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B Com Exam  >  B Com Tests  >  Test: Introduction to Indian Economy - B Com MCQ

Test: Introduction to Indian Economy - B Com MCQ


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10 Questions MCQ Test - Test: Introduction to Indian Economy

Test: Introduction to Indian Economy for B Com 2024 is part of B Com preparation. The Test: Introduction to Indian Economy questions and answers have been prepared according to the B Com exam syllabus.The Test: Introduction to Indian Economy MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Introduction to Indian Economy below.
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Test: Introduction to Indian Economy - Question 1
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What term was used to describe India's stagnant growth rate up until the 1980s?

Detailed Solution for Test: Introduction to Indian Economy - Question 1
The correct answer is Option B. The term "Hindu Growth Rate" was used by many economists to describe India's stagnant growth rate up until the 1980s. This term reflected the slow pace of economic growth during that period, which was attributed to various factors including policy constraints and inefficiencies.
Test: Introduction to Indian Economy - Question 2
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What is the approximate percentage of India's population living below the poverty line according to the Rangarajan panel's recommendation?

Detailed Solution for Test: Introduction to Indian Economy - Question 2
The correct answer is Option C. According to the Rangarajan panel's recommendation, about 26% of India's population lives below the poverty line. This recommendation defined the poverty line as those who spend Rs 32 in rural areas and Rs 47 in towns and cities per day, resulting in an increase in the estimated number of people living below the poverty line compared to the Tendulkar formula.
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Test: Introduction to Indian Economy - Question 3
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Which sector contributes more than half of India's GDP with less than one third of its labor force?

Detailed Solution for Test: Introduction to Indian Economy - Question 3
The correct answer is Option C. The tertiary sector, also known as the service sector, contributes more than half of India's GDP (Gross Domestic Product) while utilizing less than one third of its labor force. This sector includes a wide range of services such as banking, education, healthcare, entertainment, and more. The dominance of the service sector in India's economy signifies its transition towards a more developed and diversified economic structure.
Test: Introduction to Indian Economy - Question 4
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Which plan aimed to promote the socialistic pattern of society to reduce economic inequalities?
Detailed Solution for Test: Introduction to Indian Economy - Question 4
The correct answer is Option B. The Second Plan aimed to promote the socialistic pattern of society to reduce economic inequalities. This goal was set in order to address exploitation and injustice in the country, aiming for a fairer distribution of wealth and income through measures such as progressive taxation and reservation of jobs for economically backward classes.
Test: Introduction to Indian Economy - Question 5
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Which sector contributes the largest share to India's GDP as of 2012-13?
Detailed Solution for Test: Introduction to Indian Economy - Question 5
The correct answer is Option C. As of 2012-13, the tertiary sector, also known as the service sector, contributes the largest share to India's GDP. This sector encompasses a wide range of services such as banking, retail, telecommunications, and more, and has played a significant role in driving India's economic growth.
Test: Introduction to Indian Economy - Question 6
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What term was used to describe India's growth trend after the liberalization regime started in 1992?
Detailed Solution for Test: Introduction to Indian Economy - Question 6
The correct answer is Option D. After the liberalization regime started in 1992, India's growth trend was referred to as the "New Hindu Growth Rate." This term marked the departure from the earlier stagnant growth pattern, signifying a new phase of more rapid economic growth.
Test: Introduction to Indian Economy - Question 7
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What percentage of India's total trade does its share in world exports account for?
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The correct answer is Option B. India's share in world exports accounts for approximately 1.7% of total trade. This indicates its participation in the global trade arena, contributing to the movement of goods and services across international borders.
Test: Introduction to Indian Economy - Question 8
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Which factor is NOT typically associated with developing economies?
Detailed Solution for Test: Introduction to Indian Economy - Question 8
The correct answer is Option A. High levels of education and health care are not typically associated with developing economies. Developing economies often face challenges in providing adequate education and healthcare services due to limited resources and various structural issues.
Test: Introduction to Indian Economy - Question 9
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Which sector is characterized by a high dependency ratio with a high proportion of children dependent on a small proportion of workers?
Detailed Solution for Test: Introduction to Indian Economy - Question 9
The correct answer is Option A. The primary sector, which includes activities like agriculture and mining, is characterized by a high dependency ratio. In many developing countries, a significant proportion of children depend on a relatively small number of workers engaged in primary sector activities, contributing to economic challenges and imbalances.
Test: Introduction to Indian Economy - Question 10
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Which plan aimed to achieve the goal of getting rid of dependence on foreign aid by increasing export trade and developing internal resources?
Detailed Solution for Test: Introduction to Indian Economy - Question 10
The correct answer is Option D. The Tenth Plan aimed to achieve the goal of getting rid of dependence on foreign aid by increasing export trade and developing internal resources. This plan emphasized self-sustainability and economic growth through strategic initiatives and policies.
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