11) The basic attribute of a formal organization is :
(a) esteem and prestige
(b) roles and duties
(c) dominance and supremacy
(d) rules and regulations
12) Value-added tax is :
(a) an ad valorem tax on domestic final consumption collected at all stages between production and the point of final sale
(b) an ad valorem tax on final consumption collected at the manufacturing level
(c) tax on final consumption collected at the consumption stage
(d) a special tax levised by states on products from other states
13) Import substitution implies
(a) importing new items in place of old items of import
(b) gradual reduction of imported goods to save foreign exchange
(c) increasing domestic supply of goods by imposing import restrictions
(d) replacing import items by domestic production of such items
14) Highest milk producer in India is :
(a) U.P.
(b) Gujarat
(c) Punjab
(d) Haryana
15) The area under cultivation is declining fast in the case of:
(a) cotton
(b) sugarcane
(c) jute
(d) tea
16) In Which of the following years, Indian switched over to decimal currencies?
a) 1955
b) 1957
c) 1950
d) 1956
17)Index ‘Residex ’is associated with
a) Share price
b) Mutual fund price
c) Price inflation index
d) Land price
18) Which State stands first in the length of roads in the country?
(a) Maharashtra
(b) Uttar Pradesh
(c) Madhya Pradesh
(d) Rajasthan
19) Which institution provides long run finance to industries?
(a) UTI
(b) LIC
(c) GIC
(d) All of these
20) Which of the following schemes was intended to tap the black money?
(a) SBI Deposit Scheme
(b) UTI Bonds
(c) Long term Operations Scheme
(d) India Development Bonds
Indian Economy mcq practice set we provide here for your convenience. Good Luck!