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
- Introduction of portfolio system in the Executive.
- Establishment of a Federal public service commission.
- Separation of provincial budgets from the central budget for the first time.
(a) 2 only
(b) 1 and 3 only
(c) 1 and 2 only
(d) 3 only
The correct answers to the above question in:
Answer: (a)
The limited advisory function accorded to the Public Service Commission and the continued stress on this aspect by the leaders of our freedom movement resulted in the setting up of a Federal Public Service Commission under the Government of India Act, 1935. The Federal Public Service Commission became the Union Public Service Commission after Independence.
The portfolio system in the Executive was introduced by the Indian constitution council act, 1861. The separation of provincial budgets from the central budget was introduced by the Indian council's Act, 1919.
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Question : 1
Which of the following is Navaratna PSE ?
a) Container Corporation of India Ltd.
b) Hindustan Aeronautics Ltd.
c) Mahanagar Telephone Nigam Ltd.
d) Engineers India Ltd.
e) None of These
Answer »Answer: (e)
At present, Hindustan Aeronautics Limited and Mahanagar Telephone Nigam Limited are both navaratna companies. Navratna was the title given originally to nine Public Sector Enterprises (PSEs), identified by the Government of India in 1997. The number of PSEs having Navratna status has been raised to 16
Question : 2
The “Dual Economy” is a mixture of ?
a) industrial sector and manufacturing sectors
b) state ownership of the means of production
c) traditional agriculture sector and modern industrial sector
d) industrial sector and trading of goods obtained through imports
e) None of these
Answer »Answer: (c)
A dual economy is the existence of two separate economic sectors within one country, divided by different levels of development, technology, and different patterns of demand.
The concept was originally created by Julius Herman Boeke to describe the coexistence of modern and traditional economic sectors in a colonial economy.
Question : 3
Which amidst the following is a PSU ?
a) ICICI Bank
b) Bank of Rajasthan
c) Corporation Bank
d) Citibank
Answer »Answer: (c)
Corporation Bank is a public sector bank in India, based in Mangalore. Recently, it completed 107 years of existence on 12 March 2012.
Question : 4
Scheduled Banks have to be registered with
a) SBI
b) RBI
c) Finance Ministry
d) SEBI
Answer »Answer: (b)
The scheduled primary (urban) cooperative banks are required to maintain with the Reserve Bank of India an average daily balance, the amount of which should not be less than 5 per cent of their net demand and time liabilities in India in terms of Section 42 of the Reserve Bank of India Act, 1934.
Non-scheduled (urban) cooperative banks, under the provision of Section 18 of Banking Regulation Act, 1949 (As Applicable to Cooperative Societies) should maintain a sum equivalent to at least 3 per cent of their total demand and time liabilities in India on a day-to-day basis.
Question : 5
Which is not the objective of Public Procurement and Distribution system followed by Indian Government ?
a) Protect the interests of both consumers and poor farmers
b) Maintain price stability through creation of buffer stocks
c) Control the production of food grains
d) Reduce personal and regional inequality in the distribution
Answer »Answer: (c)
Since 1951 public distribution of food grains has been retained as deliberate social policy by India with the objectives of:
- Providing food grains and other essential items to vulnerable sections of the society at reasonable (subsidized) prices;
- put an indirect check on the open market prices of various items and
- attempt socialization in the matter of distribution of essential commodities.
PDS is an important constituent of the strategy for poverty eradication and is intended to serve as a safety net for the poor. Controlling the production of food grains is not the avowed aim of this system. It is a welfare measure, not some economic regulatory system.
Question : 6
Which of the following can be called as a part of the service sector?
a) Banking
b) Agricultural
c) Coal mines
d) Textile mills
Answer »Answer: (a)
The tertiary sector of the economy (also known as the service sector) is one of the three economic sectors. The service sector consists of activities where people offer their knowledge and time to improve productivity.
Examples of tertiary industries may include the following:
- telecommunication,
- hospitality industry/tourism,
- mass media,
- healthcare/hospitals,
- information technology,
- banking,
- insurance,
- investment management,
- accountancy,
- legal services,
- consulting,
- retail sales,
- real estate,
- education.
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