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) Varada Grameen Bank
(b) Prathama Bank
(c) Thar Anchalik Grameen Bank
(d) Aravali Kshetriya Grameen Bank
The correct answers to the above question in:
Answer: (a)
Varada Grameena Bank is a Regional Rural Bank (RRB) named after the Wardha River which is one of the biggest rivers in the Vidarbha region in India.
It is one of those banks which were amalgamated and newly opened. It has been serving Kumta in Karnataka, providing excellent banks service to those in need.
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
Consider the following statements in regard to the Goods and Service Tax:
- The GST shall have two components: one levied by the centre, and the other levied by the states.
- The central GST and state GST are to be paid to the joint accounts of the centre and the states.
- While the imports would be zero-rated, the exports would be subjected to the GST.
a) 2 and 3 only
b) 1 and 3
c) 1 only
d) 1 and 2 only
Answer »Answer: (c)
The Goods and Services Tax (GST) is a Value Added Tax (VAT) replacing all indirect taxes levied on goods and services by the Indian Central and State governments.
India is a federal republic, and the GST is thus implemented concurrently by the central and state governments as the Central GST and the State GST respectively.
Exports will be zero-rated and imports will be levied the same taxes as domestic goods and services adhering to the destination principle.
Question : 2
In the production of cotton textiles India ranks
a) third in the world
b) fourth in the world
c) second in the world
d) first in the world
Answer »Answer: (c)
As per the data of 2009-2010, China, India and the United States were the first three major produceRs.India is the second largest cotton producer and consumer. The textile industry accounted for 14.4% of the country’s export earnings.
Question : 3
Which of the following statements is/are correct in regard to ‘micro-finance’?
- Micro-credit extended by banks to individual is reckoned as a part of their priority sector lending.
- RBI has prescribed a particular model the banks to provide micro-finance.
a) 2 only
b) Both 1 and 2
c) 1 only
d) Neither 1 nor 2
Answer »Answer: (c)
Micro-credit extended by banks to individuals is reckoned as a part of their priority sector lending and no particular model has been prescribed for microfinance and banks have been extended freedom to formulate their own models.
Question : 4
The most appropriate measure of a country’s economic growth is its
a) Net Domestic Product
b) Per capita real income
c) Net National Product
d) Gross Domestic Product
Answer »Answer: (b)
The most appropriate measure of a country’s economic growth is its per capita real income. Per capita income is average income, a measure of the wealth of the population of a nation. It is used to measure a country’s standard of living thus a better indicator of economic growth.
Question : 5
Who coined the term ‘Hindu rate of growth’ for Indian economy?
a) Kirit S. Parikh
b) A.K. Sen
c) Raj Krishna
d) Montek Singh Ahluwalia
Answer »Answer: (c)
The Hindu rate of growth refers 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, while per capita income growth averaged 1.3%. The term was coined by Indian economist Raj Krishnaa.
It suggests that the low growth rate of India, a country with a high Hindu population was in sharp contrast to high growth rates in other Asian countries, especially the East Asian Tigers, which were also newly independent.
This meaning of the term, popularized by Robert McNamara, was used disparagingly and has connotations that refer to the supposed Hindu outlook of fatalism and contentedness.
Question : 6
If the marginal returan encrease at a diminishing rate, the total return
a) decreases
b) increases
c) remains constant
d) becomes income
Answer »Answer: (a)
The question talks about marginal return increasing at a diminishing rate which, in reality, is diminishing marginal return.
In economics, the law of diminishing returns states: “If increasing amounts of a variable factor are applied to a fixed quantity of other factors per unit of time, the increments in total output will first increase but beyond some point, it begins to decline”.
Richard A. Bilas describes the law of diminishing returns as: “If the input of one resource to other resources is held constant, total output will increase but beyond some point, the resulting output increases will become smaller and smaller.”
So as the marginal return increases at a diminishing rate, the total return will eventually decrease.
GET Introduction to Indian Economy PRACTICE TEST EXERCISES
introduction to indian economy section 1
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introduction to indian economy section 3
introduction to indian economy section 4
introduction to indian economy section 5
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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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