Looking for a way to test your knowledge of economic and social development? Check out our MCQ quizzes! We cover a range of topics, from poverty and inequality to environmental sustainability. so you can improve your knowledge. This blog covers questions and answers on topics related to economic and social development.
Question 1: Which one of the following pairs is correctly matched?
(A) Central Statistical Organisation (CSO) – Fiscal Policy
(B) Reserve Bank of India (RBI) – Credit Policy
(C) National Council for Applied Economics Research (NCAER) – India Economic Survey
(D) Planning Commission – Computation of National Income
Question 2: Which one of the following represents atleast in part investment in Human Capital?
(A) Formal education
(B) On the job training
(C) Better health care and nutrition
(D) All of the above
Question 3: Which country was the first to adopt a gold standard in the modern sense?
(C) Great Britain
Question 4: What is meant by Autarky in International trade?
(A) Monopoly in international trade
(B) Imposition of restriction in international trade
(C) Removal of all restrictions from international trade
(D) The idea of self-sufficiency and no international trade by a country
Question 5: Among the following sectors, which contributes most to the savings, in India __________.
(A) Banking and Financial sector
(B) Export sector
(C) Household sector
(D) Private corporate sector
Question 6: Krishi Shramik Samajik Suraksha Yojana is a scheme for providing ____________.
(A) improved quality of life at village level
(B) additional wage employment
(C) pension and insurance benefits
(D) subsidised housing facilities
Question 7: Which of the following pairs is not correctly matched?
(A) SEBI – Security Market Regulatory Body
(B) RBI – Banking Regulatory Authority
(C) IDBI – World Bank
(D) SBI – Commercial Bank
Question 8:Consider the following events and arrange these in Chronological Order.
- Garibi Hatao
- Bank Nationalisation
- Beginning of Green Revolution
Select correct answer from the codes given below.
(A) 1, 2 and 3
(B) 3, 2 and 1
(C) 2, 1 and 3
(D) 3, 1 and 2
Question 9: Which of the following Economists propagated the pure Monetary Theory of Trade Cycle?
Question 10: ‘Green Index’ has been developed by ___________.
(A) United Nations Environment Programme
(B) International Monetary Fund (IMF)
(C) World Bank
(D) None of the above
Question 11: Consider the following statements.
The objectives of the National Renewal Fund setup in February, 1992 were
- To give training and counseling for workers affected by retrenchment.
- Redevelopment of workers.
Which of these statement(s) is/are correct?
(A) Neither 1 nor 2
(B) Both 1 and 2
(C) Only 1
(D) Only 2
Question 12: Unemployment and poverty estimates in India are based on _________.
(A) NSSO household consumption expenditure survey
(B) CSO household consumption expenditure survey
(C) Planning Commission’s household Consumption expenditure survey
(D) NSSO family income survey
Question 13: The main reason for low growth rate in India inspite of high rate of savings and capital formation is ____________.
(A) high birth rate
(B) low level of foreign aid
(C) low capital/output ratio
(D) high capital/output ratio
Question 14: Which one of the following is correct regarding stabilisation and structural adjustment as two components of the new economic policy adopted in India?
(A) Stabilisation is a gradual, Multi-step process while structural adjustment is a quick adaptation process
(B) Structural adjustment is a gradual multi-step process, while stabilisation is a quick adaption process
(C) Stabilisation and structural adjustment are very similar and complementary policies. It is difficult to separate one from the other
(D) Stabilisation mainly deals with a set of policies which are to be implemented by the Central Government while structural adjustment is to be set in motion by the State Governments
Question 15: Hawala transactions relate to payments ___________.
(A) received in rupees against overseas currencies and viceversa without going through the official channels
(B) received for sale/transfer of shares without going through the established stock exchanges
(C) received as commission for services rendered to overseas investors/buyers/seller in assisting them to get ever the red tape and / as in getting preferential treatment
(D) made to political parties or to individuals for meeting election expense
Question 16: A consumer is said to be in equilibrium, if __________.
(A) he is able to fulfil his need with a given level of income
(B)he is able to live in full comforts with a given level of income
(C) he can fulfil his needs without consumption of certain items
(D) he is able to locate new sources of income
Question 17: The supply-side economics lays greater emphasis on the point of view of __________.
(B) Global economy
Question 18: Consider the following statements. Industrial development in India, to an extent, is constrained by
- Lack of adequate entrepreneurship and leadership in business.
- Lack of savings to invest.
- Lack of technology, skills and infrastructure.
- Limited purchasing power among the larger masses.
Which of the above statements are correct?
(A) 1, 2 and 3
(B) 1, 3 and 4
(C) 2, 3 and 4
(D) 1, 2 and 4
Question 19: Tourism industry in India is quite small compared to many other countries in terms of India’s potential and size. Which one of the following statements is correct in this regard?
(A) Distances in India are too far apart and its luxury hotels are too expensive for western tourists
(B) For most of the months India is too hot for western tourists to feel comfortable
(C) Most of the picturesque resorts in India such as in the NorthEast and Kashmir are, for all practical purposes, out of bounds
(D) In India, the infrastructure required for attractive tourists is inadequate
Question 20: In the context of independent India’s economy, which one of the following was the earliest event to take place?
