The Indian economy is a dynamic landscape shaped by various factors such as policies, international trade, demographics, and technological advancements. For candidates aspiring to excel in the OSSC (Odisha Staff Selection Commission) Excise SI (Sub-Inspector) exam, a strong grasp of economic concepts is indispensable. To aid in your preparation, we’ve curated a list of the top 30 multiple-choice questions (MCQs) covering diverse aspects of the Indian economy.
Top 30 Indian Economy MCQs For OSSC Excise SI
- According to the Brundtland Commission, what is Sustainable Development?
a) Development that prioritizes economic growth
b) Development that meets the needs of the present without compromising the ability of future generations to meet their own needs
c) Development that focuses solely on environmental conservation
d) Development that benefits only the current generation
Answer: b) Development that meets the needs of the present without compromising the ability of future generations to meet their own needs - How many constituent parts is Sustainable Development often broken into?
a) 1
b) 2
c) 3
d) 4
Answer: c) 3 - Which of the following is NOT one of the constituent parts of Sustainable Development?
a) Environmental sustainability
b) Economic sustainability
c) Cultural sustainability
d) Sociopolitical sustainability
Answer: c) Cultural sustainability - How is Green Development differentiated from Sustainable Development?
a) Green Development prioritizes economic sustainability
b) Green Development prioritizes environmental sustainability over economic and cultural considerations
c) Green Development focuses solely on social sustainability
d) Green Development disregards sustainability altogether
Answer: b) Green Development prioritizes environmental sustainability over economic and cultural considerations - According to proponents of Sustainable Development, what does it provide a context to improve when compared to cutting edge Green Development?
a) Economic sustainability
b) Environmental sustainability
c) Social sustainability
d) Overall sustainability
Answer: d) Overall sustainability - What is the pathway to Sustainable Development, according to the text?
a) Green development
b) Economic growth
c) Inclusive green growth
d) Sociopolitical sustainability
Answer: c) Inclusive green growth - How many pillars does sustainability consist of, according to the text?
a) 1
b) 2
c) 3
d) 4
Answer: c) 3 - If any one pillar of sustainability is weak, what does it indicate?
a) The system as a whole is sustainable
b) The system as a whole is unsustainable
c) The system needs more pillars
d) The system needs less focus on sustainability
Answer: b) The system as a whole is unsustainable - What are the three pillars of sustainability?
a) Economic, Political, Cultural
b) Environmental, Social, Cultural
c) Economic, Social, Environmental
d) Political, Environmental, Economic
Answer: c) Economic, Social, Environmental - What is social sustainability?
a) The ability of the environment to support a defined level of environmental quality
b) The ability of a social system to function at a defined level of social well-being and harmony indefinitely
c) The ability of an economy to support a defined level of economic production indefinitely
d) The ability of a political system to maintain stability
Answer: b) The ability of a social system to function at a defined level of social well-being and harmony indefinitely - What is environmental sustainability?
a) The ability of the environment to support a defined level of environmental quality
b) The ability of an economy to support a defined level of economic production indefinitely
c) The ability of a social system to function at a defined level of social well-being and harmony indefinitely
d) The ability of a political system to maintain stability
Answer: a) The ability of the environment to support a defined level of environmental quality - What is economic sustainability?
a) The ability of the environment to support a defined level of environmental quality
b) The ability of an economy to support a defined level of economic production indefinitely
c) The ability of a social system to function at a defined level of social well-being and harmony indefinitely
d) The ability of a political system to maintain stability
Answer: b) The ability of an economy to support a defined level of economic production indefinitely - What has been the world’s biggest actual problem, according to the text?
a) Social sustainability
b) Environmental sustainability
c) Economic sustainability
d) Political stability
Answer: b) Environmental sustainability - What has been the world’s biggest apparent problem since the Great Recession of 2008?
