introduction to indian economy section 7 MCQ Questions & Answers Detailed Explanation

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.

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.

Answer: (b)

The family planning programme was officially launched in 1962. The first two family planning clinics were opened in Karnataka in 1930 which were supposed to be the first such in the world

Answer: (d)

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.

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.