introduction to indian economy section 14 Practice Questions Answers Test with Solutions & More Shortcuts

Answer: (b)

The most appropriate measure of a country’s economic growth is its per capita real income. Per capita income is average income, a measure of the wealth of the population of a nation. It is used to measure a country’s standard of living thus a better indicator of economic growth.

Answer: (a)

Varada Grameena Bank is a Regional Rural Bank (RRB) named after the Wardha River which is one of the biggest rivers in the Vidarbha region in India.

It is one of those banks which were amalgamated and newly opened. It has been serving Kumta in Karnataka, providing excellent banks service to those in need.

Answer: (c)

The Goods and Services Tax (GST) is a Value Added Tax (VAT) replacing all indirect taxes levied on goods and services by the Indian Central and State governments.

India is a federal republic, and the GST is thus implemented concurrently by the central and state governments as the Central GST and the State GST respectively.

Exports will be zero-rated and imports will be levied the same taxes as domestic goods and services adhering to the destination principle.

Answer: (c)

As per the data of 2009-2010, China, India and the United States were the first three major produceRs.India is the second largest cotton producer and consumer. The textile industry accounted for 14.4% of the country’s export earnings.

Answer: (c)

Micro-credit extended by banks to individuals is reckoned as a part of their priority sector lending and no particular model has been prescribed for microfinance and banks have been extended freedom to formulate their own models.