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The following question based on Introduction to Indian Economy topic of indian economy mcq
- Human Development Report is an authoritative annual publication brought out by the World Bank.
- It measures longevity by life expectancy at birth.
- Knowledge is measured by adult literacy rate.
- Standard of living is measured by GDP per capita (US $ PPP)
(a) 2
(b) 3
(c) 1
(d) 4
The correct answers to the above question in:
Answer: (c)
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Question : 1
After ONGC, OIC, NTPC and SAIL, the ‘Navratna’ PSU which was awarded ‘Maharatna’ status is
a) GAIL
b) HAL
c) Coal India Ltd
d) BHEL
Answer »Answer: (c)
In April 2011, Coal India Limited (CIL) was conferred the Maharatna status by the Union Government of India.
CIL is an Indian state-controlled coal mining company headquartered in Kolkata. It contributes around 85% of coal production in India.
It is currently 90% owned by the Government of India with the remaining 10% owned by the public.
Question : 2
Among the tax revenues of the Union Government, what is the largest source?
a) Corporation Tax
b) Income Tax
c) Central Excise
d) Customs Duty
Answer »Answer: (a)
As per the Union Budget 2011-12, direct taxes contributed between 50-60 per cent of tax revenue. Corporation Tax is the single biggest income source for the government.
The contributions of excise and customs duties have been gradually declining after 1990-91 reform due to rationalization of tax structures and reduction of levy rates.
Excise duties, at present, contribute 17 per cent; Custom duties: 17 per cent, while Service Duty contributes 9 per cent. In the early 1990s, the share of net corporate tax revenues in the total tax revenues (from direct and indirect tax) stood at 12.4 per cent, while that of net excise duty was 32 per cent.
However, over the years, economic gains in India Inc have trickled down to the exchequer in the form of higher Corporate Tax collections.
Question : 3
Match the following in regards to labour force vs sector where
Column A | Column B |
I. Primary Sector | 17.3 |
II. Secondary Sector | 72.1 |
III. Tertiary Sector | 10.6 |
a) 1, 2, 3
b) 3, 2, 1
c) 2, 3, 1
d) 3, 1, 2
Answer »Answer: (c)
Occupational structure refers to the distribution of the workforce in the different occupations of the country.
As the economy grows, the labour force shifts from the primary sector to the secondary and tertiary sector.
Question : 4
Economic liberalization in India started with?
a) The convertibility of Indian rupees
b) Doing away with procedural formalities for foreign direct investment
c) Substantial changes in industrial licensing policy
d) Significant reduction in tax rates
Answer »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.
Question : 5
Which among the following is a most suitable example of double counting in national income ?
a) Electricity output and water output.
b) Wages of bus and train drivers.
c) Cotton output and cotton cloth output.
d) Tax receipts and earnings of inland revenue officials.
Answer »Answer: (c)
Question : 6
In how many denominations is Indian paper currency printed at present ?
a) 8
b) 9
c) 7
d) 6
Answer »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.
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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