introduction to indian economy section 14 MCQ Questions & Answers Detailed Explanation
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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) Total expenditure – Total receipts
(b) Total expenditure – (Revenue receipts + receipts from disinvestment)
(c) Total expenditure – (Revenue receipts + recovery of loans + receipts from disinvestment)
(d) Total expenditure – Disinvestment receipts
The correct answers to the above question in:
Answer: (c)
Fiscal Deficit: When a government’s total expenditure exceeds the revenue that it generates (excluding money from borrowings).
Deficit differs from debt, which is an accumulation of yearly deficits.
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Question : 1
Name the Indian State with the highest tax revenue.
a) Sikkim
b) Assam
c) Karnataka
d) Maharashtra
Answer »Answer: (d)
As per data released by Brickwork Ratings in December 2015, Maharashtra earns approximately 70 per cent of its total receipts through tax revenues — the highest among the bigger states — followed by Gujarat and Tamil Nadu.
It is the biggest economy within India at Rs 16.87 lakh crore in terms of gross state domestic product (GSDP). The state also contributes to about 40 per cent of India’s income tax collections.
Question : 2
The largest share of India’s national income originates in the
a) Secondary sector
b) Primary sector
c) Tertiary sector
d) Any of the above
Answer »Answer: (c)
National Income is essentially what a country produces in a given year. It takes into account the value of all the goods and services in an economy.
The term is interchangeable with Gross Domestic Product (GDP) The services industry accounted for over 57% of India's gross domestic product in 2010- 2011 and is by far the largest.
Question : 3
The existence of a parallel economy or black money
a) makes the monetary policies less effective
b) ensure increasing productive investment
c) ensure a better distribution of income and wealth
d) makes the economy more competitive
Answer »Answer: (a)
The existence of a parallel economy or black money makes the monetary policies less effective.
A parallel economy, based on black money or unaccounted money, causes high circulation of money in the market and thus causes inflation etc.
Question : 4
Which one of the following is not a scheme/project of the present Government?
a) Swachh Bharat
b) AMRUT
c) AYUSH
d) Jan Dhan Yojana
Answer »Answer: (a)
Swachh Bharat is India’s biggest ever cleanliness campaign that was originally known as Nirmal Bharat Abhiyan and Total Sanitation Campaign from 1999 to 2012.
On 2 October 2014, the Nirmal Bharat Abhiyan campaign was relaunched as Swachh Bharat Abhiyan (Clean India Mission) which aims to eradicate open defecation by 2019.
Question : 5
Net National Product (NNP) of a country is
a) GDP plus net income from abroad
b) GNP minus depreciation allowances
c) GNP minus net income from abroad
d) GDP minus depreciation allowances
Answer »Answer: (b)
Net National Product (NNP) of a country is GNP minus depreciation allowances.
NNP is the actual addition to the year’s wealth. While calculating GNP, we ignore depreciation of assets but in reality, the process of production uses up the fixed assets or there is some wear and tear or fixed assets by process of depreciation.
In order to arrive at NNP, we deduct depreciation from GNP.
Question : 6
GDP at Factor Cost is
a) GDP minus depreciation allowances
b) GDP minus indirect taxes plus subsidies
c) NNP plus depreciation allowances
d) GDP minus subsidies plus indirect taxes
Answer »Answer: (b)
Gross value added at factor cost (formerly GDP at factor cost) is derived as the sum of the value-added in the agriculture, industry and services sectors.
If the value-added of these sectors is calculated at purchaser values, gross value added at factor cost is derived by subtracting net product taxes from GDP.
GDP at Factor Cost is called Real GDP. This is because it takes into account various other factors which give a clearer picture of the GDP.
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
introduction to indian economy section 4
introduction to indian economy section 5
introduction to indian economy section 6
introduction to indian economy section 7
introduction to indian economy section 8
introduction to indian economy section 9
introduction to indian economy section 10
introduction to indian economy section 11
introduction to indian economy section 12
introduction to indian economy section 13
introduction to indian economy section 14
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