INDIAN ECONOMY QUIZ
1.From time to time, which among the following body publishes the “Exchange Control Manual” in context with the Foreign Exchange in India?
[A] Foreign Trade Promotion Board
[B] Department of Commerce
[C] Reserve Bank of India
[D] SEBI
Correct Answer: C [Reserve Bank of India]
2.If there is an increase in the external commercial borrowings in India. What will be the impact on the external debt of the country
[A] Increase
[B] Decrease
[C] Remain unaffected
[D] Either increase or decrease
Correct Answer: A [Increase]
3.Which among the following body authorizes the credit limit to the National Co-operative Marketing Federation?
[A] Reserve Bank of India
[B] Department of Agriculture
[C] NABARD
[D] Department of Finance
Correct Answer: C [NABARD]
4.Many a times we read in the newspapers about a term “Core inflation“. The Core inflation is different from the general inflation because of the following?
[A] Core Inflation is caused by the supply Shock in certain essential commodities
[B] Core Inflation is the sudden increase in certain items of food grains
[C] Core Inflation is the inflation rate of a particular basket of commodities
[D] Core Inflation is just a misnomer
Correct Answer: C [Core Inflation is the inflation rate of a particular basket of commodities]
5.Which among the following decides the Oil Prices in India?
[A] Government of India
[B] Government of Respective States
[C] Ministry of Petroleum
[D] Oil Companies
Correct Answer: D [Oil Companies]
6.Many a times we read in the newspapers that in India, while rice (non-basmati) exports are banned, basmati (an aromatic premium rice variety) can be exported without quantitative limits subject to a specified MEP. What does MEP stands for here?
[A] Modified Export Provisions
[B] Maximum Export Permission
[C] Minimum Export Price
[D] Maximum Export Price
Correct Answer: C [Minimum Export Price]
7.Many a times we read in the newspapers that the Government of India signs DTAA to broaden the scope of article of exchange of information to include exchange of banking information. What does the DTAA refers to here?
[A] Double Taxation Article Agreement
[B] Double Taxation Avoidance Agreements
[C] Double Taxation Avoidance Arrangements
[D] Dual Tax Agreement Arrangement
Correct Answer: B [Double Taxation Avoidance Agreements]
8.Which among the following duties is applied by a Government to control the exports of a commodity, so that the commodity can be used by the local markets than in foreign countries?
[A] Custom Duty
[B] Excise Duty
[C] Anti Dumping Duty
[D] Dumping Duty
Correct Answer: A [Custom Duty]
9.Consider the following:
1. Population
2. Population Density
3. Male working Population
Which among the above parameters are used in India to define a Census Town?
[A] 1 only
[B] 2 only
[C] 1 & 2 only
[D] all of them
Correct Answer: D [all of them]
10.A person lost his job due to economic recession. He agreed to do some job on a low wage. This is known to be as which among the following?
[A] Seasonal Unemployment
[B] Cyclical Unemployment
[C] Disguised Unemployment
[D] Voluntary Unemployment
Correct Answer: C [Disguised Unemployment]
