Indian Economy(General Knowledge ) Questions and Answers
Question 1.
The term “mixed economy” denoted?
existence of both rural and urban sector
existence of both private and public sectors
existence of both heavy and small industries
existence of both development and underdeveloped sectors
None of these
Explanation:-
Answer: Option B. -> existence of both private and public sectors
Question 2.
In an economy, the sectors are classified into public and private on the basis of?
employment condition
nature of economic activities
ownership of enterprises
use of raw materials
None of these
Explanation:-
Answer: Option C. -> ownership of enterprises
Question 3.
The “Dual Economy” is a mixture of?
traditional agriculture sector and modern industrial sector
industrial sector and manufacturing sectors
state ownership of the means of production
industrial sector and trading of goods obtained through imports
None of these
Explanation:-
Answer: Option A. -> traditional agriculture sector and modern industrial sector
Question 4.
Which sector of Indian Economy has shown remarkable expansion during the last decade?
Primary sectors
Secondary sectors
Tertiary sectors
Mining sectors
None of these
Explanation:-
Answer: Option C. -> Tertiary sectors
Question 5.
When development in economy takes place, the share of tertiary sector in National Income?
first falls and the rises
first rises and then falls
keeps on increasing
remains constant
None of these
Explanation:-
Answer: Option C. -> keeps on increasing
Question 6.
It will be true to classify India as?
A food deficit economy
A labour surplus economy
A trade surplus economy
A capital surplus economy
None of these
Explanation:-
Answer: Option B. -> A labour surplus economy
Question 7.
Mixed Economy means?
Where agriculture and industry are given equal importance
Where public sector exists alongwith the private sector in national economy
Where globalization is transferred with heavy close of Swadeshi in national economy
When the Centre and the States are equal partners in economics planning and development
None of these
Explanation:-
Answer: Option B. -> Where public sector exists alongwith the private sector in national economy
Question 8.
In India, planned economy is based on?
Gandhian System
Socialist System
Capitalist System
Mixed Economy System
None of these
Explanation:-
Answer: Option B. -> Socialist System
Question 9.
Economic liberalization in India started with?
Substantial changes in industrial licensing policy
The convertibility of Indian rupees
Doing away with procedural formalities for foreign direct investment
Significant reduction in tax rates
None of these
Explanation:-
Answer: Option A. -> Substantial changes in industrial licensing policy
Question 10.
The Indian Economy is characterised by: 1. Pre-dominance of Agriculture 2. Pre-dominance of Industry 3. Low Per Capita Income 4. Massive Unemployment Select the anser from the given options: