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

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The following question based on Introduction to Indian Economy topic of indian economy mcq

Questions : The Indian economy is characterised by

(a) low per capita income

(b) all of the above

(c) massive unemployment

(d) pre-dominance of agriculture

The correct answers to the above question in:

Answer: (b)

The Indian Economy is characterised by the predominance of agriculture, low per capita income and massive unemployment.

In India contribution of agriculture to GDP is around 13.7%. Per capita income, a gauge for measuring living standards, is estimated at Rs. 5,729 per month in 2012–13 which is low as compared to other developing nations like China having per capita income to be $6091.

In India, the rate of unemployment is around 9.9 % which is higher than other developing nations like China which has an unemployment rate of 4.1.

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Question : 1

A dual economy means:

  1. The existence of black money and white money
  2. The existence of agriculture and industry
  3. The existence of commercial agriculture with subsistence farming
  4. Modern industry and commercial agriculture coexisting with subsistence farming and traditional handicrafts

a) 1, 2 and 4

b) 2, 3 and 4

c) 1 only

d) All of these

Answer: (b)

Question : 2

Per capita Income of a country derived from

a) National Income and Population both

b) National Income

c) Population

d) None of these

Answer: (a)

The per capita income of a country is derived from both National Income and population both. Per Capita Income is obtained by dividing National Income by the total population of the country.

Per capita income, also known as income per person, is the mean income of the people in a country.

It is calculated by taking a measure of all sources of income in the aggregate (such as GDP or Gross national income) and dividing it by the total population.

Question : 3

Government of India has decided to integrate____with recently launched Pradhan Mantri Krishi Sinchayee Yojana.

a) National Rural Livelihood Mission

b) Mahatma Gandhi National Rural Employment Guarantee Act

c) Haryali

d) Accelerated Irrigation Benefit Programme

Answer: (b)

Pradhan Mantri Krishi Seenchayi Yojana will converge with rural development schemes like the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) and other schemes of the agriculture ministry and land resources department.

This will help in creating more irrigation assets.

Question : 4

Note-issuing department of RBI should always possess the minimum gold stock of worth—

a) Rs. 115 crore

b) None of these

c) Rs. 200 crore

d) Rs. 85 crore

Answer: (a)

Question : 5

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: (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 : 6

Reserve bank of India was nationalised in :

a) 1951

b) 1949

c) 1947

d) 1935

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.

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