Tag: indian economy on the eve of independence

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Questions Related to indian economy on the eve of independence

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

Import of oil and lubricants constitute nearly ________ of India's total import bill as per 2013-14 data.

  1. 20%

  2. 24%

  3. 35%

  4. 40%
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Based on historical economic data for India around 2013-14, oil and lubricants accounted for a significant portion of the import bill, typically around 35%.

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

'Public Sector' means ___________.

  1. government ownership on commerce and trade

  2. capitalist ownership on commerce and trade

  3. private ownership on trade

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

Public sector refers to all the companies, bank, commerce and trade which has 51% or more of government shares as it equity. Therefore, it refers to the government ownership on commerce and trade.

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

The first atomic power station in Trombay was started in the year _____.

  1. 1950

  2. 1952

  3. 1956

  4. 1960
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The Bhabha Atomic Research Centre (BARC) is India’s premier nuclear research facility based in Trombay, Mumbai, Maharashtra. BARC is a multi-disciplinary research centre with extensive infrastructure for advanced research and development covering the entire spectrum of nuclear science, engineering and related areas.

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

When there is excess demand for a commodity, the 'Law of demand' implies that __________.

  1. price of the commodity falls

  2. price of the commodity remains same

  3. price of the commodity rises

  4. quantity demanded of the commodity falls
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

According to the law of demand, when demand exceeds supply (excess demand), the scarcity of the commodity puts upward pressure on its price until the market reaches equilibrium.

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

Supply of perishable goods is inelastic.

  1. True

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

Perishable goods cannot be stored for long periods, so producers must sell them regardless of the price, making their supply relatively unresponsive to price changes in the short run.

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

Total outlay is price multiplied by quantity. 

  1. True

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

Total outlay is another method to measure elasticity of demand this is also known as the expenditure method, Total outlay is calculated by taking into account the total expenditure which Is price multiplied by quantity. 

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

_______ is the price at which demand, for a commodity is equal to is supply.

  1. Normal price

  2. Equilibrium price

  3. Short run price

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

Equilibrium price is the price at which the quantity demanded and the quantity supplied is the same. After equilibrium is achieved the price does not change. It is the ideal market price.

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

In economics, a state of balance is called ________________.

  1. saturation point

  2. stability point

  3. profit maximising point

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

In economics, equilibrium is the state where market forces, such as supply and demand, are balanced, and there is no tendency for the price or quantity to change.

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

Consumer surplus arises because:

  1. Consumer has lot of money

  2. Quality of different units of the same commodity differs

  3. Consumer receives more than what he pays for

  4. None of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Consumer surplus is the excess of amount that the consumer is willing to pay and the amount that the consumer actually pays. Hence, surplus arises because consumer receives more than what he pays for. 

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

What is 'deemed exports' provisions applicable to?

  1. Deemed export provision is applicable only to goods

  2. Deemed export provision is applicable only to services

  3. Deemed export provision is applicable both to goods and services

  4. Deemed export provision is applicable when goods and services are supplied to SEZ units/ developers
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

“Deemed exports” classically refer to those transactions under which provide of goods do not leave the country, and payment for such requirements is innermost in Indian Rupees shall be treated as 'deemed exports', provided that supplies are artificial or formed in India. 

The Deemed export advantage consists of refund on duty on expenses on imports or excisable substance used in the manufacture of goods which are supplied to the suitable projects. 'Deemed Export Benefit' method profits are availed of by units in Power, Petroleum plant, manure and Nuclear Power Projects.

Thus, the correct option is A.