Indian Economy Quiz for Bank Clerks , SSC, RRB , IBPS

Indian Economy Quiz 

In utensils worth Rs 1000 are produced with copper worth Rs 500, wages paid are Rs 100, other material purchased is worth Rs 100 and depreciation of machinery is zero, then what is the value added in process?
A. Rs 1000
B. Rs 500
C. Rs 400
D. Rs 300
Ans: Option D

The budget deficit means ?
A. the excess of total expenditure, including loans, net of lending over revenue receipts
B. difference between revenue receipts and revenue expenditure
C. difference between all receipts and all the expenditure
D. fiscal deficit less interest payments
Ans: Option C

Short-term finance is usually for a period ranging up to ?
A. 5 months
B. 10 months
C. 12 months
D. 15 months
Ans: Option C

If the RBI adopts an expansionist open market operations policy, this means that it will ?
A. buy securities from nongovernment holders
B. sell securities in the open market
C. offer commercial banks more credit in the open market
D. openly announce to the market that it intends to expand credit
Ans: Option C

In India, which one among the following formulates the fiscal policy?
A. Planning Commission
B. Ministry of Finance
C. Finance Commission
D. The Reserve Bank of India
Ans: Option B

Which of the following is not an undertaking under the administrative control of Ministry of Railways?
A. Container Corporation of India Limited
B. Konkan Railway Corporation Limited
C. Indian Railways Construction Company Limited
D. Diesel Locomotive Works, Varanasi
Ans: Option C

Resurgent India Bonds were issued in US dollar, Pound Sterling and ?
A. Japanese Yen
B. Deutsche Mark
C. Euro
D. French Franc
Ans: Option B

National expenditure includes ?
A. consumption expenditure
B. investment expenditure
C. government expenditure
D. All of the above
Ans: Option D

The apex body for formulating plans and coordinating research work in agriculture and allied fields is ?
A. State Trading Corporation
B. Regional Rural Banks
C. National Bank for Agriculture and Rural Development (NABARD)
D. Indian Council of Agricultural Research
Ans: Option D

The average rate of domestic savings (gross) for the Indian economy is currently estimated to be in the range of ?
A. 15 to 20 percent
B. 20 to 25 percent
C. 25 to 30 percent
D. 30 to 35 percent
Ans: Option B

In India, inflation measured by the ?
A. Wholesale Price Index number
B. Consumers Price Index for urban non manual workers
C. Consumers Price Index for agricultural workers
D. National Income Deflation
Ans: Option A

Redistribution polices geared to reduce economic inequalities include ?
A. progressive tax policies
B. land reforms
C. rural development policies
D. All the above
Ans: Option D

Subsidies means ?
A. payment by government for purchase of goods and services
B. payment made by business enterprises to factors of production
C. payment made by companies to shareholders
D. payment made by the government to business enterprises, without buying any goods and services
Ans: Option D

How many banks were nationalized in 1969?
A. 16
B. 14
C. 15
D. 20
Ans: Option B

The annual yield from which of the following Union Government taxes is the highest?
A. Custom duties
B. Corporation tax and income tax
C. Inheritance tax, wealth tax, interest tax and gift tax
D. Excise duties
Ans: Option D

Fiscal deficit in the Union Budget means?  
A. the difference between current expenditure and current revenue
B. net increase in Union Governments borrowings from the Reserve Bank of India
C. the sum of budgetary deficit and net increase in internal and external borrowings
D. the sum of monetized deficit and budgetary deficit
Ans: Option C

If the fiscal deficit of the Union Government is Rs. 75,000 crores releasing to State is Rs. 25,000 crores, interest payments are Rs. 25,000 crores, what is the amount of the primary deficit?
A. Rs. 50,000 crores
B. Rs. 25,000 crores
C. Rs. 1,00,000 crores
D. Rs. 1,25,000 crores
Ans: Option A

Reserve Bank of India was nationalized in the year ?
A. 1935
B. 1945
C. 1949
D. 1969
Ans: Option C

National Agricultural Insurance Scheme replacing Comprehensive Crop Insurance Scheme was introduced in the year? 
A. 1997
B. 1998
C. 1999
D. 2000
Ans: Option C

In India, the first bank of limited liability manages by Indians and founded in 1881 was ?
A. Hindustan Commercial Bank
B. Oudh Commercial Bank
C. Punjab National Bank
D. Punjab and Sind Bank
Ans: Option B