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CBSE Questions for Class 8 General Knowledge Indian Economy Quiz 6 - MCQExams.com
CBSE
Class 8 General Knowledge
Indian Economy
Quiz 6
Science or technology parks, Science cities and other high-tech industrial complexes are examples of ________.
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megalopolis
0%
technopolis
0%
metropolis
0%
techno-production complexes
In which of the following type of age-sex pyramids, both birth and death rates are low and declining?
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Progressive
0%
Regressive
0%
Stationary
0%
Intermediate
Who is called the Father of Indian Economic Reform?
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Jawaharlal Nehru
0%
Indira Gandhi
0%
Manmohan Singh
0%
None of the above
Path of energy flow in an ecosystem is ____________.
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herbivores - producers - carnivores - decomposers
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herbivores - carnivores - producers - decomposers
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producers - carnivores - herbivores - decomposers
0%
producers - herbivores - carnivores - decomposers
Explanation
Ecosystem is made up of living and nonliving things. Living things or biotic things include plants and animals. Nonliving things or abiotic things include air, water, land. It is composed of organisms interacting within communities. The driving force for an ecosystem is solar energy. Producers use solar energy to synthesize their food by the process of photosynthesis. From producers, the energy is transferred to herbivores. Herbivores eat producers. The energy is transferred from herbivores to carnivores. Carnivores eat herbivores. From carnivores, the energy is transferred to decomposers. They decompose organic matter of plants and animals.
Thus, the correct answer is 'Producers >Herbivores > Carnivores > Decomposers.'
In a food chain, energy transfers ____________.
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from river to Earth
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from lower latitude to higher lattitude
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from one organism to other organism
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None of the above
Explanation
In a food chain, energy transfers from one organism to other organism
Regarding Finance Commission consider following statement
Finance commission is consulted by President under article 280 of the Constitution.
It is set up every 5th year.
The Finance Commission Act, 1950 lays down the rules regarding qualification and disqualification of members of the commission, their appointment, term, eligibility and powers.
It has 4 members and a chairman.
It has all powers of the Civil Court.
Find the correct one
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1, 2 and 3
0%
1, 2, 4 and 5
0%
1, 4 and 5
0%
1, 2, 3 and 4
Explanation
Article 280 of the Constitution of India provides for a Finance
Commission as a quasi judicial body. It is constituted by the president
of India every fifth year or at such earlier time as he considers necessary.
The Finance Commission Act, 1951(not 1950) lays down the rules regarding qualification and disqualification of members of the commission, their appointment, term, eligibility and powers.
Which among the following statements is incorrect?
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Biome refers to large scale areas of similar flora and fauna and climatic characteristics.
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An ecosystem is a set of organisms and abiotic components connected by the exchange of matter and energy.
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Ecological niche is a set of only biotic conditions in which a species is able to persist and maintain stable population sizes.
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Community consists of all the species living in a particular area.
Study of inter-relationship between living organisms and their environment is called __________.
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Plant geography
0%
Ecology
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Plant social science
0%
Ecosystem
Explanation
Ecology is the branch of biology, that deals with the inter-relationships amongst organism and interactions between organisms and their environment.
When we eat the flesh of goat, we are ___________.
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primary consumer
0%
secondary consumer
0%
tertiary consumer
0%
none of the above
Explanation
When we eat the flesh of goat, we are secondary consumer
Primary productivity at the climax stage of a succession is ____________.
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higher than consumption
0%
lower than the consumption
0%
equal to consumption
0%
not related to consumption
Consider the following statements.
The term 'ecology' is first given by Reiter.
The term 'ecosystem' is first given by Tansley.
Which of the statements given above is/are correct?
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Only 1
0%
Only 2
0%
1 and 2
0%
None of the above
The pyramid of number of a parasitic food chain in forest ecosystem is ___________.
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always inverted
0%
always upright
0%
mixture of inverted and upright
0%
sometimes inverted and sometimes upright
Explanation
In a parasitic food chain, a single plant supports the growth of many herbivores and each herbivore in turn may provide nutrition to several parasites, which support many hyperparasites. Thus, from the producer towards consumers, there is a reverse position, i.e., the number of organisms gradually shows an increase making the pyramid inverted in shape.
India is regarded as a country of 'Demographic Dividend'. This is due to _________.
