Indian Economy

20 Practice MCQs available for CA Foundation

Paper

Paper 4: Business Economics

Exam Weightage

10%

Key Topics

History, Sectors, Current Scenario

This chapter provides an overview of the Indian economy — its historical evolution, the economic reforms of 1991 (LPG: Liberalization, Privatization, Globalization), and the current structure of agriculture, industry, and services sectors. Students learn about India's growth trajectory and key economic indicators.

Exam Strategy Tip

This chapter has evolved significantly. Focus on recent developments, GDP contribution by sector, and understand the significance of the 1991 reforms. Questions are often fact-based and current-affairs oriented.

Key Terms

Offer (Proposal)

When one person signifies to another his willingness to do or to abstain from doing anything with a view to obtaining the assent of that other to such act or abstinence, he is said to make a Proposal (Offer) under Section 2(a) of the Indian Contract Act, 1872.

Coercion

The committing or threatening to commit any act forbidden by the Indian Penal Code, or unlawful detaining or threatening to detain any property, to the prejudice of any person, to cause any person to enter into an agreement (Section 15, ICA 1872). A contract caused by coercion is Voidable.

Comparison Tables

Indemnity vs Guarantee: Indian Contract Act ComparisonCoercion vs Undue Influence: Indian Contract Act GuideContract vs Agreement: Key Legal Differences

All 20 Questions

181
The primary sector of the Indian economy consists of:
MCQ
182
NITI Aayog replaced:
MCQ
183
Demonetization was aimed at curbing:
MCQ
184
Green Revolution is related to:
MCQ
185
GST was implemented in India on:
MCQ
186
Make in India campaigned was launched in:
MCQ
187
Which sector contributes most to India’s GDP?
MCQ
188
Liberalization, Privatization and Globalization (LPG) reforms were introduced in:
MCQ
189
Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) was passed in:
MCQ
190
Human Development Index (HDI) is published by:
MCQ
191
Disguised unemployment is common in:
MCQ
192
Pradhan Mantri Jan Dhan Yojana promotes:
MCQ
193
The concept of Five Year Plans was borrowed from:
MCQ
194
Poverty Line in India is estimated by:
MCQ
195
Which state has the highest literacy rate in India?
MCQ
196
RTE Act stands for:
MCQ
197
MSME stands for:
MCQ
198
Start-up India scheme was launched to promote:
MCQ
199
FEMA stands for:
MCQ
200
Digital India programme was launched in:
MCQ

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