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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) increase in infrastructure
(b) location of capital works
(c) to manage resources for investment
(d) selection of labour force
The correct answers to the above question in:
Answer: (b)
Globalization can affect the labour market by increasing the capacity of developing countries to create new opportunities for work and production following the alleviation of price distortions with respect to both labour and capital. Globalization on business management is the interconnection of international markets and managing businesses in a global industry.
This includes the management of resources for foreign investments whereby a company expands its business and invests in foreign countries. Globalization means inter-linkage among the countries of the globe. This can only happen when infrastructure is in proper shape.
A well-developed infrastructure is an indispensable condition for faster globalization.
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
The theory of economic drain of India during British period was propounded by
a) Jawaharlal Nehru
b) R. C. Dutta
c) Dadabhai Naoroji
d) M. K. Gandhi
Answer »Answer: (c)
Dadabhai Naroji propounded the drain theory. The drain, he declared, was the basic cause of India’s poverty and a fundamental evil of British rule in India. Thus, he argued in 1880 that it is not pitiless operations of economic laws but it is the thoughtless hand, pitiless actions of the British policy.
Question : 2
National Social Assistance Programme is aimed at providing
a) All of the above
b) old age pension to very poor
c) insurance for the poor
d) financial support to Scheduled Castes and Scheduled Tribes
Answer »Answer: (b)
The National Social Assistance Scheme (NSAS) or National Social Assistance Programme (NSAP) is a flagship welfare programme of the Government of India initiated on 15 August 1995. It provides a pension for the elderly who live below the poverty line.
Article 41 of the Indian Constitution directs the State to provide public assistance to its citizens in case of unemployment, old age, sickness and disablement and in other cases of undeserved want within the limit of its economic capacity and development. The scheme is a “giant step” towards achieving the directive principle in the Constitution.
Question : 3
With reference to ‘Economics’ which statement is correct?
- Economics is an area where people, society and government prioritize their choices in the process of using the infrequent reserves to satisfy the various needs and wants of life.
- Economics is considered an exercise in the spacetime continuum.
- Economics is considered an exercise in the time continuum.
a) 1 and 2
b) 3 only
c) 1 only
d) 1, 2 and 3
Answer »Answer: (a)
Economics takes care of various needs and wants of life.
Question : 4
The official agency responsible for estimating National Income in India is
a) Reserve Bank of India
b) Indian Statistical Institute
c) Central Statistical Organisation
d) National Council for Applied Economics and Research
Answer »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.
Question : 5
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 : 6
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.
GET Introduction to Indian Economy PRACTICE TEST EXERCISES
introduction to indian economy section 1
introduction to indian economy section 2
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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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