1. Indian economy is a unique mixture of ?
[A] Secondary and Tertiary sector
[B] Public and Private sector
[C] Primary and Tertiary sector
[D] None of the above
ANSWER: Option(B).
MEMORY: Indian economy is a mixture of public and private sector which is also known as mixed economy.
2. Primary sector of Indian economy is ?
[A] Agriculture
[B] Industries
[C] Business
[D] Transport
ANSWER: Option(A).
MEMORY: Since independence agriculture is still remained the primary sector of Indian economy and its contribution towards national income is about 13.9% (According to survey of 2013-2014). Total work-force of India is still agriculturist.
3. Which of the following is not true about the Indian economy ?
[A] Agricultural economy
[B] Developing economy
[C] Mixed Economy
[D] Market Economy
ANSWER: Option(D).
MEMORY: No memory available.
4. Planned economy in India is based on ?
[A] Central system
[B] Gandhian system
[C] Socialist system
[D] Democratic system
ANSWER: Option(C).
MEMORY: No memory available.
5. Which of following is not a tertiary sector of Indian economy ?
[A] Communication
[B] Business
[C] Industry
[D] Transport
ANSWER: Option(C).
MEMORY: Except industry, all other are tertiary sector while industry is a secondary sector.
6. Economic liberalisation in India started with which of the following ?
[A] Reduction in tax rate
[B] Increase in wages
[C] Changes in industrial licensing policy
[D] Arrival of a lot of foreign currency
ANSWER: Option(C).
MEMORY: No memory available.
7. Which of the following is not a secondary sector of Indian economy ?
[A] Electricity
[B] Agriculture
[C] Manufacturing
[D] All of the above
ANSWER: Option(B).
MEMORY: Except agriculture, all other are secondary sector of Indian economy while agriculture is a primary sector.
8. The Indian economy is characterised by –
[A] Massive unemployment
[B] Precedence of agriculture
[C] Precedence of business
[D] Both (A) and (B)
ANSWER: Option(D).
MEMORY: No memory available.
9. In India, a person is considered employed if he/she works for ________ days of a year for eight hours every day.
[A] 250
[B] 283
[C] 273
[D] 243
ANSWER: Option(C).
MEMORY: No memory available.
10. Savings are low in India due to ?
[A] High expenditure and high national income
[B] Low national income and high expenditure
[C] Low wages and high expenditure
[D] High expenditure and low per capita income
ANSWER: Option(B).
MEMORY: Owing to low savings, deficient in capital formation which is an important factor of production and manufacturing.