Important Multiple Choice Question on Indian Economy


1. India has-

(a) Socialistic Economy (b) Gandhian Economy

(c) Mixed Economy (d) Free Economy


2.India’s wage policy is based on –

(a) cost of living (b) standard of living

(c) productivity (d) none of these

3. Who wrote the book “Planned Economy for India” ?


(a) M. Visvesvarayya (b) Sardar Patel

(c) Jawaharlal Nehru (d) Mahatma Gandhi

4.One of problems in calculating the national income in India correctly is-

(a) under employment (b) inflation


(c) non-monetised consumption (d) low savings

5. The main source of India’s national income is-

(a) industry (b) agriculture

(c) forestry (d) none of these


6. In our country, which of the following affects poverty line the most ?

(a) Level of prices (b) Production quantum

(c) Per capita Income (d) Quantum of gold reserve

7. Which of the following is not a direct tax ?


(a) Wealth tax (b) Sales tax

(c) Income tax (d) Estate duty

8. The largest revenue in India is obtained from-

(a) Sales Tax (b) Direct Taxes

(c) Excise Duties (d) None of these

9. Which of the following is not shared by the centre and the states ?

(a) Sales Tax (b) Corporation Tax

(c) Income Tax (d) None of these

10. Companies pay corporation tax on their-

(a) investment (b) production

(c) sales proceeds (d) incomes

11. Who among the following is most benefitted from inflation ?

(a) Government pensioners (b) Saving Bank account holders

(c) Debtors (d) Creditors

12. The largest public sector bank in India is-

(a) Central Bank (b) State Bank of India

(c) Punjab National Bank (d) Indian Overseases Bank

13 When was the decimal system of currency introduced in India ?

(a) 1948 (b) 1950

(c) 1954 (d) 1957

14. Inflation can be contained by-

(a) surplus budget (b) increase in taxation

(c) reduction in public expenditure (d) all of these

15. Monetary Policy refers to the policy of-

(a) Money lenders (b) Government

(c) Commercial Banks (d) Central Bank

16.Who among the following is the chairman of the Planning Commission ?

(a) President (b) Speaker of Lok Sabha

(c) Prime Minister (d) Union Minister of Planning

17. In which year was the Rolling Plan introduced ?

(a) 1951-52 (b) 1976-77

(c) 1978-79 (d) 1984-85

18. Narasimhan report relates to the restructuring of-

(a) Sick industries (b) Sales

(c) Income Tax (d) Banks ‘

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