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

Answer: (b)

Social accounting is a method by which a firm seeks to place a value on the impact on society of its operations. It is a systematic analysis of the effects of the organisation on its shareholders, with stakeholder input as part of the data that are analysed for the accounting statement.

One social accounting system primarily attempts to measure National Income, final product, consumption and accumulation of capital.

Answer: (d)

The National Sample Survey Office(NSSO) in India is a unique setup to carry out surveys on socioeconomic, demographic, agricultural and industrial subjects for collecting data from households and from enterprises located in villages and in the towns.

The unregistered manufacturing sub-sector, a complement set to the registered manufacturing sub-sector, covers all the residual units which are not covered under the registered manufacturing sector.

Thus, the unregistered manufacturing sector covers all the manufacturing, processing, repair & maintenance services units employing less than 10 workers and using power or less than 20 workers and not using power. The data on the unorganised sector is collected through periodic surveys by the NSSO.

Answer: (a)

In India, a new agricultural strategy was initiated in 1966-67. This initiative heralded the introduction of High Yield Variety of wheat to tackle food security and led to the Green Revolution in India.

Answer: (b)

A fiscal deficit refers to a situation when a government’s total expenditures exceed the revenue that it generates (excluding money from borrowings). Deficit differs from debt, which is an accumulation of yearly deficits. A fiscal deficit is regarded by some as a positive economic event.

For example, economist John Maynard Keynes believed that deficits help countries climb out of economic recession. On the other hand, fiscal conservatives feel that governments should avoid deficits in favour of a balanced budget policy.

Answer: (a)

The logo of the Reserve Bank of India comprises a tiger walking underneath a palm tree. When RBI was created, it was decided that the reverse of Double Mohur, the Lion and Palm design should be used as the emblem of RBI. The last minute modification was made introducing Tiger instead of Lion

Answer: (a)