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Economics: CUET Mock Test - 7


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Economics: CUET Mock Test - 7 - Question 1

HYVP stands for

Detailed Solution for Economics: CUET Mock Test - 7 - Question 1

High Yielding Variety Programme (HYVP) The core philosophy of the programme was to increase the productivity of food grains by adopting latest varieties of inputs of crops. Introduction of new high yielding varieties of improved seeds and enhanced application of the fertilizers and extended use of pesticides were its main features.

Economics: CUET Mock Test - 7 - Question 2

The first Factories Act was enacted in

Economics: CUET Mock Test - 7 - Question 3

Who presented the first five year plan

Economics: CUET Mock Test - 7 - Question 4

First five year plan focused on ____ production while in second plan shifted the focus to _____

Economics: CUET Mock Test - 7 - Question 5

Which is the primary objective of economic planning in India

Economics: CUET Mock Test - 7 - Question 6

As per India Vision _____ Report prepared by Planning Commission India’s per capita income has doubled over the past 20 years

Detailed Solution for Economics: CUET Mock Test - 7 - Question 6

The Committee on Vision 2020 was constituted by the Planning Commission in June, 2000, under the chairmanship of SP Singh, for crystallising the country’s vision for the future in the year 2020.The vision will reflect people’s aspirations, the full potentials of growth and development, and lay out the efforts needed to fulfill this vision.
The objective of this committee was, as described by Dr. Abdul Kalam, "Transforming the nation into a developed country, five areas in combination have been identified based on India's core competence, natural resources and talented manpower for integrated action to double the growth rate of GDP and realize the Vision of Developed India”

Economics: CUET Mock Test - 7 - Question 7

MRTP stands for

Economics: CUET Mock Test - 7 - Question 8

The basic problem the Indian economy is facing is shortage of

Detailed Solution for Economics: CUET Mock Test - 7 - Question 8

High level of illiteracy, lack of healthcare facilities, and limited access to resources are some of the basic problems in poor areas. Pollution and environmental issues are the other challenges that India is facing at present.

Economics: CUET Mock Test - 7 - Question 9

Self reliance objective of planning means reducing dependence

Detailed Solution for Economics: CUET Mock Test - 7 - Question 9

Self-reliance, or for that matter self-sufficiency, refers to the elimination of external assistance. It means that an economy is so sufficient that it does not have to rely on any external help or assistance. In other words, it means zero foreign aid.

Economics: CUET Mock Test - 7 - Question 10

Inclusive growth can be achieved by

Economics: CUET Mock Test - 7 - Question 11

Define GDP

Economics: CUET Mock Test - 7 - Question 12

When was Twelfth five year plan started

Detailed Solution for Economics: CUET Mock Test - 7 - Question 12

On 4th October, the government of India approved the 12th five year plan (2012-17) that aims to achieve annual average economic growth rate of 8.2 per cent, down from 9 per cent (Eleventh plan 2007-12). The aim of the 12th Five Year plan is to achieve “faster, sustainable and more inclusive growth”.

Economics: CUET Mock Test - 7 - Question 13

Planning commission was set up in

Economics: CUET Mock Test - 7 - Question 14

Agriculture education ,health and infrastructure were the priority areas in which Five Year Plan

Detailed Solution for Economics: CUET Mock Test - 7 - Question 14

The objective of 11th Five-year plan is to Increase agricultural GDP growth to 4% per year to ensure a wider spread of benefits. Create 70 million new work opportunities. Augment minimum standards of education in primary school and to increase GDP up to 10%. Health and infrastructure were also the priority areas in 11th Five Year Plan.

Economics: CUET Mock Test - 7 - Question 15

Twelfth five year plan

Economics: CUET Mock Test - 7 - Question 16

GDP

Economics: CUET Mock Test - 7 - Question 17

At the time of independence the government of India adopted the following for the future economic development

Detailed Solution for Economics: CUET Mock Test - 7 - Question 17

Planning by Inducements: In this system there is persuasion rather than compulsion or deliberate enforcement of orders.  Here the consumers are free to consume whatsoever they like, producers are free to produce whatsoever they wish. 
A free market is one where voluntary exchange and the laws of supply and demand provide the sole basis for the economic system, without government intervention. A key feature of free markets is the absence of forced transactions or conditions on transactions.

