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

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: (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.

Answer: (c)

Providing Urban Amenities to Rural Areas (PURA ) is a strategy for rural development. The concept was given by former President Dr. APJ Abdul Kalam.

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: (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.

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.