Indian Economy Section 2 MCQs

36. Approximately what fraction of India’s trade by volume is moved by sea?

(A) 70%
(B) 80%
(C) 90%
(D) 95%

Correct Answer: (D) 95%

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37. Which among the following decides the Oil Prices in India?

(A) Government of India
(B) Government of Respective States
(C) Ministry of Petroleum
(D) Oil Companies

Correct Answer: (D) Oil Companies

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38. What is the Value Added Tax (VAT)?

(A) A single tax that replaces State Taxes like surcharge, turnover tax, etc.
(B) A simple, transparent, easy to pay tax imposed on consumers.
(C) A new initiative taken by the government to increase the tax burden of high income groups.
(D) A new tax to be imposed on the producers of capital goods.

Correct Answer: (A) A single tax that replaces State Taxes like surcharge, turnover tax, etc.

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39. The Tobin tax, initially suggested by James Tobin was a tax on which among the following transactions?

(A) Property Transactions
(B) Currency Transactions
(C) Industrial transactions
(D) All of the above

Correct Answer: (B) Currency Transactions

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40. The term “Golden Revolution” is most closely related to which of the following missions?

(A) National Solar Mission
(B) National Horticulture Mission
(C) National Mission on Clean Coal Technologies
(D) National Bamboo Mission

Correct Answer: (B) National Horticulture Mission

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