introduction to indian economy section 1 MCQ Questions & Answers Detailed Explanation
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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) formulating the policy for fresh borrowings
(b) division of tax revenue
(c) writing off States’ indebtedness to the Centre
(d) allocating Central Plan assistance between States
The correct answers to the above question in:
Answer: (b)
The Gadgil formula was evolved in 1969 for determining the allocation of central assistance for state plans in India. It was adopted for distribution of plan assistance during Fourth and Fifth Five Year Plans.
It was named after the then deputy chairman of the Planning Commission Dr D R Gadgil.
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
Tick the correct option with regards to the contribution towards GDP (Gross Domestic Product) from Agriculture
a) During 1950-51 (GDP 11-00%) and 2011-12 (GDP 25%)
b) During 1950-51 (GDP 51-88%) and 2011-12 (GDP 14-01%)
c) During 1990-91 (GDP 29-53%) and 2011-12 (GDP 66-77%)
d) During 1980-81 (GDP 35-69%) and 2011-12 (GDP 20-69%)
Answer »Answer: (b)
Agriculture contributed more than 50 per cent of India’s GDP in 1950-51.
The contribution of agriculture and allied sectors to India’s GDP has been declining since then. Agriculture’s contribution fell down to 14.5 per cent in 2010-11 and to 14.1 per cent in 2011-12.
Question : 2
In free economy, inequalities in income is due to
a) private property and inheritance
b) private property only
c) differences in the marginal productivity of labour
d) free competition
Answer »Answer: (a)
In free economy, inequalities in income is due to private property and inheritance.
Question : 3
Among the socio-economic factors responsible for the high birth rate in India we may include
- large scale poverty
- high mortality rate of children of poor parents
- prevalence of child marriage
- adverse sex ratio
a) 1, 2 and 4
b) 2, 3 and 4
c) 1 and 2
d) 1, 2 and 3
Answer »Answer: (c)
Question : 4
Antyodaya Programme is associated with
a) Bringing up cultural revolution in India
b) Liberation of bonded labour
c) Demands of textile labourers
d) Upliftment of the poorest of the poor
Answer »Answer: (d)
Antyodaya Anna Yojana (AAY) is a centrally sponsored scheme launched on December 2000 for one crore of the poorest families. It is on the lookout for the ‘poorest of the poor’ by providing them 35 kilos of rice and wheat at Rs.2 per kg.
Question : 5
Indian Special Economic Rules amendment came in the year
a) 2002
b) 2000
c) 2004
d) 2006
Answer »Answer: (d)
The Special Economic Zones Rules are associated with the year 2006, though the policy was announced in 2000. The Special Economic Zones Rules, 2006 came into effect on 10 February 2006.
The amendment Rules provided for the simplification of procedures for development, operation, and maintenance of the Special Economic Zones and for setting up and conducting business in SEZ.
Question : 6
In India the largest single item of current government expenditure is
a) Interest payment of debt
b) Defence Expenditure
c) Payment of subsidies
d) Investment in social overheads
Answer »Answer: (a)
Interest payments are the single largest item of expenditure. They account for more than 40% of the total non-development expenditure.
These items of expenditure are charged on the Consolidated Fund of India and are not required to be voted by the Lok Sabha.
GET Introduction to Indian Economy PRACTICE TEST EXERCISES
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