Indian Economy MCQs

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The Indian Council of Medical Research recommends 2,400 kcal per person per day as the calorie norm for rural areas. The norm for urban areas is set at 2,100 kcal per day. The ICMR released these recommendations to reflect higher physical activity in rural populations. National Sample Survey Office (NSSO) reports use these benchmarks in poverty and nutrition studies.

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Microeconomic variables are those patterns or elements that can be used to describe the behavior of a person or an individual economic unit, like a business. Eg. Consumer’s Equilibrium.

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Friedrich Hayek might be considered the poster boy for the Austrian School of Economics. Influenced and mentored by Ludwig von Mises, a prominent figure in the Libertarian movement, Hayek was awarded the Nobel Prize for Economics in 1974. While working at the London School of Economics he publicly opposed Keynes and his theories of government spending as the solution to the Great Depression, arguing instead that private investment was the path to prosperity and development. 

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Former Prime Minister Dr. Manmohan Singh is one of India’s leading economists and is known to have been the brain behind India’s socio-economic reforms and economic liberalization.

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Pink-collar workers, often in services like nursing and teaching, are primarily found in the tertiary sector, which includes service-oriented jobs. The primary sector covers agriculture, secondary involves manufacturing, and quaternary relates to knowledge and information-based activities.

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In 1978, under Prime Minister Morarji Desai, ₹1,000, ₹5,000, and ₹10,000 notes were demonetized to combat black money. The Reserve Bank of India executed this demonetization, removing high-value currency to curb illegal wealth and unaccounted cash circulation in the Indian economy.

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The Rolling Plan for backward countries was suggested by Gunnar Myrdal. The rolling plan consists of three different steps, First, a plan for the current year which includes the annual budget. Second, a plan fixed for a fixed number of years, say three-four or five years. As per the requirement of the economy, it is revised every year. Third a perspective plan for 10, 15, or 20 years.

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Urea is also called carbamide. Its chemical formula is CO(NH₂)₂. Urea was first synthesized in 1828 by Friedrich Wöhler. Urea contains about 46% nitrogen by weight. It is widely used as a nitrogen-release fertilizer globally. In India, urea is the most commonly used fertilizer for agriculture.

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Brazil is the world’s largest producer of sugarcane. In the 2022-23 season, Brazil produced over 715 million metric tons of sugarcane. The main cultivation areas in Brazil include São Paulo and the Central-South region. Brazil leads global sugar and ethanol exports due to its sugarcane industry size and production capacity. India ranks as the second largest sugarcane producer worldwide after Brazil.

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Rajasthan produced over 9.3 million metric tons of oilseeds in 2024, accounting for 21.41% of India’s total oilseed production. Major oilseeds grown include rapeseed, mustard, sesame, and groundnut. Rajasthan consistently surpasses all other Indian states in cumulative oilseed output.