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its high population in the age group below 15 years
0%
its high population in the age group of 15-64 years
0%
its high population in the age group above 65 years
0%
its high total population
Explanation
Growth in an economy as a result of the changing age structure of a country can be defined as demographic dividend. India has more than 60% of its population in the age-group of 15-64 years, which is capable of working and hence the highest potential to contribute to the need of labour and human capital. Higher demographic dividend also results in higher demand fuelled by greater savings and hence stimulates growth.
Consider the following statements:
About one-third of GDP in India is contributed by the agricultural sector.
More than 60% of the country's GDP is contributed by the service sector.
Which of the statements given above is/are correct?
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Explanation
While agriculture and allied services contribute close to 17% t
o the GDP, share of services sector is around 59% (in 2013) up from 30% in 1951-52. Contribution of agriculture has dropped from 51% in 1951-52 due to the rapid growth in services sector and reduced dependence of the country on agriculture for economic growth.
Match the following
1.
Union List
A.
Education
2.
State List
B.
Agriculture
3.
Concurrent List
C.
Banking
4.
Residuary power
D.
cyber security
Codes
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A-1 ,B-2 ,C-3 ,D-4
0%
A-2 ,B-3 ,C-1 ,D-4
0%
A-3 ,B-2 ,C-1 ,D-4
0%
A-4 ,B-2 ,C-3 ,D-1
Explanation
List
Subject
Union List
Banking
State List
Agriculture
Concurrent List
Education
Residuary power
cyber security
'The bills imposing restriction on the freedom of trade and commerce can be Introduced in State Legislature only with the prior sanction of the President.' This provision is mentioned in Article
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0%
200
0%
253
0%
252
0%
308
What percentage of the total population of the world resides in India, as estimated in 2011?
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15
0%
17.5
0%
20
0%
22.5
Explanation
India's population as per Census 2011 was recorded at 1.21 billion against the total world population of approximately 7 billion. It comprised around 624 million males and 586 million females. The country's population was equal to the combined population of Brazil, Bangladesh, USA, Pakistan, Japan and Indonesia.
During which decade did the population record a negative growth rate in India?
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1921-1931
0%
1911-1921
0%
1941-1951
0%
1931-1941
Explanation
Population of India in 1911 was 252.09 million and it dropped to 251.32 million in 1921, registering a decline of -0.31%. For this reason, 1921 has been termed by the Census Commissioner as the year of Great Divide. Growth has been positive for all other decades, it was moderate from 1921-1951 and then quickened post 1951.
Which one of the following statements about a state finance commission is true?
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it is an informal body
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it is a constitutional body
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it is an administrative body
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None of them
Who among the following is not the member of 14th Finance Commission?
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Prof Abhijeet Sen
0%
Sushma Nath
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Govind Rao
0%
Ajay Narayan Jha
Match List I (Finance Commission) with List II (Chairman) and select the correct answer using the codes given below.
List I
List II
A.
9th
1.
NPK Salve
B.
10th
2.
C Rangarajan
C.
11th
3.
KC Pant
D.
12th
4.
AM Khusro
Codes
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A-1 ,B-3 ,C-4 ,D-2
0%
A-1 ,B-2 ,C-4 ,D-3
0%
A-2 ,B-3 ,C-4 ,D-1
0%
A-1 ,B-2 ,C-3 ,D-4
Explanation
chairman
9th
N.K.P. Salve
10th
K.C. Pant
11th
A.M. Khusro
12th
Dr. C.
Rangarajan
Who declares the Financial Emergency?
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President
0%
Prime Minister
0%
Finance Minister
0%
None of these
Consider the following statements:
Kerala is the best performer in terms of HDI in India.
Kerala has performed better than Norway in terms of overall HDI.
Which of the statements given above is/are correct?
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Explanation
Human Development Index (HDI) is calculated based on three parameters: 1) Life expectancy 2) Education 3) Per capita income. Norway tops the list across nations with a HDI of 0.949. India ranked 131 in 2015 and scored 0.624. Kerala was the best among Indian states with a score 0.712.
Urbanisation in India is very poor as compared to other developed countries. Which one of the following can be the exact cause of the high population increase in urban areas?
