introduction to indian economy section 2 Practice Questions Answers Test with Solutions & More Shortcuts
Introduction to Indian Economy PRACTICE TEST [14 - EXERCISES]
introduction to indian economy section 1
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Question : 36 [SSC CPO 2008]
Which one of the following is not correct ?
a) Second Five Year Plan1956– 61
b) First Five Year Plan–1951–56
c) Third Five Year Plan–1961– 66
d) Fourth Five Year Plan–1966–71
Answer »Answer: (d)
Fourth Five-Year Plan was from 1969 to 1974. At this time Indira Gandhi was the Prime Minister. The Indira Gandhi government nationalised 14 major Indian banks and the Green Revolution in India advanced agriculture.
Question : 37
Consider the following statements:
- GDP is the total money value of all final goods and services produced within the geographical boundaries of the country during a given period of time.
- GNP refers to the money value of total output or production of final goods and services produced by the nationals of a country during a given period of time
a) 2 only
b) 1 and 2
c) 1 only
d) Neither 1 nor 2
Answer »Answer: (b)
In the calculation of GNP, we include the money value of goods and services produced by nationals outside the country.
Hence, income produced and received by nationals of a country within the boundaries of foreign countries should be added to the Gross Domestic Product (GDP) of the country.
Similarly, income received by foreign nationals within the boundary of the country should be excluded from GDP.
Question : 38
Inflation in India is measured on which of the following indexes / indicators?
a) Consumer Price Index (CPI)
b) Wholesale Price Index (WPI)
c) Gross Domestic Product (GDP)
d) Cost of Living Index (CLI)
Answer »Answer: (b)
Inflation in India is measured on the Wholesale Price Index (WPI). The wholesale price index (WPI) is based on the wholesale price of a few relevant commodities or over commodities available.
The base year used for comparing is 2004–05 and uses 676 items. The indicator tracks the price movement of each commodity individually. Based on this individual movement, the WPI is determined through the averaging principle.
Question : 40 [SSC SO 2003]
Which of the following is not an objective of the monetary policy of the RBI ?
a) Direct credit in desirable direction
b) Boost economic development
c) Control inflationary pressure
d) Ensure social justice
Answer »Answer: (d)
Monetary policy is the process by which the monetary authority of a country, generally a central bank controls the supply of money in the economy by exercising its control over interest rates in order to maintain price stability and achieve high economic growth.
In India, the central monetary authority is the Reserve Bank of India (RBI). It is so designed to maintain price stability in the economy.
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Introduction to Indian Economy Shortcuts »
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indian economy MCQ CATEGORIES
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» Introduction to Indian Economy
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» Planning, Economic Development & Five year Plans
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» National Income & Human Development Index
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» Agriculture Sector, Subsidy and Food Processing
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» Industries, Manufacturing & Service Sectors
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» Inclusive growth, Sustainable development and employment
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» Poverty & Unemployment
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» Introduction to Micro Economics
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» Introduction to Macro Economics
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» Macro fundamentals, GDP, Investment, Growth
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» Demand & Supply, Profit Loss, Inflation & Price Index
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» Fiscal Policy, Public Finance and Monetary Policy
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» Money Supply, Banking and Financial Institutions
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» Taxes Types, Methods & Budgeting Process
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» Banking, Security Market & Insurance
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