introduction to indian economy section 13 MCQ Questions & Answers Detailed Explanation

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

Questions : A situation where we have people whose level of income is not sufficient to meet the minimum consumption expenditure is considered as

(a) Rural Poverty

(b) Relative Poverty

(c) Urban Poverty

(d) Absolute Poverty

The correct answers to the above question in:

Answer: (d)

Absolute poverty is defined as a situation in which the individual’s basic needs are not covered, in other words, there is a lack of basic goods and services (normally related to food, housing and clothes).

This concept of poverty is strongly linked to destitution which is an inability to meet the minimum consumption expenditure. It is a level of poverty as defined in terms of the minimal requirements necessary to afford minimal standards of food, clothing, health care and shelter.

According to a UN declaration that resulted from the World Summit on Social Development in Copenhagen in 1995, absolute poverty is “a condition characterised by severe deprivation of basic human needs, including food, safe drinking water, sanitation facilities, health, shelter, education and information. It depends not only on income but also on access to services.”

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Read more introduction Based Indian Economy Questions and Answers

Question : 1

Who among the following Indian Economists has done pioneering work on National Income ?

a) M.L. Seth

b) Jagdish Bhagwati

c) Amartya Sen

d) V.K.R.V. Rao

Answer: (d)

V.K. R.V. Rao has done pioneering works on national income in India. One of his works on national income was 'Changes in India's National Income-A Static Economy in Progress' (1954). The other was ‘The National Income of British India’ (1941).

Question : 2

Which one of the following is not an instrument of Fiscal policy?

a) Taxation

b) Open Market Operations

c) Public borrowing

d) Public expenditure

Answer: (b)

Open market operations (OMO) refers to the buying and selling of government securities in the open market in order to expand or contract the amount of money in the banking system.

A central bank (Reserve Bank of India) uses OMO as the primary means of implementing monetary policy.

Question : 3

Indian economy is a

a) Communistic economy

b) Mixed economy

c) Capitalistic economy

d) Centralised economy

Answer: (b)

Indian economy is an example of a mixed economy, an economic system that contains a mixture of markets and economic planning, in which both the private sector and state direct the economy.

It is a mixture of public ownership and private ownership; and market economies with strong regulatory oversight and governmental provision of public goods.

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