Indian Economy MCQs

Notes:
The Global Innovation Index is published by WIPO with partners, the Global Competitiveness Index by the World Economic Forum, and only the Ease of Doing Business Index is published by the World Bank Group. Thus, among the options, only the third report is published by the World Bank. The other two are not associated with the World Bank.

Notes:
India has used a managed floating exchange rate regime since 1993. The Reserve Bank of India intervenes in the foreign exchange market to reduce excessive volatility. The exchange rate is mainly market-determined but subject to RBI intervention. The International Monetary Fund describes India’s regime as a managed float. RBI does not follow a fully fixed or fully floating rate policy.

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Rolling Plan (1979–1980) The Janata Party government rejected the Fifth Five-Year Plan and introduced a new Sixth Five-Year Plan (1978–1980).

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The Addu Tourism Zone is located in Addu City, Maldives. India and Maldives collaborate on the Hankendi Integrated Tourism Development Project in this zone. India supports the project via a Line of Credit. Infrastructure works include land reclamation, beach protection, and bridges. Projects, such as land reclamation of 184.3 hectares and related infrastructure, are executed by Indian firm AFCONS. Addu Atoll is part of Maldives.

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The World Tourism Organization (UNWTO) is the United Nations agency responsible for the promotion of sustainable and universally accessible tourism. Its headquarters is located at Madrid, Spain.

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The essential conditions for perfect competition in a market are :
1. homogeneous products
2. many sellers and buyers
3. freedom of entry and exit
4. firms are price takers and not price makers

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The Factors of production are the inputs available to supply goods and services in an economy.
They are Land, Labour, Capital and Enterprise.

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Net Value Added is obtained by subtracting depreciation from Gross Value Added. Depreciation represents the wear and tear or consumption of fixed capital during the production process. It is a key measure in national income accounting.

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K.V. Kamath, was the first chief of the New Development Bank of BRICS countries, he has served as the Chairman of Infosys Limited, the second-largest Indian IT services company, and as the Non-Executive Chairman of ICICI Bank. He has been replaced by Marcos Prado Troyjo from Brazil since 7 July 2020. Marcos Troyjo was elected president of the New Development Bank on 27 May 2020.

Notes:
Profit making is not the motto of the Socialist as well as the Traditional economic system. In mixed as it has a capitalist element in it, profit-making becomes one of its motives like that of market/capitalist economy.