introduction to indian economy section 3 MCQ Questions & Answers Detailed Explanation

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The following question based on Introduction to Indian Economy topic of indian economy mcq

Questions : The Indian Economy is a

(a) Socialist economy

(b) Mixed economy

(c) Liberal economy

(d) None of the above

The correct answers to the above question in:

Answer: (b)

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Question : 1

The Gandhian economy is based on the principle of

a) Trusteeship

b) State control

c) Competition

d) None of the above

Answer: (a)

Question : 2

Consider the following statements and select the correct code :

  1. Most of the governments run unbalanced budgets.
  2. In a balanced budget there could be budget surplus but no budget deficit.
Code :

a) Only 2

b) Both 1 and 2

c) Only 1

d) Neither 1 nor 2

Answer: (c)

When the total expenditures of a government is equal to the taxes and other receipts it is a balanced budget. All budgets with either deficits or surpluses are unbalanced.

Question : 3

Which car has been the best seller in India in 2004-2005 ?

a) Maruti Suzuki Alto

b) Maruti 800

c) Tata Indica

d) Santro Xing

Answer: (a)

After beating the Maruti 800 over the second half of 2004, the Maruti Alto officially took the title of the bestselling car in India over the Full Year 2005.

Below the Alto at 102,970 units, the Hyundai Santro (aka Atos), built-in India, took the 2nd spot over the period at 73,822 sales and the Tata Indica was 3rd with 70,267 sales.

Question : 4

Consider the following statements:

  1. The Fifth Economic Census was conducted by CSO in the year 2007.
  2. Intelligent Character Recognition (ICR) technology is being used for detailed processing of the data collected in the Fifth Economic Census.
Which of the statements given above is/are correct?

a) 2 only

b) Neither 1 nor 2

c) Both 1 and 2

d) 1 only

Answer: (a)

Question : 5

Golden Handshake Scheme is associated with

a) Voluntary retirement

b) Private investment in public enterprises

c) Establishing joint enterprises

d) Inviting foreign companies

Answer: (a)

A golden handshake is a clause in an executive employment contract that provides the executive with a significant severance package in the case that the executive loses his or her job through firing, restructuring, or even scheduled retirement.

This can be in the form of cash, equity, and other benefits, and is often accompanied by accelerated vesting of stock options.

Question : 6

The RBI issues currency notes under the

a) Maximum Fiduciary System

b) Fixed Fiduciary System

c) Fixed Minimum Reserve System

d) Proportional Reserve System

Answer: (c)

The Reserve Bank of India has the sole right to issue banknotes of all denominations. The distribution of one rupee notes and coins and small coins all over the country is undertaken by the Reserve Bank as an agent of the Government.

The system as it exists today is known as the minimum reserve system.

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