Economic And Social Development MCQ Trivia Quiz

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Economic And Social Development MCQ Trivia Quiz - Quiz

To attain economic stability, there is much that you need to put in place. Have you understood different ways in which you can use to do just that? The quiz below is designed to help you revisit what you know about the social and economic development of a country or project. Take up the quiz below and get to find out for sure. All the best!


Questions and Answers
  • 1. 

    ASEAN accounts for approximately what fraction of India's Foreign Trade? State the approximate figure.

    • A.

      1%

    • B.

      7%

    • C.

      10%

    • D.

      50%

    Correct Answer
    C. 10%
    Explanation
    ASEAN accounts for approximately 10% of India's Foreign Trade. This means that out of the total value of India's foreign trade, around 10% can be attributed to trade with ASEAN countries.

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  • 2. 

    The term Euribor is associated with?

    • A.

      SEBI

    • B.

      SAARC

    • C.

      A reference rate for Euro Money Market

    • D.

      None of these

    Correct Answer
    C. A reference rate for Euro Money Market
    Explanation
    The term Euribor is associated with a reference rate for the Euro Money Market. Euribor stands for Euro Interbank Offered Rate, which is the average interest rate at which Eurozone banks offer unsecured loans to each other. It is a key benchmark for the financial industry and is used as a reference rate for various financial products, such as loans, mortgages, and derivatives. SEBI and SAARC are unrelated to Euribor, making the correct answer "A reference rate for Euro Money Market."

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  • 3. 

    Where is the largest carbon credit project of the world carried out?

    • A.

      India

    • B.

      Pakistan

    • C.

      Afghanistan

    • D.

      USA

    Correct Answer
    A. India
    Explanation
    The largest carbon credit project in the world is carried out in India. This implies that India has implemented a project that aims to reduce carbon emissions and earn carbon credits in return. This project could involve various initiatives such as renewable energy projects, afforestation, or energy efficiency measures. India's commitment to such a large-scale project highlights its efforts towards mitigating climate change and promoting sustainable development.

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  • 4. 

    What do we call all economic transactions of India with the outside world in a year?

    • A.

      Balance of Payments

    • B.

      Balance of Trade

    • C.

      Economic Equilibrium

    • D.

      None of the above

    Correct Answer
    A. Balance of Payments
    Explanation
    Balance of Payments refers to all economic transactions of a country with the rest of the world in a given year. It includes the exchange of goods, services, and capital between the country and other nations. This term encompasses both the balance of trade, which refers to the difference between a country's exports and imports of goods, and the balance of services, which includes transactions related to services like tourism, transportation, and financial services. Therefore, Balance of Payments is the correct term to describe all economic transactions of India with the outside world in a year.

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  • 5. 

    Name three states which had higher Human Development Indicators than China but lower than Korea and Mexico, as per RBI study?

    • A.

      Kerala, Maharashtra, Punjab

    • B.

      Gujarat, Punjab, Kerala

    • C.

      Kerala, A.P., Karnataka

    • D.

      None of these

    Correct Answer
    A. Kerala, Maharashtra, Punjab
    Explanation
    The correct answer is Kerala, Maharashtra, Punjab. These three states had higher Human Development Indicators than China but lower than Korea and Mexico, as per the RBI study.

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  • 6. 

    Under ______________ Ministry of Indian Government the Forward Markets Commission works?

    • A.

      Ministry of Consumer Affairs, Food and Public Distribution

    • B.

      Ministry of Finance

    • C.

      Ministry of Corporate Affairs

    • D.

      None of these

    Correct Answer
    A. Ministry of Consumer Affairs, Food and Public Distribution
    Explanation
    The Forward Markets Commission works under the Ministry of Consumer Affairs, Food and Public Distribution in the Indian Government.

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  • 7. 

    Which state of India organized International Rhododendron festival recently?

    • A.

      Uttar Pradesh

    • B.

      Madhya Pradesh

    • C.

      Haryana

    • D.

      Sikkim

    Correct Answer
    D. Sikkim
    Explanation
    Sikkim recently organized the International Rhododendron festival. This implies that Sikkim is the state of India that hosted the festival.

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  • 8. 

    In India, what are the 2 maximum revenue yielding groups of Indirect taxes?

    • A.

      Union Excise Duties & General Sales tax

    • B.

      Custom & General Sales Tax

    • C.

      Union Excise Duties & Customs

    • D.

      None of the above

    Correct Answer
    C. Union Excise Duties & Customs
    Explanation
    The correct answer is Union Excise Duties & Customs. Union Excise Duties are taxes imposed on the production, sale, or consumption of specific goods and services within the country. Customs duties, on the other hand, are taxes levied on goods imported into or exported out of the country. These two groups of indirect taxes generate the maximum revenue for the Indian government.

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  • 9. 

    Who is the ex-officio chairman of the Planning Commission of India?

    • A.

      Prime Minister

    • B.

      Finance Minister

    • C.

      Planning Minister

    • D.

      None of these

    Correct Answer
    A. Prime Minister
    Explanation
    The ex-officio chairman of the Planning Commission of India is the Prime Minister. This means that the Prime Minister holds this position by virtue of their office, without the need for any additional appointment or election. As the head of the government, the Prime Minister is responsible for overseeing and guiding the planning and development of the country, making them the appropriate choice for this role.

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  • 10. 

    Which is not an objective of economic planning of India?

    • A.

      Industrial growth

    • B.

      Generation of employment

    • C.

      Population growth

    • D.

      Self-reliance

    Correct Answer
    C. Population growth
    Explanation
    Population growth is not an objective of economic planning in India because it is seen as a challenge rather than a goal. The focus of economic planning is typically on achieving sustainable development, reducing poverty, promoting industrial growth, and generating employment opportunities. Population growth, on the other hand, is often considered a hindrance to development as it puts pressure on resources, infrastructure, and social services. Therefore, it is not included as an objective of economic planning in India.

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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Aug 28, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jan 13, 2015
    Quiz Created by
    Tanmay Shankar
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