introduction to indian economy section 1 MCQ Questions & Answers Detailed Explanation

Answer: (d)

National Bank for Agriculture and Rural Development (NABARD) was established on 12 July 1982 by a special act by the parliament and its main focus was to uplift rural India by increasing the credit flow for elevation of agriculture & rural non-farm sector.

It has been accredited with “matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India”.

Answer: (d)

The time period of Fourth Five Year Plan was 1969- 1974. Three annual plans preceded it.

Answer: (d)

The most appropriate measure of a country’s economic growth is its per capita real income.

Per capita income is average income, a measure of the wealth of the population of a nation. It is used to measure a country’s standard of living thus a better indicator of economic growth.

Answer: (d)

National Heritage City Development and Augmentation Yojana (HRIDAY) was launched on 21 January 2015 with the aim of bringing together urban planning, economic growth and heritage conservation in an inclusive manner to preserve the heritage character of each Heritage City.

The Scheme shall support the development of core heritage infrastructure projects for heritage assets such as monuments, Ghats, temples etc. along with reviving certain intangible assets.

Answer: (d)

National Income is the money value of all goods and services produced in a country during a year. The income method of the calculation of National Income adds up all incomes received by the factors of production generated in the economy during a year.

This includes wages from employment and self-employment, profits to firms, interest to lenders of capital and rents to owners of the land.

Answer: (d)

The rate of GDP growth is a major indication of the state of the economy of a country. Economic growth is the increase in the market value of the goods and services produced by an economy over time. It is conventionally measured as the per cent rate of increase in gross domestic product.

Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a year, or another given period of time.