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 Indian Economy Questions

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Q:

Full convertibility of a rupee means ?

A) Determination of rate of exchange between rupee and foreign currencies freely by the market forces of demand and supply B) Repayment of loans in terms of rupees
C) Payment for imports in terms of rupees D) Purchase of foreign exchange for rupees freely
 
Answer & Explanation Answer: A) Determination of rate of exchange between rupee and foreign currencies freely by the market forces of demand and supply

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Q:

Who propounded the Market law?

A) J. B. Say B) T. R. Malthus
C) Adam Smith D) David Ricardo
 
Answer & Explanation Answer: A) J. B. Say

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Q:

What is the name of the group of agriculture exporting countries formed in 1986, that has put agriculture on the multi lateral trade agenda at the WTO?

A) The Cairns Group B) ASEAN
C) SCANA D) NAFTA
 
Answer & Explanation Answer: C) SCANA

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Q:

A situation where we have people whose level of income is not sufficient to meet the minimum consumption expenditure is considered as

A) Absolute Poverty B) Relative Poverty
C) Urban Poverty D) Rural Poverty
 
Answer & Explanation Answer: A) Absolute Poverty

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Q:

The First Five Year Plan was based on ___________.

A) Herold Domar Model B) P.C . Mahalanobis Model
C) Both the Above D) None of the above
 
Answer & Explanation Answer: A) Herold Domar Model

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Q:

Economics deals primarily with the concept of

A) Poverty B) Money
C) Scarcity D) Banking
 
Answer & Explanation Answer: C) Scarcity

Explanation:

Economics_deals_primarily_with_the_concept_of1557729122.png image

 

Economics deals primarily with the concept of Scarcity and choice. Scarcity is the limited availability of a commodity, which may be in demand in the market. Scarcity also includes an individual's lack of resources to buy commodities.

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Q:

Who is known as the father of Indian Economics?

A) Gopal Krishna Gokhale B) Bal Gangadhar Tilak
C) Adam Smith D) M G Ranade
 
Answer & Explanation Answer: C) Adam Smith

Explanation:

Mahadev Govind Ranade is known as the father of Indian Economics. M G Ranade advocated social reforms such as widow re-marriage, liberation of women & emancipation of the oppressed classes.

He was Known to be the mentor & political guru of Gopal Krishna Gokhale & Bal Gangadhar Tilak.

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Q:

TRAI, the name which we read very often in the newspapers, is a regulatory body associated with which of the following sectors

A) Transport B) Travel and Tourism
C) Technical Education D) Telecom
 
Answer & Explanation Answer: D) Telecom

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