Indian Economy Mixed Quiz: Set 60

Wheat, paddy and sugar are food items counted in the food indices, while tobacco is not a food and is kept out of them.

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.

Besides population, area and income distance, the Fifteenth Finance Commission used demographic performance, forest and ecology, and tax and fiscal efforts.

Section 24 of the Reserve Bank of India Act, 1934 permits banknotes of denominations up to ten thousand rupees, so a note of a higher value would need an amendment of the Act by Parliament.

A poverty line is the money needed to buy a minimum basket of goods, and that basket costs more in some States than in others.

Set up in 1965 as the Agricultural Prices Commission and renamed in 1985, it is an attached office of the Ministry of Agriculture and Farmers Welfare that studies costs of production and recommends the minimum support price for the mandated crops; the final decision is taken by the Cabinet Committee…

Brand recognition, intellectual property and a client mailing list have no physical form, while inventory is a stock of physical goods.

Regional Rural Banks were set up under the Regional Rural Banks Act, 1976, after the Narasimham Working Group of 1975 recommended small banks close to the villages.

Each state brings its new recruits under NPS from the date it notifies, so this group can join. The National Pension System replaced the old defined-benefit pension for new Central Government employees from 1 January 2004, and states adopted it one by one through their own notifications.

When the flexible inflation targeting framework was adopted after the amendment of the Reserve Bank of India Act in 2016, the combined rural and urban consumer price index released by the National Statistical Office was made the nominal anchor, as the Urjit Patel Committee had recommended.

CBLO was a short-term borrowing and lending instrument backed by government securities, which places it in the money market. The money market deals in funds lent for short periods, from overnight up to one year, through instruments such as call money, treasury bills, commercial paper, certificates of deposit and repos.

The whole point of comparative advantage is that a country gains from trade even when it has no absolute advantage in any good.

The Act makes the eldest woman of 18 or above the head of the household for the ration card, but the other two statements misstate it.

Foreign investors bring in foreign exchange and look for predictable rules, and the difficulty most often listed for India is regulatory uncertainty: changing rules, clearances spread across departments and states, and disputes that take long to settle.

Deen Dayal Upadhyaya Grameen Kaushalya Yojana does not rely only on government agencies; most of its training is run by private and non-government partners.

National income counts only final goods and services; intermediate goods are deliberately left out, because counting the flour as well as the bread would mean counting the same value twice.

RAD aims to raise productivity and cut climate risk in rainfed farming by promoting Integrated Farming Systems. The National Mission for Sustainable Agriculture is one of the missions under India's National Action Plan on Climate Change.

The scheme was launched on 22 January 2015 from Panipat because Haryana had one of the lowest child sex ratios in the country in the Census of 2011, and the launch was meant to carry the message from the worst affected region.

As a member of the World Trade Organization, India had to protect geographical indications under the TRIPS Agreement, and the 1999 Act was passed for that purpose.

In 2019 the government merged the two bodies into a single National Statistical Office under the Ministry of Statistics and Programme Implementation, so that the preparation of the national accounts and the conduct of the large sample surveys would sit in one office.