Tag: economics

Quizzes (361) Questions (3598)

Questions Related to economics

Multiple choice economics indian economy on the eve of independence british colonial rule indian, capitalist and mixed economy development experience (1947-90)

All economic progress gets neutralized against heavy population pressure.

  1. True

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

All economic progress or rise in production in an economy gets neutralized because of population pressure as more population utilized the extra increase in production from the previous accounting year and hence the progress of the economy gets hindered.

Multiple choice economics indian economy on the eve of independence british colonial rule indian, capitalist and mixed economy development experience (1947-90)

India possesses huge natural resources but most of the resources are under-utilised.

  1. True

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

India consists of a vast variety of natural resources but most of the resources are under-utilized,that is, 'excess capacity' exists in the Indian economy and India still settles in the low level equilibrium trap.

Multiple choice economics indian economy on the eve of independence british colonial rule indian, capitalist and mixed economy development experience (1947-90)

Which of the following set of wars was mainly responsible for failure of the Third 5 year Plan?

  1. Indo-China war of 1962 and Indo-Pak war of 1947

  2. Indo-China war of 1962 and Indo-Pak war of 1965

  3. Indo-Pak war of 1971 and Kargil war of 1999

  4. Indo -china war of 1962 and Indo-Pak war of 1971
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The term of the third five year plan was from 1960 to 1965 in between which these two wars broke out the devastated the Indian economy and led to the failure of this plan.

Multiple choice economics indian economy on the eve of independence british colonial rule indian, capitalist and mixed economy development experience (1947-90)

Dependence of agriculture is one of the features of the Indian economy.

  1. True

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

Indian agricultural sector accounts for 18 percent of total GDP of India  and creates employment for 50 percent of the total countries' workforce. Hence, dependence of agriculture is one of the features of the Indian economy.

Multiple choice economics indian economy on the eve of independence british colonial rule indian, capitalist and mixed economy development experience (1947-90)

Which industry was India well known for during the British rule?

  1. Cotton and Silk

  2. Metal

  3. Precious Stone Work

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

India was globally renowned for its high-quality handicrafts, specifically cotton textiles, silk, metalwork, and precious stone work, before the decline caused by British industrial policies.

Multiple choice economics indian economy on the eve of independence british colonial rule indian, capitalist and mixed economy development experience (1947-90)

Match the following:

A B
1. RBI 1. Increase in CRR
2. Inflation 2. Factor of production
3. Elasticity 3. Central Bank
4. Labour 4. Responsiveness to change

  1. (1,4) (2,3) (3,2) (4,1)

  2. (1,2) (2,3) (3,4) (4,1)

  3. (1,4) (2,2) (3,4) (4,3)

  4. (1,3), (2,1), (3,4), (4,2)
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
1) Reserve Bank Of India is the only Central bank of India. It is the apex bank.
2) In order to check Inflation, that is, rising general level of prices, cash reserve ration is increased by the central bank to reduce the credit creation capacity of the commercial banks.
3) Elasticity is the term which means responsiveness to change. For example, elasticity of demand refers to the ratio of the proportionate change in quantity demanded of a product to the proportionate change in the price of the product.
4) Labour is a factor of production. Labour is known as the human efforts which help to produce goods and services in an economy.
Multiple choice economics indian economy on the eve of independence british colonial rule indian, capitalist and mixed economy development experience (1947-90)

When India attained independence in 1947, its economy was ?

  1. Underdeveloped

  2. Developed

  3. Developing

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

Due to centuries of colonial exploitation, the Indian economy was largely stagnant and underdeveloped in terms of industrial capacity and infrastructure at the time of independence in 1947.

Multiple choice economics indian economy on the eve of independence british colonial rule indian, capitalist and mixed economy development experience (1947-90)

Which of the following statements is true of agriculture in Indian economy between 1973 and 2003? 

  1. The sectoral share of agriculture in employment has decreased far more than its share in total output.

  2. The sectoral share of agriculture in total output has decreased, but its share in employment has increased.

  3. The sectoral share of agriculture in total output had increased, but its share in employment had decreased.

  4. The sectoral share of agriculture in output has decreased far more than its share in total employment
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Over the thirty years between 1973 and 2003, while production in all the three sectors has increased, it has increased the most in the tertiary sector. Since this sector generates services rather than goods, the share in total employment increased.