introduction to indian economy section 13 Practice Questions Answers Test with Solutions & More Shortcuts

Answer: (b)

Answer: (d)

The First Five-Year Plan (1951–1956), based on the Harrod-Domar model, addressed, mainly, the agrarian sector, including investments in dams and irrigation.

The total planned budget of Rs.2069 crore was allocated to seven broad areas:

1. irrigation and energy (27.2 percent),
2. agriculture and community development (17.4 percent),
3. transport and communications (24 percent),
4. industry (8.4 percent),
5. social services (16.64 percent),
6. land rehabilitation (4.1 percent), and
7. for other sectors and services (2.5 percent).

Answer: (c)

The Indian government banned the import of terminator seeds on fears the seeds would threaten traditional crops and put the well-being of Indian farmers at risk. The technology would have serious implications on crop biodiversity.

It may lead to the gradual extinction of traditional varieties. Crop related wild varieties, important for natural evolution for crop species would be affected by cross-contamination. Inserting terminator genes into crops would prevent them from producing fertile seeds.

Answer: (b)

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.

Answer: (b)

Regional Rural Banks (RRBs) were set up as government-sponsored, regional based rural lending institutions under the Regional Rural Banks Act, 1976.

Every RRB is owned by three entities with their respective shares as follows:

1. Central Government (50%);
2. State government (15%);
3. .Sponsor bank (35%).

Each Regional Rural Bank is sponsored by a Public-Sector Bank.