introduction to indian economy section 8 Practice Questions Answers Test with Solutions & More Shortcuts
Introduction to Indian Economy PRACTICE TEST [14 - EXERCISES]
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Question : 12 [SSC SO 2008]
Which of the following items is a major item of Indian export?
a) Car engines
b) Potato chips
c) Textile garments
d) Computer chips
Answer »Answer: (a)
India exports were worth 23698 Million USD in September of 2012. Historically, from 1994 until 2012, India Exports averaged 8603.18 Million USD reaching an all-time high of 30418.00 Million USD in March of 2011 and a record low of 1805.00 Million USD in May of 1994. Exports amount to 22% of India’s GDP.
Gems and jewellery constitute the single largest export item, accounting for 16 per cent of exports.
India is also a leading exporter of textile goods, engineering goods, chemicals, leather manufactures and services. India’s main export partners are European Union, United States, United Arab Emirates and China.
Question : 13
Which sector of the Indian economy contributes largest to the GNP?
a) Secondary sector
b) Public sector
c) Tertiary sector
d) Primary sector
Answer »Answer: (c)
The tertiary sector of the Indian economy contributes largest to the GNP. During the last decade tertiary sector has shown remarkable expansion. The economy is divided into three sectors on the basis of activities-primary, secondary and tertiary.
Primary sector is involved in agriculture, secondary sector is involved in manufacturing, mining, construction while tertiary sector is involved in trade, transport, communication, banking & other services.
In the last decade, India has expanded maximum in providing services like IT, telecommunication, healthcare, tourism which is contributing around 60% to GDP.
Question : 14 [SSC CGL 2015]
In the national context which of the following indicates Macro Approach ?
a) Sales of Bata Shoe Company
b) Inflation in India.
c) Exports of Mangoes to UK
d) Income from Railways.
Answer »Answer: (c)
Macroeconomics is a branch of economics dealing with the performance, structure, behaviour, and decision-making of an economy as a whole, rather than individual markets.
It explains the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, etc.
Question : 15 [SSC CPO 2003]
How does the consumer benefit with VAT ?
a) Reduces the cost of production
b) It removes tax on tax and thus reduces prise-rise
c) With the abolition of the sales tax
d) Due to the exemption of small businesses from the tax within certain limits prescribed by the State
Answer »Answer: (b)
Value Added Tax (VAT) is a tax applied on the value that is added to goods and services at each stage in the production and distribution chain.
It forms part of the final price the consumer pays for the goods or services. On the domestic market, VAT is collected in stages, by registered manufacturers, wholesalers, retailers and services providers.
It is only individuals and firms registered with the VAT Service who can charge VAT on their supplies. However, the collection of the tax at more than one stage does not lead to duplication of the tax.
VAT is designed to ensure that most forms of consumer spending are taxed evenly and fairly. VAT is not a tax on the seller for it is the buyer who pays the tax. VAT will not be an additional tax, but a replacement for some existing indirect taxes.
It will be a broad-based, comprehensive and simplified system of taxation on transactions. VAT will improve, simplify and modernize the tax system.
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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