Indian Economy - A Profile

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| By Sweetsalman123

Sweetsalman123

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1/55 Questions

A sick industrial unit is one
- Where most of the employees are sick.
- Which is unable to perform its normal functions and activities of production of goods and services at a reasonable profit on a sustained basis.
- Which is unable to make profits more than 10 per cent of its capital employed.
- Which borrows money from bank for its fixed assets.

About This Quiz

Explore key aspects of the Indian economy through this quiz. Assess your understanding of economic development, agricultural credit, sector contributions to GDP, and the impact of the Green Revolution. Ideal for students and professionals interested in economic studies.

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2.

Which of the following has resulted in failure to achieve targets of industrial production?
- Poor planning.
- Power, finance and labour problems.
- Technical complications.
- All of the above.
Correct Answer

A. All of the above.

Explanation

All of the above options can contribute to the failure to achieve targets of industrial production. Poor planning can lead to inefficient allocation of resources and lack of coordination, resulting in lower production levels. Power, finance, and labor problems can disrupt the production process, leading to delays or stoppages. Technical complications, such as equipment malfunctions or technological limitations, can also hinder production. Therefore, all these factors combined can lead to the failure to achieve industrial production targets.

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3.

Generally an economy is considered under developed if
- The standard of living of people is low and productivity is also considerably low.
- Agriculture is the main occupation of the people and productivity in agriculture is quite low.
- The production techniques are backward.
- All of the above.
Correct Answer

A. All of the above.

Explanation

An economy is considered underdeveloped if the standard of living of people is low, indicating a lack of access to basic necessities and a lower quality of life. Additionally, if productivity is considerably low, it suggests that the economy is not efficiently utilizing its resources and is unable to generate sufficient output. Agriculture being the main occupation with low productivity further indicates a lack of diversification and reliance on traditional, less efficient methods. Lastly, the presence of backward production techniques implies a lack of technological advancements and modernization. Therefore, all of these factors collectively contribute to categorizing an economy as underdeveloped.

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4.

Which of the following has been specifically established to meet the requirements of credit of the farmers and villagers?
- ICICI bank.
- Regional Rural Banks.
- State Bank of India.
- EXIM bank.
Correct Answer

A. Regional Rural Banks.

Explanation

Regional Rural Banks have been specifically established to meet the requirements of credit of the farmers and villagers. These banks were set up to provide banking services in rural areas and cater to the financial needs of the agricultural sector. They focus on providing credit facilities to small and marginal farmers, agricultural laborers, and rural artisans. Regional Rural Banks play a crucial role in promoting rural development and supporting the agricultural economy of the country.

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5.

Agriculture sector laces the problem of
- Slow and uneven growth.
- Inadequate and incomplete land reforms.
- Inadequate finance.
- All of tine above.
Correct Answer

A. All of tine above.

Explanation

The correct answer is "All of the above." This is because the statement mentions three problems in the agriculture sector: slow and uneven growth, inadequate and incomplete land reforms, and inadequate finance. The phrase "All of the above" indicates that all three of these problems are applicable to the agriculture sector.

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6.

BPO stands for
- Bharat Petro Organisation
- Business Process Outsourcing
- Big Portfolio outsourcing
- Business Partners Organisation
Correct Answer

A. Business Process Outsourcing

Explanation

BPO stands for Business Process Outsourcing. This term refers to the practice of contracting out specific business operations and processes to a third-party service provider. Companies often outsource tasks such as customer support, data entry, payroll processing, and IT services to specialized BPO firms, allowing them to focus on their core competencies and reduce costs. BPO has become a popular strategy for organizations looking to streamline their operations and improve efficiency.

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7.

_________________ is the apex bank for agriculture credit in India.
- RBI
- SIDBI
- NABARD
- ICICI
Correct Answer

A. NABARD

Explanation

NABARD is the apex bank for agriculture credit in India. NABARD, which stands for National Bank for Agriculture and Rural Development, is responsible for providing and regulating credit for agriculture and rural development in the country. It plays a crucial role in promoting and supporting agricultural activities, rural development, and overall financial inclusion. NABARD works closely with other financial institutions, government agencies, and stakeholders to ensure the availability of credit for the agricultural sector and to enhance the overall productivity and sustainability of rural areas.

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8.

