introduction to indian economy section 12 Practice Questions Answers Test with Solutions & More Shortcuts

Answer: (b)

The Constitution of India allocates the taxation of agricultural income to states. Land revenue is a major source of revenue for states in India

Answer: (a)

In order to curb inflation if CRR is increased, then it may take liquidity from markets as banks will have to deposit more money with RBI.

Moreover, inflation may also be curbed by Permitting Central/ State agencies to import duty-free pulses and sugar.

However, Decreasing SLR will leave more money to banks to give loans, which in turn will lead to inflation.

Answer: (c)

National Bank for Agriculture and Rural Development (NABARD) deals with matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India. It was established on 12 July 1982 by a special Act of parliament for the upliftment of rural India.

Answer: (b)

In economics, the tragedy of the commons is the depletion of a shared resource by individuals, acting independently and rationally according to each one’s self-interest, despite their understanding that depleting the common resource is contrary to the group’s long-term best interests.

In 1968, ecologist Garrett Hardin explored this social dilemma in “The Tragedy of the Commons”, published in the journal Science.

Answer: (a)

Founded as a public sector company owned by the Government of India in 1963, Kochi Refineries was acquired by the Bharat Petroleum Corporation Limited in 2006 which presently owns and runs it.

Consequent to the merger Order dated 18 August 2006 issued by the Ministry of Company Affairs, the refinery has been amalgamated with Bharat Petroleum Corporation, henceforth to be known as BPCL-Kochi Refinery.