macro fundamentals, GDP, investment & growth section 3 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
- The Food Safety and Standards Act, 2006 replaced the Prevention of Food Adulteration Act, 1954.
- The Food Safety and Standards Authority of India (FSSAI) is under the charge of Director General of Health Services in the Union Ministry of Health and Family Welfare.
(a) Only 2
(b) Only 1
(c) Neither 1 nor 2
(d) Both 1 and 2
The correct answers to the above question in:
Answer: (b)
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Question : 1
Which of the following statements could be true for a high savings economy?
- Higher investment
- Higher consumption
- Higher exports
a) (ii) & (iii) only
b) (i) & (iii) only
c) (i) & (ii) only
d) All of the above
Answer »Answer: (b)
“Exports must form an integral part of the investment led growth model because higher savings preclude/prevents domestic consumption as the driver of final demand”. [Ref: Economic Survey 2018-19, Vol – I, Page 1] For detailed understanding, you can refer the book on Indian Economy by Vivek Singh.
Question : 2
Which of the following statements are true regarding GDP at constant market prices in the last few quarters?
- Increasing
- Growth rate increasing
- Growth rate decreasing
- Stagnant
a) (i) & (iii) only
b) (i) & (ii) only
c) (i) only
d) (iv) only
Answer »Answer: (a)
Since last five/six quarters GDP growth is decreasing, while GDP is still increasing.
Question : 3
Who was the person not associated with the Green Revolution when it started in India?
a) C. Subramaniam
b) M.S. Swaminathan
c) Rafi Ahmed Kidwai
d) Indira Gandhi
Answer »Answer: (c)
Question : 4
The visit of foreigners in India to see the various places/events in the country, amounts to which of the following in terms of economy:
a) Import
b) Consumption
c) Production
d) Export
Answer »Answer: (d)
Exports means produced within the country and sold to foreigners (or non-residents). If a foreigner is coming to India and then purchasing goods and services, then it is a case of exports.
In the same way, if a foreigner is coming to India for medical treatment or tourism then the foreigner is basically purchasing medical and tourism services produced in our country.
So, the best possible answer is exports.
Question : 5
Consider the following statements.
- In India, State Governments do not have the power to auction non-coal mines.
- Andhra Pradesh and Jharkhand do not have gold mines.
- Rajasthan has iron ore mines.
a) Only 2
b) Only 1 and 2
c) Only 3
d) Only 1 and 3
Answer »Answer: (c)
Question : 6
Which of the following constitutes an investment in the economy?
- Production of consumption goods
- Production of capital goods
- Production of services
- Buying and selling of shares
a) (ii) & (iv) only
b) (ii) only
c) (i) & (ii) only
d) All of the above
Answer »Answer: (b)
The value of capital goods produced is defined as investment.
Hence, the production of consumption goods and services are not investment. Buying and selling shares from one person to another person is also not an investment for the economy as only the ownership changes and nothing happens on the ground.
So, only (ii) statement is true.
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