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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) 1935
(b) 1943
(c) 1939
(d) 1936
The correct answers to the above question in:
Answer: (a)
The Reserve Bank of India (RBI) was founded on 1 April 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
Following India’s independence on 15 August 1947, the RBI was nationalised on 1 January 1949.
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
Economic growth is usually coupled with
a) Inflation
b) Stagflation
c) Hyper inflation
d) Deflation
Answer »Answer: (a)
With the increase in GDP, aggregate demand increases, because more production means people have more disposable income, which means more consumer spending.
As a result, prices rise in response, and in conclusion, because aggregate demand grows faster than long-term aggregate supply, economic growth will be coupled with inflation.
Question : 2
Reserve bank of India was nationalised in :
a) 1951
b) 1949
c) 1947
d) 1935
Answer »Answer: (b)
The Reserve Bank of India was nationalised on 1 January 1949 under the Reserve Bank (Transfer of Public Ownership) Act, 1948.
Since then, RBI started working as a government-owned central bank of India. It was founded on 1 April 1935.
Question : 3
Agriculture should serve as an instrument of income, livelihood and opportunity to the local community — this statement was given by
a) Dr Manmohan Singh
b) Dr Madhavan Nair
c) Dr Abdul Kalam
d) Dr M S Swaminathan
Answer »Answer: (d)
According to M.S. Swaminathan, agriculture must serve as an instrument of income and livelihood opportunity as well as food production.
He argues that the economic benefits of agro-processing and agribusiness should be taken to poor families through rural value-added enterprises and partnerships with the private sector.
Question : 4
What has been the order of India’s imports during the last three years ?
a) US $ 40 billion
b) US $ 30 billion
c) US $ 50 billion
d) US $ 60 billion
Answer »Answer: (a)
India’s exports for the month of August 2012 stood at USD 22.3 billion compared to August 2011 when it stood at USD 24.7 billion registering a decline of (-) 9.7%.
During August 2012, the imports were $ 38 billion as compared to 40 billion dollars in August 2011 registering a decline of (-) 5.08%.
Question : 5
The Government of India derives its single largest source of revenue from
a) Customs Duties
b) Direct Taxes
c) Deficit Financing
d) Union Excise Duties
Answer »Answer: (d)
Income Tax (corporate and non-corporate combined) contribute about 56 per cent of the tax revenue of India. But, income tax, apart from agricultural income is shared between the Union and states.
Among the given options, Excise duty is the chief and single largest source of revenue income. The Government of India earns maximum from Union Excise Duty.
Question : 6
Which one of the following is a development expenditure?
a) Administration
b) Grant-in-aid
c) Debt services
d) Irrigation expenditure
Answer »Answer: (d)
The important heads of developmental expenditure within the revenue account are,
- social and community services,
- economic services and
- grants-in-aid to states and union territories.
The largest component in this group is economic services.
Economic services include,
- general economic services,
- agriculture and allied services,
- industry; and minerals,
- water and power and power development,
- transport and communication,
- railways,
- post and telegraphs etc.
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introduction to indian economy section 14
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