macro fundamentals, GDP, investment & growth section 2 MCQ Questions & Answers Detailed Explanation
MOST IMPORTANT indian economy mcq - 4 EXERCISES
The following question based on Macro fundamentals, GDP, Investment, Growth topic of indian economy mcq
(a) NABARD Institution
(b) Regional Rural Bank
(c) Land Development Bank
(d) Central Cooperative Bank
The correct answers to the above question in:
Answer: (a)
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Question : 1
Among the Indian States, Uttar Pradesh is the largest producer of which of the following crops?
a) Wheat, Potato, Sugarcane
b) Wheat, Potato, Groundnut
c) Potato, Sugarcane, Paddy
d) Potato, Sugarcane, Cotton
Answer »Answer: (a)
Question : 2
The registered exporters, whose export performance in several years is of high quality, are known as
a) Trading Houses
b) Export Houses
c) None of the above
d) Star Trading Houses
Answer »Answer: (d)
Question : 3
The ‘Green Revolution’ involved the use of high yielding varieties of seeds which required
a) more fertilizer and less water
b) less fertilizer and less water
c) more fertilizer and more water
d) less fertilizer and more water
Answer »Answer: (c)
Question : 4
A country is going through a phase of industrialization. Which of the following statements are correct?
a) Total factor productivity increases
b) Productivity of labour increases
c) Capital to labour ratio increases
d) All of the above
Answer »Answer: (d)
When a country goes through industrialization, it uses more capital and less labour comparatively or we can say labours are replaced by capital (machinery). That means ratio of capital to labour increases sharply. So, statement (a) is true.
Industrialization also leads to an increase in production of goods and services (with the same amount of labour or maybe less labour). So, production per labour also increases which means an increase in labour productivity. So, statement (b) is also true.
Total factor productivity means the productivity of all factors of production i.e. labour, capital, land etc. During industrialization, since overall production increases, production per unit of inputs i.e. labour, capital, land etc also increases. So, statement (c) is also true. Productivity of labour = $\text"Output"/\text"Labour"$
Productivity of land = $\text"Output"/\text"Land"$
We all know that because of industrialization output increased. Now if output increased (with the same land and labour), then as per the above formula, productivity of land and productivity of labour, both will increase.
So, in case of industrialization, productivity of all the factors of production increases.
Question : 5
Consider the following statement with reference to ‘Income Elasticity of Demand’:
- It measures the responsiveness of demand for a particular good to changes in consumer income.
- Using this concept, it is possible to tell if a particular good represents a necessity or a luxury.
a) Both (i) & (ii)
b) (ii) only
c) (i) only
d) Neither (i) nor (ii)
Answer »Answer: (a)
Income elasticity of demand is calculated as the ratio of the percentage change in quantity demanded to the percentage change in income. It measures the responsiveness of the quantity demanded a good or service to a change in income.
If the income elasticity of demand of a commodity is less than 1 that means that with a change in income, demand is not changing much, which means, it is a necessity good. If the elasticity of demand is greater than 1, it is a luxury good or a superior good.
Question : 6
National Agricultural Insurance Scheme was launched in the year
a) 1998-99
b) 1995-96
c) 2001-02
d) 1999-2000
Answer »Answer: (d)
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