Indian Economy GK Quiz-12

Indian Economy GK Quiz-12

Indian Economy Multiple Choice Questions (MCQs) Quiz for State and UPSC Civil Services Examinations. Objective Questions on Indian Economy for competitive examinations.

    221. Who amongst the following has never been the Governor of Reserve Bank of India ?

    (1) D. Subbarao
    (2) C. Rangarajan
    (3) B.B. Bhattacharya
    (4) Y.V. Reddy
    Answer:
    221. (3) D Subbarao (05.09.2008– Till date) C Rangarajan (22.12.1992 – 22.11.1997) Y.V. Reddy
    (05.09.2003 – 04.09.2008) 

    222. Which one of the following is an example for Non-Banking Financial institution ?.

    (1) RBI 
    (2) SBI
    (3) IOB 
    (4) LIC
    Answer:
    222. (4) A non-bank financial institution (NBFI) is a financial institution that does not have a full banking license or is not supervised by a national or international banking regulatory agency. LIC is an example for NonBanking Financial intitution.

    223. The largest component of National Income in India is

    (1) Service Sector
    (2) Agriculture
    (3) Industrial Sector
    (4) Trade Sector
    Answer:
    223.(1) The total value of all goods and services produced in the economy during a particular period of time is called National Income. The largest component of National Income in India is service sector.

    224. In a developing country like India, in which sector a high rate of disguised unemployment exists ?

    (1) Corporate Sector
    (2) House-hold Sector
    (3) Service Sector
    (4) Agricultural Sector
    Answer:
    224. (4) Agriculture sector has a high rate of disguised unemplyment. The surplus labours in agriculture sector forms ‘disguised unemployment’.

    225. The main difference between Gross Domestic Product (GDP) and Gross National Product (GNP) is

    (1) Transfer payments
    (2) Net foreign income from abroad
    (3) Capital consumption allowance
    (4) Capital gains
    Answer:
    225. (2) Gross Domestic Product (GDP) is a measure of the total value of the goods and services produced in a country during one year, excluding income from investment abroad by residents of the country. It is the Gross National Product less net income from property or investment abroad.

    226. “NABARD” is a/an

    (1) Bank
    (2) Financial Institution
    (3) Insurance Corporation
    (4) Central Government Department
    Answer:
    226. (2) The National Bank for Agriculture and Rural Development (NABARD) is the apex development Bank for agriculture and rural development. It was set up on July 12, 1982.

    227. The purchase and sale of securities by the Central Bank is known as

    (1) Variable reserve ratio
    (2) Bank rate
    (3) Open market operation
    (4) Net liquidity ratio
    Answer:
    227. (3) Open market operation

    228. The Ganga Action Plan was directed by :

    (1) Rajiv Gandhi
    (2) Atal Bihari Vajpayee
    (3) Manmohan Singh
    (4) Indira Gandhi
    Answer:
    228. (1) The Ganga Action Plan was launched by Rajiv Gandhi in April 1986 to reduce the pollution load on the river .

    229. Which of the following Government of India programmes aims to help, build or upgrade dwelling units of below the poverty line rural families ?

    (1) National Social Assistance Programme
    (2) Jawahar Rozgar Yojana
    (3) Indira Awaas Yojana
    (4) Jawaharlal Nehru National Urban Renewal Mission
    Answer:
    229. (3) India Awas Yojana is a Government of India social welfare programme to provide housing for the rural poor in India. Started in 1985 as part of the Rural Landless Employment Guarantee Programme (RLEGP), Indira Awas Yojana was subsumed in Jawahar Rozgar Yojana in 1989 and has been operating as an independent scheme since 1996.

    230. The Central Statistical Organisation (CSO) provides data under a new revised series in which the base year is taken as

    (1) 1960-61 
    (2) 1970-71
    (3) 1980-81 
    (4) 1990-91
    Answer:
    230. (*) On 29 January 2010, the Central Statistical Organisation (CSO) introduced the new series of
    national accounts statistics with base year 2004-05, in place of the previous series with base year 1999-
    2000. The new series on National Accounts Statistics has been introduced after a comprehensive review of both the database and the methodology employed in the estimation of various aggregates.

