Indian Economy Practice Question and Answer

Q:

Amartya Sen was awarded the Noble Prize for his contribution to–

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  • 1
    Monetary Economics
    Correct
    Wrong
  • 2
    Welfare Economics
    Correct
    Wrong
  • 3
    Econometrics
    Correct
    Wrong
  • 4
    Development Economics
    Correct
    Wrong
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Answer : 2. "Welfare Economics"
Explanation :

Explain: -For Welfare Economics and Social Choice Theory, Amartya Sen, in 1998 was awarded the Noble Prize. Welfare economics is a branch of economics that uses microeconomic techniques to evaluate well-being (welfare) at the aggregate (economy-wide) level. ... The field of welfare economics is associated with two fundamental theorems.

Q:

The Relationship between rate of interest and consumption level was firstly estimated by–

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  • 1
    Amartya Sen
    Correct
    Wrong
  • 2
    Milton Freedman
    Correct
    Wrong
  • 3
    Irwing Fischer
    Correct
    Wrong
  • 4
    James Duezan Berry
    Correct
    Wrong
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Answer : 2. "Milton Freedman "
Explanation :

Explain: -With increase in rate of interest there is decrease in consumption level i.e. there is inverse relation between rate of interest and consumption level.

Q:

In which of the following years was the Reserve Bank of India nationalised?

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  • 1
    1935
    Correct
    Wrong
  • 2
    1949
    Correct
    Wrong
  • 3
    1927
    Correct
    Wrong
  • 4
    1965
    Correct
    Wrong
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Answer : 2. "1949"

Q:

Who is a chairman of 15th Finance Commission of India?

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  • 1
    Nirmala Sitharaman
    Correct
    Wrong
  • 2
    Dr. Ashok Lahiri
    Correct
    Wrong
  • 3
    N. K. Singh
    Correct
    Wrong
  • 4
    Ajay Narayan
    Correct
    Wrong
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Answer : 3. "N. K. Singh "

Q:

The Production of a commodity mostly through the natural process is an activity of–

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  • 1
    Primary Sector
    Correct
    Wrong
  • 2
    Secondary Sector
    Correct
    Wrong
  • 3
    Tertiary Sector
    Correct
    Wrong
  • 4
    Technology Sector
    Correct
    Wrong
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Answer : 1. "Primary Sector "
Explanation :

Explain: -The Production of a commodity mostly through the natural process is an activity of primary sector. For Example:– agriculture an agricultural products, fertilizers, animal husbandry etc

Q:

The Removal of prohibitions and hindrance by the government is called. 

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  • 1
    Globalisation
    Correct
    Wrong
  • 2
    Privatisation
    Correct
    Wrong
  • 3
    Liberalisation
    Correct
    Wrong
  • 4
    Bilateral understanding.
    Correct
    Wrong
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Answer : 3. "Liberalisation "

Q:

Multinational firm is– 

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  • 1
    A company started by foreign governments
    Correct
    Wrong
  • 2
    A single company established in different countries
    Correct
    Wrong
  • 3
    A company in India started by U.S. government
    Correct
    Wrong
  • 4
    A company started jointly by India and U.S. Ans.
    Correct
    Wrong
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Answer : 2. "A single company established in different countries "

Q:

Arthashastra by “Kautilya” is related with–

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  • 1
    Military Phase
    Correct
    Wrong
  • 2
    Political Reign
    Correct
    Wrong
  • 3
    Social Phase
    Correct
    Wrong
  • 4
    Economic Postulates
    Correct
    Wrong
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Answer : 2. "Political Reign"
Explanation :

Expl:- The Kautilya’s Arthasastra is related to political reign. Arthastra is an ancient Indian treatise on statecraft, economic Policy and Military strategy, written in sanskrit.

The Arthashastra is an ancient Indian treatise on statecraft, economic policy and military strategy, written in Sanskrit.

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