introduction to indian economy section 7 MCQ Questions & Answers Detailed Explanation
MOST IMPORTANT indian economy mcq - 14 EXERCISES
-
Top 500+ Basic Indian Economy GK MCQ Quiz For SSC IBPS »
-
New Indian Economy GK MCQ Quiz PDF For UPSC/IAS Prelims »
-
Basic Indian Economy Concepts MCQs Quiz For RRB NTPC Exam »
-
New 499+ Fundamentals of Indian Economy MCQ Quiz For IBPS »
-
555+ Indian Economy Concepts Basics Fundamentals MCQ Quiz »
-
Top 500+ Indian Economy GK MCQs Quiz PDF For SSC UPSC RRB »
-
New 499+ Indian Economy GK Question And Answers Quiz PDF »
-
Best 500+ Indian Economy General Knowledge MCQ Quiz PDF »
-
500+ Indian Economy General Studies Online MCQ Quiz PDF »
-
New 500+ Indian Economy Basic Static GK MCQ Quiz For IBPS »
-
500+ Introduction to Indian Economy GK MCQ Quiz For SSC »
-
800+ Latest Indian Economy GK Questions & Answers MCQ PDF »
-
1000+ Indian Economy GK Questions And Answers Quiz PDF »
-
1000+ Indian Economy Basic Concepts GK MCQ PDF For SBI PO »
The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) Decrease in the terms of trade
(b) An increase in the rate of taxation
(c) Decrease in foreign investment
(d) An increase in the level of education
The correct answers to the above question in:
Answer: (d)
Discuss Form
Read more introduction Based Indian Economy Questions and Answers
Question : 1
RBI does not transact the buiness of which of the following state governmets ?
a) Assam
b) Nagaland
c) J & K
d) Rajasthan
Answer »Answer: (c)
An important function of the Reserve Bank of India is to act as a Government banker, agent and adviser. The Reserve Bank is an agent of Central Government and of all State Governments in India except that of Jammu and Kashmir.
State Government transactions are carried out by RBI in terms of the agreement entered into with the State Governments in terms of section 21 A of the Reserve Bank of India Act, 1934.
Question : 2
When was the Minimum Wages Act enacted in India ?
a) 1956
b) 1948
c) 1951
d) 1936
Answer »Answer: (b)
The Minimum Wages Act, 1948 was enacted to safeguard the interests of workers, mostly in the unorganised sector by providing for the fixation of minimum wages in certain specified employments. It binds the employers to pay their workers the minimum wages fixed under the Act from time to time.
Under the Act, both the Central Government and the State Governments are the appropriate Governments to fix, revise, review and enforce the payment of minimum wages to workers in respect of ‘scheduled employments under their respective jurisdictions.
Question : 3
The Government has renamed NREGA scheme and the name associated with the scheme is that of
a) Jawahar Lal Nehru
b) Rajiv Gandhi
c) Mahatma Gandhi
d) Indira Gandhi
Answer »Answer: (c)
The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) is an Indian job guarantee scheme, enacted by legislation on August 25, 2005.
It aims at enhancing the livelihood security of people in rural areas by guaranteeing hundred days of wage employment in a financial year to a rural household whose adult members volunteer to do unskilled manual work.
The law was initially called the National Rural Employment Guarantee Act (NREGA) but was renamed on 2 October 2009.
Question : 4
Which of the following controls the insurance business of India?
a) IDBI
b) RBI
c) SEBI
d) IRDA
Answer »Answer: (d)
The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory agency tasked with regulating and promoting the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999.
Question : 5
National income refers to
a) money value of stocks and shares of a country during a year.
b) money value of goods and services produced in a country during a year.
c) money value of capital goods produced by a country during a year.
d) money value of consumer goods produced by a country during a year.
Answer »Answer: (c)
National Income is one of the basic concepts in macroeconomics. National Income means the total income of the nation. The aggregate economic performance of the whole economy is measured by the national income data.
National Income refers to the money value of all final goods and services produced by the normal residents of a country while working both within and outside the domestic territory of a country in an accounting year. National Income also includes net factor income from abroad.
Symbolically, Y = PG + PS,
where, Y = National Income;
P = Price;
G = Goods; and
S = Service.
Question : 6
Wholesale price based inflation rate in India reached its highest level in 13 years on 27th July, 2008. It was
a) 11.85 per cent
b) 11.75 per cent
c) 12.6 per cent
d) 12.05 per cent
Answer »Answer: (c)
Inflation increased steadily during 2008, reaching 8.75% by the end of May and in June when this jumped to 11% then there was an alarming increase in the prices.
There were many reasons for it but one of the main driving forces was a reduction in government fuel subsidies, which lifted gasoline prices by an average of 10%.In July 2008, the key Indian Inflation Rate
i.e. the Wholesale Price Index touched the mark of 12.6%, the highest rate in the past 16 years of Indian history. This was almost three times the RBI‘s target of 4.1% and almost doubled as compared to 2007.
This continuous rise slipped back to 12.4% by mid-August in 2008.
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
Introduction to Indian Economy Shortcuts and Techniques with Examples
Verbal Reasoning
Question & Answer Quiz
Non Verbal Reasoning
Question & Answer Quiz
Quantitative Aptitude
Question & Answer Quiz
Computer MCQ
Question & Answer Quiz
General English
Question & Answer Quiz
History GK
Question & Answer Quiz
Polity GK
Question & Answer Quiz
Geography GK
Question & Answer Quiz
Economy GK
Question & Answer Quiz
General Awareness GK
Question & Answer Quiz
Recently Added Subject & Categories For All Competitive Exams
100+ Quadratic Equation Questions Answers PDF for Bank
Quadratic Equation multiple choice questions with detailed answers for IBPS RRB SO. more than 250 Attitude practice test exercises for all competitive exams
Continue Reading »
IBPS Aptitude Linear Equations MCQ Questions Answers PDF
Linear equations multiple choice questions with detailed answers for IBPS RRB SO. more than 250 Attitude practice test exercises for all competitive exams
Continue Reading »
New 100+ Compound Interest MCQ with Answers PDF for IBPS
Compound Interest verbal ability questions and answers solutions with PDF for IBPS RRB PO. Aptitude Objective MCQ Practice Exercises all competitive exams
Continue Reading »
100+ Mixture and Alligation MCQ Questions PDF for IBPS
Most importantly Mixture and Alligation multiple choice questions and answers with PDF for IBPS RRB PO. Aptitude MCQ Practice Exercises all Bank Exams
Continue Reading »