introduction to indian economy section 1 Practice Questions Answers Test with Solutions & More Shortcuts

Question : 1 [SSC CPO 2009]

Who is the Ex-officio Chairman of the Planning Commission ?

a) Finance Minister

b) Minister for Planning & Development

c) Prime Minister

d) Minister for Rural & Community Develop-ment

Answer: (c)

With the Prime Minister as the ex-officio Chairman, the Planning Commission of India has a nominated Deputy Chairman, who is given the rank of a full Cabinet Minister. Mr Montek Singh Ahluwalia is presently the Deputy Chairman of the Commission.

Cabinet Ministers with certain important portfolios act as part-time members of the Commission, while the full-time members are experts in various fields like Economics, Industry, Science and General Administration.

Question : 2 [SSC Stenographer 2011]

Which of the following States has the highest number of slums as per the data recently released by the Ministry of Housing and Urban Poverty Alleviation?

a) West Bengal

b) Uttar Pradesh

c) Maharashtra

d) Andhra Pradesh

Answer: (c)

As per the 65th Round NSS Survey, Maharashtra was the leading state in terms of the number of slums with 17019 slums in the state. Andhra Pradesh came second, while West Bengal came third.

In terms of a number of cities having a Slum Population of 50,000 and above, Andhra Pradesh with 36 cities came first, followed by Maharashtra.

Question : 3 [SSC SO 2008]

Open market operations of RBI refer to buying and selling of

a) Government bonds

b) Foreign exchange

c) Gold

d) Commercial bills

Answer: (a)

OMOs are the market operations conducted by the Reserve Bank of India by way of sale/ purchase of Government securities to/ from the market with an objective to adjust the rupee liquidity conditions in the market on a durable basis. When the RBI feels there is excess liquidity in the market, it resorts to the sale of securities thereby sucking out the rupee liquidity.

Similarly, when the liquidity conditions are tight, the RBI will buy securities from the market, thereby releasing liquidity into the market.

Question : 4 [SSC CGL Pre 2010]

Which is the biggest tax paying sector in India?

a) Industrial sector

b) Agriculture sector

c) Transport sector

d) Banking sector

Answer: (a)

India’s large service industry accounts for 57.2% of the country’s GDP while the industrial and agricultural sectors contribute 28.6% and 14.6% respectively.

Agriculture is the predominant occupation in Rural India, accounting for about 52% of employment. The service sector makes up a further 34% and the industrial sector around 14%.

Question : 5 [SSC CML 2001]

ISI mark is not given to which of the following products?

a) Cloth

b) Hosiery goods

c) Biscuits

d) Electrical goods

Answer: (c)

ISI mark is a certification mark for industrial products in India, which is mandatory for certain products to be sold in India, like most of the electrical appliances viz; switches, electric motors, wiring cables, heaters, kitchen appliances etc., and other products like portland cement, LPG valves, LPG cylinders, automotive tyres.

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