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) M.S. Swaminathan
(b) Norman Borlaug
(c) R.K.V. Rao
(d) Raj Krishna
The correct answers to the above question in:
Answer: (a)
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Question : 1
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 : 2
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 : 3
If a country’s growth rate is good but there is no corresponding growth in employment, then which of the following could be the reasons:
a) The growth is coming from both as a result of increase in investment and increase in capacity utilization
b) The growth is coming from increase in investment but not because of better utilization of existing capacity
c) The growth is coming from better utilization of existing capacity and not because of increase in investment
d) None of the above
Answer »Answer: (c)
Higher economic growth comes from
additional investment, or
increase in capacity utilization of the capital stock (factory)
When economic growth comes from new investment then generally more jobs are created but when economic growth comes from better utilization of the existing capacity (which was earlier not utilized properly) then jobs may not get created in the economy.
Question : 4
Shanta Kumar Committee has submitted its report on restructuring of Food Corporation of India (FCI) to Mr. Modi. Read the following recommendations and find the incorrect ones.
- 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
Answer »Answer: (b)
Question : 5
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 : 6
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)
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