JAIIB MOCK TEST FREE 02

1. What is the main objective of economic planning in India?

a) Reducing imports b) Achieving self-sufficiency c) Rapid economic growth and social justice d) Increasing exports

2. Which sector contributes the highest percentage to India’s GDP?

a) Agriculture b) Industry c) Services d) Manufacturing

3. Which committee recommended economic liberalization in India?

a) Malhotra Committee b) Narasimham Committee c) Rangarajan Committee d) Kelkar Committee

4. What is the term used to describe the total value of goods and services produced within a country in a year?

a) Net National Product (NNP) b) Gross National Product (GNP) c) Gross Domestic Product (GDP) d) National Income

5. Which of the following is NOT included in GDP calculation?

a) Government expenditure b) Private consumption c) Transfer payments d) Net exports

6. Which is a key characteristic of the Indian economy?

a) High dependency on agriculture b) Complete state ownership of industries c) No role of service sector d) Fixed exchange rate system

7. What was the primary occupation in India during the pre-British period?

a) Industry b) Services c) Agriculture d) Trade

8. Which industry was most affected by British rule in India?

a) Automobile Industry b) Textile Industry c) IT Industry d) Banking Sector

9. Which of the following was a major economic policy adopted by India post-independence?

a) Free market economy b) Import substitution industrialization c) Complete privatization of industries d) Deregulation of financial sector

10. In which year was the LPG (Liberalization, Privatization, and Globalization) policy introduced in India?

a) 1985 b) 1991 c) 2000 d) 2010

11. What was a major structural change in the Indian economy post-2008?

a) Rise of the agriculture sector b) Expansion of the IT and service sector c) Nationalization of banks d) Decline of foreign investments

12. What was the main aim of India’s economic reforms in 1991?

a) Reducing fiscal deficit b) Encouraging state-owned enterprises c) Restricting foreign trade d) Reducing service sector growth

13. What was the dominant characteristic of the Indian economy before 1947?

a) Self-sufficiency in production b) High industrialization c) Colonial exploitation d) Strong banking infrastructure

14. Which of the following was an economic consequence of British rule in India?

a) Growth of indigenous industries b) Increase in per capita income c) De-industrialization d) Expansion of the financial sector

15. Which sector saw the highest growth post-1991 reforms?

a) Agriculture b) Manufacturing c) Services d) Mining

16. Which was the main cause of India’s economic crisis in 1991?

a) Declining industrial output b) High fiscal deficit and low forex reserves c) Over-investment in infrastructure d) High growth in exports

17. What was a major economic policy change in India post-2008 financial crisis?

a) Reduction of fiscal stimulus b) Expansion of rural employment schemes c) Full privatization of banking sector d) Increase in gold reserves

18. Which major structural change took place in the Indian economy after 1991?

a) Increase in public sector dominance b) Expansion of private sector participation c) Complete abolition of foreign trade d) Reintroduction of License Raj

19. What percentage of India’s population was engaged in agriculture before independence?

a) 30% b) 50% c) 70% d) 90%

20. Which Indian Prime Minister was responsible for introducing economic reforms in 1991?

a) Indira Gandhi b) Rajiv Gandhi c) Manmohan Singh d) P. V. Narasimha Rao

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JAIIB MOCK TEST FREE 02

Indian Economy & Financial System Free Mock Test No 2

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