Indian Economy GK Questions with Answers – Page 8

Mission Indradhanush is the Union Health Ministry's drive to fully immunise children and pregnant women against vaccine-preventable diseases. The mission was launched on 25 December 2014 to reach children who had missed their routine vaccines or had received them only partly, especially in districts with low coverage.

India is not a member of the G7; it attends some summits only as an invited guest country. The Group of Seven is an informal grouping of seven major advanced economies: the United States, the United Kingdom, France, Germany, Italy, Japan and Canada.

After the Third Five Year Plan (1961-66) ran into trouble, India ran three one-year Annual Plans from 1966 to 1969 before the Fourth Plan began.

When a government runs a large fiscal deficit, it borrows heavily from the same pool of savings that businesses draw on.

A currency crisis comes when a country runs short of foreign exchange and its currency falls sharply, as India saw in 1991.

Controlling inflation through monetary policy is the RBI's legal duty. The RBI Act, 1934 was amended in 2016 to give India a flexible inflation targeting framework.

Statements 2 and 3 are correct; statement 1 is not. The SHG movement in banking was started by NABARD, not the State Bank of India.

India has long imported apples from the United States, mainly the Washington apples sold in Indian cities.

Both statements misread the make-up of India's external debt. Statement 1 is wrong because most of India's external debt is owed by non-government borrowers: companies through external commercial borrowings, banks through non-resident Indian deposits, and short-term trade credit.

Beta tells how strongly a share's price moves when the whole market moves. The market itself has a beta of 1.

The investment multiplier equals 1 ÷ (1 − MPC), so the smaller the share of extra income people spend, the smaller the multiplier.

Tax Inspectors Without Borders is a joint initiative of the United Nations Development Programme and the Organisation for Economic Co-operation and Development.

The quantity demanded falls by 50% while the price rises by 50%, and 50 divided by 50 gives a price elasticity of 1.

M3, called broad money, is the measure of money supply most commonly used by the RBI for analysis and policy.

A monopolist restricts output and charges a higher price, so it does not produce the efficient level of output. A monopoly is a single seller of a product with no close substitutes and strong barriers to entry.

At the point where total utility is highest, marginal utility is zero but average utility is still positive, so the two cannot be equal.

The Act guarantees at least 100 days of unskilled manual work, not skilled labour.

Opportunity cost is what you sacrifice by choosing one option, measured by the best option you did not take. Because resources such as time, money and land are scarce, choosing one use means giving up others.

Crowding-in means that government spending pulls private investment in rather than pushing it out. When the government builds roads, railways, ports and power lines, it lowers the cost of doing business and raises demand for cement, steel and machinery.

The Second Five Year Plan (1956–61) was built on a growth model prepared by the statistician P. C. Mahalanobis, so it is called the Mahalanobis Plan.