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

Answer: (b)

Higher growth in GDP and population can occur together. Per capita income always decreases with high population growth as income per person decreases with rise in population.

Answer: (b)

Excise duty on production few items including that on liquor is imposed by state governments.

Excise duty on alcohol, alcoholic preparations, and narcotic substances is collected by the State Government and is called “State Excise” duty. For most of the states, excise duty is the second largest tax revenue after sales taxes (State VAT).

Answer: (b)

Answer: (a)

In 2012, Reliance Industries posted its highest ever turnover of USD 66.8 billion and net profit of USD 3.9 billion.

Reliance Industries is the country’s largest private sector company on all major financial parameters with a turnover of Rs 339,792 crore, cash profit of Rs 31,994 crore and net profit of Rs 20,040 crore as of March 31, 2012.

Answer: (c)

Green shoot is a term used colloquially and propagandistically to indicate signs of economic recovery during an economic downturn.

It was first used in this sense by Norman Lamont, the then Chancellor of the Exchequer of the United Kingdom, during the 1991 recession.

Answer: (d)

Jeevan Aastha policy of Life Insurance Corporation of India is a single premium assurance plan which offers guaranteed benefits on death and maturity.

The plan has a maximum shelf life of 45 days and offers five and ten-year maturities to customeRs.The scheme has fixed the minimum age at entry as 13 years which would enable parents to make provisions for the higher education of their children.

Similarly, the maximum age at entry has been fixed as 60 years. The plan offers guaranteed addition of Rs100 for every thousand of maturity sum assured for 10 years term and Rs90 per annum for policies with a five-year term.

The policyholder can also avail of the benefits of tax exemption and has the option of surrendering the policy or raising a loan under the policy.