Tag: indian economy on the eve of independence

Questions Related to indian economy on the eve of independence

Import of oil and lubricants constitute nearly ________ of India's total import bill as per 2013-14 data.

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

  1. 20%

  2. 24%

  3. 35%

  4. 40%

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Correct Option: C

'Public Sector' means ___________.

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

  1. government ownership on commerce and trade

  2. capitalist ownership on commerce and trade

  3. private ownership on trade

  4. none of the above

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Correct Option: A
Explanation:

Public sector refers to all the companies, bank, commerce and trade which has 51% or more of government shares as it equity. Therefore, it refers to the government ownership on commerce and trade.

The first atomic power station in Trombay was started in the year _____.

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

  1. 1950

  2. 1952

  3. 1956

  4. 1960

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Correct Option: C
Explanation:

The Bhabha Atomic Research Centre (BARC) is India’s premier nuclear research facility based in Trombay, Mumbai, Maharashtra. BARC is a multi-disciplinary research centre with extensive infrastructure for advanced research and development covering the entire spectrum of nuclear science, engineering and related areas.

When there is excess demand for a commodity, the 'Law of demand' implies that __________.

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

  1. price of the commodity falls

  2. price of the commodity remains same

  3. price of the commodity rises

  4. quantity demanded of the commodity falls

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Correct Option: C

Supply of perishable goods is inelastic.

business economics and quantitative methods 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

Total outlay is price multiplied by quantity. 

business economics and quantitative methods 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:

Total outlay is another method to measure elasticity of demand this is also known as the expenditure method, Total outlay is calculated by taking into account the total expenditure which Is price multiplied by quantity. 

_______ is the price at which demand, for a commodity is equal to is supply.

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

  1. Normal price

  2. Equilibrium price

  3. Short run price

  4. Secular price

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Correct Option: B
Explanation:

Equilibrium price is the price at which the quantity demanded and the quantity supplied is the same. After equilibrium is achieved the price does not change. It is the ideal market price.

In economics, a state of balance is called ________________.

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

  1. saturation point

  2. stability point

  3. profit maximising point

  4. equilibrium point

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Correct Option: D

Consumer surplus arises because:

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

  1. Consumer has lot of money

  2. Quality of different units of the same commodity differs

  3. Consumer receives more than what he pays for

  4. None of the above

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Correct Option: C
Explanation:

Consumer surplus is the excess of amount that the consumer is willing to pay and the amount that the consumer actually pays. Hence, surplus arises because consumer receives more than what he pays for. 

What is 'deemed exports' provisions applicable to?

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

  1. Deemed export provision is applicable only to goods

  2. Deemed export provision is applicable only to services

  3. Deemed export provision is applicable both to goods and services

  4. Deemed export provision is applicable when goods and services are supplied to SEZ units/ developers

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Correct Option: A
Explanation:

“Deemed exports” classically refer to those transactions under which provide of goods do not leave the country, and payment for such requirements is innermost in Indian Rupees shall be treated as 'deemed exports', provided that supplies are artificial or formed in India. 

The Deemed export advantage consists of refund on duty on expenses on imports or excisable substance used in the manufacture of goods which are supplied to the suitable projects. 'Deemed Export Benefit' method profits are availed of by units in Power, Petroleum plant, manure and Nuclear Power Projects.

Thus, the correct option is A.