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Daily-static-mcqs 01 Aug 2024
Q1:
The general characteristic of an underdeveloped economy is- 1. Uneven distribution of income 2. Low per capita income 3. Changes in the bank and financial sector 4. Slow rate of growth in national income How many of the statements given above are correct?
A: Only one
B: Only two
C: Only three
D: All four
Answer: D
Explanation:
The following are the characteristics of an underdeveloped economy:
1. Population growth
2. Rudimentary natural resources
3. Unequal distribution of income
4. Lowest per capita income
5. Changes in bank and financial sector
6. Slow rate of growth in national income etc.
Q2:
Which one of the following statements is correct about a mixed economy?
A: Equal participation of the Centre and the States in economic planning and development.
B: The process of globalization in the national economy is heavily influenced by Swadeshi.
C: The public sector as well as the private sector is present in the national economy.
D: All of the above
Answer: C
Explanation:
Mixed economy is an economy between capitalism and socialism in which both public and private institutions have control over economic resources. For example, the economy of India is a mixed economy.
Q3:
Consider the following statements regarding Economic Growth and Development of the country: 1. The term growth means quantitative progress and it is generally used in a positive sense, because we didn't consider it as a value- neutral term. 2. Economic development is quantitative as well as qualitative progress in an economy. Which of the statements given above is/are correct?
A: 1 Only
B: 2 Only
C: Both 1 and 2
D: Neither 1 nor 2
Answer: B
Explanation:
Growth is a value-neutral term. It might be positive or negative for an economy for a specific period, the visionary generally uses it in a positive sense. Hence, statement 1 is incorrect.
If economic growth is suitably used for development, it comes back to accelerate the growth and ultimately greater and greater population brought under the area of development. When we use the term economy growth we mean quantitative progress and when we use the term economy development we mean quantitative as well as qualitative progress. Hence, statement 2 is correct.
Q4:
What is real terms economic growth according to Economic Survey 2022-23?
A: 6 Percent
B: 6.5 Percent
C: 7 Percent
D: 7.5 Percent
Answer: C
Explanation:
According to the economic survey 2023-23, the Indian economy is expected to grow at 7 per cent for the year ending March 2023. Hence, option (c) is correct.
Q5:
Consider the following statements: 1. While calculating GNP, income generated by foreigners in a country is taken into consideration. 2. While calculating GNP, income generated by nationals of a country outside the country is taken into account. Which of the statements given above is/are incorrect?
A: 1 Only
B: 2 Only
C: Both 1 and 2
D: Neither 1 nor 2
Answer: A
Explanation:
While calculating GNP, income generated by foreigners in a country is not taken into consideration. Hence, statement 1 is incorrect.
The income generated by national of a country outside the country is taken into account while calculating GNP. Hence, statement 2 is correct.
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