introduction to indian economy section 9 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 9
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introduction to indian economy section 14
Question : 6 [SSC IT 2009]
The present Indian monetary system is based on
a) Proportional Reserve System
b) Gold Reserve System
c) Convertible Currency System
d) Minimum Reserve System
Answer »Answer: (d)
Since 1957, the Reserve Bank of India is required to maintain gold and foreign exchange reserves of Rs.200 crore, of which at least Rs.115 crore should be in gold and Rs.85 crore in the form of Government Securities. The system as it exists today is known as the minimum reserve system.
Question : 7 [SSC CGL 2016]
The rate at which RBI gives short term loan to commercial banks is called
a) Reverse Repo rate
b) Repo rate
c) Bank rate
d) Cash Reserve rate
Answer »Answer: (b)
The rate at which RBI gives short term loans to commercial banks against securities is known as the Repo rate. A reduction in the repo rate helps banks to get money at a cheaper rate.
When the repo rate increases, borrowing from the central bank becomes more expensive. In contrast, the reverse repo rate is the rate at which banks can park surplus funds with RBI.
Question : 8
In India, rural incomes are generally lower than urban incomes. Which of the following reasons account for this?
- A large number of farmers are illiterate and know little about scientific agriculture.
- Prices of primary products are lower than those of manufactured products.
- Investment in agriculture has been lower when compared to investment in the industry.
a) 1 and 2
b) 1 and 3
c) 1, 2 and 3
d) 2 and 3
Answer »Answer: (c)
In India a large number of farmers are illiterate and know little about scientific agriculture, prices of primary products are lower than those of manufactured products and Investment in agriculture has been lower when compared to investment in the industry.
All these reasons are responsible for lower rural income.
Question : 9 [SSC CGL Pre 2004]
Currency notes of Rs.2 denomination and above are liabilities of :
a) Reserve Bank of India
b) Government of India
c) State Bank of India
d) All of the above
Answer »Answer: (a)
In terms of Section 22 of the Reserve Bank of India Act, the RBI has been given the statutory function of note issue on a monopoly basis. The note issue in India was originally based upon the “Proportional Reserve System”.
The Government of India issues rupee coins in the denomination of Rs.1, 2, and 5 to the public. These coins are required to be circulated to the public only through the Reserve Bank under Section 38 of the RBI Act.
Question : 10 [SSC CGL 2016]
Swarna Jayanti Gram Swarojgar Yojana has now been restructured as
a) National Rural Livelihoods Mission
b) Prime Minister’s Rojgar Yojana
c) Jawahar Gram Samriddhi Yojana
d) Sampoorna Gramin Rojgar Yojana
Answer »Answer: (a)
The Swarna Jayanti Swarozgar Yojana (SGSY) has been renamed as National Rural Livelihood Mission (NRLM).
NRLM is a poverty alleviation project implemented by the Ministry of Rural Development, Government of India. This scheme is focused on promoting self-employment and the organization of rural poor.
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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