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
- FCI procurement should focus on the western belt, where farmers get the minimum support price.
- FCI should hand over the procurement of wheat and rice to four states which include Punjab, Haryana, Andhra Pradesh and Chattisgarh.
- Proposed uniform tax of minimum 3% and maximum 4% on wheat and rice and the same to be included in the minimum support price.
(a) Only 1 and 3
(b) Only 1 and 2
(c) None of the above
(d) Only 2 and 3
The correct answers to the above question in:
Answer: (b)
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Question : 1
The term ‘Evergreen Revolution’ has been used for increasing agricultural production in India by
a) M.S. Swaminathan
b) Norman Borlaug
c) R.K.V. Rao
d) Raj Krishna
Answer »Answer: (a)
Question : 2
Which of the following are included as part of India’s GDP?
- Activities in Indian embassies and consulates in other countries
- Air India services between two different countries
- Value addition in India’s economic territory
- Economic activities of residents of India in international waters
a) (ii) & (iii) only
b) (iii) only
c) (i) & (ii) only
d) All of the above
Answer »Answer: (d)
GDP is the total final value of goods and services produced within the domestic territory of a country in a specified time period (generally a financial year).
The concept of domestic territory (economic territory) is different from the geographical or political territory of a country.
The domestic territory of a country includes the following:
- Political frontiers of the country including its territorial waters.
- Ships, and aircrafts operated by the residents of the country between two or more countries, for example, Air India’s services between different countries.
- Fishing vessels, oil and natural gas rigs and floating platforms operated by the residents of the country in the international waters or engaged in extraction in areas where the country has exclusive rights of operation.
- Embassies, consulates and military establishments of the country located in other countries, for example, the Indian embassy in the U.S.A., Japan etc. It excludes all embassies, consulates and military establishments of other countries and offices of international organisations located in India.
Thus, the domestic territory may be defined as the political frontiers of the country including its territorial waters, ships, aircraft, fishing vessels operated by the residents of the country, embassies and consulates located abroad etc.
Question : 3
In India, which of the following have the highest share in the disbursement of credit to agriculture and allied activities?
a) Micro Finance Institution
b) Commercial Banks
c) Co-operative Banks
d) Regional Rural Banks
Answer »Answer: (b)
Question : 4
Concept of ‘Joint Sector’ for industrial development of India was envisaged in Industrial Policy Resolution of
a) 1956
b) 1948
c) 1991
d) 1980
Answer »Answer: (a)
Question : 5
RBI has set up a committee to study and give suggestion on the microfinance sector. It’s chairman was
a) Abid Hussain
b) Y.H. Malegam
c) Rakesh Mohan
d) Bimal Jalan
Answer »Answer: (b)
Question : 6
Following are the statements associated with RAJFED. Choose the correct answer from the codes given below.
Statement A:
RAJFED is working in the state to make available HYV seeds, fertilizers and pesticides to farmers at fair prices.
Statement B:
RAJFED is working in the state to ensure fair prices to farmers for their crops.
Statement C:
RAJFED is working in the state as an apex development bank for agriculture.
a) A and B are correct
b) All statements are correct
c) Only A is correct
d) A and C are correct
Answer »Answer: (a)
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