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) Output method
(b) Expenditure method
(c) Matrix method
(d) Income method
The correct answers to the above question in:
Answer: (c)
The national income of a country can be measured by three alternative methods:
- Product Method,
- Income Method, and
- Expenditure Method.
Product Method: In this method, national income is measured as a flow of goods and services;
Income Method: Under this method, national income is measured as a flow of factor incomes;
Expenditure Method: In this method, national income is measured as a flow of expenditure.
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
In which of the following years, was the trade balance favourable to India?
a) 1972-73 and 1976-77
b) 1971-72 and 1976-77
c) 1972-73 and 1975-76
d) 1970-71 and 1974-75
Answer »Answer: (a)
Question : 2
Which of the following is the Regulator of the credit rating agencies in India ?
a) SBI
b) RBI
c) SIDBI
d) SEBI
e) None of These
Answer »Answer: (e)
The Indian credit rating industry mainly comprises
- CRISIL,
- CIBIL,
- ICRA,
- CARE,
- ONICRA,
- FITCH and
- SMERA.
The Securities and Exchange Board of India (SEBI) is the regulator for the securities market in India. RBI is India’s central bank. SIDBI (Small Industries Development Bank of India) financial institution aimed to aid the growth and development of micro, small and medium-scale enterprises in India.
Question : 3
The objective of the National Population Policy (NPP) is
- The immediate objective is to address the unmet needs for contraception, health care infrastructure and basic reproductive and child health care.
- The medium-term objective is to bring the Total Fertility Rate (TFR) to replacement levels of 2.1 by 2010.
- The short-term objective is to achieve a stable population by 2045, at a level consistent with the requirement of sustainable economic growth, social development and environmental protection.
a) 2
b) 3
c) 1
d) All are correct
Answer »Answer: (b)
The long-term objective of NPP is to achieve a stable population by 2045, at a level consistent with the requirement of sustainable economic growth, social development and environmental protection.
Question : 4
Current Fiscal Deficit percentage in GDP is
a) 4
b) 7
c) 8
d) 1
e) None of These
Answer »Answer: (e)
The current Fiscal Deficit percentage in GDP (Gross Domestic Product) is 4 per cent.
Note: In his budgetary speech Finance Minister Arun Jaitley pegs fiscal deficit at 3.2% of GDP for 2017-18.
Question : 5
The fourteen major banks in India were nationalised in the year
a) 1968
b) 1967
c) 1969
d) 1971
Answer »Answer: (c)
In 1969, 14 major private commercial banks were nationalized. This was followed by a second phase of nationalization in 1980, when Government of India acquired the ownership of 6 more banks, thus bringing the total number of nationalized Banks to 20.
Question : 6
Which of the following sets belongs to Central tax ?
a) Custom duty, Entertainment tax and Income tax
b) Excise duty, Custom duty and Income tax
c) Income tax, Custom duty and House tax
d) Excise duty, Sales tax and Custom duty
Answer »Answer: (b)
The Central Indian Government that is officially named the “Union Government” is responsible for the imposition of both direct taxes as well indirect taxes.
Listed below are some of the taxes that are levied by the Indian Government:
- Banking Cash Transaction Tax;
- Capital Gains Tax;
- Corporate Income Tax;
- Fringe Benefits Tax;
- Personal Income Tax; and
- Securities Transaction Tax.
The indirect taxes are:
- Customs Duty;
- Excise Duty and
- Service Tax.
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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