Set 56 of the Indian Economy mixed quiz has 20 multiple-choice questions from 10 different topics of the subject: Rural Development and MGNREGA, Consumer Behaviour: Utility and Indifference Curves, Government Schemes for Farmers and Agriculture and more. 7 of them were asked in real previous-year papers. A topic quiz checks one chapter; this set revises the whole subject at once, the way an exam paper does, where the next question can come from any chapter. Every question carries an explanation of why the correct option is right and why the others are wrong. Keep to the timer, read the explanations at the end, and go back to the notes of any topic where you slipped.
20 questions with answers and explanations
What wage to material ratio has to be maintained in works taken up under MGNREGA?
At least sixty per cent of the cost of the works must go on wages and not more than forty per cent on material, so that the scheme remains an employment programme rather than a construction programme.
Read the full explanation →Which among the following regarding the nature of goods and income elasticity are correctly matched? (Nature of Goods : Income Elasticity) 1. Necessity : Between 0 and 1 2. Luxury : More than 1 3. Inferior : More than 0 Select the answer using the code given below.
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.
Read the full explanation →e-NAM, launched in April 2016, is
The electronic National Agriculture Market was launched on 14 April 2016 to connect regulated mandis across the States on a single internet platform, so that a trader sitting anywhere can bid for a lot after it is assayed, which widens the market for the farmer and reduces the hold of…
Read the full explanation →The National Mission for Saffron was launched as a sub-scheme under which of the following?
The National Mission for Saffron, meant to revive saffron cultivation in Jammu and Kashmir through better corms, irrigation and a spice park, runs as a sub-scheme of the Rashtriya Krishi Vikas Yojana, the umbrella fund started in 2007 that lets States plan their own agricultural projects.
Read the full explanation →The Pradhan Mantri Gram Sadak Yojana, meant for all weather rural roads, was launched in which year?
The Pradhan Mantri Gram Sadak Yojana was launched on 25 December 2000 to connect unconnected habitations with all weather roads, generally those with a population above five hundred in the plains and above two hundred and fifty in hill, tribal and desert areas, and it later added the upgradation of…
Read the full explanation →Under the goods and services tax, supplies of goods and services to a unit in a special economic zone are
A supply to a developer or a unit of a special economic zone for authorised operations is a zero-rated supply, so the supplier either pays the tax and claims a refund or supplies under a letter of undertaking without paying it, and in either case the credit of the tax…
Read the full explanation →The Kisan Credit Card scheme was introduced in which year, on the recommendation of the R. V. Gupta committee?
Acting on the report of the R. V. Gupta committee, the scheme was introduced in 1998 and the model was prepared by NABARD for commercial banks, regional rural banks and cooperative banks.
Read the full explanation →Under the Viability Gap Funding scheme, the capital grant from the Central Government is normally limited to what share of the total project cost?
Viability Gap Funding is a one-time or deferred capital grant for a project that is economically necessary but commercially unviable, such as a rural road or a water supply line whose user charges can never repay the capital.
Read the full explanation →Which rural development mission organises rural women into self help groups for livelihood support?
It organises poor rural women into self help groups, federates them at the village and block level, and supports them with a revolving fund, a community investment fund and interest subvention on bank loans.
Read the full explanation →Which of the following microfinance institutions was established in India at the time of independence?
Rural cooperative credit societies were the microfinance structure already in place when India became independent.
Read the full explanation →Har Khet Ko Pani and Per Drop More Crop are components of which scheme?
Launched in 2015, it brings irrigation work under one umbrella with the Accelerated Irrigation Benefit Programme for major and medium projects, Har Khet Ko Pani for creating new sources, Per Drop More Crop for drip and sprinkler micro-irrigation, and watershed development for rainfed areas.
Read the full explanation →Which of the following schemes is the Micro Finance Scheme for women with rebate in interest?
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.
Read the full explanation →Which was the first integrated programme of rural development in independent India?
Its weaknesses led to the Balwant Rai Mehta Committee of 1957, whose recommendation of democratic decentralisation gave India panchayati raj.
Read the full explanation →According to the Law of Diminishing Returns, in a production function when more and more units of the variable factor are used, holding the quantities of a fixed factor constant, a point is reached beyond which
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.
Read the full explanation →Under the Pradhan Mantri Kisan Maandhan Yojana, what monthly pension is assured to a small or marginal farmer after the age of sixty?
The scheme, launched in 2019, is a voluntary and contributory pension arrangement for small and marginal farmers between eighteen and forty years of age; the farmer contributes a monthly amount that depends on the age of entry, the Union government contributes an equal amount, and a pension of three thousand…
Read the full explanation →The South Asian Free Trade Area, SAFTA, came into force on which date?
SAFTA was signed at the twelfth SAARC summit held in Islamabad in January 2004 and came into force on 1 January 2006, replacing the earlier and far weaker South Asian Preferential Trading Arrangement of 1995.
Read the full explanation →Paramparagat Krishi Vikas Yojana, launched in 2015, promotes which kind of farming?
The scheme, a component of the National Mission on Sustainable Agriculture, groups farmers into clusters, supports them with training and inputs for organic cultivation, and certifies the produce through the Participatory Guarantee System of India, in which groups of farmers inspect and vouch for one another.
Read the full explanation →The Pradhan Mantri Awas Yojana was launched in which year?
PMAY was launched on 25 June 2015, on the same day as AMRUT and the Smart Cities Mission, with the aim of a pucca house for every eligible family.
Read the full explanation →Which one among the following schemes focuses on developing modern infrastructure and optimizing supply chain from farm to retail in Indian agriculture sector?
It is the umbrella scheme of the Ministry of Food Processing Industries for building modern infrastructure and an efficient supply chain from farm gate to retail outlet.
Read the full explanation →Which Act in India primarily governs competition policy?
Competition policy in India rests on the Competition Act of 2002, which was passed on the advice of the Raghavan Committee after liberalisation, and it replaced the older monopolies law.
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