This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Economics (Indian Economic Development) Chapter 2 Current Challenges Facing The Indian Economy – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Economics (Indian Economic Development) Chapter 2 Current Challenges Facing The Indian Economy Quiz 6 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which currency is used in India? A) Indian Dollar (IDR). B) Pakistani Rupee (PKR). C) Bangladeshi Taka (BDT). D) Indian Rupee (INR). Show Answer Correct Answer: D) Indian Rupee (INR). 2. Consider the following statements about Outcome budgeting:1. Outcome budgeting measures the development outcomes of all government programmes. 2. It is measure of improvement in quality of the programme. Which of the above statements are correct? A) 1 only. B) 2 only. C) Both 1 and 2. D) Neither 1 nor 2. Show Answer Correct Answer: C) Both 1 and 2. 3. Which government initiative aims to provide skill development to the youth? A) Skill India. B) Youth Empowerment Program. C) Skill Development Initiative. D) National Training Scheme. Show Answer Correct Answer: A) Skill India. 4. Benefits enjoyed by companies who set up production units in the SEZs are: A) They do not have to pay taxes for some years. B) Reduction in excise duty. C) Reduced tariffs and barriers. D) None of the above. Show Answer Correct Answer: A) They do not have to pay taxes for some years. 5. The benefits of human development go far beyond the expansion of: A) Income. B) Wealth accumulation. C) Both. D) None. Show Answer Correct Answer: C) Both. 6. State any two types of interdependence between agriculture and service sector A) Transportation and Marketing. B) Farming and Harvesting. C) Banking and Insurance. D) Manufacturing and Production. Show Answer Correct Answer: A) Transportation and Marketing. 7. Who releases the Wholesale Price Index figures? A) Ministry of Statistics and Program Implementation. B) Ministry of Home Affairs. C) Ministry of Finance. D) Ministry of Commerce and Industry. Show Answer Correct Answer: D) Ministry of Commerce and Industry. 8. Recently the official poverty line in India is determined by: A) Planning Commission. B) Reserve Bank of India. C) NITI Aayog. D) Finance Commission. Show Answer Correct Answer: C) NITI Aayog. 9. Assertion:Poverty declined significantly in India after liberalization.Reasoning:Economic reforms increased growth and employment opportunities. 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. Show Answer Correct Answer: A) Both A and R are true, and R is the correct explanation of A. 10. What measures has the RBI taken to control inflation? A) The RBI has increased government spending to control inflation. B) The RBI has lowered interest rates to boost consumer spending. C) The RBI has implemented price controls on essential goods. D) The RBI has taken measures such as adjusting the repo rate, using CRR and SLR, and conducting open market operations to control inflation. Show Answer Correct Answer: D) The RBI has taken measures such as adjusting the repo rate, using CRR and SLR, and conducting open market operations to control inflation. 11. Consider the following statements about Startups in India:1. All Start ups need to be registered within the last 5 years. 2. The Startups can be process, product or service oriented. Which of the above statements are correct? A) 1 only. B) 2 only. C) Both 1 and 2. D) Neither 1 nor 2. Show Answer Correct Answer: C) Both 1 and 2. 12. Consider the following statements:1. SARFESI Act enables Banks to auction properties to recover loans. 2. ARCs are formed under SARFESI Act. Which of the above statements are correct? A) 1 only. B) 2 only. C) Both 1 and 2. D) Neither 1 nor 2. Show Answer Correct Answer: C) Both 1 and 2. 13. Consider the following statements about Green Bonds:1. All green bonds are debt instruments. 2. The capital raised from green bonds is used only to fund green projects like renewable energy, emission reductions. Which of the above statements are correct? A) 1 only. B) 2 only. C) Both 1 and 2. D) Neither 1 nor 2. Show Answer Correct Answer: C) Both 1 and 2. 14. Indian economy under British rule was: A) Developed economy. B) Developing economy. C) Underdeveloped economy. D) Growing economy. Show Answer Correct Answer: C) Underdeveloped economy. 15. About two-third of the Indians are engaged in ..... A) Farming. B) Forestry. C) Fishing. D) None of the above. Show Answer Correct Answer: A) Farming. 16. What is a common cause of industrial disputes related to employment conditions? A) Break room cleanliness. B) Employee tardiness. C) Lack of office supplies. D) Disagreements over wages, benefits, or working hours. Show Answer Correct Answer: D) Disagreements over wages, benefits, or working hours. 17. What is the primary source of revenue for the Indian government? A) Tax revenue. B) State-owned enterprise profits. C) Investment income. D) Foreign aid. Show Answer Correct Answer: A) Tax revenue. 18. Patriotism is a key aspect of nationalism. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 19. Which organization is responsible for monetary policy in India? A) Securities and Exchange Board of India (SEBI). B) Ministry of Finance. C) International Monetary Fund (IMF). D) Reserve Bank of India (RBI). Show Answer Correct Answer: D) Reserve Bank of India (RBI). 20. What gives us GDP A) Sum of production in all the three sectors. B) Sum of intermediate goods and final goods. C) All the above. D) None of the above. Show Answer Correct Answer: A) Sum of production in all the three sectors. 21. Which Bill was proposed to be passing to solve problems in infrastructure contracts, PPP and Public Utilities? A) Skill Development Programme. B) Companies Amendment Bill. C) Public Utility Resolution of Disputes Bill. D) Goods & Services Tax. Show Answer Correct Answer: C) Public Utility Resolution of Disputes Bill. 22. What is the main aim of the 'Digital India' campaign? A) To promote traditional farming methods in rural areas. B) To limit internet access to urban areas only. C) To increase the use of cash transactions in the economy. D) To transform India into a digitally empowered society and knowledge economy. Show Answer Correct Answer: D) To transform India into a digitally empowered society and knowledge economy. 23. State the place of India in the world in terms of population size and density. A) First & Second. B) Third & Second. C) Second & Third. D) Second & Second. Show Answer Correct Answer: C) Second & Third. 24. According to the Tendulkar committee, the poverty line in rural area is a monthly per capita consumption expenditure below A) Rs 600. B) Rs 650. C) Rs 673. D) Rs 670. Show Answer Correct Answer: C) Rs 673. 25. In India, which of the following have the highest share in the disbursement of credit to agriculture and allied activities? A) Commercial Banks. B) Cooperative Banks. C) Regional Rural Banks. D) Microfinance Institutions. 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