Economics · General Awareness

Economic Sectors and Infrastructure

1,785 Questions

This topic covers the classification of primary, secondary, and tertiary economic sectors, along with their infrastructure requirements. Questions often explore the impact of globalization, privatization, and technology on various industries. This material is frequently tested in SSC, state PSC, and UPSC examinations.

Primary and secondary sectorsBanking and service sectorPrivatization and economic reformsIndustrial growth and laborFive-Year Plans priorities

Economic Sectors and Infrastructure Questions

Multiple choice geography mineral and energy resources - i iron and steel industries iron and steel industry mineral based industries

Which one of the following factors is considered as the most prominent one in industrial location in a region?

  1. Availability of raw materials

  2. Market

  3. Cheap Labour

  4. None of these
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A.       Availability of Raw Materials.

The significance of raw materials in manufacturing industry is so fundamental that it needs no emphasizing. Indeed, the location of industrial enterprises is sometimes determined simply by location of the raw materials. Modern industry is so complex that a wide range of raw materials is necessary for its growth.

 

Multiple choice geography mineral and energy resources - i iron and steel industries iron and steel industry mineral based industries

Small scale and large scale industries are classified on the basis of

  1. Capital investment

  2. Ownership

  3. Main role

  4. Source of raw materials
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Industries can be classified according to their size

1.       Small Scale Industries

2.       Large Scale Industries

Size refers to the

  • Amount of Capital Invested
  • Number of People Employed
  • Volume of Production

 

Small Scale Industries: Cottage or household industries are a type of small scale industry where the products are manufactured by hand, by the artisans.

·         Small scale industries use very little capital.

·         The craftsmen follow traditional methods while making their products and modern technology has no place here.

·         The capital invested by small scale industries is very small.

·         Basket weaving, Pottery, handicrafts, silk weaving, food processing and dress-making are all small-scale Industries

Large Scale Industries: Large scale industries make huge investments and use modern technology in their manufacturing process.

·         Large scale industries invest huge capitals.

·         The technology used is very superior and the large quantities of the product are manufactured. Classification of Industries

·         The labor force involved in large scale industries is also very large.

·         Automobile industry, manufacture of consumer goods like Television sets, iron and steel industries can be classified under large scale industries.

Multiple choice economics economics of development and planning economics of planning objectives of economic planning in india major economic problems

The sector that contributes the highest share to the national income at present is ___________.

  1. agriculture

  2. industries

  3. services

  4. banking
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The tertiary sector of the economy is the service industry. This sector provides services to the general population and to businesses. Activities associated with this sector include retail and wholesale sales, transportation and distribution, entertainment (movies, television, radio, music, etc.), restaurants, clerical services, media, tourism, insurance, banking, healthcare, and law. In most developed and developing countries, a growing proportion of workers are devoted to the tertiary sector.

Multiple choice economics economics of development and planning economics of planning objectives of economic planning in india major economic problems

In the planning for growth of economic development, which sector is given a responsibility?

  1. Private sector

  2. Public sector

  3. Joint sector

  4. Co-operative sector
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

A public sector company is that company in which the Union Government or State Government or any Territorial Government owns a share of 51 % or more. It plays an important role in capital formation, employment generation, export promotion, etc. Its aims are to promote balanced regional growth, to promote redistribution of income and wealth, to encourage the development of small-scale and ancillary industries, etc

Multiple choice history the industrial revolution industrial revolution and its effects industries and impact india's contemporary economic condition the industrial age and change of life of people industrialization and the growth of democracy china: two different phases

Which industries could not compete with the factories?

  1. Cottage

  2. Small scale

  3. Large scale

  4. Medium scale
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Cottage industries could not compete with the factories and they met their natural death in the course of time. The establishment of factories saw the rise of many new industrial towns like Manchester, Lancashire, Birmingham and Sheffield. 

