Economics 11

Welcome to your Economics 11

1. The 15th Finance Commission recommended increasing the share of tax devolution to the States to the level of

(a) 42 per cent of the divisible pool
(b) 41 per cent of the divisible pool
(c) 32 per cent of the divisible pool
(d) 31.5 per cent of the divisible pool

(a)

(b)

(c)

(d)

2. Finance Commissions of India was established under Article —— of Indian Constitution

a) 280
b) 278
c) 270
d) 208

(a)

(b)

(c)

(d)

3. 15th Finance Commissions Chairman

a) KN Singh
b) NK Singh
c) KC Neogi
d) KN Neogi

(a)

(b)

(c)

(d)

4. The primary function of the Finance Commission in India is to

(a) Distribute revenue between the Centre and the States
(b) Prepare the Annual Budget
(c) Advise the Presidents on financial matters
(d) Allocate funds to various ministries of the Union and the State Governments

(a)

(b)

(c)

(d)

5. Laissez Faire implies

(a) Mixed economy
(b) Controlled economy
(c) Socialist economy
(d) Non-interference of government in economic affairs

(a)

(b)

(c)

(d)

6. Which is the largest contributing sector to India’s economy?

a) Service sector
b) Agricultural sector
c) Industrial sector
d) Small scale industries

(a)

(b)

(c)

(d)

7. Which state has the forest cover as a percentage of the total area?

a) Mizoram
b) Arunachal Pradesh
c) Assam
d) Meghalaya

(a)

(b)

(c)

(d)

8. People engaged in primary activities are called _____ workers due to the outdoor nature of their work.

a) Red-collar

b) White-collar

c) Green-collar

d) Yellow-collar

(a)

(b)

(c)

(d)

9. Who is the present governor of Reserve Bank of India (RBI)?

a) Viral Acharya
b) Urjit Patel
c) Raghuram Rajan
d) Shaktikanta Das

(a)

(b)

(c)

(d)

10. The Foreign Exchange and Regulation Act (FERA) was passed in

a) 1973
b) 1975
c) 1976
d) 1979

(a)

(b)

(c)

(d)

11. India has:

(a) Socialistic economy
(b) Gandhian economy
(c) Mixed economy
(d) Free economy

(a)

(b)

(c)

(d)

12. Dadabhai Naoroji theorised on the drain of wealth from India in his book:

(a) Poverty under British Rule in India
(b) Poverty in British Rule in India
(c) Poverty and Un-British Rule in India
(d) Poverty of Economic Drain in British India

(a)

(b)

(c)

(d)

13. Highest levels of decision making in an economy

a) Quinary Sector
b) Service Sector
c) Knowledge Sector
d) None

(a)

(b)

(c)

(d)

14. First Industrial Policy of free India was announced in the year :

(a) 1947
(b) 1948
(c) 1951
(d) 1956

(a)

(b)

(c)

(d)

15. How many Crops are there under MSP

a) 21
b) 22
c) 23
d) 24

()

16. Commission for Agricultural Costs and Prices (CACP) was established in

a) 1965
b) 1966
c) 1967
d) 1969

(a)

(b)

(c)

(d)

17. In India Special Economic Zones Act was passed in

a) 2009
b) 2007
c) 2005
d) 2003

(a)

(b)

(c)

(d)

18. Micro, Small & Medium Enterprises Development (MSMED) Act was passed in

a) 2009
b) 2006
c) 2005
d) 2003

(a)

(b)

(c)

(d)

19. Who is called the ‘Father of Economics’?

(a) Max Muller
(b) Karl Marx
(c) Adam Smith
(d) None of these

(a)

(b)

(c)

(d)

20. New Economic Policy (NEP) was introduced in

a) 1990
b) 1991
c) 1992
d) 1993

(a)

(b)

(c)

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