Tag: economics

Quizzes (361) Questions (3598)

Questions Related to economics

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 resources were scarce in the Indian domestic market?

  1. Food grains

  2. Clothes

  3. Kerosene

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

In the context of the Indian economy during the post-independence period, many essential goods, including food grains, clothes, and kerosene, were in short supply, leading to rationing and government intervention.

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

What was the importance of the Suez Canal to the British?

  1. Further intensified control over Persia's foreign trade

  2. Further intensified control over India's foreign trade

  3. Further intensified control over Ceylon's foreign trade

  4. Further intensified control over China's foreign trade
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The Suez Canal was important to the British because of the fact that they had such a large overseas empire. By the time that the canal was built, the most important part of their empire was India. The Suez Canal made it much easier for them to transport goods to and from India.  it is the shortest trade link between Europe and countries on the Indian and Pacific Oceans. Because the majority of the world's goods are transported via sea, the Suez Canal greatly reduces the time and cost of transporting goods.

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

Why was India's foreign trade heavily restricted?

  1. As it would benefit Britain

  2. As it would benefit India

  3. As it would benefit India and Britain

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

They exported raw materials from India at cheap rates and imported finished goods from Britain which adversely affected the Indian industries and economy as a whole.The British imposed heavy duties on exportation of Indian goods and no duties were levied on British goods which benefited them. The British ruled India to drain its resources and thus turned India into a colonial economy. They adopt various policies and methods which adversely affected the Indian 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

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

When a transaction is processed online, how can the merchant verify the customer's identity?

  1. use secure sockets layers

  2. use secure electronic transactions

  3. use electronic data interchange

  4. use financial electronic data interchange
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Secure Electronic Transaction (SET) was a communications protocol standard for securing credit card transactions over networks, specifically designed to verify the identity of the customer and the merchant.

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

Indian financial system has provisions for the transfer of resources from the center to the states; the important means of resource transfer are _________________.

  1. devolution from the central taxes

  2. grant-in-aids for different purposes

  3. loans of short and long term periods

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

The Indian financial system transfers resources to states through multiple channels, including tax devolution, grants-in-aid, and various loan facilities.

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

Prices under price mechanism are determined by the ____________.

  1. market forces of demand and supply

  2. government as well as firms

  3. producers alone

  4. factors of production
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

In price mechanism, prices of commodities in the market are determined by the forces of demand and supply that generates open competition in the market which leads optimum distribution of goods and services. 

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

Forces of demand and supply operate within the framework of a market.

  1. True

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

Price mechanism refers to the mechanism where price directs the flow of goods and services in the market as it directs the supply by the production sector i.e supply will increase if price increases and vice-versa and the demand by the consumer sector i.e demand will increase if price decreases and vice-versa which generates within the framework of a market.