Tag: indian, capitalist and mixed economy

Questions Related to indian, capitalist and mixed economy

Which of the following set of wars was mainly responsible for failure of the Third 5 year Plan?

economics indian economy on the eve of independence british colonial rule indian, capitalist and mixed economy development experience (1947-90)

  1. Indo-China war of 1962 and Indo-Pak war of 1947

  2. Indo-China war of 1962 and Indo-Pak war of 1965

  3. Indo-Pak war of 1971 and Kargil war of 1999

  4. Indo -china war of 1962 and Indo-Pak war of 1971

Show answer
Correct Option: B
Explanation:

The term of the third five year plan was from 1960 to 1965 in between which these two wars broke out the devastated the Indian economy and led to the failure of this plan.

Dependence of agriculture is one of the features of the Indian economy.

economics indian economy on the eve of independence british colonial rule indian, capitalist and mixed economy development experience (1947-90)

  1. True

  2. False

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Correct Option: A
Explanation:

Indian agricultural sector accounts for 18 percent of total GDP of India  and creates employment for 50 percent of the total countries' workforce. Hence, dependence of agriculture is one of the features of the Indian economy.

Which industry was India well known for during the British rule?

economics indian economy on the eve of independence british colonial rule indian, capitalist and mixed economy development experience (1947-90)

  1. Cotton and Silk

  2. Metal

  3. Precious Stone Work

  4. All of the above

Show answer
Correct Option: D

Match the following:

A B
1. RBI 1. Increase in CRR
2. Inflation 2. Factor of production
3. Elasticity 3. Central Bank
4. Labour 4. Responsiveness to change
economics indian economy on the eve of independence british colonial rule indian, capitalist and mixed economy development experience (1947-90)

  1. (1,4) (2,3) (3,2) (4,1)

  2. (1,2) (2,3) (3,4) (4,1)

  3. (1,4) (2,2) (3,4) (4,3)

  4. (1,3), (2,1), (3,4), (4,2)

Show answer
Correct Option: D
Explanation:
1) Reserve Bank Of India is the only Central bank of India. It is the apex bank.
2) In order to check Inflation, that is, rising general level of prices, cash reserve ration is increased by the central bank to reduce the credit creation capacity of the commercial banks.
3) Elasticity is the term which means responsiveness to change. For example, elasticity of demand refers to the ratio of the proportionate change in quantity demanded of a product to the proportionate change in the price of the product.
4) Labour is a factor of production. Labour is known as the human efforts which help to produce goods and services in an economy.

Census takes place in India __________.

economics indian economy on the eve of independence british colonial rule indian, capitalist and mixed economy development experience (1947-90)

  1. every 20 years

  2. every 10 years

  3. every 15 years

  4. every 5 years

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Correct Option: B
Explanation:

The decennial Census of India has been conducted 15 times, As of 2011.It has been conducted every 10 years, beginning in 1872.

Both private and public sectors exist side by side in ______.

economics indian economy on the eve of independence british colonial rule indian, capitalist and mixed economy development experience (1947-90)

  1. China

  2. U.S.A.

  3. India

  4. Russia

Show answer
Correct Option: C
Explanation:

India is a mixed economy. Means of production are owned by both private and public sector. Thus, both private and public sectors exist side by side.

When India attained independence in 1947, its economy was ?

economics indian economy on the eve of independence british colonial rule indian, capitalist and mixed economy development experience (1947-90)

  1. Underdeveloped

  2. Developed

  3. Developing

  4. Partially developed

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Correct Option: A

Which of the following statements is true of agriculture in Indian economy between 1973 and 2003? 

economics indian economy on the eve of independence british colonial rule indian, capitalist and mixed economy development experience (1947-90)

  1. The sectoral share of agriculture in employment has decreased far more than its share in total output.

  2. The sectoral share of agriculture in total output has decreased, but its share in employment has increased.

  3. The sectoral share of agriculture in total output had increased, but its share in employment had decreased.

  4. The sectoral share of agriculture in output has decreased far more than its share in total employment

Show answer
Correct Option: D
Explanation:

Over the thirty years between 1973 and 2003, while production in all the three sectors has increased, it has increased the most in the tertiary sector. Since this sector generates services rather than goods, the share in total employment increased.

Heavy _________ is one of the most alarming features of the Indian economy.

economics indian economy on the eve of independence british colonial rule indian, capitalist and mixed economy development experience (1947-90)

  1. Industrial pressure

  2. Population pressure

  3. Social pressure

  4. None of these

Show answer
Correct Option: B
Explanation:

The reason responsible for the heavy population pressure is high birth-rate, falling death-rate, high immigration from adjoining countries. The growing population imposes a huge economic burden on the society because the growing requirements of basic necessities are to be met by the government. It effects the economic progress of the country.

In $1936$ __________ was invited to determine the share of provinces and the methods of distribution of the centrally collected revenue.

economics indian economy on the eve of independence british colonial rule indian, capitalist and mixed economy development experience (1947-90)

  1. Sir Otto Niemeyer

  2. Acworth

  3. Chintaman Deshmukh

  4. Lord Pethic Lawrence

Show answer
Correct Option: A
Explanation:

An expert committee under the Chairmanship of Sir Otto Niemeyer was appointed in 1936 to inquire into the financial position of the Provinces, the special assistance required by each and the time and mode of distributing the provincial share of income tax and proceeds of the export duty on jute.

Sir Niemeyer recommended that assistance should be given to the provin­ces in three-ways:

(a) The outstanding debts incurred before 1935 by Bengal, Bihar, Assam, the N.W.F.P. and Orissa plus approximately Rs. 2 crores of pre-1921 debt in the case of Central provinces should be cancelled.

(b) Appreciating that the jute growing provinces stood in special need of financial assistance, it recommended distribution of a further 12.5% of the Export duty on jute, thus making a total of 52.5% to the jute growing provinces.

(c) Such provinces as might be in need of assistance should be given grants- in-aid to balance their budgets. It was expected to provide “in-built flexibility.”

As regards the distribution of the proceeds of Income Tax between the Centre and the provinces, it recommended that provinces and the federated states should get 50% of the proceeds of the tax; the share of each province to be fixed partly on the basis of population and partly on the basis of the residence of the assessees.