Oil and Natural Gas Corporation Indian Oil Corporation, Steel Authority of India, and Bharat Heavy lilectricals are all examples of
- Small scale units.
- Private sector units.
- Public sector units.
- Sick units.
Correct Answer

A. Public sector units.

Explanation

The given organizations, Oil and Natural Gas Corporation, Indian Oil Corporation, Steel Authority of India, and Bharat Heavy Electricals, are all examples of public sector units. This means that they are owned and controlled by the government. Public sector units are established to provide essential goods and services to the public and are often involved in industries such as energy, manufacturing, and infrastructure development. These organizations play a crucial role in the country's economy and are responsible for contributing to the overall welfare of the society.

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9.

The Indian industry faced the process of retrogression and deceleration because of
- Unsatisfactory performance of agriculture
- Slackening of real investment in public sector
- Narrow market for industrial goods, especially in rural areas.
- All of the above.
Correct Answer

A. All of the above.

Explanation

The Indian industry faced retrogression and deceleration due to the unsatisfactory performance of agriculture, slackening of real investment in the public sector, and a narrow market for industrial goods, especially in rural areas. These factors combined to create a challenging environment for the Indian industry, leading to a slowdown in growth and progress.

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10.

Find the tax which is direct tax among the following:
- Personal income tax.
- Excise duty.
- Sales tax.
- Service tax.
Correct Answer

A. Personal income tax.

Explanation

The correct answer is personal income tax because it is a direct tax that is levied on the income earned by individuals. This tax is based on the individual's income and is paid directly by the taxpayer to the government. In contrast, excise duty, sales tax, and service tax are indirect taxes that are imposed on goods and services, and are ultimately passed on to the consumer.

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11.

Which of the statements is correct?
- The tertiary sector contributes the maximum to the GDP.
- India is basically a socialist economy.
- The distribution of income and wealth is quite equitable.
- None of the above.
Correct Answer

A. The tertiary sector contributes the maximum to the GDP.

Explanation

The correct answer is that the tertiary sector contributes the maximum to the GDP. This means that the services sector, which includes industries such as banking, retail, tourism, and healthcare, contributes the most to the overall economic output of the country. This statement suggests that the services sector is a significant driver of economic growth in India.

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12.

Over the planning period the share of industrial sector in the GDP of India has____________________ .
- Increased
- Decreased
- Remained constant
- Remained above 50 per cent
Correct Answer

A. Increased

Explanation

The correct answer is "Increased". This means that over the planning period, the share of the industrial sector in India's GDP has gone up. This indicates that the industrial sector has been growing and contributing more to the overall economy.

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13.

The industrial sector depends on the agricultural sector because
- The agriculture sector provides food and other products for the consumption purposes of industrial sector.
- The agriculture sector provides raw-materials for the development of a agro-based industries of the economy.
- The agricultural sector provides market for the industrial products.
- All of the above.
Correct Answer

A. All of the above.

Explanation

The industrial sector depends on the agricultural sector because the agriculture sector provides food and other products for the consumption purposes of the industrial sector. Additionally, the agriculture sector provides raw materials for the development of agro-based industries in the economy. Furthermore, the agricultural sector also provides a market for the industrial products.

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14.

AH of the following can cause sickness to an industrial unit except:
- Demand recession.
- Uneconomic size.
- High productivity of labour and capital.
- Financial mismanagement.
Correct Answer

A. High productivity of labour and capital.

Explanation

High productivity of labor and capital cannot cause sickness to an industrial unit. In fact, high productivity is usually desirable as it indicates efficient use of resources and increased output. Sickness in an industrial unit is more likely to be caused by factors such as demand recession, which leads to reduced sales and profitability, uneconomic size, which means the unit is too small to be viable, and financial mismanagement, which can result in cash flow problems and insolvency.

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15.

Service sector accounted for nearly_____________________ percent of exports (2009-10).
- Two Third
- One Fourth
- One Third
- Two Fourth
Correct Answer

A. One Third

Explanation

The correct answer is "One Third." This means that the service sector accounted for approximately 33.33% of exports in 2009-10.

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16.

