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
- 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
The correct answers to the above question in:
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.
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Question : 1
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 : 2
Which bank in India performs duties of Central Bank ?
a) State Bank of India
b) Central Bank of India
c) Reserve Bank of India
d) Above (a) and (b)
Answer »Answer: (c)
The Reserve Bank of India is the main monetary authority of the country and beside that the central bank acts as the bank of the national and state governments. It formulates, implements and monitors the monetary policy as well as it has to ensure an adequate flow of credit to productive sectors.
Question : 3
Consider the following statements :
- Fiat money is a term used for Gold coins
- Currency Deposit Ratio is the proportion of the total deposits commercial banks keep as reserves.
a) 2 only
b) Both 1 and 2
c) 1 only
d) Neither 1 nor 2
Answer »Answer: (d)
Currency notes and coins are called fiat money. They don’t have intrinsic value like a gold or silver coin. The currency-deposit ratio measures the relationship between the cash people have on hand and what they have in their accounts.
Question : 4
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 : 5
The Minimum Wages Act was first passed in India in the year:
a) 1951
b) 1948
c) 1950
d) 1947
Answer »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.
Question : 6
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.
GET Introduction to Indian Economy PRACTICE TEST EXERCISES
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Introduction to Indian Economy Shortcuts and Techniques with Examples
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