introduction to indian economy section 5 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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introduction to indian economy section 14
Question : 46
Which of the following is equivalent to National income?
a) NDP at factor cost
b) NNP at factor cost
c) NNP at market price
d) GDP at market price
Answer »Answer: (b)
NNP at factor cost is equivalent to national income. Net National Product at factor cost is the aggregate payments made to the factors of production.
NNP at FC is the total incomes earned by all the factors of production in the form of wages, profits, rent, interest etc. plus net factor income from abroad.
Similarly, National income is the sum total of wages, rent, interest, and profit earned by the factors of production of a country in a year. Thus it is the aggregate values of goods and services rendered during a given period counted without duplication.
Question : 47 [SSC GL 2013]
Multi-purpose river valley projects are the “New temples of modern India”. The above statement is made by:
a) Mahatma Gandhi
b) Motilal Nehru
c) Rajiv Gandhi
d) Jawaharlal Nehru
Answer »Answer: (d)
Multi-purpose river valley projects were hailed as “Temples of Modern India” by Jawaharlal Nehru. They were intended and designed for integrated development in the area concerned.
Question : 48
Hawala in India is prohibited under the provision of which of the following Acts
a) Fiscal Responsibility and Budget Management Act
b) Banking Regulation Act
c) Foreign Exchange Management Act
d) Financial Action Task Force Act
Answer »Answer: (c)
The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India “to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India”.
It was passed in the winter session of Parliament in 1999, replacing the Foreign Exchange Regulation Act (FERA).
Question : 49 [SSC SIG 2006]
In India the largest public undertaking is —
a) Indian Railways
b) Air India
c) IOC
d) LIC
Answer »Answer: (c)
Indian Oil Corporation Limited is the largest commercial undertaking and India’s No.1 Company in Fortune the magazine’s prestigious listing of the world’s 500 largest Corporations, ranked 98 for the year 2011 based on fiscal 2010 performance.
Question : 50
Devaluation of currency leads to
a) contraction of import trade
b) all of the above
c) expansion of import substituting
d) expansion of export trade
Answer »Answer: (b)
Devaluation of currency leads to all of the above-given aspects.
Devaluation leads to a country’s exports become less expensive as the currency is deliberately adjusted down to other currencies, making imports more expensive, making domestic consumers less likely to purchase them thus the domestic companies are encouraged to substitute imports.
IMPORTANT indian economy mcq EXERCISES
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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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