Indian Economy MCQs

Notes:
IBAN, BBAN, SEPA and SWIFT are all terms used in international banking and payment systems. SWIFT is the global messaging network used by banks, SEPA refers to the Single Euro Payments Area, and IBAN is the International Bank Account Number used for identifying bank accounts in cross-border payments. BBAN stands for Basic Bank Account Number and forms the country-specific part of the account identifier. These terms are widely used in international fund transfers.

Notes:
The International Harmonized System (HS), used worldwide for classifying traded goods, is maintained and updated by the World Customs Organization (WCO). The WCO oversees HS revisions through its technical bodies, ensuring the system stays aligned with changes in trade, technology, and product categories. This makes the WCO the correct organization responsible for the HS nomenclature used by customs authorities and trade statistics agencies across the world.

Notes:
Both statements are correct. Adopt a Heritage 2.0 is a programme of the Archaeological Survey of India under the Ministry of Culture. It invites public and private sector entities, NGOs, trusts and societies to help provide visitor-friendly amenities at protected monuments. The focus is on non-conservation support such as washrooms, drinking water, seating, signage and other facilities that improve the tourist experience while archaeological conservation remains with ASI experts.

Notes:
The National Statistics Office (NSO), under the Ministry of Statistics and Programme Implementation, conducts large-scale sample surveys and collects data on various sectors, including the unorganised sector. It is the present institutional name used for this function. CSO mainly handles statistical coordination, ASI relates to industrial statistics, and RBI is India’s central bank. Hence, NSO is the correct answer.

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The market demand curve is the summation of all the individual demand curves in a given market. It shows the quantity demanded of the good by all individuals at varying price points.

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The national Tourism day is being celebrated in India on January 25 every year. The day is celebrated to raise awareness the global community about the importance of tourism for the country’s economy and its social, political, financial and cultural worth.

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Productivity, in economics, measures output per unit of input, such as labor, capital, or any other resource – and is typically calculated for the economy as a whole, as a ratio of GDP to hours worked.

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The tertiary sector’s activities help in the development of the primary and secondary sectors. By itself, economic activities in the tertiary sector do not produce goods so they can be outsourced.

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NITI Aayog has developed a Handbook of State Statistics that consolidates key statistics across sectors for every Indian State/UT. Similarly, NITI Aayog has developed a Composite Water Management Index as a useful tool to assess and further improve the performance of efficient management of water resources. Further, NITI Aayog launched the SDG India Index is intended to provide a holistic view on the social, economic and environmental status of the country and its States and UTs. It has been designed to provide an aggregate assessment of the performance of all Indian States and UTs and to help leaders and change-makers evaluate their performance on social, economic and environmental parameters.

Notes:
NITI Aayog’s SDG India Index 2023-24 tracks 16 Sustainable Development Goals for states and union territories. It excludes SDG 14 (Life Below Water), which is relevant only to coastal regions. The Index utilizes 113 indicators to assess state-wise progress and was first launched by NITI Aayog in 2018. The SDGs were adopted by the United Nations in 2015 as a global agenda for 2030.