Indian Economy Questions Practice Question and Answer

Q:

Who gave priority to the Second Five Year Plan?

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  • 1
    Agriculture
    Correct
    Wrong
  • 2
    Services
    Correct
    Wrong
  • 3
    Heavy Industries
    Correct
    Wrong
  • 4
    Foreign Trade
    Correct
    Wrong
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Answer : 3. "Heavy Industries"

Q:

In which year fourteen major banks were nationalized in India?

1605 0

  • 1
    1967
    Correct
    Wrong
  • 2
    1968
    Correct
    Wrong
  • 3
    1969
    Correct
    Wrong
  • 4
    1971
    Correct
    Wrong
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Answer : 3. "1969 "

Q:

The best Example of capital intensive industry in India is- 

1588 0

  • 1
    Textile industry
    Correct
    Wrong
  • 2
    Steel industry
    Correct
    Wrong
  • 3
    Tourism industry
    Correct
    Wrong
  • 4
    Spare goods industry.
    Correct
    Wrong
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Answer : 2. "Steel industry "
Explanation :

Explain: -Intensive industry are those industries which need large amount of capital for investment.

Q:

Inflation in India is measured on which of the following indexes / indicators?

1587 0

  • 1
    Gross Domestic Product (GDP)
    Correct
    Wrong
  • 2
    Wholesale Price Index (WPI)
    Correct
    Wrong
  • 3
    Cost of Living Index (CLI)
    Correct
    Wrong
  • 4
    Consumer Price Index (CPI)
    Correct
    Wrong
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Answer : 2. "Wholesale Price Index (WPI)"

Q:

The Social Accounting system in India is classified into–

1581 0

  • 1
    Assets, Liabilities and Debt Position
    Correct
    Wrong
  • 2
    Public sector, Private Sector and Joint Sector
    Correct
    Wrong
  • 3
    Income, Product and Expenditure
    Correct
    Wrong
  • 4
    Enterprise, Households and Government
    Correct
    Wrong
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Answer : 3. "Income, Product and Expenditure"
Explanation :

Explain: -The Social Accounting system in India is classified into income, Product and Expenditure Social accounting (also known as social accounting and auditing, social accountability, social and environmental accounting, corporate social reporting, corporate social responsibility reporting, non-financial reporting or accounting) is the process of communicating the social and environmental effects of organizations.

Q:

In which account will the expenditure on the installation of new machinery be disbursed?

1569 0

  • 1
    Cash account
    Correct
    Wrong
  • 2
    Machinery Account
    Correct
    Wrong
  • 3
    Profit or loss
    Correct
    Wrong
  • 4
    Installation expense account
    Correct
    Wrong
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Answer : 2. "Machinery Account"

Q:

The first oil refinery in India was established

1557 0

  • 1
    Barauni
    Correct
    Wrong
  • 2
    Visakhapatnam
    Correct
    Wrong
  • 3
    Digboi
    Correct
    Wrong
  • 4
    Mumbai
    Correct
    Wrong
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Answer : 3. "Digboi"

Q:

'Mumbai High' is related to?

1554 0

  • 1
    Steel
    Correct
    Wrong
  • 2
    Petroleum
    Correct
    Wrong
  • 3
    Tomb
    Correct
    Wrong
  • 4
    Jute
    Correct
    Wrong
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Answer : 2. "Petroleum"

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