{"id":10394,"date":"2024-07-15T09:54:01","date_gmt":"2024-07-15T08:54:01","guid":{"rendered":"https:\/\/mcqsadda.com\/?p=10394"},"modified":"2024-07-17T12:00:12","modified_gmt":"2024-07-17T11:00:12","slug":"indian-economy-central-problem-and-planning-set-1","status":"publish","type":"post","link":"https:\/\/mcqsadda.com\/index.php\/2024\/07\/15\/indian-economy-central-problem-and-planning-set-1\/","title":{"rendered":"Indian Economy : Central Problem and Planning Set &#8211; 1"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>1. <strong>Which of the following is the main differentiation between the small scale units and large scale units?<\/strong><\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. \u00a0The amount of investment<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B.  \u00a0The volume of output<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. The size of the unit area<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. The volume of sale<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER:A.The amount of investment<BR>\nSOLUTION :Small scale units are differentiated from large scale units on the basis of the amount of investment. Investment is a key factor because small scale units typically have less access to funding and resources than large scale units.<\/p>\n<\/div>egin\n\n\n\n<h2 class=\"wp-block-heading\"><strong>2. The creation of choice is done by _________ .<\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>A. <strong><strong><strong>Scarcity of resources<\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>B. Less choices<\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>C. \u00a0The urgency of needs<\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>D. Abundance of resources<\/strong><\/h2>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER:A.Scarcity of resources<BR>\nSOLUTION: \nAccording to Robbins, choice is created by scarcity of resources.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>3. Which branch of economic theory is associated with the difficulty of resources allocation?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. \u00a0\u00a0Econometrics<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. \u00a0Microeconomic theory<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. Macroeconomic theory<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. None of the above<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER : B. Microeconomic theory<BR>\nSOLUTION: \nMicro economics deals with the individual problems of production which involves cost and production function. Therefore, allocation of resources is a part of this branch.\n<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>4. Which option is a disadvantage for allocating resources that are utilising a market system?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. Profits will be less<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. Impossible to stop the wastage of scarce resources<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. Notable unemployment may take place<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. Uneven distribution of income<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: D.Uneven distribution of income<BR>\nSOLUTION: \nIncome will tend to be unevenly distributed.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>5. \u00a0Which of the following is a good indicator of the economic growth of a country?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. Gross domestic product<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. Gross national product<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C.  Net domestic product<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. Net national product<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: A.Gross domestic product<BR>\nSOLUTION: \nA steady increase in Gross Domestic Product (GDP) is a widely used indicator of economic growth. GDP is the total value added by all resident producers in an economy. The growth rate of real GDP is often used as an indicator of the general health of the economy. <\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>6. \u00a0Which of the crops benefited the most as a result of the green revolution?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A.  Rice<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. Wheat<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. Both a and b are correct<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. Both a and b are incorrect<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER:C.Both a and b are correct<BR>\nSOLUTION: \nFood grains were the main beneficiaries of the green revolution. Crops like wheat and rice were developed to be high-yielding and disease-resistant, resulting in a significant increase in production. This led to a reduction in food shortages and a decrease in prices.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>7. Which of the following statements is true about the central problem of an economy?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. The central problem of an economy is what to produce<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. The central problem of an economy is how to produce<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. The central problem of an economy is for whom to produce<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. All of the above<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: D.All of the above<BR>\nSOLUTION :\nThe central problem of an economy is the allocation of scarce resources to satisfy unlimited wants and needs. This problem arises because human wants are unlimited, while resources are finite.\n\n<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>8. \u00a0<strong>Which of the following is true regarding the law of scarcity?<\/strong><\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. It states that the wants of a consumer will never be satisfied completely.<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. It indicates that the wants of a consumer will be satisfied in a socialistic system<\/strong>.<\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. It is only for underdeveloped countries.<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. It is not for rich and developed countries.<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER:A.It states that the wants of a consumer will never be satisfied completely.<BR>\nSOLUTION:\nIt states that the wants of a consumer will never be satisfied completely.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>9. <strong><strong>Which of the following is not true about the planning commission of India?<\/strong><\/strong><\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A.The main aim of the planning commission is to ensure economic growth in the country<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. The main aim of the planning commission is to ensure equity in the country<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. The main aim of the planning commission is to ensure the conservation of resources in the country<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. The main aim of the planning commission is to ensure self-reliance in the country<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: C.The main aim of the planning commission is to ensure the conservation of resources in the country<BR>\nSOLUTION: \nThe main aim of the planning commission is to ensure the conservation of resources in the country.\n<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>10. <strong>Which of the following statements about the Indian Economy is true during the Era of 1950-1990?<\/strong><\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. The abolition of intermediaries was a part of the industrial reforms in India<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. The abolition of intermediaries was a part of the external sector reforms in India<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. The abolition of intermediaries was a part of the land reforms in India<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. \u00a0The abolition of intermediaries was a part of the banking reforms in India<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: C.The abolition of intermediaries was a part of the land reforms in India<BR>\nSOLUTION:\nThe abolition of intermediaries was a part of the land reforms in India\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>1. Which of the following is the main differentiation between the small scale units and large scale units? A. \u00a0The amount of investment B. \u00a0The volume of output C. The size of the unit area D. The volume of sale ANSWER &#038; SOLUTION ANSWER:A.The amount of investment SOLUTION :Small scale units are differentiated from large<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[5654,5655,5646,4029,5649,5652,5588,5589,5592,5591,5595,5587,5594,5596,5593,5590],"class_list":{"0":"post-10394","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economics","7":"tag-economics-mcqs-for-sda-fda-pdo-vao-banking-kas-ias-ssc-gd-ssc-chsl-ssc-cgl-for-all-compitative-exams","8":"tag-economics-mcqs-for-sda-fda-pdo-vao-banking-kas-ias-ssc-gd-ssc-chsl-ssc-cgl-for-all-compitative-examsin-kannada","9":"tag-exam-veda","10":"tag-mcqs-adda","11":"tag-mcqs-for-pc-psi-sda-fda-pdo-vao-banking-kas-ias-ssc-gd-ssc-chsl-ssc-cgl-for-all-compitative-exams","12":"tag-mcqs-for-pc-psi-sda-fda-pdo-vao-banking-kas-ias-ssc-gd-ssc-chsl-ssc-cgl-for-all-compitative-examsin-kannada","13":"tag-the-creation-of-choice-is-done-by-_________","14":"tag-which-branch-of-economic-theory-is-associated-with-the-difficulty-of-resources-allocation","15":"tag-which-of-the-crops-benefited-the-most-as-a-result-of-the-green-revolution","16":"tag-which-of-the-following-is-a-good-indicator-of-the-economic-growth-of-a-country","17":"tag-which-of-the-following-is-not-true-about-the-planning-commission-of-india","18":"tag-which-of-the-following-is-the-main-differentiation-between-the-small-scale-units-and-large-scale-units","19":"tag-which-of-the-following-is-true-regarding-the-law-of-scarcity","20":"tag-which-of-the-following-statements-about-the-indian-economy-is-true-during-the-era-of-1950-1990","21":"tag-which-of-the-following-statements-is-true-about-the-central-problem-of-an-economy","22":"tag-which-option-is-a-disadvantage-for-allocating-resources-that-are-utilising-a-market-system"},"_links":{"self":[{"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/posts\/10394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/comments?post=10394"}],"version-history":[{"count":2,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/posts\/10394\/revisions"}],"predecessor-version":[{"id":10411,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/posts\/10394\/revisions\/10411"}],"wp:attachment":[{"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/media?parent=10394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/categories?post=10394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/tags?post=10394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}