Economy Practice Questions

Economy Practice Questions will focus on the topics like Indian Economy, World Economy, Economy in the news, Budget Analysis, Government Policies & Projects, and Countries & Currencies etc. Here we will revise our concepts on these topics and also try to get an idea of our preparation. Let us solve the section on Economy Practice Questions.

Economy Practice Questions

Part A

Q1: The following represents the correct formula for estimating the G D P (Gross Domestic Product) of a country.

A) G D P = Produce + Tax – Investment + import – export

B) G D P = consumption + investment + government spending + export- import

C) G D P = consumption – investment + government spending – export + import

D) GDP = consumption + investment – government spending + export – import

E) None of the above

Q2: In India the fiscal year starts on which date?

A) 1st April                   B) 1st March                C) 1st October           D) 30th September           E) None of the above

Q3: In North America, the fiscal year starts on which date?

A) 1st April                   B) 1st March                C) 1st October           D) 30th September           E) None of the above

Q4: The Value Added Tax or V A T is levied at which of the following stages of a business?

A) The conception stage of the business.

B) The Sales stage of the business.

C) At the time when the goods are purchased by the consumer.

D) At the end of each fiscal year.

E) On every stage of production.

Q5: Out of the following forms of tax, which is a direct tax?

A) Sales Tax                   B) Custom Duty                  C) Excise Duty             D) Income Tax and Wealth Tax             E) None of these

Q6: Which of the following taxes has been replaced by the G S T?

A) Sales Tax             B) Excise Duty                  C) Customs Duty                D) Income Tax and Wealth Tax               E) Sales Tax, Excise Duty and Customs Duty

Q7: As per the budget 2017-2018, the income tax slab for the people whose income falls between five lakh to ten lakh is?

A) 20% per annum               B) 12% per annum                     C) 15% per annum                D) 10% per annum                  E) 21% per quarter

Q1: B), Q2: A), Q3: C), Q4: E), Q5: D), Q6: E), Q7: A)

Part B

Q1: The first finance minister of independent India was?

A) R. K. Shanmukham Chetty             B) C. D. Deshmukh                   C) T. T. Krishnamachari         D) Hemvati Nandan Bahuguna                E) None of these people

Q2: Under the concept of G S T, the tax rate that is applicable is?

A) 2%              B) 3%            C) 13%                  D) 25%                 E) None of these

Q3: Which of the following is the current President of the W B G (World Bank Group)?

A) Jim Yong Kim             B) Sir James Wolfensohn                 C) Lewis T. Preston               D)  Alden W. Clausen              E) None of these

Q4: Which of the following taxes is imposed by the State Government?

A) Sales tax                B) Wealth Tax             C) Income Tax             D) Agricultural Tax             E) None of these

Q5: The International Monetary Fund was found on?

A) 15th Aug, 1947                            B) 21st Dec, 1945               C) 27th July, 1945             D) 27th Dec, 1945            E) None of these

Q6: The following countries are the members of the Association of South East Asian Nations or A S E A N?

A) Indonesia, Thailand, Malaysia, Singapore, Philippines, Vietnam, Myanmar, Cambodia, Laos and Brunei.

B) Afghanistan, Phillipines, Myanmar, Bangladesh, Bhutan, India, Nepal, the Maldives, Pakistan and Sri Lanka.

C) Afghanistan, Bangladesh, Bhutan, India, Nepal, the Maldives, Pakistan and Sri Lanka.

D) Indonesia, Thailand, Malaysia, Singapore, Philippines, Vietnam, Myanmar, Cambodia, Laos and Bhutan.

E) None Of these

Q1: A), Q2: D), Q3: A), Q4: D), Q5: D), Q6: A)

Part C

Q1: The World Bank Community doesn’t consist of which of the following institutions?

A) International Bank for Reconstruction and Development (I B R D)

B) International Development Association (I D A)

C) International Finance Corporation (I F C)

D) Multilateral Investment Guarantee Agency (M I G A)

E) International Centre for Settlement of Investment Disputes (I C S I D)

F) World Trade Organisation (W T O)

Q2: Who presents the budget in the lower house of the Indian Parliament?

A) The leader of the government

B) The Minister of Defence

C) Home Minister of India

D) Finance Minister Of India

E) Ministry of Internal Affairs

Q3: On whose recommendation was the Asian Development Bank established on 19th of Dec, 1966?

A) The economic commission for Asia and Pacific Region (E C A F E)

B) International Centre for Settlement of Investment Disputes (I C S I D)

C) International Bank for Reconstruction and Development (I B R D)

D) Multilateral Investment Guarantee Agency (M I G A)

E) World Trade Organisation (W T O)

Q4: The South Asian Association for Regional Cooperation (SAARC) consists of which of the following members?

A) China, India, Nepal, Tibet, Bhutan, Afghanistan, Turkistan, and Sri Lanka.

B) Afghanistan, Bangladesh, Bhutan, India, Nepal, the Maldives, Pakistan and Sri Lanka.

C) Afghanistan, Bangladesh, Bhutan, India, Nepal, the Maldives, Pakistan and Tajikistan.

D) Myanmar, Phillipines, Bhutan, India, Nepal, the Maldives, Pakistan and Sri Lanka.

E) Afghanistan, Phillipines, Myanmar, Bangladesh, Bhutan, India, Nepal, the Maldives, Pakistan and Sri Lanka.

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