introduction to indian economy section 3 Practice Questions Answers Test with Solutions & More Shortcuts

Answer: (c)

A dual economy is the existence of two separate economic sectors within one country, divided by different levels of development, technology, and different patterns of demand.

The concept was originally created by Julius Herman Boeke to describe the coexistence of modern and traditional economic sectors in a colonial economy.

Answer: (c)

Corporation Bank is a public sector bank in India, based in Mangalore. Recently, it completed 107 years of existence on 12 March 2012.

Answer: (d)

Sunrise Industry is a colloquial term for a sector or business that is in its infancy but is growing at a rapid pace.

A sunrise industry is typically characterized by high growth rates, numerous startups and an abundance of venture capital funding. A sunrise industry is often characterized by a high degree of innovation.

Examples of sunrise industries include hydrogen fuel production, space tourism, electronic goods (high-technology industries that hold the promise of future development), etc.

Answer: (c)

Answer: (d)

The Export-Import Policy announced on March 31, 1992, said that all goods, except those coming under the negative list, could be freely imported and exported.

The negative list consisted of goods, the import or export of which was prohibited; restricted through licensing or otherwise; or canalized. Canalized items can be imported by Canalizing Agency only and not by an individual importer.

An individual importer requires an Import licence issued under the Export and Import Policy for importing canalized items.