Indian Economy Practice Question and Answer

Q:

Who wrote the book 'Planned Economy for India'?

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  • 1
    M. Visvesvaraya
    Correct
    Wrong
  • 2
    Pt. Jawahar Lal Nehru
    Correct
    Wrong
  • 3
    Mahatma Gandhi
    Correct
    Wrong
  • 4
    Man Mohan Singh
    Correct
    Wrong
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Answer : 1. "M. Visvesvaraya "

Q:

The Views of eminent economist Robert Malthus on Population is–

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  • 1
    Pessimistic
    Correct
    Wrong
  • 2
    Optimistic
    Correct
    Wrong
  • 3
    Both (a) and (b)
    Correct
    Wrong
  • 4
    None of the above
    Correct
    Wrong
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Answer : 1. "Pessimistic "
Explanation :

The Malthusian theory explained that the human population grows more rapidly than the food supply until famines, war or disease reduces the population. He believed that the human population has risen over the past three centuries.

Q:

“Micro” and “Macro” words was firstly used by–

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  • 1
    Ragnar Frisch
    Correct
    Wrong
  • 2
    I. Fischer
    Correct
    Wrong
  • 3
    James Tobin
    Correct
    Wrong
  • 4
    Garle
    Correct
    Wrong
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Answer : 1. "Ragnar Frisch "
Explanation :

Explain: -In 1933, Ragnar Frisch firstly used the words “Micro” and “Macro”

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.

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  • 1
    Only statement I
    Correct
    Wrong
  • 2
    Only statement II
    Correct
    Wrong
  • 3
    Only statements I and III
    Correct
    Wrong
  • 4
    Only statements I and II
    Correct
    Wrong
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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:

Rural Employment Generation Programme (REGP) was launched in _____. 

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  • 1
    1995
    Correct
    Wrong
  • 2
    1990
    Correct
    Wrong
  • 3
    1999
    Correct
    Wrong
  • 4
    1992
    Correct
    Wrong
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Answer : 1. "1995 "

Q:

Rent is a cost paid for–

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  • 1
    Land
    Correct
    Wrong
  • 2
    Restaurant
    Correct
    Wrong
  • 3
    Building
    Correct
    Wrong
  • 4
    Factory
    Correct
    Wrong
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Answer : 1. "Land "
Explanation :

Explain: -Rent is a cost paid for land as wages and interest are paid  for labour and capital respectively.

Q:

The best Example of capital intensive industry in India is- 

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  • 1
    Textile industry
    Correct
    Wrong
  • 2
    Steel industry
    Correct
    Wrong
  • 3
    Tourism industry
    Correct
    Wrong
  • 4
    Spare goods industry.
    Correct
    Wrong
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Answer : 2. "Steel industry "
Explanation :

Explain: -Intensive industry are those industries which need large amount of capital for investment.

Q:

Which of the following is NOT a public sector insurance company?

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  • 1
    United India Insurance Company Limited
    Correct
    Wrong
  • 2
    The New India Assurance Company Limited
    Correct
    Wrong
  • 3
    SBI Life Insurance
    Correct
    Wrong
  • 4
    General Insurance Corporation of India
    Correct
    Wrong
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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

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