Indian Economy Questions and Answers GK Quiz

Indian Economy GK Questions and Answers General Knowledge: Dear aspirants in this section we have update wide range of GK Quiz Question related to the Indian Economy. Here we have collected most important Indian Economy GK Questions and Answers General Knowledge GK Quiz for the various competitive exams it can be ask in Interview.  Read the complete post carefully if any doubt or query please leaves your comment in below mention comment box.

Indian Economy Objective GK Quiz Questions with Answer

Question: Which of the following contributes the most to the national income of India?

[A] Agriculture Sector

[B] Business sector

[C] Manufacturing Sector

[D] Banking Sector

Answer: [C] Manufacturing Sector

Question: Which of the following is the main source of national income of India?

[A] Transport

[B] Banking

[C] Service Sector

[D] Agriculture

Answer: [C] Service Sector

Question: Which of the following is National Income?

[A] Net National Product at Market Price

[B] Net National Product at the cost of production

[C] Net domestic product at market price

[D] None of the above

Answer: [B] Net National Product at the cost of production

Question: The national income of India is estimated by-

[A] Planning Commission

[B] Finance Ministry

[C] Central Statistical Organization

[D] State Bank of India

Answer: [C] Central Statistical Organization

Question: What is the most appropriate measure of economic growth of a country?

[A] GDP

[B] Net National Product

[C] Per capita income

[D] Net Domestic Product

Answer: [A] GDP

Question: Which sector has the least contribution to the national income of India?

[A] Primary Sector

[B] Secondary Sector

[C] Tertiary sector

[D] None of these

Answer: [A] Primary Sector

Question: Which sector contributes the most to India’s income?

[A] Primary Sector

[B] Secondary Sector

[C] Tertiary sector

[D] None of these

Answer: [C] Tertiary sector

Question: Who made the estimates regarding the national income of India before independence?

[A] Naoroji and Shiraj

[B] Central Statistical Organization

[C] National Sample Survey

[D] None of the above

Answer: [A] Naoroji and Shiraj

Question: When did India establish the National Income Committee to estimate the national income of the country after independence?

[A] 4 August 1949

[B] 26 January 1950

[C] 2 October 1948

[D] 5 March 1960

Answer: [A] 4th August 1949

Question: National income can be calculated by all other methods except which one of the following?

[A] Sum of all types of savings

[B] Sum of all types of outputs

[C] Sum of all expenditure

[D] The sum of all types of income

Answer: [A] Sum of all types of savings

Question: National income is divided by which of the following to get per capita income?

[A] From the total population of the country

[B] By the amount of capital used

[C] From the total working population

[D] Area of ​​the country

Answer: [A] From the total population of the country

Question: Which of the following is not a method of measurement of national income?

[A] Value Added Method

[B] Income method

[C] Investment method

[D] All of the above

Answer: [C] Investment method

Question: The fish caught by Indian fishermen in international seas is the share of GDP of which of the following?

[A] India

[B] Sri Lanka

[C] India and Sri Lanka

[D] Indonesia

Answer: [A] India

Question: What is not included in the calculation of GNP through expenditure method?

[A] Depreciation expense

[B] Net foreign investment

[C] Gross Domestic Private Investment

[D] All of the above

Answer: [A] Depreciation expense

Question: Which one of the following is not a method of estimating national income?

[A] Matrix Method

[B] Production Method

[C] Income Method

[D] Expenditure Method

Answer: [A] Matrix method

Question: India spends the maximum amount of foreign exchange on the import of which item?

[A] Petroleum products

[B] Defense equipment

[C] Fertilizer

[D] Machinery

Answer: [A] Petroleum products

Question: India has a monopoly in the supply of which thing in the international market?

[A] Mica

[B] Bauxite

[C] Copper

[D] Iron

Answer: [A]  Mica

Question: Which of the following is not a source of Union Government?

[A] Excise duty

[B] Business tax

[C] Income Tax

[D] Corporate Tax

Answer: [B] Trade tax

Question: Which of the following direct taxes gives the maximum revenue to the government?

[A] Corporation tax

[B] Income Tax

[C] Wealth tax

[D] Donating

Answer: [A] Corporation tax

Question: Which one of the following is not a source of revenue for the central government?

[A] Agricultural Income Tax

[B] Income Tax

[C] Excise duty

[D] Corporate Tax

Answer: [A] Agricultural income tax

Question: What is the difference between total expenditure and total receipt in the budget figures of the Government of India called?

[A] Budgetary deficit

[B] Current deficit

[C] Fiscal deficit

[D] Revenue deficit

Answer: [A] Budgetary deficit

Question: Which tax is not collected by the Union Government?

[A] Corporation tax

[B] Customs

[C] Income tax on agricultural land

[D] Income Tax

Answer: [C] Income tax on agricultural land

Question: What is the budget called in the Constitution of India?

[A] Annual Budget Statement

[B] Annual Revenue Statement

[C] Annual Expenditure Statement

[D] Annual Finance Statement

Answer: [A] Annual Budget Statement

Question: What is the most important source of tax revenue of the Union Government?

[A] Corporation tax

[B] Income Tax

[C] Customs

[D] Union Excise Duty

Answer: [A] Corporation tax

Question: Who can levy agricultural income tax in India?

[A] State Governments

[B] by the local government

[C] Central Government

[D] Central and State Governments

Answer: [A] State Governments

Question: What is the effect of deficit financial system on the economy?

[A] Increase in money supply

[B] Decrease in money supply

[C] Increase in wages

[D] Reduction in taxes

Answer: [A] Increase in money supply

Question: Which organization prepares the fiscal policy in India?

[A] Ministry of Finance

[B] NITI Aayog

[C] RBI

[D] SBI

Answer: [A] Ministry of Finance

Question: Which revenue earned by the union government is not distributed among the state governments?

[A] Customs

[B] Excise duty

[C] Income Tax

[D] None of these

Answer: [A] Customs

Question: Where was the concept of special economic zone first introduced?

[A] Japan

[B] in China

[C] In India

[D] America

Answer: [B] In China

Question: Which of the following is the best example of capital intensive industry in India?

[A] Steel Industry

[B] Tourism Industry

[C] Textile Industry

[D] Use of sporting goods

Answer: [A] Steel Industry

Question: Which of the following is an example of Joint Sector Venture in India?

[A] Indian Oil Corporation

[B] Maruti Udyog Limited

[C] Bharat Aluminum Limited

[D] Hindustan Antibiotics Limited

Answer: [B] Maruti Udyog Limited

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