Economy Basics Quiz MCQ Practice
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1. India's economy is generally classified as a:
- A. Purely socialist/command economy
- B. Purely capitalist economy
- C. Barter economy
- D. Mixed economy
Answer: Mixed economy
Explanation: Mixed economy — verified fact for Economy Basics Quiz.
2. The economic reforms of 1991 in India, which introduced liberalization, were led chiefly under which Prime Minister and Finance Minister pairing?
- A. Rajiv Gandhi and V.P. Singh
- B. P.V. Narasimha Rao and Dr. Manmohan Singh
- C. Indira Gandhi and Y.B. Chavan
- D. Morarji Desai and Charan Singh
Answer: P.V. Narasimha Rao and Dr. Manmohan Singh
Explanation: P.V. Narasimha Rao and Dr. Manmohan Singh — verified fact for Economy Basics Quiz.
3. The three sectors of the Indian economy are Primary, Secondary and:
- A. Tertiary (services)
- B. Informal only
- C. Public only
- D. Quaternary only as third
Answer: Tertiary (services)
Explanation: Tertiary (services) — verified fact for Economy Basics Quiz.
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