national income & human development index section 5 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) low per capita income
(b) pre-dominance of agriculture
(c) massive unemployment
(d) all of the above
The correct answers to the above question in:
Answer: (d)
The Indian Economy is characterised by pre-dominance of agriculture, low per capita income and massive unemployment. In India contribution of agriculture to GDP is around 17.9%.
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Question : 1
Consider the following statements:
- Since 2005, Indian government adopted Tendulkar methodology which moved away from calorie anchor to a basket of goods and used rural urban and regional minimum expenditure per capita necessary to survive.
- C. Rangrajan committee was set up in 2013 for poverty estimation in India.
a) 1 and 2
b) 2 only
c) 1 only
d) None
Answer »Answer: (b)
C. Rangrajan committee was set up in 2012.
Question : 2
Economic liberalization in India started with?
a) Doing away with procedural formalities for foreign direct investment
b) The convertibility of Indian rupees
c) Substantial changes in industrial licensing policy
d) Significant reduction in tax rates
Answer »Answer: (c)
With the introduction of Economic liberalisation requirement for government licensing has been abolished except for a small list of strategic and potentially hazardous industries and a few industries which are reserved for the small scale sector.
For most industries however industrial investment has been effectively delicensed and investors are free to set up new units or expand existing units subject only to environmental clearances.
Question : 3
Consider the following statements about the LPG model of economic development process in India?
- Disinvestment of profit making public sector Enterprises.
- Permitting private sectors to establish Industrial Units without taking a licence.
- Chronically sick industries were referred to BIFR for the formulation of revival or rehabilitation plan.
a) 1 and 3
b) 1, 2 and 3
c) 2 and 3
d) only 2
Answer »Answer: (b)
LPG model of economic development process in India involves disinvestment of profit making public sector enterprises, permitting private sectors to establish industrial units without taking a licence and chronically sick industries were referred to BIFR for the formulation of revival or rehabilitation.
Question : 4
Which sector is the backbone of Indian economy?
a) Financial Sector
b) Service Sector
c) Tourism Sector
d) Agriculture Sector
Answer »Answer: (d)
Agriculture is the pillar of the Indian economy because of its high share in employment and livelihood creation.
Agriculture and allied activities are the largest contributors to GDP accounting for 27% of the total economy.
Question : 5
In terms of economics, the total value of the output (goods and services) produced and income received in a year by a domestic resident of a country put together is called
a) Gross National Product
b) Net National Product
c) Gross National Income
d) National income
Answer »Answer: (a)
GNP is the total value of all final goods and services produced within a country in a particular year, plus income earned by its citizens (including income of those located abroad), minus income of non-residents located in that country.
GNP measures the value of goods and services that the country’s citizens produced regardless of their location.
Gross National Income - It is total domestic and foreign output claimed by residents of a country consisting of GDP plus factor income earned by foreign residents minus income earned in the domestic income by nonresidents.
Question : 6
National Income estimates in India are prepared by
a) Reserve Bank of India
b) Planning Commission
c) Central Statistical Organisation
d) Indian Statistical Institute
Answer »Answer: (c)
Central Statistical Organisation (CSO), prepares the estimates of national income in India.
The first official estimates of the national income, prepared by the CSO at constant prices with the base year 1948-49, as well as at current prices, were brought out in 1956.
Planning Commission - It was an institution of Govt. of India which formulated India’s Five-year plans.
Headquarters - New Delhi
Reserve Bank of India - India’s central banking institution, which controls the monetary policy of the Indian Rupee.
Indian Statistical Institute - Institution devoted to research, teaching and application of statistics, natural science & social science.
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