Expected Questions with Answers (Part - 3), Economy Traditional UPSC Notes | EduRev

Question: 1. The tax reform committee headed by Prof Raja J. Chelliah has recommended extensive reform in structure of________
 Ans: ICICI
 
Question: 2. How many state Finance Corporations are working in India at present?
 Ans: 18

Question: 3. Under the amended Sick Industrial Companies Act (SICA)________have been brought under the jurisidication of the Board for Industrial and Financial Reconstructions (BIFR) which will now decide whether these units law be effectively revived or whether they should be closed down.
 Ans: Public sector undertakings

Question: 4. The Rangrajan Committee was established for a study into________
 Ans: Disinvestment of shares in public sector enterprise

Question: 5. The amended Foreign Exchange Regulation Act (FERA), 1973 has removed controls on________
 Ans: India Firms setting up joint tenures abroad and allowed Indians to hold immovable property aboard

Question: 6. Which sector is at the top in Industrial production Index?
 Ans: Manufacturing

Question: 7. What percentage of country’s demand for natural rubber is met by indigenous production?
 Ans: 97%

Question: 8. Bhandari Committee was related to
 Ans: Reconstruction of RRB.

Question: 9. The balance of payments continued to be under pressure during the seventh plan because of
 Ans: Deceleration in growth of domestic oil production Unisatisfactory growth in our exports sector

Question: 10. “Socialist Pattern” comes through ________
 Ans: Mixed economy

Question: 11. A market economy is one in which ________
 Ans: Product and factors are bought and sold

Question: 12. Who wrote a book describing the theory of economic drain of India during British rule?
 Ans: Dadabhai Naroji

Question: 13. In the 8th Five Year Plan foreign borrowing would be limited to ________ of GDP.
 Ans: 1.6%

Question: 14. In India, present trend of rapid urbanisation is due to ________
 Ans: Lack of employment opportunities in rural areas

Question: 15. Economic development has been retarded in India mainly due to ________
 Ans: Westernised social  attitudes

Question: 16. In a free economy inequalities of income are mainly due to ________
 Ans: Private property and in-heritance

Question: 17. Name the committee which was set up to review the methodology for the estimation of cost of production of crop and adjustment of procurement/support prices.
 Ans: Hanumantha Rao ommittee

Question: 18. First Share market in India was established in
 Ans: Mumbai

Question: 19. The headquarters of ILO is at
 Ans: Geneva

Question: 20. The difference between GDP and NDP is ____
 Ans: Consumption of fixed capital

Question: 21. Which country produces maximum tea in the world__
 Ans: India

Question: 22. National Sample Survery (NSS) was established in 
 Ans: 1950

Question: 23. ‘Trust card’ has been launched by
 Ans: BSNL

Question: 24. The share percentage of sponsor bank in the equity of Regional Rural Banks is
 Ans: 35%

Question: 25. Which state ensures the maximum production of coffee in India?
 Ans: Karnataka

Question: 26. The apex organisation of industrial finance in India is
 Ans: IDBI

Question: 27. The term GNP incorporates the economic activity by taking into account ________
 Ans: The nationals of the country and their property

Question: 28. The depreciation is deducted from GNP in order to estimate NNP because the national income economists ________
 Ans: Desire to keep intact the total physical productivity of the capital goods

Question: 29. Which Bank is a subsidiary of RBI?
 Ans: National Housing Bank

Question: 30. Multidimensional Poverty Index is a new Index being included in
 Ans: Human Development Report

Question: 31. Who is the chairman of 7th Pay Commission?
 Ans: Ashok Kumar Mathur

Question: 32. Who wrote, “The General Theory of Employment, Interest and Money”?
 Ans: J.M. Keynes

Question: 33. The difference between GNP at market price and GDP at market price is equal to ________
 Ans: Net property income from abroad

Question: 34. Which measures does not include final goods and services?
 Ans: Disposable income

Question: 35. National Income is the ________
 Ans: Sum total of factor incomes

Question: 36. Which method should be used to estimate national income of a predominantly agricultural economy?
 Ans: Production method

Question: 37. Subsidies mean ________
 Ans: Payment by Government to business enterprises without buying any goods and services

Question: 38. As per the WTO’s International Trade Statistics 2013, India’s share in Global exports is
 Ans: 1.7%

Question: 39. Depreciation means ________
 Ans: Loss of equipment over time due to wear and tear

Question: 40. National product at market prices is higher than ________
 Ans: National product at factory cost

Question: 41. National product at market prices is higher than national product at factor cost by the amount of ________
 Ans: Indirect taxes minus sub-sidies

Question: 42. A major part of a country’s output is normally used for ________
 Ans: Private consumption

Question: 43. A growing country is one with ________
 Ans: Rising GNP at constant prices

Question: 44. Over the time in a country, changes in the average standard of living are measured by ________
 Ans: Real per capita income

Question: 45. For a study of the long-term growth of the economy we use ________
 Ans: Real GNP

Question: 46. A deflator is a technique of ________
 Ans: Adjusting for changes in price level

Question: 47. India’s rank in Global Competitiveness Index 2014-15 is
 Ans: 60th

Question: 48. Which year is known as ‘Year of the Great Divide’ with regard to population growth in India?
 Ans: 1921

Question: 49. Which Foreign Bank has the highest number of branches in India?
 Ans: Standard Chartered Bank

Question: 50. How many national commodity exchanges do exist in India after including ICEX in the series?
 Ans: 4