(A) Nationalisation of Insurance Company
(B) Nationalisation of State Bank of India
(C) Entactment of Banking Regulation Act
(D) Introduction of first Five Year Plan
Question 21: With which one of the following has the B.K. Chaturvedi Committee dealt?
(A) Review of Centre – State relations
(B) Review of Delimitation Act
(C) Tax reforms and measures to increase revenues
(D) Price reforms in the oil sector
Question 22: Which one of the following brings out the publication called Energy Statistics from time-to-time?
(A) Central Power Research Institute
(B) Planning Commission
(C) Power Finance Corporation Limited
(D) Central Statistical Organisation
Question 23:Among the following, which one of the following was the purpose for which the Deepak Parekh Committee was constituted?
(A) The study the current Socioeconomic conditions of certain minority communities
(B) To suggest measures for financing the development of infrastructure
(C) To fame a policy on the production of genetically modified organisms
(D) To suggest measures to reduce the fiscal deficit in the Union Budget
Question 24:Sustainable development is described as the development that meet the needs of the present without compromising the ability of future generations to meet the needs perspective, inherently the concept of sustainable
development is interwined with which of the following concepts?
(A) Social Justice and empowerment
(B) Inclusive growth
(D) Carrying capacity
Question 25: In which of the following financial years and the devaluation of rupee in India took place twice?
Question 26: RBI has cleared the resolution to start Payment Banks in India for improving Financial inclusion.
Following committee had recommended the creation of Payment Banks __________.
(A) Arvind Mayaram
(B) Y.V. Reddy
(C) Bimal Jalan
(D) Nachiket Mor
Question 27: In terms of PPP the Indian economy’s rank in the world is __________.
Question 28: Which one of the following pairs is not correctly matched?
(A) Goiporia Committee – Banking Service Improvement
(B) Nanjundappa Committee – Railway fares
(C) Rangrajan Committee – Balance of Payments
(D) Rekhi Committee – Simplification Export & Import
Question 29: Despite being a high saving economy, capital formation may not result in significant increase in output due to _____________.
(A) weak administrative machinery
(C) high population density
(D) high capital-output ratio
Question 30: The first Union Territory of India to run 100% on solar energy is ____________.
Question 31: According to India, State of Forest Report 2017, what percentage of total geographical area of the country is under forest cover?
Question 32: If a commodity is provided free to the public by the Government, then ___________.
(A) the opportunity cost is zero
(B) the opportunity cost is ignored
(C) the opportunity cost is transferred from the consumers of the product to the tax-paying public
(D) the opportunity cost is transferred from the consumers of the product to the Government
Question 33: As per the NSSO 70th Round ‘Situation Assessment Survey of Agricultural Households’, consider
the following statements.
- Rajasthan has the highest percentage share of agricultural households among its rural households.
- Out of the total agricultural households in the country, a little over 60 percent belong to OBCs.
- In Kerala, a little over 60 percent of agricultural households reported to have received maximum income from sources other than agricultural activities.
Which of the statement(s) given above is/are correct?
(A) Only 2 and 3
(B) Only 2
(C) Only 1 and 3
(D) 1, 2 and 3
Question 34: Consider the following statements.
- The quantity of imported edible oils is more than the domestic production of edible oils in the last five years.
- The Government does not impose any custom duty on all the imported edible oils as a special case.
Which of the statement(s) given above is/are correct?
(A) Only 1
(B) Only 2
(C) Both 1 and 2
(D) Neither 1 nor 2
Question 35: Match List-I with List-II and select the correct answer using the codes given below the lists.
|(a) Taxation||1. M. Govinda Rao|
|(b) Agriculture||2. C. Rangrajan|
|(c) Monetary Policy||3. Arvind Panagariya|
|(d) Indian Economy Planning and State Land Reforms||4. Ashok Gulati|
|(e)Fiscal Policy||5. Parthasarthy Shome|
- Assertion (A): An important policy instrument of economic liberalisation is reduction in import duties on capital good.
- Reason (R): Reduction in import duties would help the local entrepreneurs to improve technology to face the global markets.
In the context of above two statements, which one of the following is correct?
(A) Both (A) and (R) are true and (R) is the correct explanation of (A)
(B) Both (A) and (R) are true but (R) is not the correct explanation of (A)
(C) (A) is true, but (R) is false
(D) (A) is false, but (R) is true
Question 37: Match List-I with List-II and select the correct answer using the codes given below the lists.
||List-II (Chaired by)
|(a) Disinvestment of Shares in Public Sector Enterprises||1. Rajah Chelliah|
|(b) Industrial sickness||2. Omkar Goswami|
|(c) Tax Reforms||3. R.N. Malhotra|
|(d) Reforms in Insurance sector||4. C. Rangarajan|
Question 38: Match List-I with List-II and select the correct answer using the codes given below the lists.
|(a) Dutt Committee (1969)||1. Industrial Licensing|
|(b) Wanchoo Committee (1971)||2. Direct taxes|
|(c) Rajmannar Committee (1971)||3. Centre-State|
|(d) Chakarvarty Committee (1985)||4. Monetary system|