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
(a) upliftment of industrial workers
(b) upliftment of urban poor
(c) unpliftment of rural poor
(d) upliftment of farmers
The correct answers to the above question in:
Answer: (c)
Antyodaya Anna Yojana (AAY) is a centrally sponsored scheme that was launched in December 2000 for one crore of the poorest families.
It is on the lookout for the 'poorest of the poor' by providing them 35 kilos of rice and wheat at Rs.2 per kg.
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
During which Five Year Plan, the price level in Indian economy showed a decline?
a) Plan II
b) Annual plans
c) Plan IV
d) Plan I
Answer »Answer: (d)
During first FiveYear Plan ( 1951–56) the price level in Indian economy showed a decline because of rapid agricultural development and measures to control inflation as there was disequilibrium due to second world war and partition of economy.
Question : 2
Which of the following taxes is levied by the Union and appropriated and planned by the states ?
a) Stamp duty
b) Service tax
c) Property tax
d) Passenger and freight duty
Answer »Answer: (a)
The Constitution of India has a number of other provisions relevant to stamp duties.
Of these, Article 246 and the Seventh Schedule are relevant in regard to the legislative power to levy Stamp duties.
Article 268 states that stamp duties and such duties of excise on medicinal and toilet preparations as are mentioned in the Union List shall be levied by the Government of India but shall be collected
- in the case where such duties are leviable within any Union territory, by the Government of India, and
- in other cases, by the States within which such duties are respectively leviable.
It further states that proceeds in any financial year of any such duty leviable within any State shall not form part of the Consolidated Fund of India, but shall be assigned to that State.
Question : 3
Which of the following are used to calculate economic freedom of a country?
a) Gross domestic product, Regulatory Efficiency, Market Openness, Foreign Direct Investment
b) Rule of Law, Regulatory Efficiency, Market Openness, Government Size
c) Rule of Law, Inflation, Gross domestic product growth rate, Government Size
d) Rule of Law, Regulatory Efficiency, Inflation, Foreign Direct Investment
Answer »Answer: (d)
The economic freedom of a country is calculated using the Economic Freedom Index that focuses on four key aspects of the economic environment over which governments typically exercise policy control:
- Rule of law (property rights, freedom from corruption);
- Government size (fiscal freedom, government spending);
- Regulatory efficiency (business freedom, labour freedom, monetary freedom); and
- Market openness (trade freedom, investment freedom, financial freedom).
Question : 4
Which sector of the Indian Economy contributes largest to the GNP?
a) Tertiary sector
b) Primary sector
c) Secondary sector
d) Public sector
Answer »Answer: (a)
Tertiary sector of the Indian Economy contributes the largest to the GNP. During the last decade tertiary sector has shown remarkable expansion. The economy is divided into three sectors on the basis of activities-Primary, Secondary and tertiary.
Primary sector is involved in agriculture, Secondary sector is involved in manufacturing, mining, construction while tertiary sector is involved in trade, transport, communication, banking & other services.
In the last decade, India has expanded maximum in providing services like IT, Telecommunication, Healthcare, Tourism which is contributing around 60% to GDP.
Question : 5
Who coined the term ‘Hindu rate of growth’ for Indian Economy?
a) Raj Krishna
b) A.K. Sen
c) Kirit S. Parich
d) Montek Singh Ahluwalia
Answer »Answer: (a)
The term was coined by Indian economist Raj Krishna. The Hindu rate of growth is a derogatory term referring to the low annual growth rate of the socialist economy of India before 1991, which stagnated around 3.5% from the 1950s to the 1980s.
The word “Hindu” implies that the Hindu outlook of fatalism and contentedness was responsible for the slow growth.
Question : 6
For which tax, was constitutional status given much later after its introduction in a small way in 1994 - 95?
a) Corporation Tax
b) Customs Duty
c) Taxes on Services
d) Income Tax
Answer »Answer: (c)
Dr. Manmohan Singh, the then Union Finance Minister, in his Budget speech for the year 1994-95 introduced the new concept of Service Tax. It was given constitutional status by Chapter VA of the Finance Act, 2003.
GET Introduction to Indian Economy PRACTICE TEST EXERCISES
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introduction to indian economy section 12
introduction to indian economy section 13
introduction to indian economy section 14
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