introduction to indian economy section 11 MCQ Questions & Answers Detailed Explanation
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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) agriculture
(b) trade sector
(c) industrial sector
(d) service sector
The correct answers to the above question in:
Answer: (d)
The service sector is one of the three economic sectors. it includes:
- telecommunication,
- hospitality industry/tourism,
- mass media,
- healthcare/ hospitals,
- information technology,
- banking,
- insurance,
- investment management,
- accountancy,
- legal services,
- consulting,
- retail sales,
- real estate,
- education.
The maximum contribution to national income comes from the service sector which contributes around 60%.
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
National Income is defined as:
- It is the total amount of money government earns through direct tax collection.
- It measures the flow of goods and services in an economy
- It is the total value of stocks held by a country at a particular point of time
a) 2 only
b) 1 and 2
c) 1 only
d) 3 only
Answer »Answer: (a)
National income measures the net value of goods and services produced in a country during a year and it also includes net earned foreign income.
Question : 2
At present, India is following
a) Pegged down exchange rate
b) Floating exchange rate
c) Pegged up exchange rate
d) Fixed exchange rate
Answer »Answer: (b)
The exchange rate can be defined as the value of one currency in terms of another. India follows a floating exchange rate system for the determination of the exchange rate.
A floating exchange rate system can be defined as a system where the exchange rate between currencies is not fixed but keep fluctuating, as they are determined by the demand and supply for the domestic currency in the international market.
India has been operating on a managed floating exchange rate regime since March 1993, marking the start of an era of a market-determined exchange rate regime of the rupee with provision for timely intervention by the central bank.
Question : 3
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 that was launched on December 25, 2000, for one crore of the poorest families. It is an important milestone in providing foodgrains to the poor.
It contemplated providing 25 kg. of foodgrains per month at highly subsidized rates of Rs.2 per kg. for wheat and Rs.3 per kg. for rice to each Antyodaya family.
This scheme reflects the commitment of the Government of India to ensure food security for all, create a hunger-free India in the next five years and reform and improve the Public Distribution System so as to serve the poorest of the poor in rural and urban areas.
Question : 4
Which of the following is associated with fiscal policy?
a) Taxation
b) Consumption
c) Inflation
d) Money supply
Answer »Answer: (b)
Fiscal policy is the use of government revenue collection (taxation) and expenditure (spending) to influence the economy.
The two main instruments of fiscal policy are changes in the level and composition of taxation and government spending in various sectors.
Question : 5
Which is the correct definition of National Income ?
- National Income means the total amount of money Govt. earns through direct tax collection.
- It is the total value of stocks held by a country at a particular point of time.
- This is the measure of goods and services produced during an accounting year without double counting.
a) 2 only
b) 3 only
c) 1 only
d) All 1, 2 and 3
Answer »Answer: (b)
Question : 6
The most accessible mediumin India is
a) Newspapers
b) Radio
c) Cinema
d) Television
Answer »Answer: (a)
The newspaper’s importance in India may be due to the fact that it is relatively free from the competition despite the rise of the Internet. Though there are a large number of households that own television sets, there are still many more without.
Newspapers are highly affordable and are the more accessible alternative, even for rural areas.
Moreover, it is not dependent on other factors such as infrastructure or availability of electricity, which are both areas that are lacking in India.
GET Introduction to Indian Economy PRACTICE TEST EXERCISES
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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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