introduction to indian economy section 10 Practice Questions Answers Test with Solutions & More Shortcuts

Answer: (c)

A large quantity of imports of India comes from OPEC countries like Saudi Arabia, Iran, Brazil, etc.

Normally, this group accounts for more than 25 per cent of India's imports. As per the Economic Survey 2011-2012, the United Arab Emirates and Saudi Arabia were the major exporters to India.

India's foreign trade with developing countries has been on the rise. The share of these countries in India's import trade has increased to over 31 per cent.

Answer: (b)

The State Bank of India traces its ancestry to British India when the Bank of Calcutta was established on 2 June 1806. The Bank of Bengal was one of three Presidency banks, the other two being the Bank of Bombay (1840) and the Bank of Madras (1843).

The Presidency banks amalgamated on 27 January 1921 as the Imperial Bank of India. On 1 July 1955, the Imperial Bank of India became the State Bank of India.

Answer: (b)

National product at factor cost is equal to net domestic product at factor cost + Net factor Income from Abroad.

Answer: (b)

X = Income from Abroad (income earned and received by nationals within the boundaries of foreign countries).

M = Income received by foreign nationals within the country.

Answer: (c)

In an economy, the sectors are classified into private and public on the basis of ownership. Private sector is owned and managed by proprietors and partnerships while the public sector is wholly owned and managed by government.