Indian Economy Practice Question and Answer

Q:

The Economic development depends on-

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  • 1
    Natural resources
    Correct
    Wrong
  • 2
    Capital formation
    Correct
    Wrong
  • 3
    Size of the market
    Correct
    Wrong
  • 4
    All of these
    Correct
    Wrong
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Answer : 4. "All of these"

Q:

If Reserve Bank of India reduces the cash reserve ratio, it will :

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  • 1
    increase credit creation
    Correct
    Wrong
  • 2
    decrease credit creation
    Correct
    Wrong
  • 3
    have no impact on credit creation
    Correct
    Wrong
  • 4
    have no definite impact on credit creation
    Correct
    Wrong
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Answer : 1. "increase credit creation"

Q:

What is the demand for labor called?

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  • 1
    Market demand
    Correct
    Wrong
  • 2
    Direct demand
    Correct
    Wrong
  • 3
    Derived demand
    Correct
    Wrong
  • 4
    Factory demand
    Correct
    Wrong
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Answer : 3. "Derived demand"

Q:

The national census does NOT recognise ______ groups within India.

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  • 1
    tribal
    Correct
    Wrong
  • 2
    ethnic
    Correct
    Wrong
  • 3
    religious
    Correct
    Wrong
  • 4
    scheduled caste
    Correct
    Wrong
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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:

Raw materials and money in hand are called _____.

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  • 1
    Human capital
    Correct
    Wrong
  • 2
    Working capital
    Correct
    Wrong
  • 3
    Factors of production
    Correct
    Wrong
  • 4
    None of the above
    Correct
    Wrong
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Answer : 2. "Working capital"

Q:

Price theory is also known as     

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  • 1
    Macro Economics
    Correct
    Wrong
  • 2
    Development Economics
    Correct
    Wrong
  • 3
    Public Economics
    Correct
    Wrong
  • 4
    Micro Economics
    Correct
    Wrong
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Answer : 4. "Micro Economics "

Q:

What kind of economy is there in India?

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  • 1
    socialist
    Correct
    Wrong
  • 2
    Mixed
    Correct
    Wrong
  • 3
    Free
    Correct
    Wrong
  • 4
    Gandhian
    Correct
    Wrong
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Answer : 2. "Mixed"

Q:

Which is the most important small scale industry of India?

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  • 1
    Handloom Industry
    Correct
    Wrong
  • 2
    Leather Industry
    Correct
    Wrong
  • 3
    Pottery manufacturing industry
    Correct
    Wrong
  • 4
    Cotton textile industry
    Correct
    Wrong
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Answer : 1. "Handloom Industry"

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