    231. Current Fiscal Deficit percentage in GDP is

    (1) 7 
    (2) 4
    (2) 8 
    (4) 1
    Answer:
    231. (*) Current Fiscal Deficit percentage in GDP (Gross Domestic Product) is 4 per cent.
    Note : In hisbudgetary speech Finance Minister Arun Jaitley pegs fiscal deficit at 3.2% of GDP for
    2017-18.

    232. Over use of resource is called “Tragedy of Commons”. It was propounded by:

    (1) Garett Hardin
    (2) Seligman
    (3) Adolph Wagner
    (4) A.P Lernier
    Answer:
    232. (1) In economics, the tragedy of the commons is the depletion of a shared resource by individuals, acting independently and rationally according to each one’s self-interest, despite their understanding that depleting the common resource is contrary to the group’s long-term best interests. In 1968, ecologist Garrett Hardin explored this social dilemma in “The Tragedy of the Commons”, published in the journal Science.

    233. Who was the head of the 10th Finance Commission ?

    (1) Manmohan Singh
    (2) Vasant Sathe
    (3) Shiv-Shankar
    (4) K.C Pant
    Answer:
    233. (4) The Tenth Finance Commission was incorporated in the year 1995 consisting of Shri Krishna Chandra Pant as the Chairman. The operational duration of the Commission was 1995-2000.
    Note : The chairman of 14th and current finance commission is former RBI governor Y.V.Reddy.

    234. In India, Special Economic Zones were established to enhance:

    (1) Free trade
    (2) Foreign Investment
    (3) Employment
    (4) Technology Development
    Answer:
    234. (2) Special Economic Zone (SEZ) were established in India with the objectives of: (a) Generation of additional economic activity; (b) Promotion of exports of goods and services; (c) Promotion of investment from domestic and foreign sources; (d) Creation of employment opportunities; (e) Development of infrastructure facilities. It aimed to attract larger foreign investments.

    235. In which year the planning commission was set-up ?

    (1) 1950 
    (2) 1951
    (3) 1952 
    (4) 1949
    Answer:
    235. (1) After India gained independence, a formal model of planning was adopted, and accordingly the
    Planning Commission, reporting directly to the Prime Minister of India was established on 15 March 1950. Prime Minister Jawaharlal Nehru was the first chairman.

    236. Which Five Year Plan is not correct among the following ?

    (1) First 1951-56
    (2) Second 1956-61
    (3) Third 1961-66
    (4) Fouth 1966-71
    Answer:
    236. (4) The time period of Fourth Five Year Plan was 1969- 1974. Three annual plans preceded it.

    237. Indian Special Economic Rules amendment came in the year

    (1) 2000 
    (2) 2002
    (3) 2004 
    (4) 2006
    Answer:
    237. (4) The Special Economic Zones Rules are associated with the year 2006, though the policy was announced in 2000. The Special Economic Zones Rules, 2006 came into effect on 10 February 2006. The amendment Rules provided for the simplification of procedures for development, operation, and
    maintenance of the Special Economic Zones and for setting up and conducting business in SEZ.

    238. The Community Development Programme was launched in the year

    (1) 1950 
    (2) 1952
    (3) 1951 
    (4) 1953
    Answer:
    238. (2) The community development programme was started in India just after independence in 1952. It was a multi project programme with the aim of an overall development of rural people.

    239. Tick the correct option with regards to the contribution towards GDP (Gross Domestic Product) from Agriculture 

    (1) During 1950-51 (GDP 51-88%) and 2011-12 (GDP 14-01%)
    (2) During 1950-51 (GDP 11-00%) and 2011-12 (GDP 25%)
    (3) During 1990-91 (GDP 29-53%) and 2011-12 (GDP 66-77%)
    (4) During 1980-81 (GDP 35-69%) and 2011-12 (GDP 20-69%)
    Answer:
    239. (1) Agriculture contributed more than 50 per cent of India’s GDP in 1950-51. Contribution of agriculture and allied sectors to India’s GDP has been declining since then. Agriculture’s contribution fell down to 14.5 per cent in 2010-11 and to 14.1 per cent in 2011-12.

    240. Multi-purpose river valley projects are the “New temples of modern India”. The above statement is made by:

    (1) Motilal Nehru
    (2) Mahatma Gandhi
    (3) Rajiv Gandhi
    (4) Jawaharlal Nehru
    Answer:
    240. (4) Multi-purpose river valley projects were hailed as “Temples of Modern India” by Jawaharlal Nehru. They were intended and designed for integrated development in the area concerned.

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