introduction to indian economy section 1 MCQ Questions & Answers Detailed Explanation

Answer: (b)

The Eleventh Finance Commission of India was appointed by the President on July 3, 1998 for the period 2000-05. It was chaired by Prof. A.M. Khusro and its members were Shri N.C Jain, Shri J.C Jetly, Dr. Amaresh Bagchi, and T.N. Srivastava.

Note : The Finance Commission came into existence in 1951. It was established under Article 280 of the Indian Constitution by the President of India. The chairman of 14th and current finance commission is former RBI governor Y.V.Reddy.

Answer: (a)

Geographical Indication (GI) means the name of a region or a locality, a specific place or, in exceptional cases, a country, used to describe a product originating in that region, locality, specific place or country, which possesses a specific quality, reputation or other characteristics attributable to that geographical origin, and the production and/or processing and/or preparation of which take place in the defined geographical area.

Answer: (a)

Gross Domestic Product (GDP) is a measure of the total value of the goods and services produced in a country during one year, excluding income from investment abroad by residents of the country. It is the Gross National Product less net income from property or investment abroad.

Answer: (d)

The total of national income measures the flow of goods and services in an economy.

The increasing population of India hinders the growth and progress of country.

The National Commission on Population was constituted on May 11, 2000 under the Chairmanship of the Prime Minister Shri Atal Bihari Vajpayee to provide overall guidance for population stabilisation by promoting synergy between demographic, educational, environmental and development programmes.

Answer: (d)

An excise or excise tax (sometimes called an excise duty) is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country).

It is charged on many goods like cars, writing paper, printing paper and packing paper, drugs and pharmaceuticals, alcoholic liquor, water filtration and purification devices, pan masala, etc.

Answer: (b)

India’s Trade Policy 2009-14 had a view to achieve a growth of 15% per annum in export rather than 25% per annum.