MCQs
Total Questions : 650
| Page 8 of 65 pages
Answer: Option D. -> Land Development Banks
Answer: (d)
The medium and long term loans are disbursed to the farmers through Primary Land Development Banks who draw their finances from Central Land Development Banks who in turn draw their finances from NABARD.
As for the short term credit, this is disbursed to the farmers through Primary Agricultural Credit Societies who draw their finances from Central Cooperative Banks who in turn draw their finances from the State Cooperative Banks.
Answer: (d)
The medium and long term loans are disbursed to the farmers through Primary Land Development Banks who draw their finances from Central Land Development Banks who in turn draw their finances from NABARD.
As for the short term credit, this is disbursed to the farmers through Primary Agricultural Credit Societies who draw their finances from Central Cooperative Banks who in turn draw their finances from the State Cooperative Banks.
Answer: Option C. -> India
Answer: (c)
Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period of time.
The United Nations Conference on the Law of the Sea has defined sovereign rights over international waters by defining such concepts as Internal Waters, exclusive economic zones (EEZs), continental shelf jurisdiction, etc. According to this law, the income generated by Indian fishermen would be accounted for in the GDP of India.
Answer: (c)
Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period of time.
The United Nations Conference on the Law of the Sea has defined sovereign rights over international waters by defining such concepts as Internal Waters, exclusive economic zones (EEZs), continental shelf jurisdiction, etc. According to this law, the income generated by Indian fishermen would be accounted for in the GDP of India.
Answer: Option C. -> Heavy Industry
Answer: (c)
The Second Plan between years 1956-1961 was focused on the development of India by establishing heavy industries under the public sector.
The total money allotted for this 5-year plan was 48 Billion rupees. The plan followed the Mahalanobis model of economic development.
Answer: (c)
The Second Plan between years 1956-1961 was focused on the development of India by establishing heavy industries under the public sector.
The total money allotted for this 5-year plan was 48 Billion rupees. The plan followed the Mahalanobis model of economic development.
Answer: Option A. -> A country’s domestic economic activities
Answer: (a)
Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a year.
GDP can be determined in three ways: the production (or output) approach, the income approach, or the expenditure approach.
Answer: (a)
Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a year.
GDP can be determined in three ways: the production (or output) approach, the income approach, or the expenditure approach.
Answer: Option D. -> Dadabhai Naoroji
Answer: (d)
Dadabhai Naoroji had estimated national income in India first. National income estimate before independence was prepared by Dada Bhai Naoroji in 1876.
He estimated national income by estimating the value of agricultural production and then adding some percentage of non–agricultural production. This method was non–scientific.
Answer: (d)
Dadabhai Naoroji had estimated national income in India first. National income estimate before independence was prepared by Dada Bhai Naoroji in 1876.
He estimated national income by estimating the value of agricultural production and then adding some percentage of non–agricultural production. This method was non–scientific.
Answer: Option C. -> 1987 – 88
Answer: (c)The System of Memorandum of Understanding was introduced in the Public Sector Enterprises during the year 1987-88 in India. It was based on the report of the Arjuna Sengupta Committee (1984).
Answer: (c)The System of Memorandum of Understanding was introduced in the Public Sector Enterprises during the year 1987-88 in India. It was based on the report of the Arjuna Sengupta Committee (1984).
Question 77. Consider the following statements relating to the estimation of National Income.
Which of the statements given above is/are not correct?
- Foreigners working in India Embassies are normal residents of India.
- Foreigners working in the office of WHO, World Bank, UNO etc, located in India are not normal residents of India.
- Indians working in foreign embassies in India are not normal residents of India.
Which of the statements given above is/are not correct?
Answer: Option B. -> 1 and 3
Answer: (b)
Only statement 2 is correct.
Statements 1 & 3 are wrong.
Answer: (b)
Only statement 2 is correct.
Statements 1 & 3 are wrong.
