introduction to indian economy section 5 MCQ Questions & Answers Detailed Explanation
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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) NDP at factor cost
(b) NNP at factor cost
(c) NNP at market price
(d) GDP at market price
The correct answers to the above question in:
Answer: (b)
NNP at factor cost is equivalent to national income. Net National Product at factor cost is the aggregate payments made to the factors of production.
NNP at FC is the total incomes earned by all the factors of production in the form of wages, profits, rent, interest etc. plus net factor income from abroad.
Similarly, 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.
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Question : 1
Multi-purpose river valley projects are the “New temples of modern India”. The above statement is made by:
a) Mahatma Gandhi
b) Motilal Nehru
c) Rajiv Gandhi
d) Jawaharlal Nehru
Answer »Answer: (d)
Multi-purpose river valley projects were hailed as “Temples of Modern India” by Jawaharlal Nehru. They were intended and designed for integrated development in the area concerned.
Question : 2
Hawala in India is prohibited under the provision of which of the following Acts
a) Fiscal Responsibility and Budget Management Act
b) Banking Regulation Act
c) Foreign Exchange Management Act
d) Financial Action Task Force Act
Answer »Answer: (c)
The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India “to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India”.
It was passed in the winter session of Parliament in 1999, replacing the Foreign Exchange Regulation Act (FERA).
Question : 3
In India the largest public undertaking is —
a) Indian Railways
b) Air India
c) IOC
d) LIC
Answer »Answer: (c)
Indian Oil Corporation Limited is the largest commercial undertaking and India’s No.1 Company in Fortune the magazine’s prestigious listing of the world’s 500 largest Corporations, ranked 98 for the year 2011 based on fiscal 2010 performance.
Question : 4
Lender of the Last Resort is :
a) IDBI
b) SBI
c) NABARD
d) RBI
Answer »Answer: (d)
The Reserve Bank of India (RBI) is known as the Lender of Last Resort. This is because when a commercial bank faces a financial crisis and fails to obtain funds from other sources, then the central bank provides them with financial assistance in the form of credit.
This role of the central bank saves the commercial bank from bankruptcy. Thus, the RBI plays the role of guarantor for commercial banks and maintains a sound banking system in the economy.
Question : 5
Who is authorised to issue coins in India ?
a) Indian Overseas Bank
b) Ministry of Finance
c) State Bank of India
d) Reserve Bank of India
Answer »Answer: (b)
Coins may be coined at the Mint for issue under the authority of the Central Government, (of such denominations not higher than one hundred rupees), of such dimensions and designs, and of such metals or of mixed metals of such composition as the Central Government may, by notification in the Official Gazette, determine.) Paper Currency in India consists of notes of various denominations which are issued by the RBI and the Government of India.
The one rupee note is issued by the Ministry of Finance and bears the signature of the secretary. All currency notes are legal tender.
Question : 6
The data collection for national income estimation is conducted in India by—
a) None of these
b) The RBI
c) The NSSO (National Sample Survey Organi-sation)
d) The Finance Ministry of the Government of India
Answer »Answer: (c)
The National Sample Survey Office(NSSO) in India is a unique setup to carry out surveys on socioeconomic, demographic, agricultural and industrial subjects for collecting data from households and from enterprises located in villages and in the towns.
It is a focal agency of the Government of India for the collection of statistical data in the areas which are vital for developmental planning.
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