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Test: Indian Economy On The Eve Of Independence - 1 - UPSC MCQ


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10 Questions MCQ Test Indian Economy for UPSC CSE - Test: Indian Economy On The Eve Of Independence - 1

Test: Indian Economy On The Eve Of Independence - 1 for UPSC 2024 is part of Indian Economy for UPSC CSE preparation. The Test: Indian Economy On The Eve Of Independence - 1 questions and answers have been prepared according to the UPSC exam syllabus.The Test: Indian Economy On The Eve Of Independence - 1 MCQs are made for UPSC 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Indian Economy On The Eve Of Independence - 1 below.
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Test: Indian Economy On The Eve Of Independence - 1 - Question 1

Which of the following economist estimated per capita income during colonial period

Detailed Solution for Test: Indian Economy On The Eve Of Independence - 1 - Question 1

Among the notable estimators — Dadabhai Naoroji, William Digby, Findlay Shirras, V.K.R.V. Rao and R.C. Desai — it was Rao, whose estimates during the colonial period was considered very significant. However, most studies did find that the country’s growth of aggregate real output during the first half of the twentieth century was less than two per cent coupled with a meagre half per cent growth in per capita output per year.

Test: Indian Economy On The Eve Of Independence - 1 - Question 2

What was the rate of growth of real output in our country during the first half of the twentieth century

Detailed Solution for Test: Indian Economy On The Eve Of Independence - 1 - Question 2

The growth of the aggregate real output (GDP) was less than 2% during the first half of the 20th century and growth of per capita income was just 0.5%.

So option D is correct.

Test: Indian Economy On The Eve Of Independence - 1 - Question 3

What was the percentage of population dependent directly or indirectly on agriculture

Detailed Solution for Test: Indian Economy On The Eve Of Independence - 1 - Question 3

India's economy under British rule remained primarily agrarian - around 85% country's population lived in villages and derived livelihood directly or indirectly through agriculture.

Agriculture, with its allied sectors, is the largest source of livelihoods in India. 70 percent of its rural households still depend primarily on agriculture for their livelihood, with 82 percent of farmers being small and marginal. In 2017-18, total food grain production was estimated at 275 million tonnes (MT).

So option A is correct.

Test: Indian Economy On The Eve Of Independence - 1 - Question 4

Reason for low productivity in agriculture sector

Detailed Solution for Test: Indian Economy On The Eve Of Independence - 1 - Question 4

Low productivity in agriculture is due to low level of technology. In India farm farmers are still using poor and old agriculture technology of farming. in some areas farmer still do agriculture for survival.

So option B is correct.

Test: Indian Economy On The Eve Of Independence - 1 - Question 5

Capital goods industries are those

Detailed Solution for Test: Indian Economy On The Eve Of Independence - 1 - Question 5

Capital goods industry means industries which can produce machine, tools etc. which are, in turn, used for producing articles for current consumption.

So option B is correct.

Test: Indian Economy On The Eve Of Independence - 1 - Question 6

GDP stands for

Detailed Solution for Test: Indian Economy On The Eve Of Independence - 1 - Question 6

The gross domestic product (GDP) is one of the primary indicators used to gauge the health of a country's economy. It represents the total dollar value of all goods and services produced over a specific time period, often referred to as the size of the economy.

So option C is correct.

Test: Indian Economy On The Eve Of Independence - 1 - Question 7

GDP is the total value of _________ produced during a particular year.

Detailed Solution for Test: Indian Economy On The Eve Of Independence - 1 - Question 7

Gross Domestic Product:

  • Definition:
    • GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year.
    • GDP is the total value of all final goods and services produced during a particular year.
    • GDP growth rate is an important indicator of the economic performance of a country.
    • It counts the goods and services produced within the country and hence does not consider the products that the country imports from another country.
    • It can be measured by three methods, namely,
    • Output Method:
      • This measures the monetary or market value of all the goods and services produced within the borders of the country.
      • In order to avoid a distorted measure of GDP due to price level changes, GDP at constant prices o real GDP is computed. GDP (as per output method) = Real GDP (GDP at constant prices) – Taxes + Subsidies.
    • Expenditure Method:
      • This measures the total expenditure incurred by all entities on goods and services within the domestic boundaries of a country.
      • GDP (as per expenditure method) = C + I + G + (X-IM) C: Consumption expenditure, I: Investment expenditure, G: Government spending and (X-IM): Exports minus imports, that is, net exports.
    • Income Method:
      • It measures the total income earned by the factors of production, that is, labour and capital within the domestic boundaries of a country.
      • GDP (as per income method) = GDP at factor cost + Taxes – Subsidies.
Test: Indian Economy On The Eve Of Independence - 1 - Question 8

TISCO was incorporated in

Detailed Solution for Test: Indian Economy On The Eve Of Independence - 1 - Question 8

Tata Iron and Steel Company was founded  and established on 26 August 1907.

So option C is correct.

Test: Indian Economy On The Eve Of Independence - 1 - Question 9

Identify the industries which were under the public sector during the colonial period

Detailed Solution for Test: Indian Economy On The Eve Of Independence - 1 - Question 9

Railways industries which were under the public sector during the colonial period.

So option B is correct.

Test: Indian Economy On The Eve Of Independence - 1 - Question 10

Which of the following contributed to the dismal level of agricultural productivity during the colonial times?

i) Low levels of technology,

ii) Lack of irrigation facilities

iii) Abundant use of fertilisers

Detailed Solution for Test: Indian Economy On The Eve Of Independence - 1 - Question 10

The use of fertilizers was negligible. It also added up to aggravate the plight of the farmers.

So option B is correct.

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