Indian Economy Practice Question and Answer

Q:

‘Functional Finance’ is associated with–

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  • 1
    Abba ‘P’ Lerner
    Correct
    Wrong
  • 2
    Adolph Wogner
    Correct
    Wrong
  • 3
    Adam Smith
    Correct
    Wrong
  • 4
    Adams
    Correct
    Wrong
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Answer : 1. "Abba ‘P’ Lerner "

Q:

The basic characteristic of a capitalistic economy is–

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  • 1
    absence of monopoly
    Correct
    Wrong
  • 2
    large-scale production in primary industries
    Correct
    Wrong
  • 3
    full employment
    Correct
    Wrong
  • 4
    the private ownership of the means of production
    Correct
    Wrong
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Answer : 4. "the private ownership of the means of production"

Q:

In which country was the declaration of consumer rights?

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  • 1
    China
    Correct
    Wrong
  • 2
    Japan
    Correct
    Wrong
  • 3
    England
    Correct
    Wrong
  • 4
    United States
    Correct
    Wrong
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Answer : 4. "United States"

Q:

What is the maximum contribution to the national income of India?

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  • 1
    Service Sector
    Correct
    Wrong
  • 2
    Business Area
    Correct
    Wrong
  • 3
    Agricultural sector
    Correct
    Wrong
  • 4
    Industry Sector
    Correct
    Wrong
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Answer : 1. "Service Sector"

Q:

Which among of the following is not a positive sign for any industry.

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  • 1
    Decrease in profit
    Correct
    Wrong
  • 2
    Labour instability
    Correct
    Wrong
  • 3
    Decrease in market
    Correct
    Wrong
  • 4
    Decrease in demand
    Correct
    Wrong
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Answer : 1. "Decrease in profit "
Explanation :

Explain: -Decrease in profit is not a sudden positive sign.

Q:

When was the first agricultural census conducted?

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  • 1
    1948
    Correct
    Wrong
  • 2
    1990
    Correct
    Wrong
  • 3
    1976
    Correct
    Wrong
  • 4
    1970
    Correct
    Wrong
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Answer : 4. "1970"

Q:

What percentage of GDP of agriculture sector in India is spent on agricultural research?

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  • 1
    5 %
    Correct
    Wrong
  • 2
    0.5 %
    Correct
    Wrong
  • 3
    0.3%
    Correct
    Wrong
  • 4
    3 %
    Correct
    Wrong
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Answer : 3. "0.3%"

Q:

In an economy, on what basis are sectors classified into public and private?

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  • 1
    Terms of employment
    Correct
    Wrong
  • 2
    Ownership of enterprises
    Correct
    Wrong
  • 3
    Use of raw materials
    Correct
    Wrong
  • 4
    None of these
    Correct
    Wrong
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Answer : 2. "Ownership of enterprises"

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