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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) exports of the IT sector
(b) sales of a firm
(c) salary of employees
(d) sale of land
The correct answers to the above question in:
Answer: (d)
National Income ignores sale of land.
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
The farmers are provided credit from a number of sources for their short and long term needs. The main sources of credit to the farmers include :
- the Primary Agricultural Co-operative Societies, Commercial Banks, RRBs and Private money lenders.
- the NABARD, RBI, Commercial banks and Private money lenders.
- the District Central Co-operative Banks (DCCB), the lead banks, IRDP and JRY
- the Large Scale Multi-purpose programme, DCCB, IFFCO and Commercial banks.
a) 1 and 2 only
b) 1 only
c) All of the above
d) 3 and 1 only
Answer »Answer: (b)
Statement 1 lists all the main and primary sources of agricultural credit institutions exclusively for farmers.
Question : 2
Gross Domestic Product is defined as the value of all
a) goods and services produced in an economy in a year
b) goods produced in an economy in a year
c) final goods produced in an economy in a year
d) final goods and services produced in an economy in a year
Answer »Answer: (d)
Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period of time.
GDP was first developed by Simon Kuznets for a US Congress report in 1934. After the Bretton Woods conference in 1944, GDP became the main tool for measuring the country’s economy.
Question : 3
Consider the following statement:
- Increase in annual private investment.
- Increase in real national income.
- Increase in real per capita income.
- Increase in net annual investment.
a) 2 only
b) 3 only
c) 1 only
d) 4 only
Answer »Answer: (b)
Indian economy is increased by real per capita income
Question : 4
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 : 5
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 : 6
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.
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
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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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