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Natural increase of urban population
0%
Net migration from rural areas
0%
Lack of coverage of rural masses under social benefit programmes
0%
Both 'a' and 'b' are the exact causes for population increase in urban areas
Consider the following statements
More than 50% of the Net Domestic Product is contributed by the unorganised sector of Indian economy.
Less than one-fourth of Net Domestic Product is contributed by the organised sector of Indian economy.
Which of the statements given above is/are correct?
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Since Independence, both plan and non-plan expenditures have increased, the increase in non-plan expenditure is little more than the former. Which one of the following expenditure causes the increase in non-plan-expenditure and select the correct answer using the codes
Interest payment
Subsidy
Irrigation
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0%
1,2 and 3
0%
1 and 2
0%
1 and 3
0%
Only 2
Which one of the following is not a goal included in the Millennium Development Goal of United Nations?
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To halve the people of the world living with hunger
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To halve the proportion of the worlds people living below $ 2.5
0%
To halve the proportion of the world's people without access to safe drinking water
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To achieve gender equality in access to education
Explanation
The eight targets in the Millennium Development Goals of United Nations are:
1) Eradicate extreme hunger and poverty
2) Achieve gender equality
3) Provide universal primary education
4) Alleviate the status of maternal health
5) Fight against HIV, malaria and other diseases
6) Ensure environment sustainability which includes the goal to halve the population without access to safe drinking water
7) Reduce child mortality
8) Promote global partnership for development
Consider the following specific stages of demographic transition associated with economic development:
Low birth rate with low death rate
High birth rate with high death rate
High birth rate with low death rate
Select the correct order of the above stages using the codes given below.
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0%
1, 2, 3
0%
2, 1, 3
0%
2, 3, 1
0%
3, 2, 1
Explanation
Countries are initially characterized with high birth rate and high death rate as the there are not enough health facilities available, the population is unaware of the health and hygiene practices to be followed. As development happens, improvements in hygiene, sanitation, food availability reduces the death rate. This is the phase when population growth quickens. With further development, education and literacy, the population is apprised of family planning and contraception which checks the birth rate as well.
Which one of the following is the objective of social forestry which is started by Indian Government?
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To increase green coverage
0%
To create more employment opportunities
0%
To reduce urbanisation in rural areas
0%
To produce raw material for rayon and match factories
Explanation
Social Forestry program is aimed to reclaim the barren and fallow land by afforestation. It aims to protect the environment and encourage social development. The program was launched by the National Commission on Agriculture in 1976.
When development in an economy takes place, the share of tertiary sector in National Income ___________.
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0%
first falls and then rises
0%
first rises and then falls
0%
keeps increasing
0%
remains constant
Explanation
The composition of national income keeps changing with the growth in the economy. Initially, the economy relies heavily on primary sector to generate value. With growth, the secondary sector picks up and forms greater share of the national income, alongside the tertiary sector which starts making its mark. As development quickens, role of primary sector in the national income diminishes and the share of tertiary sector grows.
When two goods are completely interchangeable, they are
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Perfect substitutes
0%
Perfect complements
0%
Giffen goods
0%
Veblen goods
Explanation
Good which can be used in place of another good with just the same function, is called perfect substitute for the other good. For such goods, if price of one good increases, the demand for its substitute increases. For example, if someone gets the same satisfaction and utility from tea or coffee and they can be interchanged for each other, the two are perfect substitutes.
Which one of the following states has the highest percentage of poverty according to the Suresh Tendulkar Commission in India?
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Bihar
0%
West Bengal
0%
Odisha
0%
Assam
Explanation
Odisha has been identified as the most poverty-ridden state by the Suresh Tendulkar Commission. It fixed the poverty line in the state at 695 in rural and 861 in urban areas. The rural figures are lowest for any of the states in the Indian subcontinent. The lowest urban poverty line was for Chhattisgarh.
The Reserve Bank of India (RBI) acts as a bankers' bank.This would imply which of the following ?
1) Other banks retain their deposits with RBI
2) The RBI lends funds to the commercial banks in times of need.
3) The RBI advises the commercial banks on monetary matters.
Select the correct answer using the codes given below
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0%
Only 2
0%
1 and 2
0%
2 and 3
0%
All of the above
Explanation
The Reserve Bank of India acts as a lender of last resort and a bankers' bank. It provides credit to banks in times of need and other banks retain their deposits with the RBI. Although RBI time and again gives its views on the health of the banking sector and takes measures to strengthen it, it does not really advise the commercial banks on monetary matters.
