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

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.

Answer: (a)

The upper limit of investment in plant and machinery for small-scale industries has been fixed at Rs. one crore.

Answer: (c)

At the national level, the Central Statistical Organisation (CSO) is the apex statistical body with the primary objective of providing technical leadership in building up the statistical system in the country.

It has been charged with the responsibility of coordinating activities in the country, laying down and maintenance standards relating to concepts, definitions, methodologies, procedures etc, providing consultancy and advisory services to other statistical agencies, computing of national income, keeping liaison with the international statistical agencies, preparing and publishing national accounts statistics, processing, analysing and publication of industrial statistics, the conduct of economic censuses, etc.

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.

Answer: (b)

Indian economy is increased by real per capita income

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.