Indian Economy Questions Practice Question and Answer

Q:

Which factor is mainly responsible for increase in demand of natural resources?

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  • 1
    Scientific advancement
    Correct
    Wrong
  • 2
    Use of biodegradable chemicals
    Correct
    Wrong
  • 3
    Increasing human population
    Correct
    Wrong
  • 4
    Environmental pollution
    Correct
    Wrong
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Answer : 3. "Increasing human population"
Explanation :

The correct answer is Increased human population. As the human population is increasing at an astounding rate, we have reached a number of 7.4 billion today. Naturally, this means that we are utilizing more and more natural resources.

Q:

The Micro, Small and Medium Enterprises Development Act was passed in the year ____.    

633 1

  • 1
    2002
    Correct
    Wrong
  • 2
    2006
    Correct
    Wrong
  • 3
    2004
    Correct
    Wrong
  • 4
    2008
    Correct
    Wrong
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Answer : 2. "2006"
Explanation :

Notification for enforcement of MSME Act, 2006, The Provisions of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006) shall come into force from 2nd October, 2006.

Q:

In which year did the Government of India set up the first mutual fund by an Act of Parliament?

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  • 1
    1979
    Correct
    Wrong
  • 2
    1982
    Correct
    Wrong
  • 3
    1963
    Correct
    Wrong
  • 4
    1971
    Correct
    Wrong
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Answer : 3. "1963"
Explanation :

1. The mutual fund industry in India began in 1963 with the formation of UTI by an Act of Parliament in 1963 and functioned under the regulatory and administrative control of the Reserve Bank of India (RBI).

2. Unit Trust of India (UTI) was established by an Act of Parliament in 1963.

3. UTI is the first mutual fund company established in India.

Q:

Amartya Sen was awarded the Noble Prize for his contribution to–

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  • 1
    Monetary Economics
    Correct
    Wrong
  • 2
    Welfare Economics
    Correct
    Wrong
  • 3
    Econometrics
    Correct
    Wrong
  • 4
    Development Economics
    Correct
    Wrong
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Answer : 2. "Welfare Economics"
Explanation :

Explain: -For Welfare Economics and Social Choice Theory, Amartya Sen, in 1998 was awarded the Noble Prize. Welfare economics is a branch of economics that uses microeconomic techniques to evaluate well-being (welfare) at the aggregate (economy-wide) level. ... The field of welfare economics is associated with two fundamental theorems.

Q:

Labour Intensive Technique would get chosen in a–

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  • 1
    Labour Surplus Economy
    Correct
    Wrong
  • 2
    Capital Surplus Economy
    Correct
    Wrong
  • 3
    Developed Economy
    Correct
    Wrong
  • 4
    Developing Economy
    Correct
    Wrong
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Answer : 1. "Labour Surplus Economy"
Explanation :

Expl:- Labour Intensive Technique will be chosen in Labour Surplus Economy because in such economy labour cost is low.

Q:

The Surplus earned by a factor other thus land in the short period is referred as –

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  • 1
    Economic Rent
    Correct
    Wrong
  • 2
    Net Rent
    Correct
    Wrong
  • 3
    Quasi-Rent
    Correct
    Wrong
  • 4
    Super-Normal Rent
    Correct
    Wrong
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Answer : 3. "Quasi-Rent "
Explanation :

Explain: -The Surplus earned by a factor other than land in the short period is referred as quasi-rent.

Q:

The Relationship between rate of interest and consumption level was firstly estimated by–

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  • 1
    Amartya Sen
    Correct
    Wrong
  • 2
    Milton Freedman
    Correct
    Wrong
  • 3
    Irwing Fischer
    Correct
    Wrong
  • 4
    James Duezan Berry
    Correct
    Wrong
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Answer : 2. "Milton Freedman "
Explanation :

Explain: -With increase in rate of interest there is decrease in consumption level i.e. there is inverse relation between rate of interest and consumption level.

Q:

Due to worldwide great depression, ‘New Deal’ was declared by?

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  • 1
    Abhraham Lincon
    Correct
    Wrong
  • 2
    Benzamin Frankllin
    Correct
    Wrong
  • 3
    J.F. Kennedy
    Correct
    Wrong
  • 4
    Roozwelt
    Correct
    Wrong
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Answer : 4. "Roozwelt"
Explanation :

Explain: -New Deal definition. A group of government programs and policies established under President Franklin D. Roosevelt in the 1930s; the New Deal was designed to improve conditions for persons suffering in the Great Depression.

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