Economics: CUET Mock Test - 7 - Question 18

The need for planning emerges from the following weakness of the free market system

Economics: CUET Mock Test - 7 - Question 19

Perspective plan is

Economics: CUET Mock Test - 7 - Question 20

Who developed HYV seeds

Detailed Solution for Economics: CUET Mock Test - 7 - Question 20

Normal Borlaug was also known as the “Father of the Green Revolution,” Borlaug helped lay the groundwork for agricultural technological advances that alleviated world hunger. Borlaug studied plant biology and forestry at the University of Minnesota and earned a Ph. D. in plant pathology there in 1942.

Economics: CUET Mock Test - 7 - Question 21

Which among the following is NOT a subsidiary of RBI? 

Detailed Solution for Economics: CUET Mock Test - 7 - Question 21

RBI has four subsidiaries viz. Deposit Insurance and Credit Guarantee Corporation, DICGC; National Housing Bank; Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) and NABARD.

Economics: CUET Mock Test - 7 - Question 22

First time the objective of self-reliance was incorporated in the ____ Five year plan

Detailed Solution for Economics: CUET Mock Test - 7 - Question 22

The Third Five-year Plan stressed agriculture and improvement in the production of wheat, but the brief Sino-Indian War of 1962 exposed weaknesses in the economy and shifted the focus towards the defence industry and the Indian Army. In 1965–1966, India fought a War with Pakistan.

Economics: CUET Mock Test - 7 - Question 23

All the state government imposed land ceiling in 1960 except

Detailed Solution for Economics: CUET Mock Test - 7 - Question 23

All the state government-imposed land ceiling in 1960 except North-Eastern states.

Economics: CUET Mock Test - 7 - Question 24

In which year India adopted HYVP

Detailed Solution for Economics: CUET Mock Test - 7 - Question 24

The High Yielding Variety Programme (HYVP) was launched in the Kharif of 1966-67 with an objective to attain self-sufficiency in food by 1970-71. The core philosophy of the programme was to increase the productivity of food grains by adopting latest varieties of inputs of crops.

Economics: CUET Mock Test - 7 - Question 25

Which among the following is NOT a subsidiary of RBI?

Detailed Solution for Economics: CUET Mock Test - 7 - Question 25

RBI has four subsidiaries viz. Deposit Insurance and Credit Guarantee Corporation, DICGC; National Housing Bank; Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) and NABARD.

Economics: CUET Mock Test - 7 - Question 26

It is a conscious design to shape the socio-economic processes in order to achieve an objective

Detailed Solution for Economics: CUET Mock Test - 7 - Question 26

An economy primarily based on central planning is referred to as a planned economy. In a centrally planned economy the allocation of resources is determined by a comprehensive plan of production which specifies output requirements. Planning may also take the form of directive planning or indicative planning.

Economics: CUET Mock Test - 7 - Question 27

Who is the ex-officio chairman of the planning commission

Detailed Solution for Economics: CUET Mock Test - 7 - Question 27

Ex-officio means the person is member of some body by the virtue of holding some post. A formal model of planning was adopted, and accordingly the Planning Commission, reports directly to the Prime Minister of India.
Hence, the Prime Minister is the ex-officio chairman of the planning commission.

Economics: CUET Mock Test - 7 - Question 28

The new agricultural strategy was adopted in India during the

Detailed Solution for Economics: CUET Mock Test - 7 - Question 28

The Third Five-year Plan stressed agriculture and improvement in the production of wheat, but the brief Sino-Indian War of 1962 exposed weaknesses in the economy and shifted the focus towards the defence industry and the Indian Army. In 1965–1966, India fought a War with Pakistan.

Economics: CUET Mock Test - 7 - Question 29

The fertility rate changed from ____ to 4.5 duing 1971-81.

Detailed Solution for Economics: CUET Mock Test - 7 - Question 29

The total fertility rate (TFR) has declined from 5.2 to 4.5 during 1971 to 1981

Economics: CUET Mock Test - 7 - Question 30

Initially HYVP was implemented in about

Detailed Solution for Economics: CUET Mock Test - 7 - Question 30

HIGH YIELDING VARIETY PROGRAMME (HYVP) was launched in 1966, which helped the country in attaining self-sufficiency in food. This programme helped ‘Green revolution in India, by combining the application of high analysis and balanced fertilizer, irrigation, plant protection, improved implements etc. Initially it was implemented in about 1.89 million hectares area.

Economics: CUET Mock Test - 7 - Question 31

Consider the below statements:
1. The foreign investment, which includes foreign direct investment (FDI) and foreign institutional investment (FII), has increased from about US $ 100 million in 1990-91 to US $ 467 billion in 2012-13. 
2. There has been an increase in the foreign exchange reserves from about US $ 6 billion in 1990-91 to about US $ 304 billion in 2013-14. 
3. India is one of the largest foreign exchange reserve holders in the world.
Select the correct statements using the codes given below:

Detailed Solution for Economics: CUET Mock Test - 7 - Question 31

Foreign-exchange reserves (also called Forex reserves) are, in a strict sense, only the foreign-currency deposits held by national central banks and monetary authorities. 
However, in popular usage, it also includes gold reserves, special drawing rights (SDRs) and International Monetary Fund (IMF) reserve position because this total figure, which is usually more accurately termed as official reserves or international reserves or official international reserves, is more readily available.

Economics: CUET Mock Test - 7 - Question 32

Consider the impact of economic reforms on agriculture:
1. Public investment in agriculture sector has increased only slightly, in the reform period.
2. The removal of fertiliser subsidy has led to increase in the cost of production, which has severely affected the small and marginal farmers.
Q. Which of the above statements is/are correct?

Detailed Solution for Economics: CUET Mock Test - 7 - Question 32

Public investment in agriculture sector especially in infrastructure, which includes irrigation, power, roads, market linkages and research and extension, has fallen in the reform period.

Economics: CUET Mock Test - 7 - Question 33

Industrial growth in India has recorded a slowdown in the period of economic reforms. What are the reasons for this?
1. Decreasing demand of domestic industrial products 
2. Globalization
3. India still does not have the access to developed countries’ markets because of high non-tariff barriers.
Select the correct statements using the codes given below:

Detailed Solution for Economics: CUET Mock Test - 7 - Question 33

This is because of decreasing demand of industrial products due to various reasons such as cheaper imports, inadequate investment in infrastructure etc. 
In a globalized world, developing countries are compelled to open up their economies to greater flow of goods and capital from developed countries and rendering their industries vulnerable to imported goods. Cheaper imports have, thus, replaced the demand for domestic goods.
Third statement is true. For e.g. U.S.A. has not removed their quota restriction on import of textiles from India and China.

Economics: CUET Mock Test - 7 - Question 34

Which of the following are correct with reference to economic reforms (LPG reforms) and public policies?
1. Economic reforms have placed limits on the growth of public expenditure especially in social sectors.
2. The reform policies involving tariff reduction have curtailed the scope for raising revenue through customs duties.
3. In order to attract foreign investment, tax incentives were provided to foreign investors which further reduced the scope for raising tax revenues.
Select the correct statements using the codes given below:

Detailed Solution for Economics: CUET Mock Test - 7 - Question 34

The economy of India had undergone significant policy shifts in the beginning of the 1990s. This new model of economic reforms is commonly known as the LPG or Liberalisation, Privatisation and Globalisation model. The primary objective of this model was to make the economy of India the fastest developing economy in the globe with capabilities that help it match up with the biggest economies of the world.

Economics: CUET Mock Test - 7 - Question 35

Which of the following statements reflect the correct picture of reforms?
1. In the domestic economy, major reforms were undertaken in the industrial and financial sectors. 
2. Major external sector reforms included foreign exchange deregulations and import liberalisation.
Q. Which of the above statements is/are correct?

Detailed Solution for Economics: CUET Mock Test - 7 - Question 35

The chain of reforms that took place with regards to business, manufacturing, and financial services industries targeted at lifting the economy of the country to a more proficient level. These economic reforms had influenced the overall economic growth of the country in a significant manner.

Economics: CUET Mock Test - 7 - Question 36

Which of the following are correct regarding growth during the reform period?
1. The growth of agriculture declined. 
2. Theservice sector reported fluctuation.
3. The growth of industrial sectors has gone up. 
4. The growth during this phase was mainly driven by the growth in the service sector.
Select the correct answer using the codes given below

Detailed Solution for Economics: CUET Mock Test - 7 - Question 36

The growth of agriculture declined.The industrial sectors reported fluctuation. The growth of service sector has gone up. The growth during this phase was mainly driven by the growth in the service sector.

Economics: CUET Mock Test - 7 - Question 37

Evaluate the below results of the economic reforms process of India:
1. India is seen as a successful exporter of auto parts, engineering goods, IT software and textiles in the reform period.
2. The reform process has been widely appreciated for being able to address all of the ‘basic’ problems facing our economy.
Q. Which of the above statements is/are not correct?

Detailed Solution for Economics: CUET Mock Test - 7 - Question 37

The reform process has been widely criticised for not being able to address some of the basic problems facing our economy especially in the areas of employment, agriculture, industry, infrastructure development and fiscal management.

Economics: CUET Mock Test - 7 - Question 38

Which of the following are correct with regard to policies in the agriculture sector during the reform period?
1. This sector has been experiencing a more or less same policy which has adversely affected Indian farmers as they now have to face increased international isolation.  
2. The focus has mostly been on the production of food grains for the domestic market.
Q. Which of the above statements is/are correct?

Detailed Solution for Economics: CUET Mock Test - 7 - Question 38

This sector has been experiencing a number of policy changes such as reduction in import duties on agricultural products, removal of minimum support price on certain product categories and lifting of quantitative restrictions on agricultural products; these have adversely affected Indian farmers as they now have to face increased international competition.  
Because of export oriented policy strategies in agriculture, there has been a shift from production for the domestic market towards production for the export market focusing on cash crops in lieu of production of food grains. This puts pressure on prices of food grains.

Economics: CUET Mock Test - 7 - Question 39

Multiple Choice Questions which will help them to assess their level of preparation:
1. The central government has missed its disinvestment target almost every year, except in four years, from 2000-01 to 2013-14.   
2.  The government had a disinvestment target of Rs. 58,425 crore in 2014-15 but could not achieve even 50% of the target.
Q. Which of the above statements is/are not correct?

Detailed Solution for Economics: CUET Mock Test - 7 - Question 39

Both are correct. It could achieve only Rs.24,338crore, .i.e. 41.66%. Disinvestment can be defined as the action of an organisation (or government) selling or liquidating an asset or subsidiary. It is also referred to as ‘divestment’ or ‘divestiture.’

Economics: CUET Mock Test - 7 - Question 40

Consider the below statements about WTO:
1. The WTO was founded in 1995 as the successor organisation to the International Treaty for Trade (ITT). 
2. WTO is expected to establish a modern trading regime in which nations have the right to place suitable restrictions on trade.
3. In addition, its purpose is also to enlarge production and trade of services, to ensure optimum utilisation of world resources and to protect the environment.
Select the incorrect statements using the codes given below:

Detailed Solution for Economics: CUET Mock Test - 7 - Question 40

The WTO was founded in 1995 as the successor organisation to the General Agreement on Trade and Tariff (GATT). WTO is expected to establish a rule-based trading regime in which nations cannot place arbitrary restrictions on trade.

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