Indian Economy: Structure, Growth, and Development Quiz

Question 1

On the basis of purchasing power parity, what is India's rank in the world economy?

Accepted Answer

Fourth

Answer

Fifth

Answer

Third

Answer

Second

Question 2

According to economist Angus Maddison, during which period was India's economy the largest in the world?

Accepted Answer

From first to tenth century

Answer

From fifth to fifteenth century

Answer

From third to twelfth century

Answer

From tenth to twentieth century

Question 3

What type of economy is the Indian economy classified as?

Accepted Answer

Mixed Economy

Answer

Socialist Economy

Answer

Agricultural Economy

Answer

Capitalist Economy

Question 4

What is the Repo Rate?

Accepted Answer

The rate at which banks get short-term loans from RBI

Answer

The rate at which customers borrow from banks

Answer

The rate at which banks lend to each other

Answer

The rate at which banks lend to RBI

Question 5

In which year was the Lead Bank Scheme started?

Accepted Answer

1969

Answer

1960

Answer

1975

Answer

1980

Question 6

What was India's population growth rate during 1991-2001?

Accepted Answer

21.34%

Answer

15.5%

Answer

18.2%

Answer

25.8%

Question 7

Which sector comes under the primary sector of the Indian economy?

Accepted Answer

Agriculture

Answer

Trade

Answer

Industry

Answer

Transport

Question 8

What is the name of the committee constituted in 1991 to give suggestions for tax reform?

Accepted Answer

Chelliah Committee

Answer

Raj Committee

Answer

Sharma Committee

Answer

Mirdha Committee

Question 9

What is Revenue Deficit?

Accepted Answer

Difference between total revenue received and total revenue spent

Answer

Difference between tax revenue and other revenue

Answer

Difference between revenue expenditure and increase in expenditure

Answer

Difference between total expenditure and capital receipts

Question 10

In which year was the National Institute of Rural Development established and where is it located?

Accepted Answer

1977 in Hyderabad

Answer

1980 in Mumbai

Answer

1978 in Bangalore

Answer

1975 in Delhi

Indian Economy: Structure, Growth, and Development

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