Indian Economy Practice Question and Answer
8 Q: Which factor is mainly responsible for increase in demand of natural resources?
1206 05ff5826a9552896910b446b9
5ff5826a9552896910b446b9- 1Scientific advancementfalse
- 2Use of biodegradable chemicalsfalse
- 3Increasing human populationtrue
- 4Environmental pollutionfalse
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Answer : 3. "Increasing human population"
Explanation :
The correct answer is Increased human population. As the human population is increasing at an astounding rate, we have reached a number of 7.4 billion today. Naturally, this means that we are utilizing more and more natural resources.
Q: Who is known as the father of Blue Revolution in India?
600 064390a612b960e1a41b0c8f8
64390a612b960e1a41b0c8f8- 1Verghese Kurienfalse
- 2Sam Pitrodafalse
- 3Hiralal Chaudhuritrue
- 4M.S. Swaminathanfalse
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Answer : 3. "Hiralal Chaudhuri"
Explanation :
Hiralal Chaudhuri and Dr. Arun Krishnsnan are known as Father of Blue revolution. The Blue Revolution in India was launched during the 7th Five Year Plan (1985-1990) during the sponsorship of the Fish Farmers Development Agency (FFDA) by the Central Government of India.
Q: In which year did the Government of India set up the first mutual fund by an Act of Parliament?
461 064c399c196ae1f484204f7eb
64c399c196ae1f484204f7eb- 11979false
- 21982false
- 31963true
- 41971false
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Answer : 3. "1963"
Explanation :
1. The mutual fund industry in India began in 1963 with the formation of UTI by an Act of Parliament in 1963 and functioned under the regulatory and administrative control of the Reserve Bank of India (RBI).
2. Unit Trust of India (UTI) was established by an Act of Parliament in 1963.
3. UTI is the first mutual fund company established in India.
Q: Which of the following is considered a capital expense?
628 064c3960f29beb3482a3bcc49
64c3960f29beb3482a3bcc49- 1Pensionfalse
- 2Payment of salariesfalse
- 3Subsidiesfalse
- 4Construction of school buildingstrue
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Answer : 4. "Construction of school buildings"
Explanation :
1. Capital expenditure is money spent by the government on the development of machinery, equipment, buildings, health facilities, education etc.
2. It also includes expenditure by the government on the acquisition of fixed assets like land and investments which give future profits or dividends.
3. Creation of assets as well as repayment of loans is also capital expenditure, as it reduces liability.
Q: In India, which of the following statements about the National Investment Fund is true?
Statements:
I. It was created in 2005.
II. 75% of its annual income was to be used for schemes promoting health, education and employment.
III. It was dissolved in 2018.
543 064c3886c9e9013486a7a03bc
64c3886c9e9013486a7a03bcStatements:
I. It was created in 2005.
II. 75% of its annual income was to be used for schemes promoting health, education and employment.
III. It was dissolved in 2018.
- 1Only statement Ifalse
- 2Only statement IIfalse
- 3Only statements I and IIIfalse
- 4Only statements I and IItrue
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Answer : 4. "Only statements I and II"
Explanation :
All the statements about the National Investment Fund in India are true.
I. It was created in 2005.
II. 75% of its annual income was to be used for schemes promoting health, education and employment.
Q: Which of the following is NOT a public sector insurance company?
518 064c24509bd3d25480680f920
64c24509bd3d25480680f920- 1United India Insurance Company Limitedfalse
- 2The New India Assurance Company Limitedfalse
- 3SBI Life Insurancetrue
- 4General Insurance Corporation of Indiafalse
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Answer : 3. "SBI Life Insurance"
Explanation :
There are public sector insurance companies.
1. United India Insurance Company Limited
2. The New India Assurance Company Limited
3. General Insurance Corporation of India
Q: As per the recommendations of the National Statistical Commission, the Base Year of the GDP Series in India was revised from 2004-05 to ______ with effect from January 2015.
456 064c24f74d3a6d4481eec7f3c
64c24f74d3a6d4481eec7f3c- 12011-12true
- 22013-14false
- 32005-06false
- 42009-10false
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Answer : 1. "2011-12"
Explanation :
1. From January 2015, as per the recommendations of the National Statistical Commission, the GDP in India The base year of the (GDP) series was revised from 2004-05 to 2011-12.
Q: To which of the following sectors of the economy do Basel III norms belong?
551 064c23891d3a6d4481eec4b7f
64c23891d3a6d4481eec4b7f- 1Bankingtrue
- 2Capital marketfalse
- 3Automobilefalse
- 4Aviationfalse
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Answer : 1. "Banking"
Explanation :
1. The Basel norms are international banking rules to strengthen the international banking system.
2. It is in the form of an agreement by the Basel Committee on Banking Supervision which mainly focuses on the risks to banks and the financial system.