Answer: Option B. -> Rs.80000
Answer: (b)
A salaried employee can claim a tax rebate under section 88. The amount of tax rebate is 20% of the gross qualifying amount (Rs.80000) or Rs.16000, whichever is lower.
If a person invests only in other securities, excluding shares, debentures and units of the infrastructure sector; then the maximum rebate is only Rs.12000 (20% of Rs.60000).
This rebate may be extended up to Rs.16000 on further investment up to Rs.20000 in shares and debentures. By investing in shares, debentures and infrastructure units a maximum rebate of Rs.16000 (i.e., 20% of Rs.80000) may be claimed.
Answer: (b)
A salaried employee can claim a tax rebate under section 88. The amount of tax rebate is 20% of the gross qualifying amount (Rs.80000) or Rs.16000, whichever is lower.
If a person invests only in other securities, excluding shares, debentures and units of the infrastructure sector; then the maximum rebate is only Rs.12000 (20% of Rs.60000).
This rebate may be extended up to Rs.16000 on further investment up to Rs.20000 in shares and debentures. By investing in shares, debentures and infrastructure units a maximum rebate of Rs.16000 (i.e., 20% of Rs.80000) may be claimed.
Answer: Option C. -> Population growth
Answer: (c)
The rising population can be a virtue or can be vice with regards to the economic development of a country.
In India, the demerits of population growth outweigh its merits. Due to the large population size and its rate of growth, our per capita income continues to be stagnant at a low level. Since First Five Year Plan, our national income has increased about 11 times but our per capita income has increased only about three and half times, thanks to the rise in population.
Also, large population size has tended to reduce the landman ratio in India which reduces the productivity of land and labour. The growing population has also reduced the per capita availability of cereals and pulses.
Further, due to the high growth rate of the population, unemployment is assuming monstrous proportions. Lack of employment opportunities outside agriculture builds pressure on farming as a source of subsistence. Consequently, disguised unemployment in the farming sector is emerging as a serious challenge.
Answer: (c)
The rising population can be a virtue or can be vice with regards to the economic development of a country.
In India, the demerits of population growth outweigh its merits. Due to the large population size and its rate of growth, our per capita income continues to be stagnant at a low level. Since First Five Year Plan, our national income has increased about 11 times but our per capita income has increased only about three and half times, thanks to the rise in population.
Also, large population size has tended to reduce the landman ratio in India which reduces the productivity of land and labour. The growing population has also reduced the per capita availability of cereals and pulses.
Further, due to the high growth rate of the population, unemployment is assuming monstrous proportions. Lack of employment opportunities outside agriculture builds pressure on farming as a source of subsistence. Consequently, disguised unemployment in the farming sector is emerging as a serious challenge.
Answer: Option C. -> A and D
Answer: (c)
Indian agriculture is a structurally small farm and small farmer based. The overall average size of operational holding in India declined from 2.63 hectares in 1960-61 to 1.33 hectares in 2002-03. Over 80% of the landholdings in India are classified as small and marginal landholdings with a farm size of less than 2 ha.
This implies that over 80% of the farmers in India hold just 39% of the total cultivated land. The Law of inheritance leads to fragmentation of land among the inheritors of the land.
Again, the desire for land ownership could also be attributed to the fragmentation of land. Owning of land is more social status in India, than an economic exigency.
Answer: (c)
Indian agriculture is a structurally small farm and small farmer based. The overall average size of operational holding in India declined from 2.63 hectares in 1960-61 to 1.33 hectares in 2002-03. Over 80% of the landholdings in India are classified as small and marginal landholdings with a farm size of less than 2 ha.
This implies that over 80% of the farmers in India hold just 39% of the total cultivated land. The Law of inheritance leads to fragmentation of land among the inheritors of the land.
Again, the desire for land ownership could also be attributed to the fragmentation of land. Owning of land is more social status in India, than an economic exigency.
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