Tag: the government and economic development

Questions Related to the government and economic development

Which of the following resources were scarce in the Indian domestic market?

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

  1. Food grains

  2. Clothes

  3. Kerosene

  4. All of the above

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Correct Option: D

Where is the Suez Canal situated?

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

  1. Egypt

  2. Iraq

  3. Iran

  4. Syria

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Correct Option: A

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

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

  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

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Correct Option: B
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.

Why was India's foreign trade heavily restricted?

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

  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

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Correct Option: A
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. 



The basic purpose of human development is to improve the well-being of people.

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

  1. True

  2. False

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Correct Option: A
Explanation:

The basic purpose of human development is to improve the well-being of people. Human development is the science that seeks to understand how and why the people of all ages and circumstances change or remain the same over time

In India, strategic aspects like Arms and Ammunition, Atomic Energy, etc. belong to ____________.

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

  1. private sector

  2. public sector

  3. joint sector

  4. none of the above

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Correct Option: B
Explanation:

In India, strategic aspects like Arms and Ammunition, Atomic Energy, etc. belong to public sector. Only the public sector have the power to intervene in the above mentioned sectors since these sectors are reserved only within the purview of the public sector.

Government of India constituted a Tax Reforms Committee (TRC) in ________.

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

  1. August, 1957

  2. August, 1971

  3. August, 1981

  4. August, 1991

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Correct Option: D
Explanation:

Government of India constituted a Tax Reforms Committee (TRC) in August, 1991. Tax Reform Committee is also known as Raj Chelliah Committee. It is formed in order to reform direct and indirect taxes prevailing in India.

Economic reforms were introduced in the following sector(s) of the economy ____________.

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

  1. industrial and financial sector

  2. financial and fiscal sector

  3. monetary and fiscal sector

  4. industrial, financial, fiscal and external sector.

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Correct Option: D
Explanation:
Economic reforms were introduced in the following sector(s) of the economy:
a) industrial sector
b) financial sector
c) fiscal sector
d) external sector
Economic reforms aims to create a more freer economy and uphold the liberalization, privatization and globalization. Economic reforms helps to promote economic growth and development.

After economic reform industrial licensing was abolished for _________.

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

  1. 18 industries

  2. 28 industries

  3. all industries, except 18 industries

  4. all industries

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Correct Option: C
Explanation:

After economic reform industrial licensing was abolished for all industries, except 18 industries.Economic reforms aims to create a more freer economy and uphold the liberalization, privatization and globalization. Economic reforms helps to promote economic growth and development.

Economic reform is required to overcome the problem of:
(i)  Excess consumption and expenditure over revenue
(ii) Over protection to industry and heavy losses in public sector
(iii) Mismanagement of firm, economy and poor technological development
(iv) Mismanagement of foreign exchange reserve and shortage of foreign exchange

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

  1. (i) and (ii)

  2. (i) and (iii)

  3. (i) (ii) and (iii)

  4. All of the above

Show answer
Correct Option: D
Explanation:

Economic reform is required to overcome the problem of:
(i)  Excess consumption and expenditure over revenue
(ii) Over protection to industry and heavy losses in public sector
(iii) Mismanagement of firm, economy and poor technological development

(iv) Mismanagement of foreign exchange reserve and shortage of foreign exchange
Economic reforms aims to create a more freer economy and uphold the process of liberalization, privatization and globalization. It helps to achieve a higher economic growth and development.