Multiple choice organisation of commerce and management liberalization, privatization and globalization concept and necessity of globalization highlights of lpg policy multinational corporations

Prior to liberalisation ___________ of the most important industries were exclusively reserved for the public sector.

  1. 7

  2. 10

  3. 12

  4. 17
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Prior to liberalization 7 of the most important industries were exclusively reserved for the public sector. It was educed to 8 industries under the New Economic Policy, 1991. Liberalization refers to end of license, quota and many more restrictions and controls which were put on industries before 1991.

Multiple choice organisation of commerce and management liberalization, privatization and globalization concept and necessity of globalization highlights of lpg policy multinational corporations

At present (2018) _______ industries are reserved for the public sector.

  1. 5

  2. 2

  3. 8

  4. 12
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

At present (2018) 2 industries are reserved for the public sector. Atomic energy and Railways are the only two government monopolies in India. Only public sector undertaking has the authority to run the activities of these industries.

Multiple choice organisation of commerce and management liberalization, privatization and globalization concept and necessity of globalization highlights of lpg policy multinational corporations

Which among the following have not been opened for private sector participation?

  1. Power Sector

  2. Telecommunication Sector

  3. Education Sector

  4. Railways
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Railways has not been opened for private sector participation. Railway sector is owned and managed by the Government of India. It is a public sector undertaking. Railways is still referred as a Government monopoly.

Multiple choice organisation of commerce and management liberalization, privatization and globalization concept and necessity of globalization highlights of lpg policy multinational corporations

Opening up of an industry that has been reserved for the public sector to the private sector is an example of ______.

  1. modernisation

  2. liberalisation

  3. globalisation

  4. privatisation
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Privatization can refer to the act of transferring ownership of specified property or business operations from a government organization to a privately owned entity, as well as the transition of ownership from a publicly traded, or owned, company to a privately owned company.

Multiple choice geography economic growth and development development and growth need for sustainable development economics of development

Indian Economy is a __________.

  1. capitalist economy

  2. socialist economy

  3. mixed economy

  4. not an economy at all
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Indian economy is a mixed economy.  A mixed economy can be defined as a market system which entails features from both the capitalist economy as well as socialist economy. Decisions in a mixed economy are jointly taken by both the private as well as public sector.

Multiple choice economics meaning and scope of public finance public finance, budget and fiscal policy government budget and economy public finance and budget

At present only . industries are reserved for the Public Sector.

  1. 5

  2. 7

  3. 8

  4. 3
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Only 3 industries are currently reserved for the Public Sector: Atomic Energy, Railway Operations, and substances specified in the schedule to the Department of Atomic Energy notification. This is a significant reduction from earlier periods when many more industries were exclusively reserved for public sector.

Multiple choice economics meaning and scope of public finance public finance, budget and fiscal policy government budget and economy public finance and budget

Which of the following industries are not reserved for Public Sector presently?

  1. Atomic Energy

  2. Rail Transport

  3. Substances specified in the schedule to the Notification of the Government of India in the Department of Atomic Energy

  4. Defence
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Atomic energy and railway transport are reserved for the public sector. Defence production has been opened up to private sector participation, meaning it is no longer exclusively reserved for the public sector.

Multiple choice economics meaning and scope of public finance public finance, budget and fiscal policy government budget and economy public finance and budget

Which of these activity is not included in service sector?

  1. Tourism services.

  2. Education services.

  3. Mining services.

  4. Health and social welfare services.
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Mining is classified under the industrial sector (specifically the primary sector), whereas tourism, education, and health are categorized as service sector activities.

Multiple choice elements of business fundamentals of business activities characteristics of vocational activities basis of classification of business activities classification of business

The industries which provide support services to other industries are known as ____________.

  1. Primary industries

  2. Secondary industries

  3. Commercial industries

  4. Tertiary industries
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Tertiary industries: These industries provides support to primary and secondary industries . Tertiary industry consits of : banking, transportation warehousing etc services.