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) Car engines
(b) Potato chips
(c) Textile garments
(d) Computer chips
The correct answers to the above question in:
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.
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
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 : 2
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 : 3
How does the consumer benefit with VAT ?
a) Reduces the cost of production
b) It removes tax on tax and thus reduces prise-rise
c) With the abolition of the sales tax
d) Due to the exemption of small businesses from the tax within certain limits prescribed by the State
Answer »Answer: (b)
Value Added Tax (VAT) is a tax applied on the value that is added to goods and services at each stage in the production and distribution chain.
It forms part of the final price the consumer pays for the goods or services. On the domestic market, VAT is collected in stages, by registered manufacturers, wholesalers, retailers and services providers.
It is only individuals and firms registered with the VAT Service who can charge VAT on their supplies. However, the collection of the tax at more than one stage does not lead to duplication of the tax.
VAT is designed to ensure that most forms of consumer spending are taxed evenly and fairly. VAT is not a tax on the seller for it is the buyer who pays the tax. VAT will not be an additional tax, but a replacement for some existing indirect taxes.
It will be a broad-based, comprehensive and simplified system of taxation on transactions. VAT will improve, simplify and modernize the tax system.
Question : 4
Taxation is a tool of
a) Fiscal policy
b) Monetary policy
c) Price policy
d) Wage policy
Answer »Answer: (a)
Fiscal policy is the use of government revenue collection (taxation) and expenditure (spending) to influence the economy.
Question : 5
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 : 6
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.
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introduction to indian economy section 14
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