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

Answer: (c)

Answer: (d)

The Export-Import Policy announced on March 31, 1992, said that all goods, except those coming under the negative list, could be freely imported and exported.

The negative list consisted of goods, the import or export of which was prohibited; restricted through licensing or otherwise; or canalized. Canalized items can be imported by Canalizing Agency only and not by an individual importer.

An individual importer requires an Import licence issued under the Export and Import Policy for importing canalized items.

Answer: (b)

Primary sector-Agriculture, fishing, mining and quarrying

Secondary sector- Manufacturing and construction, Gas and water supply

Tertiary sector- trade, transport etc, finance & real estate, community and personnel services

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.

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.

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