introduction to indian economy section 7 Practice Questions Answers Test with Solutions & More Shortcuts

Answer: (d)

There are primarily two types of economies capitalist or free-market economy and socialist economy. A mixed economy is a median between these two main economies taking some characteristics of either of them. We have adopted a mixed economy in India.

All the basic industries such as railways, post and telegraph, defence production, atomic energy etc. are in the public sector. Industries dealing with consumer goods are in the private sector. India has a pubic private partnership economy.

Answer: (d)

Answer: (b)

At present, the index is being developed only for the residential housing sector.

However, at a later stage, the index could be expanded to develop separate indices for commercial property and land. Primary data on housing prices is being collected from real estate agents by commissioning the services of private consultancy/research organisations of national repute.

In addition, data on housing prices is also being collected from the housing finance companies and banks, which is based on housing loans contracted by these institutions.

Answer: (d)

The Reserve Bank of India (RBI), in August 2016, launched the Sachet portal to curb the illegal collection of money by companies.

This website will enable the public to obtain information regarding entities who accept deposits, lodge complaints and also share information regarding illegal acceptance of deposits.

Answer: (d)

India has not yet achieved the goal of balanced economic development. Balanced Growth mentions to a definite type of economic growth that is maintainable in the long term. Balanced growth is contrasting to the high and low nature of economic cycles.

According to the latest data available about 64% of the total labour force is dependent on agriculture, 16% on industries and the rest about 20% on trade, transport and other services.