer:** d ## Q6. In the context of international banking transactions what is the full of SWIFT? A. Society for Wireless International Financial Transactions B. Society for Worldwide Interbank Financial Telecommunication C. Society for Worldwide International Financial Telecommunication D. Society for Worldwide Internation Fincial Tranctions **Answer:** b ## Q7. Which of the following types of bank accounts does NOT earn any interest for the account holder? A. Pension Account B. Current Account C. Savings Account D. Recurring Deposit Account **Answer:** b ## Q8. A market structure which is dominated by only a small number of firms is called: A. Perfect Compitition B. Monopoly C. Oligopoly D. Monopolistic Competition **Answer:** c ## Q9. Which one of the following is a monetary principle stating that "Bad money drives out good"? A. Pareto efficiency B. The Multiplier Effect C. Marshall's Scissors Analysis D. Gresham's Law **Answer:** d ## Q10. The assets that can be easily converted into cash within a short period ( i.e one year or less) is known as: A. Current Assets B. Fixed Assets C. Intangible Assets D. Investments **Answer:** a ## Q11. Copyrights, Patents and Trademarks are: A. Current Assets B. Fixed Assets C. Intangible Assets D. Investments **Answer:** c ## Q12. The debts which are to be repaid within a short period are referred to as: A. Current Liabilities B. Fixed Liabilities C. Contingent Liabilities D. All of these **Answer:** a ## Q13. The best indicator of economic development of any country is: A. Its total investment B. Its energy consumption C. Its gross national production D. Its per capital income **Answer:** d ## Q14. Who among the following publishes the Economic Survey of India? A. National Development Council B. Ministry of Finance C. Institute of finance D. Indian Statistical Institute **Answer:** b ## Q15. Private ownership of the means of production is a feature of a ________ economy. A. Capitalist B. Socialist C. Mixed D. Dual **Answer:** a ## Q16. The aggregate value of goods and services produced in an economy can be calculated by three methods: income method, expenditure method and ________ method. A. Product/value added B. Spending C. Deposit D. Lending **Answer:** a ## Q17. Depreciation is an annual allowance for the wear and tear of _________. A. Work in pregress B. Land C. Finished goods D. Capital goods **Answer:** d ## Q18. Who among the following founded the Bombay Stock Exchange? A. Ashis Kumar Chauhan B. Roychjand Deepchand C. Premchand Roychand D. Vikramjit Sen **Answer:** b ## Q19. Merchant discount rate refers to _________. A. The total discount a bank offers to the merchant for promoting online transactions B. The rate charged to a merchant for payment processing services on debit and credit card transactions C. The total discount a merchant offers on online transactions D. Only taxes that a digital payment entails. **Answer:** b ## Q20. If the inflation in an economy is rising steadily, the Central Bank might_________. A. Keep the repo rate unchanged B. Decrease the repo rate C. Increase the repo rate D. Decrease the reverse repo rate **Answer:** c ## Q21. In which year NABARD established? A. 1978 B. 1979 C. 1981 D. 1982 **Answer:** d ## Q22. A situation where the expenditure of the government exceeds its revenue is known as_______. A. Morbidity B. Devaluation C. Default D. Deficit Financing **Answer:** d ## Q23. Which of the following Acts was amended to provide a statutory basis for the implementation of the flexible inflation targeting(FIT) framework? A. Reserve Bank of India Act, 1934 B. Deposit Insurance and Cresit Guarantee Corporation Act, 1961 C. The Industrial Finance Corporation of India Act, 1948 D. Baking Regulation Act, 1949 **Answer:** a ## Q24. What does GNP stand for? A. Gramin Nigam Parishad B. Gramin Nisak Praman C. Gross National Product D. Gross National Produce **Answer:** c --- Source: https://www.easy2crack.com/mcqs/economics/indian-economy-mcqs-easy2crack Site: https://www.easy2crack.com · Machine index: https://www.easy2crack.com/llms.txt · MCP: https://www.easy2crack.com/mcp