This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Economics (Indian Economic Development) Chapter 2 Current Challenges Facing The Indian Economy – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Economics (Indian Economic Development) Chapter 2 Current Challenges Facing The Indian Economy Quiz 1 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The knowledge economy relies primarily on physical infrastructure for its value creation A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 2. ..... unemployment occurs when a person is out of one job and is searching for another for different reasons. A) Stuctural. B) Frictional. C) Cyclical. D) Seasonal. Show Answer Correct Answer: B) Frictional. 3. Cheaper imports, inadequate investment in infrastructure lead to A) Slowdown in agricultural sector. B) Replace the demand for domestic production. C) Slowdown in industrial sector. D) All the above. Show Answer Correct Answer: D) All the above. 4. Who was the first Chairman of the National Development Council? A) Jawaharlal Nehru. B) Ballabh Bhai Patel. C) Doctor Rajendra Prasad. D) Gandhi. Show Answer Correct Answer: A) Jawaharlal Nehru. 5. Birthrate is ..... A) The amount of people born / 10 people. B) The amount of people born / 100 people. C) The amount of people born / 10, 000 people. D) The amount of people born / 1, 000 people. Show Answer Correct Answer: D) The amount of people born / 1, 000 people. 6. What is the year of India's 12th Five year plan? A) 1997-2002. B) 2002-2007. C) 2007-2012. D) 2012-2017. Show Answer Correct Answer: D) 2012-2017. 7. INFANT MOTALITY RATE AT THE TIME OF INDEPENDANCEWAS A) LOW. B) HIGH. C) AVERAGE. D) NONE OF THESE. Show Answer Correct Answer: B) HIGH. 8. What are the factors that have facilitated globalisation? A) Rapid improvements in technology, liberalisation of trade and investment policies, and pressures from international organisations. B) The integration of production and markets, and the role of MNCs. C) The impact of globalisation on the development process. D) The examples and activities drawn from the local environment. Show Answer Correct Answer: A) Rapid improvements in technology, liberalisation of trade and investment policies, and pressures from international organisations. 9. Which of the following is not a long period objective of planning in India? A) GDP Growth. B) Better quality of life. C) Full employment. D) Equitable distribution. Show Answer Correct Answer: B) Better quality of life. 10. Consider the following statements about P-Notes:1.P-notes and Oversease derivative instruments are used by foreign entities interested in investing in Indian equity. 2. They are not registered with SEBI. Which of the above statements are correct? A) 1 only. B) 2 only. C) Both 1 and 2. D) Neither 1 nor 2. Show Answer Correct Answer: C) Both 1 and 2. 11. Cultural preservation is not a concern associated with nationalism. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 12. When was Nifty established? A) 1952. B) 1965. C) 1991. D) 1996. Show Answer Correct Answer: D) 1996. 13. Assertion:India became a major exporter in services after liberalization.Reasoning:Policy reforms promoted IT, telecommunications, and professional services. A) A) Both A and R are true, and R is the correct explanation of A. B) B) Both A and R are true, but R is not the correct explanation of A. C) C) A is true, but R is false. D) None of the above. Show Answer Correct Answer: A) A) Both A and R are true, and R is the correct explanation of A. 14. Which state of India currently has the highest Per Capita Income? A) Goa. B) Delhi. C) Maharashtra. D) Punjab. Show Answer Correct Answer: A) Goa. 15. Which organization was formed in 1920 and played a significant role in the growth of trade unions in India? A) United Nations (UN). B) Indian National Congress (INC). C) All India Trade Union Congress (AITUC). D) World Trade Organization (WTO). Show Answer Correct Answer: C) All India Trade Union Congress (AITUC). 16. With reference to core of the core Schemes, consider the following statements 1) The funding is in the ration 75:25 2) MGNREGA is included in the classification 3) Development of Backward Classes and other vulnerable groups are not included Select the correct answer using the code given below. A) Only 1 and 2. B) Only 2 and 3. C) Only 1 and 3. D) All of the above. Show Answer Correct Answer: A) Only 1 and 2. 17. Rourkela Steel Plant is situated in A) Durg, Chhattisgarh. B) Singhbhum, Jharkhand. C) Sundargarh, Odisha. D) None of the above. Show Answer Correct Answer: C) Sundargarh, Odisha. 18. Consider the following equations1. Budget deficit= Total expenditure-Total Receipts 2. Primary deficit= Fiscal deficit-Interest payments Select the correct option A) Only 1. B) Only 2. C) All of the above. D) None of the above. Show Answer Correct Answer: C) All of the above. 19. Which of the following statement id true regarding demographic profile of India during the colonial rule? A) Life expectancy was 63 year. B) Infant mortality rate was around 70 per thousand live birth. C) Overall literacy rate level was less than 16 percent. D) Both birth rate and death rate were quite low. Show Answer Correct Answer: C) Overall literacy rate level was less than 16 percent. 20. What factor does NOT influence the growth of trade unions in India? A) Economic factors. B) Social factors. C) Technological factors. D) Political factors. Show Answer Correct Answer: D) Political factors. 21. What is the current status of India's trade deficit? A) India's trade deficit has decreased to $ 15 billion per month as of October 2023. B) India's trade deficit is estimated at $ 30 billion per month as of October 2023. C) India's trade deficit is approximately $ 25 billion per month as of October 2023. D) India's trade deficit is around $ 10 billion per month as of October 2023. Show Answer Correct Answer: C) India's trade deficit is approximately $ 25 billion per month as of October 2023. 22. Cybersecurity threats are a significant concern in the information technology sector. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 23. You will always have this because people will always want to change jobs. A) Frictional unemployment. B) Seasonal unemployment. C) Cyclical unemployment. D) Structural unemployment. Show Answer Correct Answer: A) Frictional unemployment. 24. Which is not a factor of industrial location? A) Market. B) Capital. C) Population density. D) Power. Show Answer Correct Answer: C) Population density. 25. Which of the following are the MOST important economic roles played by agriculture.I. A form of food securityII. Contributions to the GDPIII. Provides opportunities for local employmentIV. Allows for scientific research A) I, II and III only. B) I, II and IV only. C) II and III only. D) III and IV only. Show Answer Correct Answer: C) II and III only. 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