CBSE Questions for Class 12 Commerce Economics Indian Economy (1950-1990) Quiz 3 - MCQExams.com

CBSE
Class 12 Commerce Economics
Indian Economy (1950-1990)
Quiz 3

At the time of independence, India's direction of foreign trade was mainly confined to _____.

0%
China
0%
UAE
0%
Hong Kong
0%
Britain

Explanation

At the time of independence, Britain held a monopoly over India's imports and exports. Hence, the trade direction and most of the trade was restricted to Britain.

Hence, D is the correct option.

Composition of trade refers to _____.

0%
Items of exports and imports
0%
Types of goods and services we export and import
0%
Quantum of export and import
0%
Both A and B

Explanation

Composition of trade refers to items of exports and imports and the type of goods and services we export and import.

Hence, D is the correct option.

Surplus Output =

0%
Domestic production - Domestic consumption
0%
Domestic production + Domestic consumption
0%
Domestic production x Domestic consumption
0%
Domestic production + Domestic consumption

Explanation

The excess of domestic production over domestic consumption is called surplus output.

Surplus output = Domestic production - Domestic consumption.

Hence, A is the correct option.

Latent resources refer to _____.

0%
actual resources
0%
potential resources
0%
both actual and potential resources
0%
none of these

Explanation

Latent resources are those resources that are hidden and idle. These are hidden simply because they fail to find their productive use. These refer to potential resources.

Hence, B is the correct option.