Indian Economy Mixed Practice — MCQs with Answers (Set 3)

The testing stage has a maximum duration of twelve months. IFSCA may extend it by six months on a written request.

The pilot runs on a private, permissioned network. The token is the bond. It keeps the same ISIN, coupon, maturity and investor rights.

India formally accepted the obligations of Article VIII of the IMF Articles of Agreement in August 1994.

The RBI reported a surplus of US$ 7.1 billion, 0.7% of GDP, despite a merchandise trade deficit of US$ 83.4 billion.

The SDR was created in 1969 as a reserve asset to supplement other reserves. 1944 is Bretton Woods. 2016 is when the renminbi joined the basket.

The IMF and World Bank were created in 1944. GATT came from a separate 1947 trade agreement.

Indian wheat prices fell about 50% between 1928 and 1934. Land revenue and rent were fixed in rupees and did not fall. This distress helped set the stage for the 1930 Civil Disobedience Movement.

President Roosevelt closed every bank for four days. Congress then passed the Emergency Banking Act to steady the financial system.

Milton Friedman argued the Fed could have prevented much of the damage by adding money to the banking system. Keynes instead stressed weak demand and the need for government spending.

Unemployment rose from 3.2% in 1929 to nearly 25% in 1933. That is about one worker in four.

Black Thursday was 24 October 1929. Panic returned on Black Tuesday, 29 October 1929, and was worse. Do not mix the two dates.

Cheaper local prices raise output measured at common prices. It is not a bank exchange value.

PPP uses local prices to compare buying power. A market rate answers a different question.

A financier pays the MSME sooner at a discount. The buyer pays the financier on the due date.

Smith wrote The Theory of Moral Sentiments in 1759, long before The Wealth of Nations.

They believed one country’s gain was another’s loss. Smith argued voluntary trade could enrich both.

No central planner is needed for public benefit to emerge. It does not mean markets need no rules.

Smith published it in 1776. It is seen as the founding book of modern economics.

Capitalists buy labour power for a wage. The value created is worth more than that wage.

Marx published Volume 1 in 1867. Engels completed Volumes 2 and 3 after Marx died.

Export policy is set by India under its own trade law. The IGC only gives data.

Members get shared data and a voice in talks. Membership gives no trade permit or market access.

Section 22 of the RBI Act gives the RBI the sole right to issue banknotes. The government issues the ₹1 note and coins.

The Ministry of Mines named the Panna mine in Madhya Pradesh as the only diamond-producing mine in the country. Karnataka is known for gold and Odisha for iron ore.

Part C covers schemes with allocations for women and girls below 30% of the provision. Part A is 100% and Part B is 30-99%.