introduction to indian economy section 6 MCQ Questions & Answers Detailed Explanation
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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) By providing food and clothing to labourers
(b) By opening up market for industrial products
(c) By supplying raw materials
(d) All of the given options
The correct answers to the above question in:
Answer: (d)
According to Prof. Kindleberger, Todaro, Lewis and Nurkse etc., agriculture makes its contribution to economic development in several ways, viz.,
By providing food and raw material to non-agricultural sectors of the economy,
By creating demand for goods produced in non-agricultural sectors, by the rural people on the strength of the purchasing power, earned by them on selling the marketable surplus,
By providing investable surplus in the form of savings and taxes to be invested in non-agricultural sector,
By earning valuable foreign exchange through the export of agricultural products, etc.
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Question : 1
Which of the following is/are the functions of the National Development Council of India?
- To prescribe guidelines for preparation of the national economic plan.
- To review the working of the national economic plan from time to time.
- To consider important questions of social and economic policy affecting national development
a) 1 and 2 only
b) 2 and 3 only
c) 1 only
d) 1, 2 and 3
Answer »Answer: (d)
The National Development Council (NDC) or the Rashtriya Vikas Parishad is the apex body for decision making and deliberations on development matters in India, presided over by the Prime Minister.
The functions of the Council are
- to prescribe guidelines for the formulation of the National Plan;
- to consider the National Plan as formulated by the NITI Aayog;
- to consider important questions of social and economic policy affecting national development; and
- to review the working of the Plan from time to time and to recommend such measures as are necessary for achieving the aims and targets set out in the National Plan.
Question : 2
The most significant economic consequence of the ‘greying’ of the Indian population in the decades to come, will be:
a) a decline in the demand for maternity facilities
b) a fall in the growth of population
c) a reverse flow of wealth from children to parents
d) the need for redesigning apartment buildings
Answer »Answer: (c)
Question : 3
Which among the following policy of Life Insurance Company is related to regular old-age pension?
a) Jivan Chhaya
b) Jivan Kishore
c) Jivan Sanchay
d) None of these
Answer »Answer: (d)
LIC (Life Insurance Corporation, India) introduces its pension plan to offer individuals regular income during their old age. Pension also well-known as retirement plans are predominantly intended for the citizens who are disposed to make their old age financially secure.
Jeevan Kishore is a children’s plan under which the child becomes the owner of the policy automatically at the age of 18 yeaRs.Jeevan Chhaya is beneficial for a partner having less than a year old child (not an adopted child).
It makes provision for higher education/marriage of the child. Jeevan Sanchay is a without profit money-back plan available for the age group between 14 years and 58 yeaRs.LIC’s Jeevan Akshay- VI is a pension plan for people who are at present in their retirement age and have no pension.
Under this policy, LIC will pay the policyholders a reliable payment at normal time periods starting right after the holder pays a lump sum premium towards the cost of the policy. The annuitant can accept the payment as per his aspiration either monthly, quarterly, half-yearly or yearly.
Question : 4
Which sector of Indian economy has shown remarkable expansion during the last decade?
a) Secondary sector
b) Mining sector
c) Tertiary sector
d) Primary sector
Answer »Answer: (c)
During the last decade, the tertiary sector has shown remarkable expansion. The economy is divided into three sectors on the basis of activities–primary, secondary and tertiary.
Primary sector is involved in agriculture, the secondary sector is involved in manufacturing, mining, construction while the tertiary sector is involved in trade, transport, communication, banking & other services. In the last decade, India has expanded maximum in providing services like IT, Telecommunication, Healthcare, Tourism which is contributing around 60% to GDP.
Question : 5
National Income of India is compiled by
a) Indian Statistical Institute
b) Finance Commission
c) National Development Council
d) Central Statistical Organization
Answer »Answer: (d)
The National Income Unit of the Central Statistical Organisation (CSO) is responsible for the estimation of national income. It is responsible for the coordination of statistical activities in India, and evolving and maintaining statistical standards.
CSO’s other works include: conduct of the Annual Survey of Industries, Economic Censuses and its follow up surveys, a compilation of Consumer Price Indices for Urban Non-Manual Employees, etc.
Question : 6
When did the Rupee become a freely convertible currency on current account, in India ?
a) 2001
b) 2000
c) 1994
d) 1999
Answer »Answer: (c)
A currency is deemed convertible on the current account if it can be freely converted into other convertible currencies for the purchase and sale of commodities and services.
For example, if the rupee is convertible on the current account an Indian firm should be able to freely convert the rupee into Yen (JPY) to purchase from a Japanese Company.
Since August 20, 1994, the rupee has been made a freely convertible currency on the current account.
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