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The following question based on Introduction to Indian Economy topic of indian economy mcq
- Primary sector-stagnant
- Secondary sector-increasing
- Tertiary sector-decreasing
(a) 2 and 3
(b) 2 only
(c) 1 and 2
(d) 1 only
The correct answers to the above question in:
Answer: (b)
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
In terms of economics, the total value of the output (goods and services) produced and income received in a year by a domestic resident of a country put together is called
a) Gross National Product
b) National income
c) Gross National Income
d) Net National Product
Answer »Answer: (a)
GNP is the total value of all final goods and services produced within a country in a particular year, plus income earned by its citizens (including income of those located abroad), minus income of non-residents located in that country.
GNP measures the value of goods and services that the country’s citizens produced regardless of their location.
Question : 2
For the existence of a market which is indispensable?
a) Economic laws
b) Prices
c) Banks
d) Trade unions
Answer »Answer: (b)
Question : 3
Which State has the lowest per capita income in India ?
a) Orissa
b) Bihar
c) Rajasthan
d) Gujarat
Answer »Answer: (b)
According to the latest figures released by Government –
Goa leads the country with a per capita income of Rs.1,92,652/-,
while Bihar has the lowest with a per capita income of only Rs.24,681/-.
An average Goan earns 6 times more than an average Bihari.
Question : 4
The Tarapore Committee recommended that before capital account was made convertible the rate of inflation should be brought down for three years to within :
a) 0.3%
b) 3.5%
c) 4.6%
d) 5.7%
Answer »Answer: (b)
The Tarapore Committee on capital account convertibility had laid down a three year, three-phase schedule for allowing convertibility.
It laid down three pre-conditions:
- fiscal consolidation implying that the centre’s fiscal deficit should come down to 3.5 per cent of GDP;
- a mandated inflation target; and
- strengthening of the financial system to
- involve a near-complete clampdown on activities of weak banks,
- major cut in the CRR, and
- complete deregulation of interest rates.
Question : 5
Which of the following yields the largest revenue to the Government of India?
a) Excise duty
b) Sales tax
c) Income tax
d) Entertainment tax
Answer »Answer: (a)
Income Tax (corporate and non-corporate combined) contribute about 56 per cent of the tax revenue of India. But, income tax, apart from agricultural income is shared between the Union and states.
Among the given options, Excise duty is the chief and single largest source of revenue income. The Government of India earns maximum from Union Excise Duty
Question : 6
Which one of the following categories of workers is termed as cultivators ?
a) Those who own land and lease in from others or institutions and cultivate
b) Those who lease in land and cultivate
c) Those who cultivate the land of others
d) Those who own land and cultivate
Answer »Answer: (c)
Agricultural labourers are those who cultivate the land of others but own no (or very little) land of their own. Owner cultivators are those who own and cultivate their own land.
Landowners are those who own land but do not cultivate it themselves. So basically, a cultivator is an agricultural labourer who tills the land of others.
GET Introduction to Indian Economy PRACTICE TEST EXERCISES
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introduction to indian economy section 6
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introduction to indian economy section 14
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