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) National Development Council
(b) Planning Commission
(c) National Sample Survey Organisation
(d) Central Statistical Organisation
The correct answers to the above question in:
Answer: (d)
The Central Statistical Organization (CSO) prepares national accounts, compiles and publishes industrial statistics and conducts economic census and surveys.
The first official estimates of the national income, prepared by the CSO at constant prices with the base year 1948-49, as well as at current prices, were brought out in 1956.
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Question : 1
Devaluation usually causes the internal price to
a) Rise
b) None of these
c) Remain unchanged
d) Fall
Answer »Answer: (c)
Devaluation is a deliberate downward adjustment to the value of a country’s currency, relative to another currency, group of currencies.
Since it is relative to other currencies so the internal price remains unchanged. It causes a country’s exports to become less expensive and imports more expensive.
Question : 2
The 14th Finance Commission has recommended increase in States share in net proceeds from tax collection from 32% to
a) 40%
b) 35%
c) 42%
d) 45%
Answer »Answer: (c)
In the largest ever change in the percentage of devolution, the 14thFinance Commission (FFC) recommended that the States’ share in the net proceeds of the Union tax revenues by 42%.
The recommendation of tax devolution at 42% is a huge jump from the 32% recommended by the 13thFinance Commission.
Question : 3
National Income estimates in India are prepared by
a) Reserve Bank of India
b) Indian Statistical Institute
c) Central Statistical Organisation
d) Planning Commission
Answer »Answer: (c)
Central Statistical Organisation (CSO), prepares the estimates of national income in India. The first official estimates of the national income, prepared by the CSO at constant prices with base year 1948- 49, as well as at current prices, were brought out in 1956.
Question : 4
Which one among the following countries has the lowest GDP per capita?
a) Indonesia
b) China
c) India
d) Sri Lanka
Answer »Answer: (c)
India, among the countries has the lowest GDP per capita. GDP per capita is as follows- India 1489 USD,China 6091USD, Sri Lanka 2923 USD, Indonesia 3556 USD.
Question : 5
Which of the following functions as a controller of credit in India ?
a) The Reserve Bank of India
b) The Central Government
c) The State Bank of India
d) The Planning Commission
Answer »Answer: (a)
Credit Control is an important tool used by the Reserve Bank of India, a major weapon of the monetary policy used to control the demand and supply of money (liquidity) in the economy. Central Bank administers control over the credit that the commercial banks grant.
Such a method is used by RBI to bring “Economic Development with Stability”. It means that banks will not only control inflationary trends in the economy but also boost economic growth which would ultimately lead to an increase in real national income with stability.
Question : 6
Who advocated the adoption of ‘PURA’ mbdel to eradicate rural poverty ?
a) Maulana Abul Kalam Azad
b) M.S. Swaminathan
c) Dr. A.P.J. Abdul Kalam
d) A.M.Khusro
Answer »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.
GET Introduction to Indian Economy PRACTICE TEST EXERCISES
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