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
(a) sum of all outputs
(b) sum of all expenditures
(c) sum of all savings
(d) sum of all incomes
The correct answers to the above question in:
Answer: (c)
The national income of a country can be measured by:
- Product Method or the Output Method
- Income Method, and
- Expenditure Method.
The output approach focuses on finding the total output of a nation by directly finding the total value of all goods and services a nation produces.
The expenditure approach is basically an output accounting method.
Under the Income method, national income is measured as a flow of factor incomes.
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Question : 1
Consequent upon the recommendations of the Working Group on Rural Banks, 5 Rural Regional Banks were initially set up in the year
a) 1976
b) 1974
c) 1975
d) 1973
Answer »Answer: (c)
The Government of India set up Regional Rural Banks (RRBs) on October 2, 1975.
Initially, five RRBs were set up on October 2, 1975, which were sponsored by Syndicate Bank, State Bank of India, Punjab National Bank, United Commercial Bank and United Bank of India.
Capital share being 50% by the central government, 15% by the state government and 35% by the scheduled bank
Question : 2
Which Five Year Plan duration was of four years only ?
a) Fourth
b) Third
c) Fifth
d) Seventh
Answer »Answer: (c)
The normal duration of the 5th Five Year Plan was 1974-1979.
However, the newly elected Morarji Desai government rejected the plan in 1978 and introduced a new Sixth Five-Year Plan (1978-1983). This plan was again rejected by the Indian National Congress government in 1980 and a new Sixth Plan was made.
Question : 3
Monetary policy in India is formulated by :
a) RBI
b) Finance Ministry
c) SEBI
d) CLB
Answer »Answer: (a)
The Reserve Bank of India formulates Monetary Policy in India.
Question : 4
In the budget figures of the Government of India, interest payments, subsidies, pensions, social services and the like are parts of the
a) State Government Expenditure
b) Plan Expenditure
c) Public Debt in the form of Capital Expenditure
d) Non-plan Expenditure
Answer »Answer: (d)
There are two components of expenditure - plan and non-plan. Of these, plan expenditures are estimated after discussions between each of the ministries concerned and the Planning Commission.
Non-plan revenue expenditure is accounted for by interest payments, subsidies (mainly on food and fertilisers), wage and salary payments to government employees, grants to States and Union Territories governments, pensions, police, economic services in various sectors, other general services such as tax collection, social services, and grants to foreign governments.
Question : 5
In India, planned economy is based on
a) Socialist system
b) Mixed economy system
c) Capitalist system
d) Gandhian system
Answer »Answer: (a)
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 : 6
In a developing country like India, in which sector a high rate of disguised unemployment exists ?
a) House-hold Sector
b) Corporate Sector
c) Service Sector
d) Agricultural Sector
Answer »Answer: (d)
Agriculture sector has a high rate of disguised unemplyment. The surplus labours in agriculture sector forms ‘disguised unemployment’.
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
introduction to indian economy section 6
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introduction to indian economy section 9
introduction to indian economy section 10
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introduction to indian economy section 12
introduction to indian economy section 13
introduction to indian economy section 14
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