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

Questions : Consider the following statement in regards to Unbalanced Economic Development,
  1. India has not yet achieved the goal of balanced economic development.
  2. Balanced Growth mentions to a definite type of economic growth that is maintainable in the long term.
  3. Balanced growth is contrasting to the high and low nature of economic cycles.
Which among the following statement is correct:

(a) 2 only

(b) 3 only

(c) 1 only

(d) 1, 2 and 3

The correct answers to the above question in:

Answer: (d)

India has not yet achieved the goal of balanced economic development. Balanced Growth mentions to a definite type of economic growth that is maintainable in the long term. Balanced growth is contrasting to the high and low nature of economic cycles.

According to the latest data available about 64% of the total labour force is dependent on agriculture, 16% on industries and the rest about 20% on trade, transport and other services.

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Question : 1

One of the problems in calculating the national income in India correctly is

a) inflation

b) low savings

c) non-monetised consumption

d) under-employment

Answer: (c)

Question : 2

The Swarna Jayanti Shahari Rojgar Yojna (SJSRY) mainly aims at creating employment opportunities for

a) self employment in urban areas only

b) both self employment and wage employment in urban areas

c) wage employment in urban areas only

d) None of these

Answer: (b)

The Swarna Jayanti Shahari Rozgar Yojana (SJSRY) seeks to provide gainful employment to the urban unemployed or underemployed through the setting up of self-employment ventures or provision of wage employment.

It is a Centrally Sponsored Scheme which came into effect on 1 December 1997.

Question : 3

India exports power to ____.

a) Myanmar

b) Bangladesh

c) Pakistan

d) Bhutan

Answer: (b)

India’s commercial export of power to Bangladesh commenced in October 2013 with the inauguration of the Bangladesh-India Power Transmission Centre at western Bherampura, near West Bengal.

India will export 500 MW of electricity daily to Bangladesh for 35 years.

Question : 4

What is the name of portal launched by RBI recently to check illegal money collection?

a) Sahayata

b) Sahyog

c) Sampark

d) Sachet

Answer: (d)

The Reserve Bank of India (RBI), in August 2016, launched the Sachet portal to curb the illegal collection of money by companies.

This website will enable the public to obtain information regarding entities who accept deposits, lodge complaints and also share information regarding illegal acceptance of deposits.

Question : 5

Consider the following statements in regard to ‘RESIDEX’:

  1. The index is prepared to track the prices of residential properties in India on the basis of actual transaction prices.
  2. The index is prepared from the secondary data available from various sources like housing, finance companies and banks.
Which of the statements given above is/are correct?

a) 2 only

b) Both 1 and 2

c) 1 only

d) Neither 1 nor 2

Answer: (b)

At present, the index is being developed only for the residential housing sector.

However, at a later stage, the index could be expanded to develop separate indices for commercial property and land. Primary data on housing prices is being collected from real estate agents by commissioning the services of private consultancy/research organisations of national repute.

In addition, data on housing prices is also being collected from the housing finance companies and banks, which is based on housing loans contracted by these institutions.

Question : 6

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: (d)

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