introduction to indian economy section 4 MCQ Questions & Answers Detailed Explanation

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The following question based on Introduction to Indian Economy topic of indian economy mcq

Questions : Which one of the following is not a qualitative control of credit by the Central Bank of a country ?

(a) Regulation of consumer credit

(b) Rationing of credit

(c) Variation of margin requierments.

(d) Regulation of margin requirements.

The correct answers to the above question in:

Answer: (c)

Qualitative credit (used by the RBI for selective purposes) are:

  1. Margin requirements,
  2. Consumer Credit Regulation,
  3. RBI Guidelines,
  4. Rationing of credit,
  5. Moral Suasion and
  6. Direct Action.

The Quantitative Credit measures which control the total quantity of credit are:

  1. Bank Rate policy,
  2. Open Market Operations,
  3. Cash Reserve Ratio and
  4. Statutory Liquidity Ratio.

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Question : 1

The National Income of a country is

a) sum total of factor incomes

b) export minus import

c) surplus of PSU’S

d) the annual revenue of the government

Answer: (a)

National income is the sum total of wages, rent, interest, and profit earned by the factors of production of a country in a year.

Thus it is the aggregate values of goods and services rendered during a given period counted without duplication.

Question : 2

Which of the following are correct in regard to the austerity measures taken by a country going through adverse economy conditions:

  1. These measures include a reduction in spending.
  2. These measures include an increase in tax
  3. These measures include reduction in budget deficit.
Select the correct answer using the codes given below :

a) 1 and 3 only

b) 2 and 3 only

c) 1 and 2 only

d) 1, 2 and 3

Answer: (d)

Austerity describes policies used by governments to reduce budget deficits during adverse economic conditions. These policies may include spending cuts, tax increases.

This is done in an economic crisis situation to improve the credit rating of the countries going through adverse economic conditions.

Question : 3

Which one of the following is not an industrial finance institution?

a) ICICI

b) UTI

c) NABARD

d) SFCs

Answer: (c)

NABARD provides its refinance for the promotion of agriculture in India.

Question : 4

India adopted the Five-Year Plans from

a) former USSR

b) France

c) America

d) England

Answer: (a)

India borrowed features of fundamental duties and planning mechanisms from the former Soviet Union. India opted for a planned economic growth model as resources were scarce at the time of independence.

So it was imperative for the leaders to move along planned model so as to achieve optimum utilization of resources development and meeting the aim of social justice simultaneously.

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