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Quiz: Introduction To Indian Economy

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Number of Questions: 40

Question: 36 -

The term ‘Mixed Economy’ denotes

Options:

  1. existence of both private and public sectors

  2. existence of both heavy and small industries

  3. existence of both rural and urban sectors

  4. existence of both developed and underdeveloped sectors

    5. Answer:

    existence of both private and public sectors
    Solution:

    A mixed economy is an economic system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies.

    The basic idea of the mixed economy is that the means of production are mainly under private ownership; that markets remain the dominant form of economic coordination; and that profit-seeking enterprises and the accumulation of capital remain the fundamental driving force behind economic activity.

    However, unlike a free-market economy, the government would wield considerable indirect influence over the economy through fiscal and monetary policies.

Question: 37 -

Chairman of the Eleventh Finance Commission was

Options:

  1. A.M. Khusro

  2. Manmohan Singh

  3. Vijay Kelkar

  4. Deepak Parekh

    5. Answer:

    A.M. Khusro
    Solution:

    The Eleventh Finance Commission of India was appointed by the President on July 3, 1998 for the period 2000-05. It was chaired by Prof. A.M. Khusro and its members were Shri N.C Jain, Shri J.C Jetly, Dr. Amaresh Bagchi, and T.N. Srivastava.

    Note : The Finance Commission came into existence in 1951. It was established under Article 280 of the Indian Constitution by the President of India. The chairman of 14th and current finance commission is former RBI governor Y.V.Reddy.

Question: 38 -

The main difference between Gross Domestic Product (GDP) and Gross National Product (GNP) is

Options:

  1. Transfer payments

  2. Net foreign income from abroad

  3. Capital consumption allowance

  4. Capital gains

    5. Answer:

    Net foreign income from abroad
    Solution:

    Gross Domestic Product (GDP) is a measure of the total value of the goods and services produced in a country during one year, excluding income from investment abroad by residents of the country. It is the Gross National Product less net income from property or investment abroad.

Question: 39 -

As per the TRIPS Agreement1994, a good originating from a region with specific character/ quality/reputation is covered/to be protected under the IPR as

Options:

  1. GI (Geographical Indicator)

  2. Patent

  3. Trade secret

  4. Trademark

    5. Answer:

    GI (Geographical Indicator)
    Solution:

    Geographical Indication (GI) means the name of a region or a locality, a specific place or, in exceptional cases, a country, used to describe a product originating in that region, locality, specific place or country, which possesses a specific quality, reputation or other characteristics attributable to that geographical origin, and the production and/or processing and/or preparation of which take place in the defined geographical area.

Question: 40 -

The credit control operation in India is performed by

Options:

  1. State Bank of India

  2. Rural banks

  3. Commercial banks

  4. Reserve Bank of India

    5. Answer:

    Reserve Bank of India
    Solution:

    Credit control is the most important function of the Reserve Bank of India.  By using credit control methods RBI tries to maintain monetary stability.

    There are two types of methods:

    1. Quantitative control to regulate the volume of total credit; and
    2. Qualitative Control to regulate the flow of credit.