introduction to indian economy section 2 MCQ Questions & Answers Detailed Explanation
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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) India and Sri Lanka
(b) Sri Lanka
(c) India
(d) India and Indonesia
The correct answers to the above question in:
Answer: (c)
Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period of time.
The United Nations Conference on the Law of the Sea has defined sovereign rights over international waters by defining such concepts as Internal Waters, exclusive economic zones (EEZs), continental shelf jurisdiction, etc. According to this law, the income generated by Indian fishermen would be accounted for in the GDP of India.
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
Who estimated national income in India first?
a) R.C. Dutt
b) D.R. Gadgil
c) V.K. R.V. Rao
d) Dadabhai Naoroji
Answer »Answer: (d)
Dadabhai Naoroji had estimated national income in India first. National income estimate before independence was prepared by Dada Bhai Naoroji in 1876.
He estimated national income by estimating the value of agricultural production and then adding some percentage of non–agricultural production. This method was non–scientific.
Question : 2
The system of “Memorandum of Understanding” (MoU) was introduced in
a) 1988 – 89
b) 1990 – 91
c) 1987 – 88
d) 1989 – 90
Answer »Answer: (c)
The System of Memorandum of Understanding was introduced in the Public Sector Enterprises during the year 1987-88 in India. It was based on the report of the Arjuna Sengupta Committee (1984).
Question : 3
Consider the following statements relating to the estimation of National Income.
- Foreigners working in India Embassies are normal residents of India.
- Foreigners working in the office of WHO, World Bank, UNO etc, located in India are not normal residents of India.
- Indians working in foreign embassies in India are not normal residents of India.
a) Only 3
b) 1 and 3
c) Only 1
d) All of these
Answer »Answer: (b)
Only statement 2 is correct.
Statements 1 & 3 are wrong.
Question : 4
Gross domestic product is a measure of :
a) A country’s domestic economic activities
b) A country’s international economic activities
c) A country’s financial position
d) A country’s industrial output
Answer »Answer: (a)
Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a year.
GDP can be determined in three ways: the production (or output) approach, the income approach, or the expenditure approach.
Question : 5
The second plan gave priority to
a) Services
b) Agriculture
c) Heavy Industry
d) Foreign Trade
Answer »Answer: (c)
The Second Plan between years 1956-1961 was focused on the development of India by establishing heavy industries under the public sector.
The total money allotted for this 5-year plan was 48 Billion rupees. The plan followed the Mahalanobis model of economic development.
Question : 6
Which one of the following disburses long term loans to private industry in India ?
a) Life Insurance Corporation of India
b) Food Corporation of India
c) Primary Credit Society
d) Land Development Banks
Answer »Answer: (d)
The medium and long term loans are disbursed to the farmers through Primary Land Development Banks who draw their finances from Central Land Development Banks who in turn draw their finances from NABARD.
As for the short term credit, this is disbursed to the farmers through Primary Agricultural Credit Societies who draw their finances from Central Cooperative Banks who in turn draw their finances from the State Cooperative Banks.
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
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introduction to indian economy section 5
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introduction to indian economy section 14
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