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) Fiscal policy
(b) Monetary policy
(c) Price policy
(d) Wage policy
The correct answers to the above question in:
Answer: (a)
Fiscal policy is the use of government revenue collection (taxation) and expenditure (spending) to influence the economy.
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
Which of the following items is a major item of Indian export?
a) Car engines
b) Potato chips
c) Textile garments
d) Computer chips
Answer »Answer: (a)
India exports were worth 23698 Million USD in September of 2012. Historically, from 1994 until 2012, India Exports averaged 8603.18 Million USD reaching an all-time high of 30418.00 Million USD in March of 2011 and a record low of 1805.00 Million USD in May of 1994. Exports amount to 22% of India’s GDP.
Gems and jewellery constitute the single largest export item, accounting for 16 per cent of exports.
India is also a leading exporter of textile goods, engineering goods, chemicals, leather manufactures and services. India’s main export partners are European Union, United States, United Arab Emirates and China.
Question : 2
Which sector of the Indian economy contributes largest to the GNP?
a) Secondary sector
b) Public sector
c) Tertiary sector
d) Primary sector
Answer »Answer: (c)
The tertiary sector of the Indian economy contributes largest to the GNP. During the last decade tertiary sector has shown remarkable expansion. The economy is divided into three sectors on the basis of activities-primary, secondary and tertiary.
Primary sector is involved in agriculture, secondary sector is involved in manufacturing, mining, construction while tertiary sector is involved in trade, transport, communication, banking & other services.
In the last decade, India has expanded maximum in providing services like IT, telecommunication, healthcare, tourism which is contributing around 60% to GDP.
Question : 3
In the national context which of the following indicates Macro Approach ?
a) Sales of Bata Shoe Company
b) Inflation in India.
c) Exports of Mangoes to UK
d) Income from Railways.
Answer »Answer: (c)
Macroeconomics is a branch of economics dealing with the performance, structure, behaviour, and decision-making of an economy as a whole, rather than individual markets.
It explains the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, etc.
Question : 4
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 : 5
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 : 6
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.
GET Introduction to Indian Economy PRACTICE TEST EXERCISES
introduction to indian economy section 1
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introduction to indian economy section 8
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introduction to indian economy section 14
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