Integrated (inter-state) — On inter-state and imports.

Gross Domestic Product — GDP = total market value of all final goods/services produced within a country's borders in a year.

Total expenditure - total income — Fiscal deficit = total govt expenditure - total govt income (excluding borrowings).

12th — 12th Plan (2012-17) was the last.

RBI — RBI sets the Repo Rate as part of its monetary policy to control inflation.

Common Indian Economy

Indian Economy — Paired Mock 01 (50 Qs)

The first Five Year Plan in India was started on April 1, 1951. Covers Five Year Plans and GST concepts. Indian Economy practice test free

▶ മലയാളത്തിൽ എടുക്കുക

Indian Economy — Paired Mock 01 (50 Qs)

50 questions · 37 minutes

37:00

Q1.The first Five Year Plan in India was started on:‌‍

A. 26 January 1950 B. 1 April 1951 C. 15 August 1949 D. 11 April 1950

Q2.IGST:‌‍

A. Exempt B. State C. Integrated (inter-state) D. Central

Q3.GDP stands for:‌‍

A. Gross Defence Product B. Gross Domestic Product C. Gross Domestic Production D. Great Domestic Product

Q4.Fiscal deficit =‌‍

A. Total income - total expenditure B. Total expenditure - total income C. Exports - imports D. None

Q5.GST has how many tax slabs in India?‌‍

A. 6 B. 8 C. 2 D. 4 main + special

Q6.Last Five Year Plan:‌‍

A. 10th B. 11th C. 12th D. 13th

Q7.The RBI was established in:‌‍

A. 1930 B. 1935 C. 1947 D. 1949

Q8.The first Five Year Plan of India started in:‌‍

A. 1947 B. 1950 C. 1951 D. 1956

Q9.India's Budget 2024-25 FM:‌‍

A. Arun Jaitley B. Nirmala Sitharaman C. Piyush Goyal D. P. Chidambaram

Q10.GDP at market prices equals Gross Value Added (GVA) plus:‌‍

A. Product tax minus product subsidy B. Exports minus imports C. Profits minus losses D. Savings minus investment

Q11.Ageostationary satellite orbits Earth once every:‌‍

A. 1 hour B. 1 week C. 24 hours D. 12 hours

Q12.GPS satellites orbit at:‌‍

A. Moon distance B. Geostationary C. Low earth orbit D. Medium Earth orbit (~20,200 km)

Q13.India's 2025-26 GDP growth estimate (as per IMF/RBI) is approximately:‌‍

A. 4-5% B. 2-3% C. 10% D. 6-7%

Q14.Repo rate (early 2026):‌‍

A. 6.5% B. 7% C. 6.75% D. 6.25%

Q15.GST (Goods and Services Tax) was introduced in India on:‌‍

A. 1 April 2016 B. 1 July 2017 C. 1 January 2018 D. 1 April 2018

Q16.RBI established:‌‍

A. 1930 B. 1935 C. 1947 D. 1949

Q17.Mars Orbiter Mission-2:‌‍

A. Cancelled B. Mangalyaan-2 (planned) C. Mangalyaan-3 D. Only MOM-1

Q18.Which of the following are instruments of monetary policy in India? ‌‍(i) MSF Rate (ii) Deficit financing (iii) SLR (iv) Taxation

A. (i) and (iii) only B. (i) and (ii) only C. (i), (ii), (iv) D. (i), (ii), (iii)

Q19.In Donne's 'A Valediction: Forbidding Mourning', the spiritual bond between lovers is compared to:‌‍

A. A pendulum swinging in harmony B. A compass that always points north C. A pair of twin flames D. A twin-compass where one leg moves and the other stays rooted

