CBSE Questions for Class 8 General Knowledge Indian Economy Quiz 3 - MCQExams.com

Who introduced HYV varieties of seed in India?
  • JL Nehru
  • Mahalanobis
  • N Borlaug
  • V Kurien
Which one among the following agricultural sectors is covered under the Market Intervention Scheme (MIS) of the Indian Government? 
  • Forestry
  • Irrigation
  • Horticulture
  • Animal Husbandry
Which one of the following is not the member of the National Development Council of India?
  • Ministers of the Union Cabinet
  • Chief Ministers of the States
  • Administrators of the Union Territories
  • Governors of the States
Consider the following economic processes taking place in Indian Economy
Import of western culture through the mass media and telecommunication system in India.
Establishment of factory units of MNCs in India.
Acquisition of branded foreign companies by Indian business tycoon.
Which of the economic processes given above is/are encompassed under globalisation?
  • 1,2 and 3
  • 1 and 3
  • 2 and 3
  • Only 2
Which of the following statements about the livestock sector in India is/are correct?
Livestock contributed about 25% at grass value in agriculture.
It provides self employment to a large segment of population.
Rapid growth of livestock sector can be egalitarian and inclusive.
Select the correct answer using the codes given below
  • Only 3
  • 1 and 2
  • 2 and 3
  • 1,2 and 3
The substitution of steel for wooden plough in agricultural production is an example of _________________.
  • labour augmenting technical progress.
  • capital Augmenting technical progress.
  • capital reducing technological progress.
  • None of the above.
Which one of the following is the apex cooperative organisation at the national level of India?
  • TRIFED
  • NAFED
  • FCS
  • RRBs
Which one of the following committees recommended to establish the National Bank for  Agriculture and Rural Development (NABARD) in India?
  • Narsimham Committee
  • Chakrovarti Committee
  • Abhijit Sen Committee
  • Shivaraman Committee
Indian agriculture is typically characterised as
  • land surplus and labour scarce economy
  • land surplus and labour surplus economy
  • land scarce and labour surplus economy
  • land scarce and labour scarce economy
The percentage of the agriculture land is very high in all the following states except 
  • Uttar Pradesh
  • Punjab
  • Haryana
  • Sikkim
Consider the following statements about Indian Agriculture
The area under foodgrains has declined in the last two decades.
The average farm size in the country is very small and declining over the years.
Which of the statements given above is/are correct?
  • Only 1
  • Only 2
  • Both 1 and 2
  • Neither 1 nor 2
Which one of the following has not been a component of the agricultural strategy that brought about the Green Revolution?
  • Greater intensity of crop
  • Guaranteed maximum prices
  • New agricultural technology
  • Package of input
In India, markets in agricultural products are regulated under the ___________________.
  • Essential Commodities Act, 1955
  • Agricultural Produce Market Committee Act enacted by states
  • Agricultural Produce (Grading and Marking) Act, 1937
  • Food Products Order, 1956 and Meat and Food Products Order, 1973
Which one of the following agencies of India decides the Minimum Support Prices of the agricultural crops?
  • Ministry of Agriculture
  • NABARD
  • Ministry of Commerce
  • Agricultural Cost and Price Commission (ACPC)
The Green Revolution has led to mark increase in
productivity of wheat
productivity of pulses
regional inequalities
inter-personal inequalities
Which of the statements given above are correct?
  • 1,2, 3 and 4
  • 1,2 and 3
  • 2 and 3
  • 3 and 4
Classification of an enterprise into public or private sector is based on
  • number of employees in the enterprise
  • ownership of assets of the enterprise
  • employment conditions for workers in the enterprise
  • nature of products manufactured by the enterprise
In the 'Index of Eight Core Industries', which one of the following is given the highest weight?
  • Coal production
  • Electricity generation
  • Fertiliser production
  • Steel production
Which one of the following is not an important industry of Chhattisgarh from the point of view of production?
  • Iron and Steel
  • Cement
  • Chemical
  • Aluminium
Which one of the following continents accounts for the maximum share in exports from India?
  • Asia
  • Europe
  • Africa
  • North America
Which one of the following is the best source of generating electricity in India from the view point of sustainable development?
  • Coal
  • Mineral oil and gas
  • Hydro-electricity
  • Atomic energy
Which one of the following issues the 'Global Economic Prospects' report periodically? 
  • The Asian Development Bank
  • The European Bank for Reconstruction and Development
  • The US Federal Reserve Bank
  • The World Bank
Which of the railway lines is opened by Prime Minister Narendra Modi recently in Jammu and Kashmir?
  • Katra-Udhampur Railway Line
  • Katra-Banihal Railway Line
  • Banihal-Baramulla Railway Line
  • None of them
Consider the following statements
The NTPC was incorporated in November, 1975 and is a Navratna company.
NTPC Limited is the single largest power generator of India.
NTPC accounts for $$28.60\%$$ of the entire electricity generated in the country.
Find the correct code from below
  • 1, 2
  • 2, 3
  • 1, 3
  • 1, 2 and 3
The Oil and Natural Gas Commission was set-up in 
  • 1956
  • 1957
  • 1959
  • 1965
Which of the following brings out the Consumer Price Index Number for Industrial Workers? 
