introduction to indian economy section 12 MCQ Questions & Answers Detailed Explanation
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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) SIDBI
(b) RBI
(c) NABARD
(d) MFI
The correct answers to the above question in:
Answer: (c)
National Bank for Agriculture and Rural Development (NABARD) deals with matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India. It was established on 12 July 1982 by a special Act of parliament for the upliftment of rural India.
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Question : 1
Over use of resource is called “Tragedy of Commons”. It was propounded by:
a) Seligman
b) Garett Hardin
c) Adolph Wagner
d) A.P Lernier
Answer »Answer: (b)
In economics, the tragedy of the commons is the depletion of a shared resource by individuals, acting independently and rationally according to each one’s self-interest, despite their understanding that depleting the common resource is contrary to the group’s long-term best interests.
In 1968, ecologist Garrett Hardin explored this social dilemma in “The Tragedy of the Commons”, published in the journal Science.
Question : 2
Cochin refineries is in :
a) Joint Sector
b) Public Sector
c) Private Sector
d) Co-operative Sector
Answer »Answer: (a)
Founded as a public sector company owned by the Government of India in 1963, Kochi Refineries was acquired by the Bharat Petroleum Corporation Limited in 2006 which presently owns and runs it.
Consequent to the merger Order dated 18 August 2006 issued by the Ministry of Company Affairs, the refinery has been amalgamated with Bharat Petroleum Corporation, henceforth to be known as BPCL-Kochi Refinery.
Question : 3
What is the name of the electronic communication network of the Reserve Bank of India ?
a) RBISAT
b) BOLT
c) RBINET
d) RBIDOT
Answer »Answer: (c)
RBINet is a communication software, developed in ‘C’ and available for both DOS and UNIX machines. It allows free format messaging and file transfer on the existing BANK NET infrastructure with the help of UNIX servers installed at the 4 NCCs.
Each RBINet user interacts with the local UNIX server through PADs connected to the X.25 switch. The UNIX servers in turn communicate with each other using TCP/IP over the X.25 protocol.
The software allows free format messaging without any restrictions on the length of the message, enables file transfer of both ASCII-text and Binary (spreadsheets, databases, programs etc.) files, facilitates dial-up access, and has security features such as end-to-end encryption, audit trail, etc.
Question : 4
Which of the following steps that will result in containing inflation?
- Increasing Cash Reserve Ratio (CRR)
- Decreasing Statutory Liquidity Ratio (SLR)
- Permitting Central/State agencies to import duty free pulses and sugar.
a) 1 and 3 only
b) 2 and 3 only
c) 1 only
d) 1, 2 and 3
Answer »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.
Question : 5
Agricultural income tax is a source of revenue to
a) Centre and State Govern ments
b) State Government
c) Local Administration
d) Central Government
Answer »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
Question : 6
The credit of developing the concept of modern economic growth goes to
a) Michael P. Todaro
b) Gunnar Myrdal
c) Arthur Lewis
d) Simon Kuznet
Answer »Answer: (d)
GET Introduction to Indian Economy PRACTICE TEST EXERCISES
introduction to indian economy section 1
introduction to indian economy section 2
introduction to indian economy section 3
introduction to indian economy section 4
introduction to indian economy section 5
introduction to indian economy section 6
introduction to indian economy section 7
introduction to indian economy section 8
introduction to indian economy section 9
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
Introduction to Indian Economy Shortcuts and Techniques with Examples
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