Which of the following is/are the function/functions of the Finance Commission of India?
Distribution of the taxes which are divisible between the Union and the State.
To recommend the principles which should govern the Grant-in-aid of the revenues of the States out of the Consolidated Fund of India.
Select the correct answer using the codes given below.
Report Question
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Explanation
functions of the Finance Commission of India :
1. Distribution of the taxes which are divisible between the Union and the State.
2. To recommend the principles which should govern the Grant-in-aid of the revenues of the States out of the Consolidated Fund of India.
When was the Wealth Tax First introduced in India?
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1948
0%
1957
0%
1976
0%
1991
Explanation
wealth tax was introduced in India in 1957.
Consider the following sources
1) Net bank credit to the government.
2) Bank credit to the commercial sector.
3) Net foreign exchange assets of the banking system.
Which of the sources given above is / are the major sources of the 'Broad Money' in the India economy ?
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Only 2
0%
1 and 3
0%
2 and 3
0%
All of these
Explanation
Broad Money is a measure of the money supply in the system. It includes currency with the public, demand deposits and time deposits with the banks and other deposits with the RBI.
Basically, Broad Money = Net bank credit to the Govt + bank credit to the commercial sector + Net foreign exchange assets of the banking system + Govt's current liabilities to the public - Net non-monetary liabilities of the banking sector (other than time deposits).
Which one of the following laws stated that bad money drives out good if their exchange rate is set by law?
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Gresham's law
0%
Gilbert's law
0%
Keynes' law
0%
Kuznet's law
Explanation
Gresham's law is a monetary principle stating that "bad money drives out good". In currency valuation, the law states that if a new coin (bad money) is assigned the same face value as an older coin containing a higher amount of precious metal (good money), then the new coin will be used in circulation while the old coin will be hoarded and will disappear from circulation.
The provisions regarding division of taxes between the Union and the States
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can be suspended during financial emergency
0%
can be suspended during national emergency.
0%
can be suspended under any circumstances
0%
can be suspended only with the consent of majority of the State Legislatures
Explanation
The provisions regarding division of taxes between the Union and the States can be suspended during financial emergency.
What is the period covered by the recommendation of the 12th Finance Commission?
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Year 2004 - 2009
0%
Year 2005 - 2010
0%
Year 2006 - 2011
0%
Year 2007 - 2012
Explanation
Year 2005 - 2010 covered by the recommendation of the 12th Finance Commission.
Fiscal Policy refers to
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0%
Agricultural Fertiliser Policy
0%
Rural Credit Policy
0%
Interest Policy
0%
Revenue and Expenditure Policy of the government
Explanation
Fiscal Policy refers to Revenue and Expenditure Policy of the government.
The basic aim of Lead Bank Scheme is that ___________.
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big banks should try to open offices in each district
0%
there should be stiff competition among the various nationalised banks
0%
individual banks should adopt particular districts for intensive development
0%
all the banks should make intensive efforts to mobilise deposits
Explanation
Lead Bank Scheme was launched in 1969 with the objectives of addressing the problem of unemployment, poverty and raising the living standard of the poor. Under the scheme, each district was assigned to different banks (private and public) to act as a consortium leader to coordinate the efforts of all banks in the district in matters like credit planning and branch expansion.
With reference to Indian commercial banks consider the following statements:
The base rate system for the interest of commercial banks was introduced in 2010.
The base rate system has enabled a more informed assessment of the transmission of monetary policy impulses to banks' leading rates.
Which of the statements given above is/are correct?
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Explanation
The base rate system was introduced in 2010 and it replaced the earlier Prime Lending Rate (PLR) system to which all lending rates were pegged. Base rate became the new floor rate below which no bank could lend. The base rate system was brought to increase transparency in the lending market and enable a more informed assessment of transmission of monetary policy changes to banks' lending rates.
In the context of Indian economy, 'Open Market Operations' refers to ______________.
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0%
borrowing by scheduled banks from the RBI
0%
lending by commercial banks to industry and trade
0%
purchase and sale of government securities by the RBI
0%
None of the above
Explanation
Open market operations (OMO) refer to the buying and selling of government securities in the open market in order to expand or contract the amount of money in the banking system. Securities' purchases inject money into the banking system and stimulate growth, while sales of securities do the opposite and contract the economy.
