Indian Economy MCQs

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Transfer payments made by the Government including subsidies, government aid, social security assistance such as health insurance payment and scholarship are not included in the national income. Because they do not represent any economic activity.

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Gresham’s law, enunciated by Sir Thomas Gresham, states that inferior currency (bad money) in circulation displaces valuable or superior currency (good money) if both are accepted at same face value, as people hoard the good currency and spend the bad.

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The Fourth Five-year plan was implemented during 1969 to 1974 in India. The plan has twin objectives of “Growth with stability” and “progressive achievement of self-reliance”. It focused on the growth rate of Agriculture.

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The Airports Economic Regulatory Authority (AERA) is the statutory body that regulates tariff and other charges for aeronautical services at major airports, including matters related to development fee. Its role is to determine or revise such fees for airports covered under its jurisdiction. The Airports Authority of India manages airports, but the fee-setting function for major airports is entrusted to AERA under the relevant regulatory framework.

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The Indian Rupee symbol was designed by D Udaya Kumar in 2010. He was then an assistant professor at IIT Guwahati. The government conducted a public contest in 2009 for the symbol’s design. His design combines the Devanagari ‘र’ and the Latin ‘R’. The government officially adopted the symbol on 15 July 2010. Kumar received a cash award of ₹2.5 lakh for his design.

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The principle of reciprocity in the WTO framework means that when one member lowers trade barriers, other members are expected to do the same in return. This mutual concession promotes fair trade practices and encourages countries to engage in negotiations. Reciprocity is fundamental to the WTO’s goal of reducing trade barriers globally, fostering a more open and equitable trading system.

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The Global Innovation Index is published by WIPO, while the Global Competitiveness Index is associated with the World Economic Forum. The World Bank Group discontinued the Doing Business report on 16 September 2021, and it is no longer a current World Bank publication. Therefore, none of the listed reports is presently published by the World Bank. This makes option 4 the correct answer.

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In the Avadi session of Indian National Congress in 1955 the Congress stated that object of the planning has to be “Socialist Pattern” and not absolute “Socialism”. The Socialist pattern meant that India has to be a mixed economy where private & public sector would coexist. In the same year, Imperial Bank of India, which came into being in 1921, came under the public sector and became “State Bank of India” in 1955.

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Crude oil was discovered here in late 19th century. Digboi is known as the Oil City of Assam where the first oil well in Asia was drilled. The first refinery was started here as early as 1901. Digboi has the oldest oil Refinery in operation.

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A mixed economy is variously defined as an economic system blending elements of market economies with elements of planned economies, free markets with state interventionism, or private enterprise with public enterprise.