Indian Economy Practice Question and Answer

Q:

Which Indian finance minister was India’s delegate to the World Monetary Conference at Bretton Woods in 1944?

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    KC Neogy
    Correct
    Wrong
  • 2
    CD Deshmukh
    Correct
    Wrong
  • 3
    John Mathai
    Correct
    Wrong
  • 4
    RK Shanmukham Chetty
    Correct
    Wrong
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Answer : 4. "RK Shanmukham Chetty"
Explanation :

1. In the World Monetary Conference at Bretton Woods in 1944, R. Of. Shanmukham Chetty served as the Indian Finance Minister.

 2. Served as Speaker of the Central Legislative Assembly of India, and also as Dewan of Cochin State from 1935 to 1941.

Q:

The difference between Revenue Receipts plus Non-debt Capital Receipts (NDCR) and total expenditure is called ______.

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    Revenue Deficit
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    Fiscal Deficit
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    Effective Revenue Deficit
    Correct
    Wrong
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    Primary Deficit
    Correct
    Wrong
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Answer : 2. "Fiscal Deficit"
Explanation :

1. The difference between the sum of revenue receipts and Non-Debt Capital Receipts (NDCR) and total expenditure is called fiscal deficit.

2. Fiscal deficit is an important indicator of the financial position of the government.

3. It shows how much difference there is between the current income and expenditure of the government.

4. Fiscal deficit can be influenced by many factors, including.

- Economic situation: During an economic recession, the government often increases the fiscal deficit to provide stimulus to the economy.

- Political pressure: Governments often run up fiscal deficits to raise funds for social programs.

- Military spending: Governments often run fiscal deficits to increase military spending.

Q:

The Reserve Bank of India introduced a comprehensive regulatory framework for NBFC-MFI on __________.

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    10 December 2015 
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    2 December 2011 
    Correct
    Wrong
  • 3
    8 December 2013 
    Correct
    Wrong
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    5 December 2012
    Correct
    Wrong
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Answer : 2. "2 December 2011  "
Explanation :

1. The Reserve Bank of India introduced a comprehensive regulatory framework for NBFC-MFIs on 2 December 2011.

Q:

The ______ was nationalised in the year 1949.

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    Union Bank of India
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    Reserve Bank of India
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    Central Bank of India
    Correct
    Wrong
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    Imperial Bank of India
    Correct
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Answer : 2. "Reserve Bank of India"
Explanation :

1. The Reserve Bank of India was nationalized on January 1, 1949.

2. Earlier, the Reserve Bank of India was a privately owned bank, established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934.

2. After India's independence on 15 August 1947, RBI was nationalized on 1 January 1949.

4. After nationalization, the Reserve Bank of India came under the complete ownership of the Government of India.

Q:

The national census does NOT recognise ______ groups within India.

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    tribal
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    ethnic
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    religious
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    scheduled caste
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Answer : 2. "ethnic"
Explanation :

A. National census does not identify ethnic groups within India.

B. Here are examples of some specific groups identified by the national census.

1. Tribal Groups: Santhal, Gond, Adivasi, Bodo, Meena, Kushwaha

2. Religious Groups: Hindu, Muslim, Christian, Sikh, Buddhist, Jain, Parsi

3. Linguistic Groups: Hindi, Bengali, Marathi, Tamil, Telugu, Urdu, Gujarati, Kannada, Punjabi, Assamese

Q:

Assume that the exchange rate between the US Dollar and the Indian Rupee is $1 = ₹55. Now if this exchange rate increases to $1 = ₹60, then in this situation the Indian Rupee has depreciated against the US Dollar.

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    depreciated
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    appreciated
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    appreciated
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    overvalued
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Answer : 1. "depreciated"
Explanation :

मान लीजिए कि अमेरिकी डॉलर और भारतीय रुपये के बीच विनिमय दर $1= ₹55 है। अब यदि यह विनिमय दर बढ़कर $1 = ₹60 हो जाती है, तो इस स्थिति में अमेरिकी डॉलर की तुलना में भारतीय रुपये का _______ हुआ है।

Q:

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

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    Monetary Economics
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  • 2
    Welfare Economics
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    Econometrics
    Correct
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    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:

Labour Intensive Technique would get chosen in a–

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    Labour Surplus Economy
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    Capital Surplus Economy
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    Developed Economy
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    Wrong
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    Developing Economy
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Answer : 1. "Labour Surplus Economy"
Explanation :

Expl:- Labour Intensive Technique will be chosen in Labour Surplus Economy because in such economy labour cost is low.

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