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) unit banking
(b) mixed banking
(c) branch banking
(d) None of these
The correct answers to the above question in:
Answer: (c)
Branch banking implies engaging in banking activities such as accepting deposits or making loans at facilities away from a bank's home office. It means a system of banking in which a banking organization works in more than one place. The main place of business is called head office and other places of business are called branches.
The head office controls and coordinates the work at branches. This system of banking is prevalent throughout the world. In India also, all the major banks have been operating under a branch banking system.
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
In estimating the budgetary deficit, the official approach in India is to exclude
a) borrowings from the Reserve Bank of India
b) long term borrowing from the market
c) drawing down of the cash balance
d) borrowing from Reserve Bank in the form of ways and means advance
Answer »Answer: (c)
When the government expenditure exceeds revenues, the government is having a budget deficit. Thus the budget deficit is the excess of government expenditures over government receipts (income).
When the government is running a deficit, it is spending more than its receipts. Budgetary Deficit is the difference between all receipts and expenditures of the government, both revenue and capital.
This difference is met by the net addition of the treasury bills issued by the RBI and the drawing down of cash balances kept with the RBI. So when it is estimated, drawing down of cash balances is excluded.
Question : 2
In which plan was self-reliance first emphasised
a) Third Plan
b) Second Plan
c) Fourth Plan
d) Fifth Plan
Answer »Answer: (d)
In the Fifth Five-Year Plan (1974–1979), stress was by laid on employment, poverty alleviation, and justice. The plan also focused on self-reliance in agricultural production and defence.
For achieving economic self-reliance, the Plan aimed at elimination of special forms of external assistance, particularly food and fertilizer imports.
Question : 3
When development in economy takes place, the share of tertiary sector in national income
a) first rises and then falls
b) remains constant
c) keeps on increasing
d) first falls and then rises
Answer »Answer: (c)
When development in the economy takes place, the share of the tertiary sector in national income keeps on increasing because the tertiary sector is involved in services within and outside the country.
With development the disposable income of individuals income results in the growth of banking, trading, communication etc., both domestically and internationally.
Question : 4
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 : 5
For the existence of a market which is indispensable?
a) Economic laws
b) Prices
c) Banks
d) Trade unions
Answer »Answer: (b)
Question : 6
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.
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
introduction to indian economy section 7
introduction to indian economy section 8
introduction to indian economy section 9
introduction to indian economy section 10
introduction to indian economy section 11
introduction to indian economy section 12
introduction to indian economy section 13
introduction to indian economy section 14
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