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B Com Exam  >  B Com Tests  >  Test: Indian Economy at the Time of Independence - B Com MCQ

Test: Indian Economy at the Time of Independence - B Com MCQ


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10 Questions MCQ Test - Test: Indian Economy at the Time of Independence

Test: Indian Economy at the Time of Independence for B Com 2024 is part of B Com preparation. The Test: Indian Economy at the Time of Independence questions and answers have been prepared according to the B Com exam syllabus.The Test: Indian Economy at the Time of Independence MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Indian Economy at the Time of Independence below.
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Test: Indian Economy at the Time of Independence - Question 1
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What was the rate of illiteracy in India in 1948?

Detailed Solution for Test: Indian Economy at the Time of Independence - Question 1
In 1948, the rate of illiteracy in India was 18%. Illiteracy was a significant issue that hindered the adoption of modern techniques in agriculture and industry, as well as the organization of trade and commerce on modern lines. This lack of education contributed to the overall underdevelopment of the economy.
Test: Indian Economy at the Time of Independence - Question 2
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Which sector dominated the Indian economy on the eve of independence?

Detailed Solution for Test: Indian Economy at the Time of Independence - Question 2
Agriculture was the dominant sector of the Indian economy on the eve of independence. About 70% of the population was engaged in agricultural activities, and agriculture contributed around 50% to the national income. This focus on agriculture reflected the predominance of agrarian economy in India during that period.
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Test: Indian Economy at the Time of Independence - Question 3
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What was the percentage of the population engaged in agriculture on the eve of independence?

Detailed Solution for Test: Indian Economy at the Time of Independence - Question 3
Around 70% of the population was engaged in agriculture on the eve of independence. This heavy reliance on agriculture was a characteristic of underdeveloped economies. Despite its prominence, agriculture in India was marked by low productivity and outdated techniques.
Test: Indian Economy at the Time of Independence - Question 4
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Which of the following was a major cause of widespread unemployment in India during the period discussed?
Detailed Solution for Test: Indian Economy at the Time of Independence - Question 4
Widespread unemployment was a result of rapid population growth in India. As the population increased, the economy couldn't generate enough jobs to accommodate the growing labor force. This issue was exacerbated by the underdeveloped nature of the economy, leading to a shortage of employment opportunities.
Test: Indian Economy at the Time of Independence - Question 5
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Which aspect of the Indian economy was considered "depreciated" after World War II?
Detailed Solution for Test: Indian Economy at the Time of Independence - Question 5
After World War II, the Indian economy was considered "depreciated." This term refers to the decline in the production capacity of an economy due to extensive use of factors of production without proper replacement. The lack of real capital led to a decline in production capacity, especially in terms of infrastructure like power generation, transport, and communication.
Test: Indian Economy at the Time of Independence - Question 6
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Which economic characteristic was more prominent in the pre-British Indian economy?
Detailed Solution for Test: Indian Economy at the Time of Independence - Question 6
The pre-British Indian economy had a more prominent feudalistic mode of production. Feudalism and agrarian practices dominated, with elements of capitalism emerging alongside. Handicraftsmen had lost their independent status and were engaged in simple commodity production, while bonded labor was prevalent in agriculture.
Test: Indian Economy at the Time of Independence - Question 7
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What was the primary factor influencing the nature of India's economy in terms of population?
Detailed Solution for Test: Indian Economy at the Time of Independence - Question 7
The high rate of population growth was a major factor influencing the nature of India's economy. Overpopulation led to complex economic problems, including low per capita income, unemployment, housing shortages, and a lower standard of living. The rapid increase in population put pressure on an already underdeveloped economy.
Test: Indian Economy at the Time of Independence - Question 8
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Which term describes industries that contribute to the growth of other industries?
Detailed Solution for Test: Indian Economy at the Time of Independence - Question 8
Social Overhead Capital refers to industries that facilitate the growth of other industries. These include transportation, energy, communication, and other infrastructure industries. The lack of development in social overhead capital during the British rule contributed to the slow growth of industries in India.
Test: Indian Economy at the Time of Independence - Question 9
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What was the major reason for the deficiency of capital formation in India?
Detailed Solution for Test: Indian Economy at the Time of Independence - Question 9
The deficiency of capital formation in India was primarily due to low inducement to invest. Factors such as inadequate incentives for businesses to invest and low levels of saving capacity among the population contributed to the lack of capital formation. This hampered the economic growth and development of the country.
Test: Indian Economy at the Time of Independence - Question 10
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What was the per capita income of India on the eve of independence in 1947-48?
Detailed Solution for Test: Indian Economy at the Time of Independence - Question 10
On the eve of independence, the per capita income of India in 1947-48 was Rs. 230. This low per capita income was a characteristic feature of underdeveloped economies. The poverty levels were high, and a significant portion of the population was unable to access even basic necessities like food, shelter, and clothing.
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