Which of the following is incorrect?
- GDP at market price = GDP at factor cost plus net indirect taxes.
- NNP at factor cost = NNP at market price minus indirect taxes.
- GNP at market price = GDP at market price plus net factor income from abroad.
- None of the above.
Correct Answer

A. None of the above.

Explanation

The given answer "None of the above" is correct because all the statements mentioned in the options are correct. GDP at market price is equal to GDP at factor cost plus net indirect taxes. NNP at factor cost is equal to NNP at market price minus indirect taxes. GNP at market price is equal to GDP at market price plus net factor income from abroad. Therefore, there is no incorrect statement among the given options.

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17.

Per capita national income means
- NNP + population
- Total capital + population
- Population + NNP
- None of the above.
Correct Answer

A. NNP + population

Explanation

Per capita national income refers to the average income earned by each individual in a country. It is calculated by dividing the total national income (NNP) by the population. Therefore, the correct answer is NNP + population, as it represents the calculation required to determine per capita national income.

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18.

We can say Indian agriculture has become modern since
- There has been an increase in the use of high yielding varieties of seeds, fertilizers, pesticides etc.
- There has been noticeable positive change in the attitude of farmers towards new techniques of production.
- Farmers are increasingly resorting to intensive cultivation, multiple cropping, scientific water management
- All of the above.
Correct Answer

A. All of the above.

Explanation

The correct answer is "All of the above" because all the given statements contribute to the modernization of Indian agriculture. The increased use of high yielding varieties of seeds, fertilizers, and pesticides indicates the adoption of advanced techniques and technologies in farming. The positive change in the attitude of farmers towards new production techniques shows their willingness to embrace modern methods. The adoption of intensive cultivation, multiple cropping, and scientific water management practices further indicates the modernization of agriculture. Therefore, all the given statements collectively support the claim that Indian agriculture has become modern.

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19.

The area under irrigation has __________over the years in India.
- Remained constant.
- Decreased
- Increased.
- First increased and then decreased.
Correct Answer

A. Increased.

Explanation

The correct answer is "Increased." This means that the area under irrigation in India has grown over the years. This suggests that more land has been brought under irrigation, indicating an expansion in agricultural practices and potentially improved water management strategies.

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20.

Which of the following statements is correct?
- Countries which are industrially well-developed generally have higher per capita income than countries which are not.
- India is a capital surplus economy.
- Agriculture sector need not depend upon industrial sector for its growth.
- None of the above.
Correct Answer

A. Countries which are industrially well-developed generally have higher per capita income than countries which are not.

Explanation

Industrially well-developed countries tend to have higher per capita income because industrialization leads to increased productivity, higher wages, and technological advancements. This allows these countries to produce more goods and services, leading to higher incomes for their citizens. On the other hand, countries that are not industrially well-developed often have lower levels of productivity and limited access to technology, resulting in lower per capita income.

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21.

Small scale units exist in India because
- They are labour intensive and India is a labour surplus economy.
- They offer methods of ensuring more equitable distribution of income and wealth.
- They facilitate the creation of a wider entrepreneurial base.
- All of the above.
Correct Answer

A. All of the above.

Explanation

Small scale units exist in India because they are labour intensive and India is a labour surplus economy. This means that there is a large pool of available labor in India, making it cost-effective for small scale units to rely on manual labor. Additionally, small scale units offer methods of ensuring more equitable distribution of income and wealth. By providing opportunities for small entrepreneurs to start their own businesses, small scale units contribute to the creation of a wider entrepreneurial base in India. Therefore, all of the above reasons contribute to the existence of small scale units in India.

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22.

In absolute terms, the number of people engaged in agricultural activities over the planning period has
- Remained constant.
- Increased.
- Decreased.
- First increased and then decreased.
Correct Answer

A. Increased.

Explanation

The correct answer is "Increased." This means that the number of people engaged in agricultural activities has grown over the planning period.

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23.

India has the_________________ largest scientific and technical manpower in the world
- Fifth
- Tenth
- Eighth
- Third
Correct Answer

A. Third

Explanation

India has the third largest scientific and technical manpower in the world. This means that India has a significant number of individuals who are trained and skilled in scientific and technical fields. The ranking suggests that India's scientific and technical workforce is among the largest globally, indicating the country's strong emphasis on education and investment in these areas.

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24.

