Indian Economy Mixed Quiz: Set 54

Her return is earned outside India, so it is not in India's GDP, but it is earned by an Indian resident, so it counts in India's national income.

Necessities and luxuries are matched correctly, but an inferior good has a negative income elasticity, not a positive one. Income elasticity of demand is the percentage change in quantity demanded divided by the percentage change in income.

The Fifth Plan (1974–79) made removal of poverty, or Garibi Hatao, and self-reliance its main aims. Garibi Hatao was the slogan with which Indira Gandhi's Congress won the 1971 Lok Sabha election.

Under the Act of 2005 proposals for a zone go to the Board of Approval in the Department of Commerce, which the Commerce Secretary chairs and on which the revenue, finance and other departments are represented; below it each notified zone has a Development Commissioner and a Unit Approval Committee…

This statement is false, because lending and advancing loans is the main business of most NBFCs. A Non-Banking Financial Company is a company registered under the Companies Act whose principal business is loans and advances, buying shares and securities, leasing, hire-purchase, insurance or chit funds.

The Mahatma Gandhi National Rural Employment Guarantee Act, 2005 promises every rural household at least 100 days of unskilled manual wage work in a financial year.

As lender of last resort, the RBI provides liquidity to banks facing a temporary crisis, so only statement 2 fits.

Amul grew out of the Kaira District Co-operative Milk Producers' Union, started at Anand in Gujarat in 1946 when the farmers of Kheda district organised against the low prices paid to them by middlemen.

The real interest rate is the nominal rate minus the rate of inflation: 24 minus 10 gives 14 percent. The nominal interest rate is the rate written on the loan, here 24 percent a year.

It is the micro-finance scheme under which women borrow small sums at a concessional rate of interest, so the rebate in interest is built into the scheme itself.

Hilly terrain, economic backwardness and a sizeable tribal population are criteria; the strategic factor is location along international borders, not a coastal zone.

When one input is kept fixed and another is added again and again, each extra unit eventually adds less to output than the one before.

Import cover is the number of months of imports a country could pay for with its foreign exchange reserves. It is worked out by dividing a country's total international reserves by its average monthly import bill.

Primary goods in this classification are the output of mining, crude oil and natural gas extraction and electricity generation, that is goods that enter production before any manufacturing has been done to them, so the category naturally carries the largest share.

Statements 1 and 3 are correct; WaterCredit is not a WHO or World Bank initiative. WaterCredit was created by Water.org, the non-profit co-founded by Gary White and Matt Damon.

Rules of origin test whether a product really originates with the partner, usually by requiring a change in its tariff classification there together with a minimum share of value added in that country.

Section 3 of the Act obliges the State Government to provide at least one hundred days of unskilled manual wage employment in a financial year to every rural household whose adult members volunteer for such work, and the guarantee belongs to the household, not to each member.

The G20 was formed in 1999, not 2001, as a forum of Finance Ministers and Central Bank Governors. The Group of Twenty was set up in 1999 after the Asian financial crisis, so that finance ministers and central bank governors of major developed and emerging economies could meet regularly.

PM-KISAN was announced in the interim budget of February 2019 and formally launched on 24 February 2019 from Gorakhpur in eastern Uttar Pradesh, with the first instalment released there, although the scheme was given effect from 1 December 2018.

Rubber products are not among the Eight Core Industries tracked by the Index of Eight Core Industries.