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

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.

Answer: (a)

Economics takes care of various needs and wants of life.

Answer: (d)

Provision of public goods like a defence which no private agency can be entrusted with.

Provision of merit goods - goods like education and housing - through policies that encourage the consumption of such goods and discourage the use of non-merit goods like cigarettes.

Poverty reduction is considered a prime responsibility of all modern governments, as the market caters to the needs of only those who can afford to pay, not of the poor.

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.

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: (a)

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