Indian Economy Mixed Quiz: Set 66

In national income accounting the steps run from private income to personal income to personal disposable income. Private income is the factor income of the private sector plus transfers.

Make in India was launched in 2014, not 2018, and fostering innovation is one of its stated objectives. Prime Minister Narendra Modi launched Make in India on 25 September 2014 to turn India into a global hub for design and manufacturing.

The Cabinet resolution that set up the Planning Commission in March 1950 named both aims.

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.

Withdrawing cash only changes the form in which the money is held; the total stays the same.

Courts had begun to strike down zamindari abolition laws as a breach of the right to property, so Parliament inserted Articles 31A and 31B and created the Ninth Schedule, in which a law can be placed to put it beyond challenge on the ground that it takes away a fundamental…

In both actions the central bank takes rupees from the public in exchange for an asset, so money in circulation falls.

In such an economy the state owns and runs the industries that need very large capital or serve strategic and social purposes, regulates the rest by law, and leaves ordinary production to private enterprise, while keeping responsibility for welfare and employment.

Fiscal deficit is total expenditure minus total receipts other than borrowings, so it shows how much the government must borrow in a year.

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.

Under a fixed exchange rate, the government or central bank decides the rate and keeps it there by buying and selling currency.

The survey was launched in 2017 in place of the earlier five-yearly employment and unemployment rounds of the National Sample Survey, and it reports the labour force participation rate, the worker population ratio and the unemployment rate on the three activity statuses, namely usual status, current weekly status and current…

Each organisation is paired with the wrong ministry. The National Automotive Board works under the Ministry of Heavy Industries; it supports the automobile sector with testing and certification work and helps run schemes for the industry.

The notes of five hundred and one thousand rupees in the Mahatma Gandhi series ceased to be legal tender from the midnight of 8 November 2016, the stated purposes being action against unaccounted money, counterfeit currency and the financing of terrorism; a new five hundred rupee note and a two…

Connecting villages to the Internet and offering Wi-Fi in schools and public places is part of Digital India; the other two are not its stated aims.

FERA treated foreign exchange as a scarce resource, forbade most dealings unless permitted and made breaches criminal offences.

Pairs 2 and 4 are correct; pairs 1 and 3 have the categories the wrong way round. Physical capital is split by how long it lasts in production.

FDI comes in as equity ownership, so India does not have to repay it with interest. Under Indian rules, FDI is investment by a person resident outside India in an unlisted company, or in ten per cent or more of the paid-up equity of a listed company.

The laws passed between 1948 and the middle of the nineteen fifties ended zamindari, jagirdari and similar tenures across the country and brought about twenty million cultivators into direct relation with the state, and the First Amendment of 1951 secured those laws, so the class of rent collecting intermediaries disappeared.

Consumer sovereignty means that the spending of consumers decides what is produced: a producer who makes what buyers do not want earns no profit and leaves the business, so in a market economy the consumer is said to rule.