National income differs from net national product at market price by the amount of
- Current transfers from the rest of the world.
- Net indirect taxes.
- National debt interest.
- It does not differ
Correct Answer

A. Net indirect taxes.

Explanation

National income is the total income earned by individuals and businesses within a country's borders in a given period. Net national product at market price, on the other hand, is the total value of goods and services produced by a country's residents, including net indirect taxes. Therefore, the correct answer is net indirect taxes, as it is the only option that causes a difference between national income and net national product at market price.

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25.

The share of agriculture in India's national income has__________________ over the years.
- Remained constant.
- Decreased.
- Increased.
- First decreased and then increased.
Correct Answer

A. Decreased.

Explanation

The share of agriculture in India's national income has decreased over the years. This suggests that the contribution of agriculture to the overall economy has become relatively smaller compared to other sectors. This could be due to various factors such as the growth of other industries, urbanization, and changes in the economic structure of the country.

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26.

Which of the following statements is correct?
- Under zamindari system, farmers directly paid land revenue to the state.
- At present, income tax revenues from the agriculture sector are negligible.
- Commercial banks are providing loans to the agriculture sector at zero interest rate.
- None of the above.
Correct Answer

A. At present, income tax revenues from the agriculture sector are negligible.

Explanation

The correct answer is "At present, income tax revenues from the agriculture sector are negligible." This statement is correct because in many countries, including India, agricultural income is exempt from income tax. This exemption is aimed at supporting and promoting the agricultural sector, which is considered essential for food security and rural development. As a result, the income tax revenues generated from the agriculture sector are minimal or negligible.

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27.

Three steel plants in Bhilai, Rourkela and Durgapur were set up in the
- First plan.
- Second plan.
- Third plan.
- Fourth plan.
Correct Answer

A. Second plan.

Explanation

The correct answer is the Second plan. The question is asking about the time period in which the steel plants in Bhilai, Rourkela, and Durgapur were set up. The First plan was implemented from 1951 to 1956, and the Second plan was implemented from 1956 to 1961. Since the steel plants were set up during the Second plan, it is the correct answer.

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28.

The Eleventh Plan aimed at achieving a growth rate of__________________ in the industrial scctor.
- 5 percent
- 8 percent
- 10 percent
- 6 percent
Correct Answer

A. 10 percent

Explanation

The Eleventh Plan aimed at achieving a growth rate of 10 percent in the industrial sector. This indicates that the plan had set a target for the industrial sector to grow at a rate of 10 percent during the specified period. This growth rate goal suggests that the plan aimed to promote and support the development and expansion of industries, which would contribute to overall economic growth and development.

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29.

Demand for final consumption arises in
- Household sector only.
- Government sector only.
- Both household and government sectors.
- Neither household nor government sector.
Correct Answer

A. Both household and government sectors.

Explanation

The demand for final consumption arises in both the household and government sectors. In the household sector, individuals and families consume goods and services for their personal use. This includes everyday items like food, clothing, and housing, as well as services like healthcare and education. On the other hand, the government sector also has a demand for final consumption as it provides public goods and services to the citizens. This includes infrastructure projects, defense, healthcare, education, and other services that are consumed by the government and the general public. Therefore, both sectors contribute to the overall demand for final consumption.

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30.

Which of the following statements is correct?
- Income tax was abolished in India in 1991.
- Gift tax was abolished in India in 1998, but income tax on gifts (received without adequate consideration) was partially reintroduced in April 2005.
- No state has adopted VAT system of indirect taxation.
- Estate duty was abolished in 1995.
Correct Answer

A. Gift tax was abolished in India in 1998, but income tax on gifts (received without adequate consideration) was partially reintroduced in April 2005.

Explanation

The correct answer is "Gift tax was abolished in India in 1998, but income tax on gifts (received without adequate consideration) was partially reintroduced in April 2005." This statement accurately reflects the history of gift tax in India. It states that gift tax was abolished in 1998, but income tax on gifts was partially reintroduced in 2005 for gifts received without adequate consideration. This means that if someone receives a gift without giving anything in return or with insufficient consideration, they may be subject to income tax on that gift.

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31.

