introduction to indian economy section 7 MCQ Questions & Answers Detailed Explanation
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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) Enterprise, households and government
(b) Income, product and expenditure
(c) Assets, liabilities and debt position
(d) Public sector, Private sector and Joint sector
The correct answers to the above question in:
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.
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
Which organisation collects data for the unorganised sector ?
a) RBI
b) CSO
c) ASI
d) NSSO
Answer »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.
Question : 2
The new Agricultural Strategy in India was introduced in
a) 1966
b) 1956
c) 1976
d) 1986
Answer »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.
Question : 3
Market Based economic climate means:
a) Some financial choice are taken by authorities and different are left to market forces
b) Government has full handle over the exclusive sector
c) All financial determinations are taken based mostly on the demand and provide forces
d) Economic judgements are taken after maintaining in view the social welfare
Answer »Answer: (c)
Market-based mostly economic climate refers back to the financial system the place all financial judgements are taken based mostly on the demand and provide circumstances prevailing out there.
Government has minimal interference in financial actions. Private gamers are free to supply the items and expertise based mostly on the demand and provides alerts out there.
Question : 4
In India, one-rupee coins and notes and subsidiary coins are issued by
a) The Central Government
b) The Unit Trust of India
c) The State Bank of India
d) The Reserve Bank of India
Answer »Answer: (a)
The responsibility for coinage lies with central government on the basis of the Coinage Act, 1906. The designing and minting of coins in various denominations is decided by Central government.
Question : 5
In the budget figures of the Government of India the difference between total expenditure and total receipts is called
a) Budget deficit
b) Fiscal deficit
c) Revenue deficit
d) Current deficit
Answer »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.
Question : 6
What is the animal on the insignia of the RBI ?
a) Tiger
b) Lion
c) Panther
d) Elephant
Answer »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
GET Introduction to Indian Economy PRACTICE TEST EXERCISES
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introduction to indian economy section 3
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introduction to indian economy section 5
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introduction to indian economy section 7
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introduction to indian economy section 14
Introduction to Indian Economy Shortcuts and Techniques with Examples
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