Economics MCQ

ECONOMICS CLASS-12

​TERM-1

​MCQS PRACTICE SESSION

LET THE GAME BEGIN

Multiple Choice

year of great divide?

• 1920

• 1922

• 1921

• 1923

Multiple Choice

India adopted the_______ economic system.

• Capitalist

• Mixed

• Socialist

• None of these

Multiple Choice

In which year Suez canal beacame accessible?

• 1987

• 1869

• 1862

• 1769

Multiple Choice

India's greater portion of population was engaged in which occupation?

• mining

• agriculture

• banking

• transportation

Multiple Choice

Reasons for low productivity were-

• lack of irrigational facilities

• technology

• no use of fertilisers

• all of the above

Multiple Select

Import substitution means

• trade restrictions

• free trade

• more imports

• more exports

Multiple Choice

what was the period of plans prepared by the planning commission?

• 3 years

• 7 years

• 5 years

• 10 years

Multiple Select

first train on Indian soil run on 1853 between?

• Bombay to Goa

• Bombay to Thane

• Thane to Bombay

• Bombay to calcutta

Multiple Choice

from 1881 onwards, census operations were carried out after every_____years

• 11

• 10

• 8

• 5

Multiple Select

more than half of India's foreign trade was restricted to:

• China

• Korea

• Britain

• Sri lanka

Multiple Select

what is subsidy?

• financial assistance

• economic assistance

• both above

• none of these

Open Ended

IMF stands for________

Multiple Choice

Trade between two countries is known as:

• Bilateral

• Multi-Lateral

• Both a & b

• none of the above

Multiple Choice

New economics policy was announced on?

• june 1991

• july 1991

• may 1991

• feb 1991

Multiple Select

what are the goals of first five year plans

• growth

• modernisation

• self reliance

• all of the above

Multiple Choice

green revolution refers to

• use of HYV seeds

• upgraded technology

• both of the above

• none of the above

Multiple Choice

how many industries were included in Schedule A of Industrial Policy Resolution,1956

• 20

• 18

• 17

• 15

Multiple Choice

In the Industrial policy resolution of 1956, industries were classified in how many categories?

• 2

• 4

• 5

• 3

Multiple Choice

which industry received the major set back during the colonial rule.

• iron and steel

• jute

• cotton

• handicraft

Multiple Choice

The period of first five year plan was

• 1948-1953

• 1951-1956

• 1956-1961

• 1960-1965

Multiple Choice

share of work in manufacturing and service sector was

• 72%

• 28%

• 50%

• 20%

Multiple Choice

Taxes imposed on imported goods are known as

• Quotas

• Tariffs

• duties

• none of the above

Multiple Choice

British rule introduced railways in india in the year

• 1853

• 1850

• 1851

• 1852

Multiple Choice

In which year India adopted HYV programme for the first time

• 1976

• 1956

• 1966

• 1986

Multiple Choice

Demonetisation is viewed as ____________ measure

• defence

• tax administration

• social reform

• economics reform

Multiple Choice

________was the predecessor organisation to World Trade Organisation(WTO).

• IBRD

• IMF

• RBI

• GATT

Multiple Choice

battle of plassey was fought in the year?

• 1857

• 1757

• 1957

• 1657

Multiple Choice

which of the following is not a tax reform?

• reduction in taxes

• reforms in indirect taxes

• removal of export duties

• devaluation of rupee

Multiple Choice

All Indirect taxes have been subsumed under:

• Income tax

• Corporate tax

• Goods and service tax

• value added tax

Multiple Choice

jute industry suffered heavily due to________after partition

• lack of raw material

• famines

• earthquakes

• none of these

Multiple Choice

________refers to the disposal of equity of public sector units in the market.

• globalisation

• privatisation

• liberalisation

• disinvestment

Multiple Choice

_______ primarily refers to change in the ownership of landholdings

• land reforms

• land ceiling

• green revolution

• zamindari system

Multiple Choice

as per financial sector reforms the role of RBI was reduced from_______ to facilitator of financial sector.

• regulator

• supervisor

• financer

• manager

Multiple Choice

how many navratnas are there?

• 10

• 14

• 20

• 74

Multiple Choice

taxes are of two types

• direct tax

• indirect tax

• both of the above

• none of the above

Multiple Choice

economic growth combined with ______was the principal goal of planning.

• disparity

• diversification

• equity

• balance

Multiple Choice

capitalist economy is controlled and operated by

• private sector

• public sector

• both of the above

• none of the above

Multiple Choice

WTO stands for

• world trade organisation

• world transport organisation

• world tariff organisation

• women teachers organisation

Multiple Choice

what was the most important infrastructure developed by british rule

• airways

• railways

• waterways

• none of these

Multiple Choice

in which year TISCO was incorporated?

• 1908

• 1907

• 1902

• 1901

Multiple Choice

WHEN WAS GST INTRODUCED IN INDIA?

