Economy Quiz – Introduction and Evolution of Indian Economy

Economy Quiz : Introduction and Evolution of Indian Economy

Daily Quiz – 2                                                                                                                 

Total Question – 25

1. Who was presented the first industrial policy of India in 1948?

[A]  Jawaharlal Nehru

[B]  John Mathai

[C]  Dr. Shyama Prasad Mukherjee

[D] R. K. Shanmukham Chetty 

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Correct Answer: [C]  Dr. Shyama Prasad Mukherjee

2. The ‘Dual Economy’ is a mixture of 

[A]  Traditional agriculture sector and modern industrial sector

[B]  Industrial sector and manufacturing sector

[C]  Private sector and public sector

[D] Heavy and small industries 

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Correct Answer: [A]  Traditional agriculture sector and modern industrial sector

3. The main reason for low growth rate in India, in spite of high rate of savings and capital formation is:

[A]  High birth rate

[B]  Low level of foreign investment

[C]  Low capital output ratio

[D] High capital output ratio

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Correct Answer: [D] High capital output ratio

4. The stock of skill, ability, expertise, education and knowledge of a nation at a given point of time known as

[A]  Human Resource

[B]  Human Capital

[C]  Human Development

[D] None of the above

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Correct Answer: [B]  Human Capital

5. India, planned economy is based on

[A]  Gandhian system

[B]  Mixed economy system

[C]  Capital system

[D] Socialist system

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Correct Answer: [D] Socialist system

6. Which one of the following sectors is the major contribution towards the Gross Domestic Saving in India in recent time?

[A]  Household sector

[B]  Private sector

[C]  Public sector

[D] Corporate sector

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Correct Answer: [A]  Household sector

7. Which of the following relationships are represented by Philips curve?

[A]  Inflation and unemployment

[B]  GDP and growth

[C]  Taxation and revenue receipts

[D] Inflation and growth

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Correct Answer: [A]  Inflation and unemployment

8. Globalisation of Indian Economy means:

[A]  Stepping up external borrowings

[B]  Establishing Indian business units abroad

[C]  Having minimum possible restrictions on economic relation with others countries

[D] Giving up programmes of import substation 

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Correct Answer: [C]  Having minimum possible restrictions on economic relation with others countries

9. Who has the first time estimated national income in India?

[A]  R. C. Dutta

[B]  Dadabhai Naoroji

[C]  V. K. R. V. Rao

[D] D. R. Gadgil

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Correct Answer: [B]  Dadabhai Naoroji

10. The Indian Economy should be developed on socialistic pattern of society was enunciated at which session of the Indian National Congress?

[A]  Tripuri, 1939

[B]  Meerut, 1946

[C]  Joipur, 1948

[D] Avadi, 1955

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Correct Answer: [D] Avadi, 1955

11. Who said that the constant ‘drain of wealth’ from India was responsible for India’s economic miseries?

[A]  B.C. Pal

[B]  B.P. Wadia

[C]  Dadabhai Naoroji

[D] G.S. Arundale

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Correct Answer: [C]  Dadabhai Naoroji

12. India opted for ‘Mixed Economy’ in?

[A]  Framing of the Constitution

[B]  Industrial Policy of 1948

[C]  First Five Year Plan

[D] Second Five Year Plan

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Correct Answer: [B]  Industrial Policy of 1948

13. Which is India’s first public sector unit?

[A]  Indian Telephone Industries Limited

[B]  Bharat Sanchar Nigam Limited

[B]  Air-India

[D] Hindustan Cables Limited

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Correct Answer: [A]  Indian Telephone Industries Limited

14. The following Industrial Policy Resolution is known as the Economic Constitution of India?

[A]  Industrial Policy, 1948

[B]  Industrial Policy, 1956

[C]  Industrial Policy, 1980

[D] Industrial Policy, 1991

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Correct Answer: [B]  Industrial Policy, 1956

15. Who is considered as founding father of modern economics?

[A]  Adam Smith

[B]  Mahalanobis

[C]  J.M. Keynes

[D] Gopal Krishna Sarangi

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Correct Answer: [A]  Adam Smith

16. Who presented the first budget in India 1860 and the first Union budget of independent India 1947?

[A]  Sir Osborne Smith and  R. K. Shanmukham Chetty

[B]  James Wilson and R. K. Shanmukham Chetty 

[C]  James Wilson and John Mathai

[D] Sir Osborne Smith and Shyam Prasad Mukherjee

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Correct Answer: [B]  James Wilson and R. K. Shanmukham Chetty 

17. Prof. Amartiya Sen was awarded Nobel Prize for his contribution to the field of:

[A]  Food & famines

[B]  Indian Economy

[C]  Poverty

[D] Welfare economics

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Correct Answer: [D] Welfare economics

18. It will be true to classify India as:

[A]  A food-deficit economy

[B]  A labour-surplus economy

[C]  A trade- surplus economy

[D] A capital- surplus economy

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Correct Answer: [B]  A labour-surplus economy

19. Which of the following can be called as a part of the Service Sector?

[A]  Agriculture

[B]  Textite Mills

[C]  Coal Mines

[D] Hotel

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Correct Answer: [D] Hotel

20. Which of the following is not a Maharatna Central Public Sector Enterprises?

[A]  GAIL

[B]  Coal India Limited

[C]  SAIL

[D] Airports Authority of India

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Correct Answer: [D] Airports Authority of India

21. Which of the following sector of the Indian economy accounting for more than 90 per cent share in the total unorganized labor-force?

[A]  Agricultural sector

[B]  Manufacturing sector

[C]  Service sector

[D] Quaternary sector

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Correct Answer: [A]  Agricultural sector

22. Tertiary sector of economy involves which of the following services?

1. Transportation of goods
2. Insurance services
3. Intellectual services
4. Accounting
5. Research and Development

Select the correct answer using the code given below:

[A]  1, 2 and 4

[B]  1, 2 and 5

[C]  1, 2, 3 and 4

[D] 1, 2, 3, 4 and 5

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Correct Answer: [A]  1, 2 and 4

23. . In which of the following types of the economy are the factors of production owned individually?

[A]  Socialist

[B]  Capitalist

[C]  Mixed

[D] Both ‘A’ and ‘B’

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Correct Answer: [B]  Capitalist

24. The modern economy is not characterised by?

[A]  Capital intensive mode of production

[B]  Development of money economy

[C]  Production for market

[D] Self-sufficient village system

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Correct Answer: [D] Self-sufficient village system

25. Among Indian Economist who had done pioneering working on National Income?

[A]  P.N. Dhar

[B]  V.K.R.V. Rao

[C]  Jagdish Bhagwati

[D] Prof. Shenoi

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Correct Answer: [B]  V.K.R.V. Rao