introduction to indian economy section 12 MCQ Questions & Answers Detailed Explanation

Answer: (d)

Answer: (b)

The Constitution of India allocates the taxation of agricultural income to states. Land revenue is a major source of revenue for states in India

Answer: (a)

In order to curb inflation if CRR is increased, then it may take liquidity from markets as banks will have to deposit more money with RBI.

Moreover, inflation may also be curbed by Permitting Central/ State agencies to import duty-free pulses and sugar.

However, Decreasing SLR will leave more money to banks to give loans, which in turn will lead to inflation.

Answer: (e)

On 29 January 2010, the Central Statistical Organisation (CSO) introduced the new series of national accounts statistics with the base year 2004-05, in place of the previous series with the base year 1999- 2000.

The new series on National Accounts Statistics has been introduced after a comprehensive review of both the database and the methodology employed in the estimation of various aggregates.

Answer: (a)

India is a labour-surplus economy because in India there is disguised unemployment along with under-employment which means that qualified, skilled workforce willing to work is available but there are not enough employment opportunities.

Answer: (b)

AGMARK is a certification mark employed on agricultural products in India, assuring that they conform to a set of standards approved by the Directorate of Marketing and Inspection, an agency of the Government of India.

The present AGMARK standards cover quality guidelines for 205 different commodities spanning a variety of Pulses, Cereals, Essential Oils, Vegetable Oils, Fruits & Vegetables, and semi-processed products.