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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) Mining sector
(b) Manufacturing sector
(c) Agricultural sector
(d) Services sector
The correct answers to the above question in:
Answer: (d)
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
In India, planned economy is based on
a) Capitalist system
b) Gandhian system
c) Socialist system
d) Mixed economy system
Answer »Answer: (c)
In India, a planned economy is based on the socialist system in which all have equal opportunities to education, healthcare, non-exploitation, equality of wealth etc.
The concept was borrowed from Russia and is based on achieving directive principles mentioned in our constitution.
Question : 2
‘Underdeveloped countries are the slums of world economy’ the statement is given by
a) A.N. Cairncross
b) Colin Clark
c) Ragnar Nurkse
d) Jagdish Bhagwati
Answer »Answer: (a)
Question : 3
Which amidst the following banks was recently converted to a “Universal Bank” ?
a) Bank of Baroda
b) Corporation Bank
c) IDBI Bank
d) Canara Bank
Answer »Answer: (c)
The Industrial Development Bank of India (IDBI) was established in 1964 by the government of India under an act of the Indian Parliament called the IDBI Act.
On December 15, 2003, the Indian Parliament approved the conversion of the Industrial Development Bank of India’s (IDBI) into a universal bank. The government’s move was significant given the fact that the Development Financial Institution (DFI) had been struggling to sustain its growth in recent times.
In India, the Development Financial Institutions were established and developed by the Government of India and Reserve Bank of India (RBI) to meet the specific needs of the industry and were traditionally engaged in long term financing, as their main objective was to take care of the investment needs of industries and to contribute to a better industrial climate.
Question : 4
Which among the following subjects is not an aim of the monetary policy of the Reserve Bank of India ?
a) Direct credit with objective criteria
b) Giving impetus to economic development
c) To control pressure of inflation
d) To ensure social justice.
Answer »Answer: (d)
The Reserve Bank of India is the main monetary authority of the country and besides 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 has to ensure an adequate flow of credit to productive sectors.
Objectives are maintaining price stability and ensuring adequate flow of credit to productive sectors.
Question : 5
Which one of the following organisations is a financial institution ?
a) IFCO
b) KVIC
c) SEBI
d) ICICI
Answer »Answer: (d)
ICICI (Industrial Credit and Investment Corporation of India) Bank is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra.
It is the largest private sector bank and overall the second largest bank in India after State Bank of India.
Question : 6
Which from the following is not true when the interest rate in the economy goes up ?
a) Lending decreases
b) Savings increases
c) Cost of production increases
d) Return on capital increases
Answer »Answer: (d)
Interest rates are the main determinant of investment on a macroeconomic scale. The current thought is that if interest rates increase across the board, then investment decreases, causing a fall in national income.
However, the Austrian School of Economics sees higher rates as leading to greater investment in order to earn the interest to pay the depositors.
Higher rates encourage more saving and thus more investment and thus more jobs to increase production to increase profits. Higher rates also discourage economically unproductive lending such as consumer credit and mortgage lending.
GET Introduction to Indian Economy PRACTICE TEST EXERCISES
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introduction to indian economy section 14
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