industries manufacturing & service sectors section 7 MCQ Questions & Answers Detailed Explanation

Question : 1

What do you understand by the term “Circular Economy” often seen in news?

a) It refers to an industrial system that is restorative or regenerative in nature

b) It refers to a “Closed Economy” that primarily relies on internal trade

c) It refers to the cyclical booms and recession in an economy

d) It refers to a system in which there is Cyclical correlation between savings and investment

Question : 2

What is the approximate share of SSIs in gross industrial value added in the Indian economy?

a) 5%

b) 25%

c) 30%

d) 40%

Question : 3

Which statement is correct regarding the cotton industry?

1. The first Indian modernised cotton mill, located in Kolkata in 1818
2. The second mill named ‘Bombay Spinning and Weaving Co.’ was established in 1854 at Bombay by KGN Daber
3. There were 394 cotton mills in India before the partition

a) Only II

b) II & III

c) I & II

d) All the above

Question : 4

In India the public sector is the most dominant in

a) organized term-ending financial institution

b) commercial banking

c) steel production

d) transport

Question : 5

What is the major contribution of the Electronics industry to the country?

a) Improved standard of living

b) Maximised wealth formation

c) Encouraged employment

d) Reduced poverty

Question : 6

Consider the following statements about the Competition Commission of India.

1. Competition Commission of India (CCI) was established with effect from 14th October 2003.
2. The goal is to combat the monopoly tendencies and faster the competition among public sector enterprises.
3. CCI (Competition Commission of India) consists of a chairperson and 6 members appointed by the central government.

a) 2 only

b) 1 and 2

c) 1 only

d) All of the above