Indian Economy MCQs
Indian Economy Multiple Choice Questions (MCQs) for State and UPSC Civil Services Examinations. Objective Questions on Indian Economy for competitive examinations.
31. Who was the first American to win Noble Prize in Economics in 1970?
[A] Janet Yellen
[B] Paul Samuelson
[C] Milton Friedman
[D] Alice Rivlin
Show Answer
Correct Answer: B [Paul Samuelson]
Notes:
Paul Samuelson is the foremost academic economist of the 20th century. He was the first American to win the Noble Prize in economics in 1970. He was awarded the National Medal of Science, America’s top science award, by Bill Clinton in 1996.
32. Which sector comprises of the activities like exploitation of natural resources?
[A] Secondary
[B] Tertiary
[C] Primary
[D] Unorganised
Show Answer
Correct Answer: C [Primary]
Notes:
The exploitation of natural resources is part of the primary sector. The primary sector includes activities that are directly dependent on nature.
33. Which sector has the potential to generate the largest employment in any economy?
[A] Primary
[B] Secondary
[C] Tertiary
[D] Organised
Show Answer
Correct Answer: B [Secondary]
Notes:
The Manufacturing industry is the one that can generate enormous employment in any economy. It has also emerged as one of the high growth sectors in India. In order to fight unemployment, the Indian government has brought in various schemes for manufacturing sector like the “Make in India”.
34. In which year, National Food Security Act was passed?
[A] 2014
[B] 2013
[C] 2012
[D] 2009
Show Answer
Correct Answer: B [2013]
Notes:
The Parliament of India, enacted legislation in 2013 known as the National Food Security Act, 2013 to provide the food to every citizen of the country.
35. Which is major cause of the poor development of India?
[A] High Population
[B] Less Exports
[C] Market Imperfections
[D] Poor infrastructure
Show Answer
Correct Answer: A [High Population]
Notes:
There are many reasons for the underdevelopment of India but the root cause that gives rise to every problem like poverty and others is a high population combined with less income.
36. Which among the following micronutrients are provided by fertilizers to plants?
1. Nitrogen
2. Phosphorous
3. Potassium
4. Oxygen
Choose the correct option from the codes given below:
[A] 1 and 2 only
[B] 1,2 and 3 only
[C] 1,2,3 and 4
[D] 2,3 and 4 only
Show Answer
Correct Answer: B [1,2 and 3 only]
Notes:
The micronutrients are provided by fertilizers to plants are Nitrogen (N), Phosphorus (P), and Potassium (K), Calcium (Ca), Magnesium (Mg), Sulphur (S).
37. Which among the following is not a bio-fertilizer?
[A] Vermi compost
[B] Urea
[C] Azobacter
[D] Clostridium
Show Answer
Correct Answer: B [Urea]
Notes:
Biofertilizers are substances that contain microorganisms, which when added to the soil increase its fertility and promote plant growth. Urea is not a biofertilizer.
38. Which among the following is not a part of horticulture production?
[A] Apples
[B] Mangoes
[C] Sugarcane
[D] Pineapple
Show Answer
Correct Answer: C [Sugarcane]
Notes:
Horticulture is the branch of agriculture concerned with cultivation, production and sale of fruits, vegetables, flowers, herbs, ornamental or exotic plants. Sugarcane is a cash crop and not a horticulture.
39. Which is the highest imported vegetable oil for India?
[A] Sunflower
[B] Palm
[C] Soyabean
[D] None of the above
Show Answer
Correct Answer: B [Palm]
Notes:
Palm oil has been accounting the largest share of India’s total vegetable oil imports followed by soybean and sunflower.
40. What is the main purpose of buffer stock in India?
[A] To reduce food price fluctuations
[B] To save food grains from environment threats
[C] To provde farmers a place to save food grains
[D] None of the above
Show Answer
Correct Answer: A [To reduce food price fluctuations]
Notes:
The Buffer stock was introduced in India as a reserve of a commodity that can be used to offset price fluctuations. The price stability is the main aim of the buffer stock as that will impact the whole market and the economy.
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