introduction to indian economy section 11 MCQ Questions & Answers Detailed Explanation

Answer: (c)

At present, notes in India are issued in the denomination of Rs.5, Rs.10, Rs.20, Rs.50, Rs.100, Rs.500 and Rs.1000. These notes are called banknotes as they are issued by the Reserve Bank of India (Reserve Bank).

The printing of notes in the denominations of Rs.1 and Rs.2 has been discontinued as these denominations have been coined. However, such notes issued earlier are still in circulation.

The printing of notes in the denomination of Rs.5 had also been discontinued.

Answer: (c)

Answer: (c)

With the introduction of Economic liberalisation requirement for government licensing has been abolished except for a small list of strategic and potentially hazardous industries and a few industries which are reserved for the small scale sector.

For most industries however industrial investment has been effectively delicensed and investors are free to set up new units or expand existing units subject only to environmental clearances.

Answer: (b)

The total value of all goods and services produced in the economy during a particular period of time is called National Income. The largest component of National Income in India is service sector.

Answer: (c)

Aditya Birla Retail Limited (ABRL), the retail arm of Aditya Birla Group company, operates two store formats - Supermarket and Hypermarket under the brand ‘more’. ABRL is the 4th largest supermarket chain in India after Future Group, Reliance Retail and D-Mart.

Answer: (b)

Generally, the small-scale sector is defined in terms of investment ceilings on the original value of the installed plant and machinery.

As per the Ministry of Micro, Small & Medium Enterprises of India, a small scale industry is an industrial undertaking in which the investment in fixed assets in plant and machinery whether held on ownership terms on lease or on hire purchase does not exceed Rs 10 million.

Fixed capital investment in a unit has been adopted as criteria to make a distinction between small-scale and largescale industries. This limit is being continuously raised upwards by the government.