Indian Economy Practice Question and Answer

Q:

Which of the following is not included in the national income?

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  • 1
    win the lottery
    Correct
    Wrong
  • 2
    Government expenditure incurred on construction of new bridges
    Correct
    Wrong
  • 3
    Charged rent of houses in owner's possession
    Correct
    Wrong
  • 4
    None of these
    Correct
    Wrong
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Answer : 1. "win the lottery"

Q: To the economist, total cost includes 1496 0

  • 1
    neither implicit nor explicit costs.
    Correct
    Wrong
  • 2
    implicit, but not explicit, costs.
    Correct
    Wrong
  • 3
    explicit, but not implicit, cost.
    Correct
    Wrong
  • 4
    explicit and implicit costs.
    Correct
    Wrong
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Answer : 4. "explicit and implicit costs."
Explanation :

Answer: D) explicit and implicit costs. Explanation:

Q:

Which among the following formulates fiscal policy? 

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  • 1
    RBI
    Correct
    Wrong
  • 2
    Finance Ministry
    Correct
    Wrong
  • 3
    SEBI
    Correct
    Wrong
  • 4
    Planning Commission
    Correct
    Wrong
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Answer : 1. "RBI "

Q: Which of the following activities are examples of data gathering? 3906 0

  • 1
    Counting the votes in an election to determine the next governor
    Correct
    Wrong
  • 2
    Making a pie chart showing the kinds of television sets owned by people in a sample of 1,000
    Correct
    Wrong
  • 3
    Finding the mean weight of cancer patients in a study
    Correct
    Wrong
  • 4
    Using the results of a mathematical model to predict the next day's weather
    Correct
    Wrong
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Answer : 1. "Counting the votes in an election to determine the next governor"
Explanation :

Answer: A) Counting the votes in an election to determine the next governor Explanation: Option A) "Counting the votes in an election to determine the next governor"  is the only one where data gathering is done.   In all other options, data is already collected and now analyzing of data is going on.

Q:

Short-term finance is usually for a period ranging up to

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  • 1
    5 months
    Correct
    Wrong
  • 2
    10 months
    Correct
    Wrong
  • 3
    12 months
    Correct
    Wrong
  • 4
    8 months
    Correct
    Wrong
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Answer : 3. "12 months "

Q:

In a cut motion, when the amount of demand is reduced by Rs 100/- , it is known as

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  • 1
    Disapproval of policy cut
    Correct
    Wrong
  • 2
    Economy cut
    Correct
    Wrong
  • 3
    Vote on Account
    Correct
    Wrong
  • 4
    Token cut
    Correct
    Wrong
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Answer : 4. "Token cut"

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:

Which of the following industries has the highest labor force in India?

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  • 1
    Cement Industry
    Correct
    Wrong
  • 2
    textile industry
    Correct
    Wrong
  • 3
    Jute Industry
    Correct
    Wrong
  • 4
    Iron-steel industry
    Correct
    Wrong
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Answer : 2. "textile industry"
Explanation :

In 2021, 43.96 percent of the workforce in India were employed in agriculture, while the other half was almost evenly distributed among the two other sectors, industry and services. While the share of Indians working in agriculture is declining, it is still the main sector of employment.

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