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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) Capital consumption allowance
(b) Indirect Tax
(c) Subsidy
(d) Interest
The correct answers to the above question in:
Answer: (b)
Net national income (NNI) is an economics term used in national income accounting. It can be defined as the net national product (NNP) minus indirect taxes. Net national income encompasses the income of households, businesses, and the government.
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Question : 1
Expand NABARD.
a) National Bank for Agri Related Development
b) National Bank for Agricultural and Rural Development
c) National Bank for Agriculture and Resource Development
d) National Bank for Asian Reaserch Development
Answer »Answer: (b)
NABARD stands for National Bank for Agriculture and Rural Development.
It was established on 12 July 1982 by a special Act of parliament to focus on the upliftment of rural India by increasing the credit flow for elevation of agriculture & rural non-farm sector. It is headquartered in Mumbai (Maharashtra).
Question : 2
What type of products, does CACP recommend minimum support price for ?
a) None of the above
b) Agricultural products
c) Pharmaceutical products
d) Industrial products
Answer »Answer: (b)
The Agricultural Prices Commission was set up in January 1965 to advise the Government on the price policy of major agricultural commodities. Since March 1985, the Commission has been known as Commission for Agricultural Costs and Prices (CACP).
The minimum support prices (MSP) for major agricultural products are fixed by the government, each year, after taking into account the recommendations of CACP.
Question : 3
The upper limit of investment in plant and machinery for smallscale industries has been fixed currently at
a) 1 crore
b) 45 lakhs
c) 60 lakhs
d) 35 lakhs
Answer »Answer: (a)
The upper limit of investment in plant and machinery for small-scale industries has been fixed at Rs. one crore.
Question : 4
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 : 5
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 : 6
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.
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
Introduction to Indian Economy Shortcuts and Techniques with Examples
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