Indian Economy

Ladakh Police Sub-Inspector · General Awareness & Science · 15 practice questions with answers and explanations: 7 Easy, 8 Medium, 0 Hard.

Sample questions

Sample Easy question 1

Which institution prepares the Union Budget?

  1. NITI Aayog
  2. RBI
  3. Ministry of Finance
  4. Planning Commission
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Answer: C. The Finance Minister presents it in Parliament.

Sample Easy question 2

GDP stands for:

  1. Gross Dividend Product
  2. General Domestic Product
  3. Gross Domestic Price
  4. Gross Domestic Product
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Answer: D. It measures the value of goods and services produced within a country.

Sample Easy question 3

The Planning Commission was replaced in 2015 by:

  1. NITI Aayog
  2. SEBI
  3. Finance Commission
  4. RBI
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Answer: A. NITI stands for National Institution for Transforming India.

Sample Medium question 4

GST was introduced in India from:

  1. 1 July 2017
  2. 1 July 2014
  3. 1 April 2016
  4. 1 January 2018
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Answer: A. It replaced many indirect taxes.

Sample Medium question 5

The Finance Commission is appointed every:

  1. Five years
  2. Two years
  3. Ten years
  4. Annually
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Answer: A. Article 280 provides for it.

Sample Medium question 6

Inflation means a rise in the:

  1. Interest on deposits
  2. Value of the rupee abroad
  3. General price level
  4. Level of employment
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Answer: C. Prices of goods and services increase over time.

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