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) Consumer goods
(b) Food prices
(c) Capital goods
(d) Income
The correct answers to the above question in:
Answer: (d)
Direct tax is a type of tax where the incidence and impact of taxation fall on the same entity.
In general, it is a tax imposed on income as distinct from a tax imposed upon a transaction. These are largely taxes on income or wealth. Income tax, corporation tax, property tax, inheritance tax and gift tax are examples of direct tax.
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
Identify the one which is not related to the Agricultural Price Policy.
a) Licensing
b) Imports
c) Support price
d) Buffer stock
Answer »Answer: (a)
Licensing is a marketing and brand extension tool that is widely used by everyone from major corporations to the smallest of small businesses.
A license may be issued by authorities, to allow an activity that would otherwise be forbidden.
Question : 2
‘Mixed economy’ refers to
a) the co-existence of public as well as private sector
b) the promotion of agriculture as well as cottage industries
c) the co-existence of rich as well as poor
d) the co-existence of heavy, small scale and cottage industries
Answer »Answer: (a)
Mixed economy is an economic system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies.
Question : 3
The biggest item of India’s imports is :
a) Mica
b) Iron ore
c) Petroleum products
d) Gems and jewellery
Answer »Answer: (c)
As per the Economic Survey 2011-12, Petroleum, oil and lubricants (POL) imports constituted 31.4 per cent of total imports in the first half of 2011-12 due to high prices of crude oil.
- Food and allied products comprised 3.1 per cent share;
- Fertilizers: 1.7 per cent;
- Capital Goods: 11.6 per cent;
- Chemicals: 5.1 per cent;
- Pearls, Precious Stones: 6.0 per cent;
- Gold & Silver: 13.3 per cent; and
- Electronic goods comprised a 7.2 per cent share of the total imports.
Question : 4
Consider the following statements in regards to the GDP of a country:
- Real GDP is calculated by keeping inflation into consideration.
- Nominal GDP is calculated on the basis of the prices of goods and services produced in the current year.
a) 1 and 2 both
b) 2 only
c) 1 only
d) None
Answer »Answer: (a)
Real Gross Domestic Product (real GDP) is a macroeconomic measure of the value of economic output adjusted for price changes (i.e. inflation or deflation). Nominal gross domestic product is defined as the market value of all final goods produced in a geographical region.
Question : 5
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 : 6
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.
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 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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