national income & human development index section 3 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
(a) National Income
(b) Per Capita Income
(c) Literacy
(d) Population
The correct answers to the above question in:
Answer: (a)
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Question : 1
Consider the following statements. Human capital formation as a concept is better explained in terms of a process which enables
- individuals of a country to accumulate more capital.
- increasing the knowledge, skill levels and capacities of the people of the country.
- accumulation of tangible wealth.
- accumulation of intangible wealth.
a) 2 and 4
b) 1 and 2
c) 1, 3 and 4
d) Only 2
Answer »Answer: (a)
Question : 2
Who estimated national income in India first?
a) R.C. Dutt
b) Dadabhai Naoroji
c) V.K. R.V. Rao
d) D.R. Gadgil
Answer »Answer: (b)
Dadabhai Naoroji had estimated national income in India first. National income estimate before independence was prepared by Dadabhai Naoroji in 1876.
He estimated national income by estimating the value of agricultural production and then adding some percentage of non– agricultural production. This method was non–scientific.
VKRV Rao - The first person to adopt a scientific procedure postmating the national income was Dr VKRV Rao in 1931.
R.C. Dutt - He was an Indian civil servant, economics, historian, writer and translator of Ramayan & Mahabharat. D.R. Gadgil - A social scientist and the first critic of Indian planning.
Question : 3
Market Based economic climate means:
a) Some financial choice are taken by authorities and different are left to market forces
b) All financial determinations are taken based mostly on the demand and provide forces
c) Government has full handle over the exclusive sector
d) Economic judgements are taken after maintaining in view the social welfare
Answer »Answer: (b)
Market-based economic climate refers back to the financial system the place all financial judgements are taken based mostly on the demand and provide circumstances prevailing out there.
Government has minimal interference in financial actions. Private gamers are free to supply the items and expertise based mostly on the demand and provides alerts out.
Question : 4
Economic planning is in
a) State list
b) Union list
c) Concurrent list
d) Not any specified list
Answer »Answer: (c)
The Concurrent List or List-III is a list of 52 items given in Part XI of the Constitution of India, concerned with relations between the Union and States. Economic planning is specified in Concurrent list.
Question : 5
Consider the following statements in regard to the GDP of a country :
- Real GDP is calculated by keeping inflation into consideration.
- Nominal GDP is calculated on the basis of the prices of goods and services produced in the current year.
a) 2 only
b) 1 only
c) Both 1 and 2
d) Neither 1 nor 2
Answer »Answer: (c)
Real Gross Domestic Product (real GDP) is a macroeconomic measure of the value of economic output adjusted for price changes (i.e., inflation or deflation).
Nominal gross domestic product is defined as the market value of all final goods produced in a geographical region.
Question : 6
Which of the following is not a feature of India’s economic planning?
a) Democratic solution
b) Limited centralisation
c) Planning of imperative nature
d) Planning of indicative nature
Answer »Answer: (c)
Indicative planning is peculiar to the mixed economy. In a mixed economy, the public and private sectors work together. In indicative planning, the private sector is neither rigidly controlled nor directed to fulfil the targets and priorities of the plan.
The state provides all types of facilities to the private sector but does not direct it, rather indicates the areas in which it can help in implementing the plan.
Under imperative planning, all economic activities and resources of the economy operate under the direction of the state. There is complete control over the factors of production by the state. There is no consumer’s sovereignty in such planning.
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