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

Answer: (c)

The Indian government banned the import of terminator seeds on fears the seeds would threaten traditional crops and put the well-being of Indian farmers at risk. The technology would have serious implications on crop biodiversity.

It may lead to the gradual extinction of traditional varieties. Crop related wild varieties, important for natural evolution for crop species would be affected by cross-contamination. Inserting terminator genes into crops would prevent them from producing fertile seeds.

Answer: (b)

Real Gross Domestic Product (real GDP) is a macroeconomic measure of the value of economic output adjusted for price changes (i.e., inflation or deflation).

Nominal gross domestic product is defined as the market value of all final goods produced in a geographical region.

Answer: (b)

Regional Rural Banks (RRBs) were set up as government-sponsored, regional based rural lending institutions under the Regional Rural Banks Act, 1976.

Every RRB is owned by three entities with their respective shares as follows:

1. Central Government (50%);
2. State government (15%);
3. .Sponsor bank (35%).

Each Regional Rural Bank is sponsored by a Public-Sector Bank.

Answer: (b)

Answer: (c)

The Rashtriya Krishi Bima Yojna was introduced in 1999.

The scheme provides comprehensive risks insurance against yield losses viz. Drought, Hailstorm, Floods, Pests Disease etc. It is implemented by the Agriculture Insurance Corporation of India (AIC).

Answer: (b)

A reserve currency (or anchor currency) is a currency that is held in significant quantities by governments and institutions as part of their foreign exchange reserves, and that is commonly used in international transactions for commodities like oil and gold.

Persons who live in a country that issues a reserve currency can purchase imports and borrow across borders more cheaply than persons in other nations because they need not exchange their currency to do so.