introduction to indian economy section 8 MCQ Questions & Answers Detailed Explanation

Answer: (c)

The new logo of the Bank of Baroda is a unique representation of a universal symbol. It comprises dual ‘B’ letterforms that hold the rays of the rising sun.

It is known as the ‘Baroda Sun’ which is the single most powerful source of light and energy – its far-reaching rays dispel darkness to illuminate everything they touch.

With this logo, the Bank of Baroda seeks to be the source that will help all its stakeholders realise their goals. To customers, the bank seeks to be a one-stop, reliable partner who will help them address different financial needs.

To employees, the bank offers rewarding careers and to our investors and business partners, maximum return on their investment.

Answer: (b)

The Commission for Agricultural Costs and Prices (CACP), the government’s nodal agency to recommend the minimum price for farm commodities.

The Agricultural Prices Commission was set up in January 1965 to advise the Government on the price policy of major agricultural commodities with a view to evolving a balance and integrated price structure in the perspective of the overall needs of the economy and with due regard to the interests of the producer and the consumer.

Since March 1985, the Commission has been known as Commission for Agricultural Costs and Prices

Answer: (b)

Statutory liquidity ratio is the number of liquid assets such as precious metals (Gold) or other approved securities, which a financial institution must maintain as reserves other than the cash. The statutory liquidity ratio is a term most commonly used in India.

The objectives of SLR are to restrict the expansion of bank credit. They serve to augment the investment of the banks in government securities and ensure the solvency of banks.

Answer: (c)

Food production or agriculture is a primary activity of the economy making direct use of natural resources. This includes agriculture, forestry and fishing, mining, and extraction of oil and gas. This is contrasted with the secondary sector, producing manufactured and other processed goods, and the tertiary sector, producing services.

Infrastructure is basic physical and organizational structures needed for the operation of a society or enterprise, or the services and facilities necessary for an economy to function.

The term typically refers to the technical structures that support a society, such as roads, bridges, water supply, sewers, electrical grids, telecommunications, and so forth.

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.

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.