industries manufacturing & service sectors section 3 MCQ Questions & Answers Detailed Explanation

Answer: (a)

The phrase ‘Invisible hand’ was introduced by ‘Adam Smith’ in his book ‘The Wealth of Nations'. It is a metaphor for the unseen forces (of demand and supply) that move the free market economy.

Through individual self-interest and freedom of production as well as consumption, the best interest of society, as a whole are fulfilled.

Answer: (a)

FEMA (Foreign Exchange Management Act) was finally implemented in the year 2002 to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India”.

It replaced Foreign Exchange Regulation Act (FERA)

Answer: (d)

Kisan Urja Suraksha evam Utthaan Mahabhiyan (KUSUM) Scheme is for harnessing solar power for rural India. Solar water pumps to be installed in remote areas for irrigation needs Farmers can get extra income by selling surplus solar power to DISCOMs.

The following are the main components of the scheme:

1. Installation of grid-connected solar power plants each of capacity up to 2 MW in the rural areas;
2. Installation of standalone off-grid solar water pumps to fulfil irrigation needs of farmers not connected to the grid;
3. Solarization of existing grid-connected agriculture pumps to make farmers independent of grid supply and also enable them to sell surplus solar power generated to DISCOM and get extra income; and
4. Solarization of tube-wells and lift irrigation projects of the Government sector.

Answer: (a)

Crude oil is the basic raw material upon which all refinery processes are founded.

Answer: (d)

Answer: (a)