Q20.Standard deduction Budget 2024:‌‍

A. 30000 B. 50000 C. 1 lakh D. 75000 new regime

Q21.India's retail inflation (CPI) in March 2026 was:‌‍

A. 2.8% B. 3.1% C. 3.4% D. 4.2%

Q22.Kerala Budget 2025-26 size (approx):‌‍

A. 3 lakh Cr B. Over 1.8 lakh Cr C. 1.5 lakh Cr D. 1 lakh Cr

Q23.Repo Rate is set by:‌‍

A. Government B. Finance Ministry C. RBI D. SEBI

Q24.RBI highest forex reserves:‌‍

A. $1 trillion B. Over $700 billion peak C. $200B D. $500B

Q25.GST (Goods and Services Tax) is a:‌‍

A. Direct tax B. Excise only C. Indirect (destination-based, value-added) tax D. Customs duty

Q26.Inflation target band (RBI):‌‍

A. 4-8% B. 3-7% C. 2-6% D. 5-9%

Q27.Inflation targeting in India is officially set at:‌‍

A. 2-4% B. 4% (+/- 2%) C. Zero inflation D. 6%

Q28.RBI was nationalised in:‌‍

A. 1935 B. 1947 C. 1949 D. 1955

Q29.GST was introduced in India on:‌‍

A. 1 April 2017 B. 1 July 2017 C. 1 October 2017 D. 1 January 2018

Q30.CPI (Consumer Price Index) for inflation measurement uses whose weights?‌‍

A. Urban only B. Only farmers C. Rural and Urban combined (general index) D. Exporters

Q31.The Goods and Services Tax (GST) was introduced via which amendment?‌‍

A. 101st (2016) B. 103rd C. 99th D. 104th

Q32.GST Council article:‌‍

A. 300A B. 279A C. 280 D. 246A

Q33.Reverse Repo rate is the rate at which:‌‍

A. Inter-bank rate B. RBI borrows from commercial banks C. RBI lends D. Prime lending rate

Q34.The RBI Governor is appointed by:‌‍

A. President B. PM C. Finance Minister D. Government of India

Q35.Kerala Budget presented by:‌‍

A. Governor B. CM C. President D. Finance Minister

Q36.GST introduced on:‌‍

A. 1 Apr 2017 B. 1 Jul 2017 C. 1 Oct 2017 D. 1 Jan 2018

Q37.GST was introduced on:‌‍

A. 1 Apr 2017 B. 1 Jul 2017 C. 1 Oct 2017 D. 1 Jan 2018

Q38.Budget line shows:‌‍

A. Production B. Utility C. Supply D. Combinations of 2 goods affordable at given prices and income

Q39.The GST Council is chaired by:‌‍

A. Prime Minister B. RBI Governor C. Union Finance Minister D. Chief Justice of India

Q40.GST has how many tax slabs?‌‍

A. 3 B. 4 C. 5 D. 6

Q41.Quantum number defining orbital shape is:‌‍

A. l (azimuthal) B. s C. m D. n

Q42.GST Council chaired by:‌‍

A. PM B. President C. Union Finance Minister D. RBI Governor

Q43.GST is a:‌‍

A. Direct Tax B. Indirect Tax C. Both D. Neither

Q44.GDP at factor cost equals:‌‍

A. GDP at market price + Depreciation B. GDP at market price − Net indirect taxes C. GDP at market price − Depreciation D. GDP at market price + Net indirect taxes

Q45.GNP (Gross National Product) differs from GDP as:‌‍

A. GNP = GDP + (income of nationals abroad − income of foreign nationals in country) B. GNP excludes services C. GNP only counts exports D. GDP adds net income from abroad

Q46.The first Five Year Plan of India was based on the model of:‌‍

A. Gandhian Model B. Harrod-Domar Model C. Mahalanobis Model D. Mixed Economy Model

Q47.Which statement about 'demonetisation' is INCORRECT? ‌‍(i) Process of invalidating an economic unit (ii) Raghuram Rajan was RBI Governor in 2016 demon (iii) ₹500/₹1000 notes ceased from Nov 9, 2016 (iv) Targeted black money & money laundering

A. (i), (iii) and (iv) B. (i), (ii) and (iv) C. All four are true D. (i) and (iv)

Q48.The Hindu rate of growth (~3.5% GDP) term was coined by:‌‍

A. Raj Krishna B. P. C. Mahalanobis C. Amartya Sen D. Manmohan Singh

Q49.How does Gross National Product (GNP) differ from GDP?‌‍

A. GNP excludes services B. GNP excludes exports C. GNP only counts agriculture D. GNP adds net income earned by residents abroad to GDP

Q50.Gross Domestic Product (GDP) is defined as:‌‍

A. The value of all goods exchanged in markets B. The income of citizens abroad C. A country's foreign reserves D. The total money value of all final goods and services produced within a country's boundaries in a year

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