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) 40%
(b) 35%
(c) 42%
(d) 45%
The correct answers to the above question in:
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.
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
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 : 2
The Indian economy can be most appropriately described as a :
a) Socialist economy
b) Capitalist economy
c) Traditional economy
d) Mixed economy
Answer »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.
Question : 3
The Indian Economy is characterised by
a) massive unemployment
b) pre-dominance of agriculture
c) low per capita income
d) all of the above
Answer »Answer: (d)
Question : 4
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 : 5
The preparation of National Income Estimates is the responsibility of the
a) National Development Council
b) Planning Commission
c) National Sample Survey Organisation
d) Central Statistical Organisation
Answer »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.
Question : 6
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.
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