  • The Reserve Bank of India
  • The Department of Economic Affairs
  • The Labour Bureau
  • The Department of Personnel and Training
Which one of the following is the correct sequence of economic sectors in terms of their contribution to the GDP of India in decreasing order?
  • Service-Industry-Agriculture
  • Agriculture- Industry-Service
  • Industry-Service-Agriculture
  • Agriculture-Service-Industry
If the interest rate is decreased in an economy, it will
  • decrease the consumption expenditure in the economy.
  • increase the tax collection of the government.
  • increase the investment expenditure in the economy.
  • increase the total savings in the economy.
Which of the following costs is related to Marginal cost?
  • Fixed cost
  • Implicit cost
  • Prime cost
  • Variable cost
World Investment Report is published by which of the following?
  • WEF
  • WTO
  • GATT
  • UNCTAD
Consider the following sources
Mint
Revenue from Indian Security Press
Grant-in-aid from other countries
Which of the sources given above is/are revenue sources of the Central Government from the Fiscal Services ?
  • Only 2
  • 1 and 3
  • 2 and 3
  • All of those
The way total output changes due to change in all inputs in same proportion is known as law of
  • returns to scale
  • diminishing
  • increasing returns
  • constant returns
In our Constitution, the term 'Budget' is used under 
  • Article 112
  • Article 72
  • Schedule 5
  • No were used
The Interest Tax is imposed on which one the following in India ?
  • Interest accrued to commercial banks on loans and advances
  • Interest accrued to states on the loans and advances made to public sectors
  • Interest accrued to India postal services on the loans and advances made to Central Government
  • None of the above
Which one of the following features of the Indian Postal System is not correct?
  • A post office on an average in India serves an area of more than 20 sq km.
  • A post office on an average in India serves a population more than 7000.
  • After China, India has the largest postal network in the world.
  • The postal system in India was established by Lord Clive in the year 1766.
The Board of Industrial and Financial Reconstruction (BIFR) came into existence in
  • 1980
  • 1986
  • 1991
  • 1997
Economic growth In country X will necessarily have to occur if
  • there is technical progress in the world economy
  • more is population growth in X
  • there is capital formation in X
  • the volume of trade growth in the world economy
Which one of the following is correct for primary deficit ?
  • Gross Fiscal deficit-Net Fiscal deficit
  • Gross Fiscal deficit -Net Interest liabilities 
  • Gross Fiscal deficit- Capital disbussment
  • Gross Fiscal deficit - Interest receipts 
In India, deficit financing is used for raising resources for 
  • economic development
  • redemption of pubic debt
  • adjusting the Balance of Payments
  • reducing the foreign debt
Which one of the river basins has the highest potential for the Hydel Power?
  • Brahmaputra basin
  • Ganga basin
  • East flowing rivers of South India
  • West flowing rivers of South India
With reference to India, which one of the following statements is not correct?
  • IPCL is the largest India petrochemical company.
  • Reliance is the largest private sector company in India.
  • MTNL is listed of NYSE.
  • BSNL is the first telecom service organisation in India to launch a nationwide cellular service at once.
Among other things, which one of the following was the purpose for which Deepak Parekh Committee was constituted?
  • To study the current socio-economic conditions of certain minority communities.
  • To suggest measures for financing the development of infrastructure.
  • To frame a policy on the genetically modified organisms
  • To suggest measures to reduce the fiscal deficit in the Union budget.
Which one of the following service organisations is the subsidiary of the National Civil Aviation India Limited (Air India)?
  • Alliance Air
  • Air India Charters Limited
  • Inter Globe Aviation Limited
  • Both 'a' and 'b'
Consider the following actions by the government
Cutting the tax rates
Increasing the government spending
Abolishing the subsidies
Which of the statements given above is/are correct ?
  • 1 and 2
  • 1 and 3
  • 2 and 3
  • All of these
Which committee recommended abolition of tax rebates under section 88 ?
  • Chelliah  Committee
  • Kelkar Committee
  • Shome  Committee
  • None of the above
The average fixed cost curve will always be
  • a rectangular hyperbola
  • a downward sloping convex to the origin
  • a downward sloping straight line
  • a U-shaped curve
Which one of the following duties/ taxes Is the major component of the customs duties In the Indian Economy ?
  • Import duties
  • Export duties
  • Both 'a' and 'b'
  • None of these
Which of the following is are the example(s) of Transfer Payment(s) ?
Unemployment allowance
Payment of salary
Social security payments
Old age pension
Select the correct answer using the codes given below
  • 1 and 3
  • 1, 2 and 3
  • 1, 3 and 4
  • None of those
Human Development Index comprises literacy rates, life expectancy at birth and
  • Gross Domestic Product per head in the US dollars
  • Gross Domestic Product per head at at real purchasing power
  • Gross National Product in US dollar
  • National income per head in US dollar
Human Development Report for each year at global level is published by 
  • WTO
  • World Bank
  • UNDP
  • IMF
Consider the following acts
Banking Cash Transaction Tax Act 2005. 
Securities Transaction Tax Act
Interest Tax Act
Fringe Benefit Tax Act
Which of the Acts given above are Direct Tax Acts ?
  • 1, 2, 3 and 4
  • 1, 2 and 3
  • 2 and 3
  • 3 and 4
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