a) Social sustainability
b) Environmental sustainability
c) Economic sustainability
d) Political stability
Answer: c) Economic sustainability - How many Sustainable Development Goals (SDGs) are outlined in the 2030 Agenda for Sustainable Development?
a) 10
b) 15
c) 17
d) 20
Answer: c) 17 - Which SDG focuses on ending poverty in all its forms everywhere?
a) SDG 1
b) SDG 3
c) SDG 5
d) SDG 8
Answer: a) SDG 1 - Which SDG aims to end hunger, achieve food security and improved nutrition, and promote sustainable agriculture?
a) SDG 2
b) SDG 4
c) SDG 6
d) SDG 7
Answer: a) SDG 2 - Which SDG focuses on ensuring healthy lives and promoting well-being for all ages?
a) SDG 3
b) SDG 6
c) SDG 9
d) SDG 12
Answer: a) SDG 3 - What is the primary rate used by banks in India to price rupee loans and advances, according to RBI guidelines?
[A] Bank Rate
[B] Base Rate
[C] MCLR Rate
[D] Repo Rate
Answer: C [MCLR Rate] - Which currency is NOT included in the Special Drawing Rights (SDR) Currency Basket?
[A] Indian Rupee
[B] British Pound
[C] Japanese Yen
[D] Chinese Renminbi
Answer: A [Indian Rupee] - If the RBI tightens its policy, what effect will be seen on deposit rates?
[A] The deposit rates will increase
[B] The deposit rates will decrease
[C] The deposit rates will remain unaltered
[D] Either Increase or decrease
Answer: A [The deposit rates will increase] - Which of the following is an example of Cross selling?
[A] A sales person suggests a product or service to a person who lives in the neighborhood of one of the clients
[B] A sales person suggests a premium brand of whisky when the customer is buying a locally made liquor
[C] A person suggests a new product or service to an old client of the company
[D] A person sells an extensive annual maintenance contract when the customer buys a product.
Answer: C [A person suggests a new product or service to an old client of the company] - Which of the following is NOT a function/power of the Reserve Bank of India (RBI)?
[A] To assume the responsibility of meeting directly or indirectly all reasonable demands for accommodation
[B] To hold cash reserves of the commercial banks and make available financial accommodation to them
[C] To enjoy a monopoly of the note issue
[D] To assume the responsibility of statistical analysis of data related to the macro economy of India
Answer: D [To assume the responsibility of statistical analysis of data related to the macro economy of India] - Under which ministry does the Directorate General of Foreign Trade (DGFT) function?
[A] Ministry of Commerce and Industry
[B] Ministry of Finance
[C] Home Ministry
[D] Ministry of Finance
Answer: A [Ministry of Commerce and Industry] - Which institution launched the ‘100 Days 100 Pays’ campaign?
[A] RBI
[B] NPCI
[C] SEBI
[D] SBI
Answer: A [RBI] - Which Union Ministry implements the Amnesty scheme for traders who have defaulted on their export obligations?
[A] Union MSME Ministry
[B] Union Finance Ministry
[C] Union Commerce and Industry Ministry
[D] Union Corporate Affairs Ministry
Answer: B [Union Finance Ministry] - What was the major highlight of the Eighth Five-Year Plan?
A) Agricultural reforms
B) Modernization of industries
C) Healthcare advancements
D) Educational reforms
Answer: B) Modernization of industries - Who was the Prime Minister of India during the Eighth Five-Year Plan?
A) Indira Gandhi
B) Rajiv Gandhi
C) P.V. Narasimha Rao
D) Manmohan Singh
Answer: C) P.V. Narasimha Rao - What event prompted India to undertake economic reforms during the Eighth Five-Year Plan?
A) Political stability
B) Economic prosperity
C) Foreign Exchange crisis
D) Technological advancements
Answer: C) Foreign Exchange crisis - When did India become a member of the World Trade Organization (WTO) during the Eighth Five-Year Plan?
A) 1990
B) 1992
C) 1995
D) 1997
Answer: C) 1995
