Economics Part 1 Revision Test in English

Explanation: The Eleventh five year plan commenced in the year April 2007. It covers a period of five years (2007-2012).

Explanation: India has the tenth largest telecom network in the world. The network comprises of 77.93 million connection and over 1.79 million public call offices.

Explanation: In 2011 census the literacy rate increased to 74.04 percent. For male 82.14 and for female 65.46 percent.

Explanation: As per 2009, India has 20 central universities, 215 state Universities, 100 Deemed Universities and 13 Institutes Which are of national importance.

Explanation : The main aim of five year plan is to develop agriculture and first five year plan only aimed at agriculture.

Explanation: It was during the second plan period the government embraced the goal of democratic socialism and the plan period was 1956-61

Explanation: Self Reliance is the another head of five year Planning.

Explanation: It was introduced in the year 1932 by Simon Kuznets

Explanation: It was introduced in the year 1997-2002

Explanation: Increase of price of goods is not a strength of economy

Explanation: LPG was adopted in the New Economic Policy in the year of 1991. Due the BOP(Balance of Payments) crisis the Narashima Rao Government took this step.

Explanation: It is expected to cross 3 trillion in 2024

Explanation: Primary 15%, Secondary 25%, Tertiary 60%

Explanation: The secondary factors of production are capital and organizer

Explanation: He Published in his Book “General theory of Employment, Interest and Money” in 1936.

Explanation: USA is the country which introduced performance budget in the year 1949.

Explanation: M1 and M2 is called Narrow money

Explanation: Planning Commission was abolished in August 2014 inorder to set up NITI Aayog in January 2015.

Explanation: The Symbol was designed by Post Graduate of IIT Bombay Udayakuamr from Tamil Nadu in a open Competition. It was adopted on 15th July 2010. The new symbol, is an amalgamation of Devanagri ‘Ra’ and the Roman ‘R’ without the stem.

Explanation: This Book lead to the Capitalistic Economy and the Adam Smith is called as the father of Capitalism.

Explanation: There has been an increase in urbanization. In 1950-51 about 17% of the population was urban based. Now the urban population has increased to about 43%. There are more than 54 cities above one million population.

Explanation: S. N Agarwal (1944) gave the “Gandhian Plan” focusing on the agricultural and rural economy.

Explanation: Under planning, the crucial decisions are made by the Central Planning Authority. The consumers, producers and the workers enjoy no freedom of choice. Therefore, Hayek explains in his book ‘Road to Serfdom’ that centralized planning leads to loss of personal freedom and ends in economic stagnation.

Explanation: Sir M. Vishveshwarya (1934): a prominent engineer and politician made his first attempt in laying foundation for economic planning in India in 1934 through his book, “Planned Economy of India”. It was a 10 year plan.

Explanation: In logical order, the Planning Commission was created on March 15, 1950 and the plan era began on April 1, 1951 with the launch of the first five year plan (1951-56).

Explanation: Five year Plan concept was Borrowed from Russia, there it was a Seven Year Plan.

Explanation: The Indian Council of Agricultural Reforms Introduced this New Strategy through Land Reforms.

Explanation: It gave importance not only for agriculture, but encouraged small and cottage industries in the plan.

Explanation: This book pay the way for the establishment of RBI.

In 1925, the British governmentestablished a government press at Nasik in Maharashtra. Currencies were printed three years later.

Explanation: The Indian rupee is derived from Sanskrit word ‘Rupya’ which means silver coin.

Explanation: The currency was made up of gold, silver and copper known as Tanka and lower valued coin known as Jittals.

Explanation: In India, On 8-November-2016, the Government of India announced demonetization of all 500 and 1000 bank notes against Black Money.

Explanation: Benami transactions prohibition act 1988

Explanation: he term “Gross National Happiness” was coined by the fourth king of Bhutan, Jigme Singye Wangchuck, in 1972. It is an indicator of progress, which measures stainable development, environmental conservation promotion of culture and good governance.

Explanation: Emerging as a top economic giant among the world economy, India bags the seventh position in terms of nominal Gross Domestic Product (GDP) and third in terms of Purchasing Power Parity (PPP).

Explanation: It is also called Mahalanobis or Nehru Model.

Explanation: It is also called Mahalanobis or Nehru Model.

Explanation: During 1951, population growth rate has come down from 1.33% to 1.25%. Hence it is known as ‘Year of Small divide’.

Explanation: Coal is the largest available mineral resource. India ranks third in the world after China and USA in coal production.

Explanation: In terms of railroads, India has a broad network of railroad lines, the largest in Asia and the fourth largest in the world. The total rail route length is about 63,000 km and of this 13,000 km is electrified.

Explanation: Air India and Indian Airlines were merged on August 27, 2007 to from National Aviation Company of India Ltd. (NACIL)

The education system in India consists of primarily six levels: Nursery Class Primary Class Secondary Level Higher Secondary Level Graduation Post-Graduation

Explanation: Education in India until 1976 was the responsibility of the State governments. It was then brought under concurrent list (both Centre and State).

Explanation: The National Harbour board was set up in1950 to advise the Central and State Governments on the management and development of ports, particularly minor ports.

Explanation: In 1918, Ambedkar published a paper “Small Holding in India and their Remedies”. Citing Adam Smith’s ‘Wealth of Nations”, he made a fine distinction between “Consolidation of Holdings” and “Enlargement of Holdings”.

Explanation: V.K.R.V: Rao in his pamphlet “What is wrong with Indian Economic Life?’ (1938), Rao gave the following reasons for low per capita income and low levels of per capita nutrition in India.

Explanation: Reduction in statutory liquidity ratio (SLR) and the cash reserve ratio (CRR) were recommended by the Narasimham Committee Report, 1991. It was proposed to cut down the SLR from 38.5 percent to 25 percent within a time span of three years. Similarly, it was proposed that the CRR be brought down to 3 to 5% over a period of four years.

Explanation: India was one of the first in Asia to recognize the effectiveness of the Export Processing Zone (EPZ) model in promoting exports, with Asia’s first EPZ set up in Kandla in 1965.

Explanation: A Kisan Credit Card (KCC) is a credit delivery mechanism that is aimed at enabling farmers to have quick and timely access to affordable credit. It was launched in 1998 by the Reserve Bank of India and NABARD

Explanation: It envisages a uniform premium of only 2 percent to be paid by farmers for Kharif crops and 1.5 percent for Rabi crops.

Explanation: Morris D Morris developed the Physical Quality of Life Index (PQLI). The PQLI is a measure to calculate the quality of life (well being of a country). For this, he included three indicators such as life expectancy, infant mortality rate and literacy rate. A scale of each indicator ranges from the number 1 to 100.

Explanation: United Nations Development Programme has been publishing Human Development Report annually since 1990. HDI helped the government to the real uplifting of standard of living of the people.

Explanation: Eighth five year Plan could not take place due to volatile political situation at the centre. So two annual programmes are formed in 1990-91& 1991-92.

Explanation: Overall the fifth five year plan was successful,which achieved the growth rate of 4.8% against the target of 4.4%.„ The draft of this plan was prepared and launched by D.P. Dhar. This plan was terminated in 1978.

Explanation: The government decided to nationalize 14 major commercial banks on 19 July 1969. In 1980, again the government took over another 6 commercial banks

Explanation: Cotton Industry is the largest organised and broadbased industry which accounts for 4% of GDP, 20% of manufacturing value-added and one third of total export earnings.