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 business economics and quantitative methods measurement of national income methods of national income methods of measuring national income national income analysis

Gini co-efficient is used for measuring poverty in _____________ sense.

  1. absolute

  2. relative

  3. gross

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

The Gini coefficient is a measure of statistical dispersion intended to represent the income inequality within a nation, making it a relative measure of poverty.

Multiple choice business economics and quantitative methods measurement of national income methods of national income methods of measuring national income national income analysis

Which of the following is true?

  1. Gross national expenditure $=$ consumption expenditure $+$ net domestic investment $+$ net foreign investment $+$ Replacement expenditure
  2. Net National Expenditure $=$ Gross National Expenditure $-$ Replacement investment
  3. Net domestic expenditure $=$ consumption expenditure $+$$ net domestic investment

  4. All of the above are true
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

All the listed equations correctly represent components or derivations of national expenditure accounting.

Multiple choice business economics and quantitative methods measurement of national income methods of national income methods of measuring national income national income analysis

When poverty is not related to income or consumption expenditure, it is ___________.

  1. absolute

  2. relative

  3. below poverty line

  4. none of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Absolute poverty is defined by a fixed standard, whereas relative poverty is defined in relation to the income distribution of the rest of the society.

Multiple choice economics measurement of national income methods of national income methods of measuring national income national income analysis

There is no possibility of double counting while estimating national income.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Double counting is a significant risk when estimating national income, especially in the Product Method, where the value of intermediate goods can be mistakenly included multiple times if not carefully accounted for.

Multiple choice civics foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

Indian economy in the early days was a _____.

  1. urban economy

  2. city economy

  3. village economy

  4. none of these
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Historically, the Indian economy was primarily agrarian, with the vast majority of the population living and working in villages, making it a village economy.

Multiple choice economics foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

Which of the following were India's primary exports?

  1. Raw silk

  2. Cotton

  3. Sugar

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Mostly fine cotton and silk were exported from India to markets in Europe, Asia, and Africa; by the second quarter of the 19th century, raw materials, which chiefly consisted of sugar, raw cotton, opium, and indigo, accounted for most of India's exports.

Hence, D is the correct option.

Multiple choice economics foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

Which of the following goods did India import?

  1. Capital goods

  2. Jute

  3. Cement

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

From the time of Pre-Independence India has been one of the important trading countries, exporting primary items like cotton, raw silk, sugar, wool, jute, and indigo, etc. and importer of finished consumer goods like woollen clothes, cotton, silk, and capital goods like light machinery manufactured in Britain.

Multiple choice civics foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

In India, strategic aspects like Arms and Ammunition, Atomic Energy, etc. belong to ____________.

  1. private sector

  2. public sector

  3. joint sector

  4. none of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

In India, strategic aspects like Arms and Ammunition, Atomic Energy, etc. belong to public sector. Only the public sector have the power to intervene in the above mentioned sectors since these sectors are reserved only within the purview of the public sector.

Multiple choice civics foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

Economic reforms were introduced in the following sector(s) of the economy ____________.

  1. industrial and financial sector

  2. financial and fiscal sector

  3. monetary and fiscal sector

  4. industrial, financial, fiscal and external sector.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
Economic reforms were introduced in the following sector(s) of the economy:
a) industrial sector
b) financial sector
c) fiscal sector
d) external sector
Economic reforms aims to create a more freer economy and uphold the liberalization, privatization and globalization. Economic reforms helps to promote economic growth and development.
Multiple choice economics solution to basic economic problems under different economic systems supply curve and price determination in the market price mechanism and solutions supply

Factor incomes are used by the factors of production to purchase goods and services, which determines the distribution of the output produced.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Factor income directs the flow of factors of production in the market but it also contributes to the consumption expenditure or aggregate demand in the economy as if factor income increases the aggregate demand also increases and if factor income decreases the aggregate demand also decreases. 

Multiple choice economics solution to basic economic problems under different economic systems supply curve and price determination in the market price mechanism and solutions supply

The public sector under a mixed economy provides __________ so as to promote economic development.

  1. consumer goods

  2. economic infrastructure

  3. luxury goods

  4. all of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

In a mixed economy, private decisions are intervened by the government due to which all the major economic decisions related to economic development is taken by the government i.e. public sector which includes economic infrastructure, development of health and education etc. 

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

______ is the pioneering zeal that provides prosperity in every arena of human life- economic, technological and cultural.

  1. Industrial development

  2. Entrepreneurship

  3. Government

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

Entrepreneurship means setting up a business with some innovative ideas and creative thinking by assuming financial and other risks. The process by which individuals pursue opportunities without regard to resources they currently control. It is the pioneering zeal that provides prosperity in every arena of human life be it economic, technological and cultural.

Multiple choice commercial studies money loans from banks and financial institutions introduction to money - barter system owned fund and borrowed fund

In rural areas, what is the major reason behind taking the credit?

  1. Telecommunication

  2. Crop production

  3. Establishment of factory

  4. For buying luxuries
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
  • About 60% of the Indian population is dependent on agriculture.
  • Most of the Indian farmers are small and marginal farmers.
  • Rural farmers savings are very less.
  • Rural farmers seek credit for the production of crops as there are no savings left with them from the last year.
Multiple choice political science problem of unemployment in india introduction and features of unemployment quality of population unemployment- types, causes and measures

In which of these sectors disguised unemployment is noticed?

  1. Agricultural

  2. Service

  3. Transport

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

Disguised unemployment occurs when more people are employed than are actually needed for a task, which is most common in the agricultural sector where family members often work on the same plot of land.

Multiple choice business economics and quantitative methods introduction to micro economics microeconomics and macroeconomics : introduction economic ideas of j k mehta micro and macro economics

Mixed economy means an economy where ______________________.

  1. Both agriculture and industry are equally promoted by the State

  2. There is co-existence of public sector along with private sector

  3. There is importance of small scale industries along with heavy industries

  4. Economy is controlled by military as well as civilian rulers
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

A mixed economy is characterized by the coexistence of both public (government-owned) and private sectors, allowing for both state intervention and market-driven economic activity.