Questions and answers for exam Preparation

MCQs

Total Questions : 112 | Page 2 of 12 pages

Question 11. Which one of the following is the primary sector of India’s economy?

Industry
Agriculture
None of these
Cooperative

Discuss Question

Answer: Option B. -> Agriculture
Answer: (b)

Question 12. Actively associated with Green Revolution

Dr. Kurien
Dr. Swaminathan
Dr. Abdul Kalam
C. Subramaniam

Discuss Question

Answer: Option B. -> Dr. Swaminathan
Answer: (b)

Question 13. Consider the following.

Area nut
Barley
Coffee
Finger millet
Groundnut
Sesamum
Turmeric

The Cabinet Committee on Economic Affairs has announced the Minimum Support Price for which of the above?

Only 2, 4, 5 and 6
Only 1, 2, 3 and 7
1, 2, 3, 4, 5, 6 and 7
Only 1, 3, 4, 5 and 6

Discuss Question

Answer: Option A. -> Only 2, 4, 5 and 6
Answer: (a)

Question 14. Which one of the following is the objective of National Renewal Fund?

To develop core sectors of the economy
To safeguard the interests of who may be affected by technological upgradation of industry or closure of sick units
For human resource development such as full literacy, employment, population control, housing and drinking water
For the development of infrastructure such as energy, transport, communications and irrigation

Discuss Question

Answer: Option B. -> To safeguard the interests of who may be affected by technological upgradation of industry or closure of sick units
Answer: (b)

Question 15. Which among the following is providing least institutional credit to agriculture and allied activities in recent years?

Foreign Private Banks
Commercial Banks
Regional Rural Banks
Co-operative Banks

Discuss Question

Answer: Option A. -> Foreign Private Banks
Answer: (a)

Question 16. Consider the following statements.

Regarding the procurement of food grains, Government of India following a procurement target rather than open-ended procurement policy.
Government of India announces minimum support prices only for cereals.
For distribution under Targeted Public Distribution System (TPDS), Wheat and rice are issued by the government of India at uniform central issue prices to the State/Union Territories.

Which of the statement(s) given above is/are correct?

Only 2
1 and 2
Only 3
1 and 3

Discuss Question

Answer: Option C. -> Only 3
Answer: (c)

Question 17. Which one of the following committees recommended the abolition of reservation of items for the Small Scale Sectors in industry?

Narsimhan Committee
Abid Hussain Committee
Rakesh Mohan Committee
Nayak Committee

Discuss Question

Answer: Option B. -> Abid Hussain Committee
Answer: (b)

Question 18. In domestic savings, generally which sector has the highest share?

Public Sector
Private corporate
Household
Almost equal contribution by the above sectors

Discuss Question

Answer: Option C. -> Household
Answer: (c)Domestic savings consist of Household savings, Corporate (Private) savings and Government (Public) savings. Household savings (17.2%), Private Corporate (11.6%), Public Sector (1.7%). Total domestic savings around 30.5% in FY 2017-18. Investment also consists of household, Corporate (Private) and Government (Public). Here household investment includes unregistered/informal business and construction of houses etc. Household investment (10.5%), Private Corporate (11.5%) and Government (Public) (7.3%). Total fixed capital formation (investment) is 29.3% in 2018-19. The maximum decline in investment in the last 8 years is in household sector from 16% to 10.5%.

Question 19. Welfare of the people of a country is best represented by which of the following parameter:

Per capita GDP at constant prices
Per capita net national income at current prices
Per capita net national income at constant prices
Per capita GDP at current prices

Discuss Question

Answer: Option C. -> Per capita net national income at constant prices
Answer: (c)
The question talks about “people of a country” which is basically residents of the country and the income coming to residents is represented by National Income rather than GDP.
As it talks about welfare, so it should be better calculated as per capita National Income rather than just National Income. And since the increase in price can increase the National Income without increasing the welfare of the people.
So, welfare can best be represented by per capita National Income at constant market prices rather than current market prices.
[Ref: Economic Survey 2017-18, Vol-II, Page 7, Per Capita Income]

Question 20. The share of the tertiary sector in total GDP of India has