• 2017

• 2016

• 2018

• 2020

Multiple Choice

Identify which of the following bank does not interact directly with the general public?

• BANK OF INDIA

• RESERVE BANK OF INDIA

• IDBI

• ICICI

Multiple Choice

The Government can achieve its budget objective of ‘Redistribution of Income’ by____________

• managing the General Price Level in the economy to the desired level.

• increasing the Gross Domestic Products (GDP) of the economy.

• bringing the production of goods and services under its direct and absolute control.

• rationalisation of taxes in pro-poor direction

Multiple Choice

Read the following statements carefully and choose the correct alternative from the following:

Statement 1 – Demonetization was the step taken by the Government of India in order to tackle the problems of corruption, black money, terrorism and circulation of fake currency in the Indian Economy.

Statement 2 – Demonetization has ensured improved tax compliance in India over the period of time.

• Both the statements are true.

• Both the statements are false

• Statement 1 is true and Statement 2 is false

• Statement 2 is true and Statement 1 is false

Multiple Choice

Ms. Sakshi, an economics teacher, was explaining the concept of ‘minimum percentage of the total deposits to be kept by any commercial bank with the Central Bank of the country, as per norms and statute prevailing in the country’. From the following, choose the correct alternative which specifies towards the concept explained by her?

• Cash Reserve Ratio 

• Repo Rate

• Bank Rate

• Statutory Liquidity Ratio

Multiple Choice

Identify which of the following is not a function of the Reserve Bank of India?

• To act as the banker to the Government of India

• To act as the custodian of the gold reserve of India

• To act as the financial advisor to the Government of India

• To issue coins and one rupee note

Multiple Choice

____________ is not a reason for poverty in India.

• population explosion

• rise in per capita GDP

• low capital formation

• socio-economic exclusion

Multiple Choice

Prior to India's independence, the stagnation in the agricultural sector was mainly caused by ___________.

• investment in technology

•  investment in agriculture facilities

• advanced infrastructural facilities

• land settlement system

Multiple Choice

Suppose in an economy, the initial deposits of ₹ 400 crores lead to the creation of total deposits worth ₹ 4000 crores. Under the given situation the value of reserve requirements would be________

• 0.01

• 1

• 0.1

• 2

Multiple Choice

Read the following statements - Assertion (A) and Reason (R):

Assertion (A) – Major policy initiatives (land reforms and Green Revolution) helped India to become self-sufficient in food grains production.

Reason(R) – The proportion of people depending on agriculture did not decline as expected after the Green Revolution. From the given alternatives choose the correct one:

• Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)

• Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).

• Assertion (A) is true but Reason (R) is false.

• Assertion (A) is false but Reason (R) is true.

Multiple Choice

Arrange the following event in the correct chronological order: (Choose the correct arrangements)

i. The year of great divide

ii. Establishment of Tata Iron and Steel Company (TISCO)

iii. Introduction of Railways in India by the British

iv. Opening of Suez Canal

• iv,ii,i,iii

• i,iv,iii,ii

• ii,iii,iv,i

• iii,iv,ii,i

Multiple Choice

what is money supply?

• stock concept

• flow concept

• narrow concept

• wider concept

Multiple Choice

currency money is also termed as....?

• fiat money

• legal tender money

• both of the above

• none of the above

Multiple Choice

what will be the effect of increase in the repo rate on money supply

• money supply will increase

• money supply will decrease

• money supply remain same

• money supply will initially increase and then it will decrease

Multiple Choice

if legal reserve ratio is 20% the value of money multiplier would be

• 2

• 3

• 4

• 5

Multiple Choice

other name for legal reserve requirement is

• cash reserve ratio

• statutory liquidity ratio

• variables reserve ratio

• bank rate

Multiple Choice

find (a) Fiscal deficit and (b) primary deficit from the following

Revenue expenditure Rs.70000

Borrowings Rs. 15000

Revenue receipts Rs.50000

Interest payments 25% of revenue deficit

• fiscal deficit - 15000

  primary deficit - 10000

• fiscal deficit - 20000

  primary deficit - 20000

• fiscal deficit - 30000

  primary deficit - 10000

• fiscal deficit - 5000

  primary deficit - 10000

Multiple Choice

a change from Rs. 160=2$ to Rs.70=1$ indicates Rs is

• depreciating

• appreciating

• neither a or b

• either a or b

Multiple Choice

the value of US dollar $1 has gone down from Rs.73 to Rs.70.

it means that

• indian rupee has appreciated

• us dollar has depreciated

• both a and b

• none of these

Multiple Choice

import of machinery is recoreded in the ______ account and borrowings from abroad is recorded in the _______ account

• current , capital

• capital,current

• capital,capital

• current,current

Multiple Choice

autonomous transactions takes place on

• real account

• capital account

• current account

• none of these