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

Answer: (c)

India, among the countries has the lowest GDP per capita. GDP per capita is as follows- India 1489 USD,China 6091USD, Sri Lanka 2923 USD, Indonesia 3556 USD.

Answer: (d)

The Central Statistical Organization (CSO) prepares national accounts, compiles and publishes industrial statistics and conducts economic census and surveys.

The first official estimates of the national income, prepared by the CSO at constant prices with the base year 1948-49, as well as at current prices, were brought out in 1956.

Answer: (c)

Devaluation is a deliberate downward adjustment to the value of a country’s currency, relative to another currency, group of currencies.

Since it is relative to other currencies so the internal price remains unchanged. It causes a country’s exports to become less expensive and imports more expensive.

Answer: (c)

In the largest ever change in the percentage of devolution, the 14thFinance Commission (FFC) recommended that the States’ share in the net proceeds of the Union tax revenues by 42%.

The recommendation of tax devolution at 42% is a huge jump from the 32% recommended by the 13thFinance Commission.

Answer: (c)

Central Statistical Organisation (CSO), prepares the estimates of national income in India. The first official estimates of the national income, prepared by the CSO at constant prices with base year 1948- 49, as well as at current prices, were brought out in 1956.