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
(a) 1951
(b) 1948
(c) 1950
(d) 1947
The correct answers to the above question in:
Answer: (b)
The Minimum Wages Act, 1948 was enacted to safeguard the interests of workers, mostly in the unorganized sector by providing for the fixation of minimum wages in certain specified employments. It binds the employers to pay their workers the minimum wages fixed under the Act from time to time.
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
In pursuance with the recommendations of Narsimhan Committee, the RBI has framed new guidelines
a) to reduce the freedom given to banks to rationalize their existing branch network
b) to setup more foreign exchange banks
c) to govern entry of new private sector banks to make the banking sector more competitive
d) to lend more easily for industrial development
Answer »Answer: (c)
The risk weight for a Government guaranteed advance should be the same as for other advances. To ensure that banks do not suddenly face difficulties in meeting the capital adequacy requirement, the new prescription on risk weight for Government guaranteed advances should be made prospective from the time the new prescription is put in place.
Question : 2
Which of the following should be considered for ‘Pigovian taxation’?
- Consumption of cigarettes
- Research for new technologies
- Burning of fossil fuels
- Restoration of lost cultural heritage
a) 2, 3 and 4 only
b) 1, 2 and 3
c) 1 and 3 only
d) 2 and 4 only
Answer »Answer: (c)
A Pigovian tax is a tax applied to a market activity that is generating negative externalities (costs for somebody else) like cigarette consumption, burning of fossil fuel.
Question : 3
EXIM Policy, 2002-07, has set a target to achieve a share in the global trade by 2007 at
a) 1.0 per cent
b) 0.5 per cent
c) 1.5 per cent
d) 2.0 per cent
Answer »Answer: (a)
The EXIM Policy for 2002-07 which came into effect on 1st April 2002 was the first policy that had to be formulated keeping in view all the commitments India had made under the WTO.
In 2001, all quantitative restrictions on imports were removed. The medium-term export strategy for 2002-07 had set a target of 1 per cent share of global trade by 2006-07.
According to the then estimates by the Directorate-General of Foreign Trade, to corner 1 per cent of the global trade pie, exports needed to grow at a compounded annual growth rate of 14.25 per cent over the next three years.
Question : 4
AGMARK is a guarantee of standard :
a) size
b) quantity
c) weight
d) quality
Answer »Answer: (d)
The present AGMARK standards cover quality guidelines for 205 different agricultural commodities spanning a variety of Pulses, Cereals, Essential Oils, Vegetable Oils, Fruits & Vegetables, and semiprocessed products.
Question : 5
What is the difference between Millenium Development Goals and Sustainable Development Goals?
- Millennium Development Goals (MDGs) were not developed through an inter-governmental process, while SDG was.
- All the MDGs are applicable only to the developing countries except for MDG 8 which relates to aid and finance.
a) 2 only
b) Both 1 and 2
c) 1 only
d) None of these
Answer »Answer: (b)
The Millenium Development Goals focus on developing countries. There is one exception: MDG number 8 on developing a global partnership for development, which includes commitments for developed countries to help developing countries.
An important difference is that the sustainable Development Goals are meant to apply to all countries, including developed countries.
Another difference is that the sustainable Development Goals are explicitly meant to include the three dimensions of sustainable development economic, social and environmental.
Question : 6
A firm sells new shares worth Rs.1000 directly to individuals. This trans-action will cause.
a) Gross Domestic Product to rise by Rs.1000
b) Gross National product to rise by Rs.1000
c) National Income to rise by Rs.1000
d) No impact on Gross National Product
Answer »Answer: (d)
Gross National Product (GNP) is the market value of all products and services produced in one year by labour and property supplied by the residents of a country.
Unlike Gross Domestic Product (GDP), which defines production based on the geographical location of production, GNP allocates production based on ownership.
Therefore if the firm sells new shares directly to individuals it has no effect on the Gross National product as there is no direct relation between the two.
GET Introduction to Indian Economy PRACTICE TEST EXERCISES
introduction to indian economy section 1
introduction to indian economy section 2
introduction to indian economy section 3
introduction to indian economy section 4
introduction to indian economy section 5
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introduction to indian economy section 13
introduction to indian economy section 14
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