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) II Schedule of Constit-ution
(b) II Schedule of Banking Regulation Act
(c) II Schedule of Reserve Bank of India Act
(d) None of the above
The correct answers to the above question in:
Answer: (c)
Commercial banks are classified into two:
- Scheduled banks and
- other banks.
A scheduled bank is one that is included in the second schedule of the Reserve Bank of India Act, 1934. A scheduled bank should comply with the following terms:
- It must have paid-up capital and reserves as specified; and
- The activities to be carried out should not be detrimental to the interests of the depositors; and
- It should be incorporated under the Companies Act, 1956, that is, it should not be the sole trader for a partnership firm or business organization.
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Question : 1
In which year the Indian rupee was devalued two times within a month?
a) 1991
b) 1999
c) 1994
d) 1990
Answer »Answer: (a)
In 1991, India faced a serious balance of payment crisis and was forced to sharply devalue its currency.
The country was in the grip of high inflation, low growth and the foreign reserves were not even worth meeting three weeks of imports. Under these situations, the currency was devalued to 17.90 against the dollar.
Question : 2
When was the Jawahar Rozgar Yojna launched ?
a) 1987
b) 1985
c) 1989
d) 1991
Answer »Answer: (c)
By merging the two erstwhile wage employment programme -
- National Rural Employment Programme (NREP),
- Rural Landless Employment Guarantee Programme (RLEGP), and
- Jawahar Rozgar Yojana (JRY) was started with effect from April 1, 1989, on an 80:20 cost-sharing basis between the centre and the States.
The main objective of the Yojana was additional gainful employment for the unemployed and under-employed persons in rural areas.
The other objective was the creation of sustained employment by strengthening rural economic infrastructure and assets in favour of rural poor for their direct and continuing benefits.
Question : 3
Consider the following statements in regard to the Gross Domestic Product (GDP) of India:
- Between 1951 and 2000 the share of agriculture in GDP fell from around 56% to around 25%
- Share of the services sector in GDP was less than industrial sector between 1951 and 2000
a) 2 only
b) Both 1 and 2
c) 1 only
d) Neither 1 nor 2
Answer »Answer: (a)
Between 1951 and 2000 the share of agriculture in GDP fell from around 59% to around 25%.
The share of the services sector in GDP was more than the industrial sector. Between 1951 and 2000 it was around 28% for services and 13 % for manufacturing in 1950.
In 1990 it was around 40 % services and 24 % manufacturing. It was around 51 % services in 2000.
Question : 4
Which of the following occupations are included under secondary sector as per the national income accounts ?
- Manufacturing
- Construction
- Gas and water supply
- Mining and quarrying
a) 1, 2 and 3
b) 1, 2 and 4
c) 1, 2, 3 and 4
d) 3 and 4
Answer »Answer: (a)
Primary sector-Agriculture, fishing, mining and quarrying Secondary sector- Manufacturing and construction, Gas and water supply Tertiary sector- trade, transport etc, finance & real estate, community and personnel services
Question : 5
Human Development Index comprises literacy rates, life expectancy at birth and
a) GNP in US dollars
b) GDP per head in the US dollars.
c) GDP per head at real purchasing power.
d) National Income per head in US dollars.
Answer »Answer: (d)
Human Development Report the HDI combines three dimensions:
- A long and healthy life: Life expectancy at birth,
- Education Index: Mean years of schooling and
- Expected years of schooling and A decent standard of living: GNI per capita (PPP US$).
Question : 6
Which of the following Indian banks became the first to touch a market capitalisation of Rs.1,00,000 crore in India ?
a) HDFC
b) ICICI
c) SBI
d) PNB
Answer »Answer: (c)
The State Bank of India, in September 2007, became the first public sector bank to touch a market capitalisation of Rs 1,00,000 crore following a surge of over three per cent in its share price.
The bank’s shares closed at Rs 1950.70 per share on the BSE, giving it a market cap of about Rs 1,02,665.12 crore. Earlier in the day, the shares rose to a lifetime high of Rs 1,969.80 crore before ending with a gain of 3.43 per cent over the previous close.
SBI is the only second bank in India to have attained a market capitalisation of more than Rs 1,00,000 crore.
Besides, SBI, ICICI Bank has also achieved this milestone and its market cap.
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introduction to indian economy section 14
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