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

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.

Answer: (d)

There are primarily two types of economies capitalist or free-market economy and socialist economy. A mixed economy is a median between these two main economies taking some characteristics of either of them. We have adopted a mixed economy in India.

All the basic industries such as railways, post and telegraph, defence production, atomic energy etc. are in the public sector. Industries dealing with consumer goods are in the private sector. India has a pubic private partnership economy.

Answer: (d)

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.

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.

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.