introduction to indian economy section 8 MCQ Questions & Answers Detailed Explanation
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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) Agricultural Costs and Prices Commission
(b) Planning Commission
(c) Agricultural Price Commission
(d) National Marketing Commission
The correct answers to the above question in:
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
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
The Government of India made it obligatory on the part of all commercial banks that they should give some cash amount while purchasing Government bonds. What would you call this?
a) Cash Reserve Ratio
b) Statutory Liquidity Ratio
c) Minimum Reserve Ratio
d) Floating Reserve Ratio
Answer »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.
Question : 2
Kisan Credit Card scheme was introduced in
a) 2000
b) 1996
c) 1998
d) 1991
Answer »Answer: (c)
Kisan Credit Card Scheme (KCC) aims at providing adequate and timely support from the banking system to the farmers for their short-term credit needs for the cultivation of crops. This mainly helps farmers purchase inputs etc., during the cropping season.
The credit card scheme proposed to introduce flexibility to the system and improve cost efficiency. It was introduced in August 1998.
Question : 3
India’s biggest nationalised enterprise today
a) the Indian Commercial Banking System
b) the Indian Railways
c) the Indian Power Sector
d) the Indian Telecommu-nication System
Answer »Answer: (b)
Indian Railway is an Indian state-owned enterprise, owned and operated by the government of India through the Ministry of Railways. Railways were first introduced to India in 1853 from Bombay to Thane.
In 1951 the systems were nationalized as one unit, the Indian Railways, becoming one of the largest networks in the world.
IR operates both long-distance and suburban rail systems on a multi-gauge network of broad, metre and narrow gauges.
Question : 4
Which natioalised bank of India has a shining star as its emblem?
a) Bank of Baroda
b) Indian Bank
c) Bank of India
d) Syndicate Bank
Answer »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.
Question : 5
High rates of interest in a low inflation region
a) discourage people to make an investment
b) are not favourable for credit expansion
c) create atmosphere for capital formation
d) attract people to make an investment
Answer »Answer: (d)
Inflation reflects a situation where the demand for goods and services exceeds their supply in the economy. Higher interest rates in low inflation means higher real returns not just on money, but on all other assets too. These higher real returns increases the allocation of investment.
Question : 6
Which of the following is not in the infrastructure sector?
a) Construction of roads
b) Power generation
c) Food production
d) Expansion of air ports
Answer »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.
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