Mahalanobis model stressed upon the establishment of
- Consumer goods industries.
- Export oriented industries.
- Agro-based industries.
- Capital and basic goods industries.
Correct Answer

A. Capital and basic goods industries.

Explanation

The Mahalanobis model emphasized the development and growth of capital and basic goods industries. This means that the focus was on industries that produce machinery, equipment, and other essential goods needed for the overall economic development of a country. By prioritizing the establishment of these industries, the model aimed to create a solid foundation for industrialization and economic self-sufficiency. This approach is based on the belief that a strong industrial sector is crucial for achieving sustainable economic growth and reducing dependency on imports.

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32.

Tine service sector in India now accounts for
- More than 80 per cent of GDP.
- More than 70 per cent of GDP.
- More than 50 per cent of GDP.
- More than 90 per cent of GDP.
Correct Answer

A. More than 50 per cent of GDP.

Explanation

The correct answer is "More than 50 per cent of GDP." This means that the service sector in India contributes to more than half of the country's Gross Domestic Product (GDP). This indicates that the service industry plays a significant role in the Indian economy, contributing to economic growth and development.

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33.

Which of the following is an economic activity?
- Listening to music on the radio.
- Teaching one's own son at home.
- Medical facilities rendered by a charitable dispensary.
- A housewife doing household duties.
Correct Answer

A. Medical facilities rendered by a charitable dispensary.

Explanation

An economic activity refers to any activity that involves the production, distribution, and consumption of goods and services. In this context, medical facilities rendered by a charitable dispensary can be considered an economic activity as it involves the provision of healthcare services, which is a form of service that contributes to the well-being of individuals and society. This activity involves the production and distribution of medical services, and it may also involve the consumption of resources such as medicines and equipment.

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34.

Which of the following statements is correct?
- The service sector contributes more than half of the GDP of India.
- The scope of attracting tourists is limited as there is hardly any place of tourist attraction in India.
- Generally as an economy grows first service sector grows and then agriculture and industrial sectors grow.
- None of the above.
Correct Answer

A. The service sector contributes more than half of the GDP of India.

Explanation

The correct answer is "The service sector contributes more than half of the GDP of India." This statement is correct because the service sector has become a major driver of economic growth in India, accounting for more than 50% of the country's GDP. The service sector includes industries such as banking, finance, telecommunications, tourism, and information technology, which have experienced significant growth in recent years. This has led to a shift in the Indian economy, with services becoming the largest contributor to GDP, surpassing both agriculture and industry sectors.

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35.

Net national product at factor cost is
- Equal to national income.
- Less than national income.
- More than national income.
- Sometimes less than national income and sometimes more than it.
Correct Answer

A. Equal to national income.

Explanation

Net national product at factor cost is equal to national income because both concepts measure the total income generated by the factors of production within a country's borders. Net national product at factor cost calculates the value of all final goods and services produced by the residents of a country, minus any depreciation or wear and tear on capital goods. National income, on the other hand, measures the total income earned by individuals, businesses, and the government within a country during a specific period. Therefore, both concepts represent the same value and are equal to each other.

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36.

Mixed income of the self employed means
- Gross profits received by proprietors
- Rent, interest and profit of an enterprise.
- Combined factor payments which are not distinguishable.
- Wages due to family workers.
Correct Answer

A. Combined factor payments which are not distinguishable.

Explanation

The mixed income of the self-employed refers to the combined factor payments that cannot be distinguished. This means that it includes various sources of income, such as gross profits received by proprietors, rent, interest, profit of an enterprise, and wages due to family workers. The term "mixed income" implies that these different types of payments are combined and cannot be easily separated or categorized into distinct sources.

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37.

About ______________ per cent of the sick units in India are small units.
- 10 percent.
- 5 percent.
- 30 percent.
- 96 percent.
Correct Answer

A. 96 percent.

Explanation

The correct answer is 96 percent. This means that a large majority (almost all) of the sick units in India are small units. This suggests that there is a higher prevalence of small businesses facing financial difficulties and operational challenges in the country.

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38.

Transfer payments refer to payments which are made.
- Without any exchange of goods and services.
- To workers on transfer from one job to another.
- As compensation to employees.
- None of the above.
Correct Answer

A. Without any exchange of goods and services.

Explanation

Transfer payments refer to payments that are made without any exchange of goods and services. This means that transfer payments are not made in return for any specific product or service. Instead, they are typically made for social welfare programs, such as unemployment benefits, social security, or welfare assistance. These payments are meant to provide financial support to individuals or groups in need, without requiring them to provide any goods or services in return.

