1.	For which crop, fair and remunerative price is announced instead of minimum support price ?
	Rice
	Sugarcane
	Pulses
	Wheat
	Answer: Sugarcane Explanation: Government announces minimum support prices (MSPs) for 22 mandated crops and a fair and remunerative price (FRP) for sugarcane. The mandated crops are 14 crops of the kharif season, 6 rabi crops and two other commercial crops.
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2.	The period of second five year plan in India was ?
	1961-66
	1969-74
	1956-61
	1951-56
	Answer: 1956-61 Explanation: The second five year plan (1956-61) was based on the Mahalanobis model and accorded high priority to industrialization.
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3.	Minimum Support Price (MSP) of the agricultural crops in India is fixed by the government on the recommendations of the ?
	Reserve Bank of India
	Commission for Agricultural Costs and Prices (CACP)
	Food Corporation of India (FCI)
	NABARD
	Answer: Commission for Agricultural Costs and Prices (CACP) Explanation: Minimum Support Price (MSP) of the agricultural crops in India is fixed by the government on the recommendations of the Commission for Agricultural Costs and Prices (CACP).
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4.	Planned economic development in India began in _____ with the inception of the First Five Year Plan ?
	1951
	1956
	1948
	1958
	Answer: 1951 Explanation: Planned economic development in India began in 1951 after the inception of five year plSol. The first five year plan was introduced in 1951 whose prime focus was on the development of the primary sector. It was introduced by The first Prime Minister of India Jawahal Lal Nehru for an effective and balanced utilisation of resources.
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5.	In the context of Colonial India, the Hartog Committee Report is related to which of the following fields ?
	Education
	Urbanisation
	Irrigation
	Health
	Answer: Education Explanation: The Hartog committee in 1929 submitted its report on education. Committee stated that in India people leave their school before completing a particular level of education.
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6.	For how many mandated crops, Minimum Support Price (MSP) is announced by the government ?
	22
	42
	32
	12
	Answer: 22 Explanation: Government announces minimum support prices (MSPs) for 22 mandated crops and fair and remunerative price (FRP) for sugarcane. The mandated crops are 14 crops of the kharif season, 6 rabi crops and two other commercial crops.
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7.	In whose guidance the economic survey of India is prepared ?
	Finance Commission
	Finance Minister
	RBI Governor
	Chief Economic Advisor
	Answer: Chief Economic Advisor Explanation: The Department of Economic Affairs, Ministry of Finance presents the Economic Survey of India in the Parliament every year, just before the Union Budget. It is prepared under the guidance of the Chief Economic Adviser attached to the Ministry of Finance.
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8.	Which one of the following is used for indexing dearness allowance to government employees for increase in prices in India ?
	Interest rates
	Consumer Price Indices (CPI)
	Bank rates
	Statutory Liquidity Ratio (SLR)
	Answer: Consumer Price Indices (CPI) Explanation: Industrial Dearness Allowance (IDA) applies to the Public sector employees of the Central Government. The Industrial Dearness Allowance for public sector employees undergoes quarterly revision depending on the Consumer Price Index to help offset the impact of rising levels of inflation.
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9.	The base financial year for the calculation of the All India Index of industrial production (IIP) is ?
	2010-2011
	2004-2005
	2011-2012
	2005-2006
	Answer: 2011-2012 Explanation: The base year in economics is used to set the starting point of the comparison. The Central Statistics Office (CSO) revised the base year of the all-India Index of Industrial Production (IIP) from 2004-05 to 2011-12 on 12 May 2017.
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10.	As per Mankiw’s Principles of Economics , the standard of living of a country depends on the country’s _______ ?
	Government Policies
	Nominal Wages
	Average Wages
	Ability to produce goods and services
	Answer: Ability to produce goods and services Explanation: Mankiw's eighth principle of economics is: a country's standard of living depends on its ability to produce goods and services.
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