national income & human development index section 1 MCQ Questions & Answers Detailed Explanation
MOST IMPORTANT indian economy mcq - 5 EXERCISES
The following question based on National Income & Human Development Index topic of indian economy mcq
- Population and productivity growth.
- Investment and average growth rate of income.
- Actual, warranted and natural growth rate.
- Productivity growth and investment growth. Codes:
(a) 3 only
(b) 1 and 4
(c) 1 and 3
(d) 1, 2 and 3
The correct answers to the above question in:
Answer: (a)
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Question : 1
Which of the following would cause consumption to rise?
a) a greater proportion of the population is between age 20 and 30
b) the GDP Deflator rises
c) transitory income increases
d) income is taken from poor people and given to rich people
Answer »Answer: (a)
A greater proportion of the population is between age 20 and 30.
Question : 2
In which year was the 20 point economic programme was announced for the very first time?
a) 2006
b) 1975
c) 1986
d) 1982
Answer »Answer: (b)
The Twenty Point Programme was initially launched by Prime Minister Indira Gandhi in 1975 and was subsequently restructured in 1982 and again in 1986. With the introduction of new policies and programmes, it has been finally restructured in 2006 and it has been in operation at present.
The basic objective of the 20-Point Programme is to eradicate poverty and to improve the quality of life of the poor and the underprivileged population of the country.
Question : 3
The term mixed economy denoted the existence of both
a) private and public sector
b) rural and urban sector
c) heavy and small industry
d) developed and under developed sector
Answer »Answer: (a)
The concept of a mixed economy evolved from the ideas of Keynes. The concept of a mixed economy means that both private enterprises and public enterprises coexist.
However, the condition attached is that the private enterprises must work for serving society rather than having only self-interest. Further, private enterprises may not be allowed in every sector of the economy like an area of national importance.
There are 3 types of economic systems:-
- Capitalism - the private ownership of the means of production (capital) and a market economy for coordination. As-corporate capitalism
- Mixed Economy Example - American school, Japanese system, Nordic model, Social corporatism etc
- Socialism - In this economic system, two coordinating mechanisms (planning and market) are suspended into a planned socialist and market socialist systems.
Question : 4
Consider the following statements about ‘World Happiness Report 2018’ released by United Nations in March 2018.
- India dropped 11 spots from its ranking in the previous year 2017.
- Finland with 1st rank is the happiest country.
- This report includes only 155 countries.
a) Only 1 and 3
b) Only 1
c) Only 2 and 3
d) Only 1 and 2
Answer »Answer: (d)
Question : 5
The philosophy of ‘Laissez-Faire’ is associated with
a) Industrial state
b) Gandhian state
c) Socialist state
d) Welfare state
Answer »Answer: (a)
The philosophy of ‘Laissez-Faire’ is associated with industrial state. Laissez Faire - Abstention by Govt. from interfering in the working of free market.
Question : 6
The National Income of a country is
a) sum total of factor incomes
b) the annual revenue of the government
c) surplus of PSU’S
d) export minus import
Answer »Answer: (a)
National income is the sum total of wages, rent, interest, and profit earned by the factors of production of a country in a year.
Thus it is the aggregate values of goods and services rendered during a given period counted without duplication.
GET National Income & Human Development Index PRACTICE TEST EXERCISES
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