Indian Economy Questions with Answers FAQ

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Indian Economy

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The General Knowledge Questions with Answers based on Indian Economy will help you improve your skills in order to face the interviews, crack Campus recruitment tests and various other competitive examination such as CAT, GATE, GRE, MAT, Bank Exam, Railway Exam etc. with full confidence.

Indian Economy - Important Points

11.		Which of the following is not a feature of a mixed economy?

A. Private and public sectors coexist

B. Resources are owned by both private and public sectors

C. Government controls all the resources

D. Price mechanism is used to determine the prices of goods and services

View Answer Discuss Work Space

Answer: option c

Explanation:

A mixed economy is an economic system in which both the private and public sectors coexist and share resources. The resources in a mixed economy are owned by both private and public sectors. The price mechanism is used to determine the prices of goods and services. However, in a mixed economy, the government does not control all the resources.

12.		Which of the following is not a feature of a socialist economy?

A. Central planning of the economy

B. Collective ownership of the means of production

C. No private ownership of resources

D. Market forces are used to determine the prices of goods and services

View Answer Discuss Work Space

Answer: option d

Explanation:

In a socialist economy, central planning of the economy is done by the government. The means of production are collectively owned by the workers or the state, and there is no private ownership of resources. Prices of goods and services are determined by the government and not by market forces.

13.		Which of the following is not a factor affecting economic growth?

A. Capital

B. Labor

C. Land

D. Inflation

View Answer Discuss Work Space

Answer: option d

Explanation:

Economic growth is affected by various factors, such as capital, labor, and lanInflation, on the other hand, is a measure of the rate of increase in the prices of goods and services in an economy. Inflation is not a factor that affects economic growth directly.

14.		Which of the following is not a function of the Reserve Bank of India (RBI)?

A. Issuing currency notes and coins

B. Controlling inflation

C. Regulating banks and financial institutions

D. Regulating the stock market

View Answer Discuss Work Space

Answer: option d

Explanation:

The Reserve Bank of India (RBI) performs various functions, such as issuing currency notes and coins, controlling inflation, regulating banks and financial institutions, and managing the foreign exchange market. However, regulating the stock market is not a function of the RBI.

15.		Which of the following is a type of tax in India?

A. Sales tax

B. Income tax

C. Excise tax

D. All of the above

View Answer Discuss Work Space

Answer: option d

Explanation:

Sales tax, income tax, and excise tax are all types of taxes in IndiSales tax is levied on the sale of goods, income tax is levied on the income earned by individuals and businesses, and excise tax is levied on the production of goods.

Indian Economy Questions and Answers FAQ

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Indian Economy is an important topic of General Knowledge. MCQ type Questions with Answers of Indian Economy are required to build your General Knowledge skills which is a prerequisite for your Career development.

How Indian Economy MCQ type Questions with Answers is helpful in my Career?

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How this online resource is helpful in my preparation for Indian Economy Questions and Answers?

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Indian Economy

Indian Economy Questions and Answers FAQ

Why do I need to learn Indian Economy Questions with Answers in General Knowledge?

How Indian Economy MCQ type Questions with Answers is helpful in my Career?

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How this online resource is helpful in my preparation for Indian Economy Questions and Answers?

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