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
- 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
The correct answers to the above question in:
Answer: (c)
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
Structural unemployment arises due to :
a) inadequate productive capacity
b) heavy industry bias
c) shortage of raw materials
d) deflationary conditions
Answer »Answer: (a)
Structural unemployment is a form of unemployment resulting from a mismatch between demand in the labour market and the skills and locations of the workers seeking employment.
Structural unemployment is a result of the dynamics of the labour market, such as agricultural workers being displaced by mechanized agriculture, unskilled labourers displaced by both mechanization and automation, or industries with declining employment.
Many of these displaced workers are “left behind” due to costs of training and moving (e.g., the cost of selling one’s house in a depressed local economy), inefficiencies in the labour markets, such as discrimination or monopoly power, or because they are unsuited for work in growing sectors such as health care or high technology.
Question : 2
GDP deflator is used to :
a) measure the inflation in a country.
b) compare the GDP of a country vis a vis other countries of the world.
c) measure the relative reduction in GDP growth rate of a country.
d) estimate the purchasing power of the citizen of a country.
Answer »Answer: (a)
GDP deflator is An economic metric that accounts for inflation by converting output measured at current prices into constant-dollar GDP. The GDP deflator shows how much a change in the base year’s GDP relies upon changes in the price level.
Question : 3
ICI is the name associated with
a) Indian Cement Industry
b) a MNC which manu-factures chemicals
c) Chamber of Commerce and Industry
d) a private sector bank
Answer »Answer: (b)
Imperial Chemical Industries (ICI) was a British chemical company, taken over by a number of chemical companies, including Huntsman Corporation, a United States-based company, and AkzoNobel, a Dutch conglomerate, two of the largest chemical producers in the world.
In its heyday, ICI was the largest manufacturing company in the British Empire, and commonly regarded as a “bellwether of the British economy. It produced paints and speciality products (including ingredients for foods, speciality polymers, electronic materials, fragrances and flavours).
Question : 4
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 : 5
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 : 6
In Centre-State financial relations in India, Gadgil Formula is used in
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
Answer »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.
GET Introduction to Indian Economy PRACTICE TEST EXERCISES
introduction to indian economy section 1
introduction to indian economy section 2
introduction to indian economy section 3
introduction to indian economy section 4
introduction to indian economy section 5
introduction to indian economy section 6
introduction to indian economy section 7
introduction to indian economy section 8
introduction to indian economy section 9
introduction to indian economy section 10
introduction to indian economy section 11
introduction to indian economy section 12
introduction to indian economy section 13
introduction to indian economy section 14
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