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39.

Demand for intermediate consumption arises in
- Consumer households.
- Government enterprises only.
- Corporate enterprises only.
- All producing sectors of an economy.
Correct Answer

A. All producing sectors of an economy.

Explanation

The demand for intermediate consumption arises in all producing sectors of an economy because intermediate consumption refers to the purchase of goods and services by businesses for the purpose of producing other goods and services. This includes sectors such as manufacturing, agriculture, construction, and services. All these sectors require inputs from other sectors to carry out their production processes, hence creating demand for intermediate consumption across the entire economy.

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40.

Which of the following statements is correct?
- The industrial pattern on the eve of Independence was quite balanced.
- During the planning period, the structure of Indian industry has shifted in favour of basic and capital goods and intermediate sector.
- Most of the big industrial units in India are sick.
- None of the above.
Correct Answer

A. During the planning period, the structure of Indian industry has shifted in favour of basic and capital goods and intermediate sector.

Explanation

During the planning period, the structure of Indian industry has shifted in favor of basic and capital goods and the intermediate sector. This means that there has been a significant increase in the production and focus on essential goods and services, as well as the development of industries that support and provide inputs for other sectors. This shift indicates a strategic move towards self-sufficiency and the development of a strong industrial base in India.

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41.

Abolition of intermediaries and tenancy reforms are both parts of
- Industrial reforms in India.
- External sector reforms in India.
- Land reforms in India.
- Banking reforms in India.
Correct Answer

A. Land reforms in India.

Explanation

The abolition of intermediaries and tenancy reforms are both measures that are part of land reforms in India. Land reforms aim to address issues related to land ownership, distribution, and tenancy. The abolition of intermediaries refers to the elimination of intermediaries or middlemen who traditionally controlled and exploited agricultural land, while tenancy reforms focus on providing security of tenure and fair treatment to tenants. These reforms aim to redistribute land and promote equitable access and ownership, particularly for marginalized and landless farmers.

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42.

Which of the following statements is incorrect?
- About 80 per cent of agricultural area has irrigation facilities.
- About 60 per cent area is rain fed in India.
- Productivity per worker in agriculture is much lower than that in industry.
- Cropping pattern is quite skewed in India.
Correct Answer

A. About 80 per cent of agricultural area has irrigation facilities.

Explanation

The statement "About 80 per cent of agricultural area has irrigation facilities" is incorrect because the correct statement is that about 40 per cent of agricultural area has irrigation facilities in India.

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43.

The industrial sector faced the process of retrogression and deceleration during
- 1950-1965.
- 1990-2005.
- 1980-1995.
- 1965-1980.
Correct Answer

A. 1965-1980.

Explanation

During the period of 1965-1980, the industrial sector experienced retrogression and deceleration. This means that there was a decline or regression in the growth and development of the industrial sector during this time. The sector was facing challenges and obstacles that hindered its progress and caused a slowdown in its activities. This could be due to various factors such as economic downturns, political instability, changes in government policies, or technological disruptions. Overall, this period was characterized by a decline in industrial growth and a slower pace of development.

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44.

Which of the following statements is correct?
- A large number of industries face under utilization of production-capacity.
- The incremental capital -output ratio has been falling over the planning period.
- In terms of regions, industrial development is quite balanced.
- None of the above.
Correct Answer

A. A large number of industries face under utilization of production-capacity.

Explanation

A large number of industries facing underutilization of production capacity means that many industries are not using their full potential to produce goods and services. This could be due to various reasons such as lack of demand, inefficient production processes, or economic downturns. This statement suggests that there is room for improvement in the utilization of production capacity in these industries.

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45.

Among the following types of taxes, find the one which is indirect?
- Gift tax.
- Corporate income tax.
- VAT.
- Wealth tax.
Correct Answer

A. VAT.

Explanation

VAT (Value Added Tax) is an indirect tax because it is imposed on the sale of goods and services rather than directly on individuals or businesses. It is collected by businesses and then paid to the government, making it an indirect form of taxation. Gift tax, corporate income tax, and wealth tax are all direct taxes as they are levied directly on individuals or businesses.

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46.

