introduction to indian economy section 1 MCQ Questions & Answers Detailed Explanation
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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) SBI
(b) RBI
(c) IFC
(d) NABARD
The correct answers to the above question in:
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”.
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
Which Five Year Plan is not correct among the following ?
a) Second 1956-61
b) First 1951-56
c) Third 1961-66
d) Fouth 1966-71
Answer »Answer: (d)
The time period of Fourth Five Year Plan was 1969- 1974. Three annual plans preceded it.
Question : 2
The most appropriate measure of a country’s economic growth is its
a) Net National Product
b) Gross Domestic Product
c) Net Domestic Product
d) Per capita Real Income
Answer »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.
Question : 3
Inflation is caused by
a) Increase in cash with the government
b) Increase in money supply
c) Decrease in money supply
d) Increase in supply of goods
Answer »Answer: (b)
Inflation is an increase in the prices of commodities. It is caused due to decrease in supply and an increase in demand for commodities.
So when the money supply in the economy increases it means people have more purchasing capacity and thus demand increases which result in inflation.
Question : 4
Per capita income is obtained by dividing National Income by
a) Total working population
b) Total population of the country
c) Area of the country
d) Volume of capital used
Answer »Answer: (b)
Per capita income or average income or income per person is the mean income within an economic aggregate, such as a country or city.
It is calculated by taking a measure of all sources of income in the aggregate (such as GDP or Gross National Income) and dividing it by the total population.
Question : 5
HRIDAY scheme launched by Urban Development Ministry aims at
a) Development of smart cities
b) Education of girl child
c) Urban sewage treatment
d) Development of heritage sites
Answer »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.
Question : 6
Which of the following is not a part of national income?
a) Profits
b) Wages and Salaries
c) Rent
d) Interest on national debt
Answer »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.
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