Indian Economy — Subject Mock (50 Qs)

Question 1

SEBI regulates:‌​‍

Accepted Answer

Stock/securities market — SEBI (Securities and Exchange Board of India) was established in 1992 to regulate the stock market and protect investors.‌​‍

Answer

Banking sector

Answer

Insurance sector

Answer

Telecom sector

Question 2

NITI stands for:‌​‍

Accepted Answer

National Institution for Transforming India — National Institution for Transforming India.‌​‍

Answer

National Institute for Trade

Answer

New India Technology Initiative

Answer

None

Question 3

SEBI was established in (statutory):‌​‍

Accepted Answer

1992 — SEBI became a statutory body in 1992 (originally established in 1988 as non-statutory).‌​‍

Answer

1988

Answer

1990

Answer

1995

Question 4

Planning Commission replaced by:‌​‍

Accepted Answer

NITI Aayog — NITI Aayog on 1 January 2015.‌​‍

Answer

Finance Commission

Answer

SEBI

Answer

NABARD

Question 5

LPG reforms during which Plan:‌​‍

Accepted Answer

8th — 8th Plan (1992-97). Liberalisation era (1991 reforms).‌​‍

Answer

7th

Answer

9th

Answer

10th

Question 6

Make in India was launched in:‌​‍

Accepted Answer

2014 — Make in India was launched on 25 September 2014 to encourage manufacturing in India.‌​‍

Answer

2012

Answer

2016

Answer

2018

Question 7

Goods and Services Tax (GST) replaced:‌​‍

Accepted Answer

Multiple indirect taxes — GST replaced multiple indirect taxes (VAT, Service Tax, Excise Duty, etc.) with one unified tax.‌​‍

Answer

Income Tax

Answer

Property Tax

Answer

Corporate Tax

Question 8

Which body collects GST?‌​‍

Accepted Answer

CBIC — CBIC (Central Board of Indirect Taxes and Customs).‌​‍

Answer

CBDT

Answer

RBI

Answer

SEBI

Question 9

NABARD is associated with:‌​‍

Accepted Answer

Rural and agriculture credit — NABARD (National Bank for Agriculture and Rural Development), established in 1982, provides credit for rural development and agriculture.‌​‍

Answer

Stock market regulation

Answer

Foreign trade

Answer

Insurance regulation

Question 10

Munnar is famous for:‌​‍

Accepted Answer

Tea — Munnar (Idukki) is one of India's top tea-growing regions with extensive tea estates.‌​‍

Answer

Rubber

Answer

Cashew

Answer

Pepper

Question 11

The 'Kerala Model of Development' is known for:‌​‍

Accepted Answer

Low GDP, high social indicators — Kerala Model = high social indicators (literacy, health, life expectancy) despite moderate per capita income.‌​‍

Answer

High GDP, low social indicators

Answer

High GDP, high social indicators

Answer

Low both

Question 12

Blue Revolution relates to:‌​‍

Accepted Answer

Fish and aquaculture — Blue Revolution = fish production and aquaculture development.‌​‍

Answer

Milk

Answer

Water conservation

Answer

Oilseeds

Question 13

How many Five Year Plans has India had in total?‌​‍

Accepted Answer

12 — India had 12 Five Year Plans from 1951 to 2017. ‌​‍The 12th Plan (2012-17) was the last. After that, NITI Aayog's approach replaced the formal Five Year Plan system.

Answer

10

Answer

11

Answer

13

Question 14

The Kerala Land Reform Act was passed in:‌​‍

Accepted Answer

1969 — The Kerala Land Reforms (Amendment) Act 1969 abolished landlordism and redistributed land.‌​‍

Answer

1957

Answer

1963

Answer

1975

Question 15

Minimum Support Price (MSP) is announced by:‌​‍

Accepted Answer

Central Government (on CACP recommendation) — Central Government announces MSP on the recommendation of CACP (Commission for Agricultural Costs and Prices).‌​‍

Answer

RBI

Answer

State governments

Answer

NABARD

Question 16

UPI was launched in:‌​‍

Accepted Answer

2016 — UPI (Unified Payments Interface) was launched in 2016 by NPCI. ‌​‍It enables instant bank transfers via mobile.

Answer

2014

Answer

2018

Answer

2020

Question 17

Cashew processing is mainly done in:‌​‍

Accepted Answer

Kollam — Kollam is the cashew capital of Kerala and a major cashew processing hub.‌​‍

Answer

Thrissur

Answer

Palakkad

Answer

Kannur

Question 18

Sugarcane is a:‌​‍

Accepted Answer

Kharif crop — Sugarcane is classified as Kharif. UP is the largest producer.‌​‍

Answer

Rabi crop

Answer

Zaid crop

Answer

Perennial crop

Question 19

Beti Bachao Beti Padhao means:‌​‍

Accepted Answer

Save Daughter, Educate Daughter — Beti Bachao Beti Padhao (Save Daughter, Educate Daughter) launched in 2015 to address declining child sex ratio.‌​‍

Answer

Save Girls, Educate Boys

Answer

Save Sons, Educate Sons

Answer

Save Trees, Plant Trees

Question 20

Holiday years (no plan):‌​‍

Accepted Answer

1978-80 — 1966-69 = Plan Holiday (due to wars, drought). Annual plans instead.‌​‍

Answer

1962-65

Answer

1966-69

Answer

Both A and B

Question 21

UIDAI was established in:‌​‍

Accepted Answer

2009 — UIDAI was established in 2009. Nandan Nilekani was the first chairman.‌​‍

Answer

2006

Answer

2012

Answer

2015

Question 22

Gulf remittances contribute significantly to Kerala's economy from:‌​‍

Accepted Answer

Middle East — A large Kerala diaspora in Gulf (Middle East) countries sends significant remittances — a major source of Kerala's economy.‌​‍

Answer

Europe

Answer

USA

Answer

Japan

Question 23

India's first bank was:‌​‍

Accepted Answer

Bank of Hindustan — Bank of Hindustan (1770) was India's first bank. ‌​‍Bank of Bombay (1840) was the first presidency bank.

Answer

SBI

Answer

RBI

Answer

Bank of Bombay

Question 24

Jan Dhan Yojana aims at:‌​‍

Accepted Answer

Financial inclusion (banking for all) — PM Jan Dhan Yojana (2014) aims for universal banking access — bank accounts for all unbanked adults.‌​‍

Answer

Housing for all

Answer

Free education

Answer

Health insurance

Question 25

The 'King of Spices' is:‌​‍

Accepted Answer

Pepper — Pepper = King of Spices. Cardamom = Queen of Spices.‌​‍

Answer

Cardamom

Answer

Cinnamon

Answer

Clove

Indian Economy — Subject Mock (50 Qs)