Which of the following statements is correct?
- Excise duty is levied on sales volume.
- Custom duties have been drastically cut down since 1991.
- VAT has been adopted by two-three states in India.
- Agriculture contributes the maximum to the direct tax revenues in India.
Correct Answer

A. Custom duties have been drastically cut down since 1991.

Explanation

The correct answer is "Custom duties have been drastically cut down since 1991." This statement implies that there has been a significant reduction in custom duties since 1991. Custom duties are taxes imposed on goods imported or exported between countries. The answer suggests that there has been a policy change or reform in the customs duties system, leading to a decrease in the rates or overall burden of these duties.

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47.

The net values added method of measuring national income is also known as :
- Net output method.
- Production method.
- Industry of origin method.
- All of the above.
Correct Answer

A. All of the above.

Explanation

The net values added method of measuring national income is also known as the net output method, production method, and industry of origin method. This method calculates national income by summing up the value added at each stage of production in all industries. It takes into account the value added by each industry and eliminates double counting. Therefore, all of the above options correctly describe the net values added method of measuring national income.

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48.

The green revolution is also known as
- Wheat revolution.
- Rice revolution.
- Maize revolution.
- Forest revolution.
Correct Answer

A. Wheat revolution.

Explanation

The correct answer is "Wheat revolution." The green revolution refers to a period of technological advancements in agriculture that occurred in the mid-20th century, leading to increased agricultural production. It primarily focused on the development and adoption of high-yielding varieties of wheat, which significantly increased wheat production and helped alleviate food shortages in many parts of the world. The term "Wheat revolution" accurately captures the central role of wheat in this agricultural transformation.

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49.

Nearly___________ percent of working population is engaged in the service sector.
- 25 percent
- 45 percent
- 80 percent
- 50 percent
Correct Answer

A. 25 percent

Explanation

The correct answer is 25 percent because the statement indicates that a certain percentage of the working population is engaged in the service sector. Out of the given options, 25 percent is the lowest percentage, indicating that a relatively small portion of the working population is involved in the service sector.

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Mar 20, 2023

Quiz Edited by
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Feb 22, 2012

Quiz Created by
Sweetsalman123

Indian Economy - A Profile

A sick industrial unit is one

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Which of the following has resulted in failure to achieve targets of industrial production?

Generally an economy is considered under developed if

Which of the following has been specifically established to meet the requirements of credit of the farmers and villagers?

Agriculture sector laces the problem of

BPO stands for

_________________ is the apex bank for agriculture credit in India.

Oil and Natural Gas Corporation Indian Oil Corporation, Steel Authority of India, and Bharat Heavy lilectricals are all examples of

The Indian industry faced the process of retrogression and deceleration because of

Find the tax which is direct tax among the following:

Which of the statements is correct?

Over the planning period the share of industrial sector in the GDP of India has____________________ .

The industrial sector depends on the agricultural sector because

AH of the following can cause sickness to an industrial unit except:

Service sector accounted for nearly_____________________ percent of exports (2009-10).

Which of the following is incorrect?

Per capita national income means

We can say Indian agriculture has become modern since

The area under irrigation has __________over the years in India.

Which of the following statements is correct?

Small scale units exist in India because

In absolute terms, the number of people engaged in agricultural activities over the planning period has

India has the_________________ largest scientific and technical manpower in the world

National income differs from net national product at market price by the amount of

The share of agriculture in India's national income has__________________ over the years.

Which of the following statements is correct?

Three steel plants in Bhilai, Rourkela and Durgapur were set up in the

The Eleventh Plan aimed at achieving a growth rate of__________________ in the industrial scctor.

Demand for final consumption arises in

Which of the following statements is correct?

Mahalanobis model stressed upon the establishment of

Tine service sector in India now accounts for

Which of the following is an economic activity?

Which of the following statements is correct?

Net national product at factor cost is

Mixed income of the self employed means

About ______________ per cent of the sick units in India are small units.

Transfer payments refer to payments which are made.

Demand for intermediate consumption arises in

Which of the following statements is correct?

Abolition of intermediaries and tenancy reforms are both parts of

Which of the following statements is incorrect?

The industrial sector faced the process of retrogression and deceleration during

Which of the following statements is correct?

Among the following types of taxes, find the one which is indirect?

Which of the following statements is correct?

The net values added method of measuring national income is also known as :

The green revolution is also known as

Nearly___________ percent of working population is engaged in the service sector.