Consider the following statements. In India, taxes on transaction in stock exchanges and future markets are:
$$1.$$ Levied by the union.
$$2.$$ Collected by the states.
Which of the statements given above is/are correct?
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0%
Only $$1$$
0%
Only $$2$$
0%
Both $$1$$ and $$2$$
0%
None of these
Explanation
As per Article 269 of the Constitution of India, taxes other than stamp duties on transactions in stock-exchanges and futures markets are levied and collected by the Union but assigned to the states.
Which one of the following agencies in the Indian capital market has authority to regulate the mutual fund markets in India?
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0%
IRDA
0%
SEBI
0%
RBI
0%
IBPS
Explanation
Mutual funds are regulated primarily by Securities and Exchange Board of India (SEBI). In 1996, SEBI formulated the Mutual Fund Regulation. SEBI is also the apex regulator of capital markets and its intermediaries.
Consider the following statements:
$$1.$$ Housing Development Finance Corporation Limited (HDFC) is a national level housing finance institution set up in $$1977$$.
$$2.$$ HDFC was established as a subsidiary company of the ICICI.
Which of the statements given above is/are correct?
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0%
Only $$1$$
0%
Only $$2$$
0%
Both $$1$$ and $$2$$
0%
Neither $$1$$ nor $$2$$
Consider the following statements:
$$1$$. National Housing Bank (NHB) was established by the RBI in $$1980$$.
$$2.$$ NHB is directly financing the schemes of housing for women in India.
Which of the statements given above is/are correct?
Report Question
0%
Only $$1$$
0%
Only $$2$$
0%
Both $$1$$ and $$2$$
0%
Neither $$1$$ nor $$2$$
Explanation
National Housing Bank, a wholly-owned subsidiary of Reserve Bank of India, was set up on 9 July 1988 under the National Housing Bank Act, 1987. NHB is an apex financial institution for housing. NHB has refinance schemes for women and not direct finance schemes.
Which one of the following statements is correct with reference to FEMA in India?
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0%
The Foreign Exchange Regulating Act (FERA) was replaced by Foreign Exchange Management Act (FEMA) in the year $$2001$$.
0%
FERA was given a sunset clause of one year till $$31st$$ May, $$2002$$ to enable enforcement directorate to complete the inrenttigation of pending issues.
0%
Under FEMA, violation of foreign exchange rules has ceased to be a criminal offence.
0%
As per the new dispensation, Enforcement Directorate can arrest and prosecute the people for violation of foreign exchange rule.
Explanation
Foreign Exchange Regulation Act (FERA) was replaced by the much milder Foreign Exchange Management Act (FEMA). Under FEMA, violation of foreign exchange rules has ceased to be a criminal offence and would now be treated as a civil offence and the Enforcement Directorate would no longer have the power to arrest persons for such offences.
The recommendations of the Kelkar Task Force relate to
Report Question
0%
trade
0%
banking
0%
foreign
0%
taxes
Explanation
The Kelkar task force has made several important recommendations for reforming the indirect tax system.
Consider the following statements:
$$1$$. Indian Depository Receipt is an instrument denominated in Indian rupees in the form of a depository receipt created by the custodian of securities registered with the Securities and Exchange Board of India against the underlying equity of issuing company.
$$2.$$ Standard Chartered $$PLC$$ became the first global company to file for an issue of Indian depository receipts in India.
Which of the statements given above is/are correct?
Report Question
0%
Only $$1$$
0%
Only $$2$$
0%
Both $$1$$ and $$2$$
0%
Neither $$1$$ nor $$2$$
Explanation
IDR stands for Indian Depository Receipts. As per the definition given in the Companies (Issue of Indian Depository Receipts) Rules, 2004, IDR is an instrument in the form of a Depository Receipt created by the Indian depository in India against the underlying equity shares of the issuing company.
An IDR is a way for a foreign company to raise money in India. In an IDR, foreign companies would issue shares,
to an Indian Depository, which would in turn issue depository receipts (IDR) to investors in India.
Standard Chartered PLC became the first global company to file for issue of IDRs in India.
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